Strategy. The Fund is an actively managed ETF. The Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in the Underlying Security and financial instruments with economic characteristics that, in combination, provide 200% daily leveraged exposure to the price of the Underlying Security, consistent with the Funds investment objective. The Fund will enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on an investment by the Fund in the Underlying Security that is equal, on a daily basis, to … Show more… The Fund is an actively managed ETF. The Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in the Underlying Security and financial instruments with economic characteristics that, in combination, provide 200% daily leveraged exposure to the price of the Underlying Security, consistent with the Funds investment objective. The Fund will enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on an investment by the Fund in the Underlying Security that is equal, on a daily basis, to 200% of the value of the Funds net assets. The gross return to be exchanged or swapped between the parties is calculated with respect to a notional amount, e.g., the return on or change in value of a particular dollar amount representing the Underlying Security. Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Security. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Funds participation in potential changes in the price of the Underlying Security is based on the price of the Underlying Security at the time the Fund buys the call and sells the put option contracts, the strike price of the call (put) option contract and the Underlying Security price at the time of the contracts expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Funds strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange (FLEX) call and put options contracts that are based on the value of the price returns of the Underlying Security. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (OCC). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Security) the option at a specified exercise price. An option is said to be European Style when it can be exercised only at expiration whereas an American Style option can be exercised at any time prior to expiration. The Fund may use either European or American style options. As a result of its investment strategy, the Fund will be concentrated in the industry to which the Underlying Security is assigned ( i.e ., hold 25% or more of its total assets in investments that provide leveraged exposure in the industry to which the Underlying Security is assigned). As of the date of this prospectus, the Underlying Security is assigned to the semiconductors and semiconductor equipment industry. The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of the Underlying Security. At the close of the markets each trading day, the Adviser rebalances the Funds portfolio so that its exposure to the Underlying Security is consistent with the Funds investment objective. The impact of the Underlying Securitys price movements during the day will affect whether the Funds portfolio needs to be rebalanced. For example, if the price of the Underlying Security has risen on a given day, net assets of the Fund should rise, meaning that the Funds exposure will need to be increased. Conversely, if the price of the Underlying Security has fallen on a given day, net assets of the Fund should fall, meaning the Funds exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold collateral for its derivative positions. For this purpose, the Fund may invest in money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund is expected to allocate between 25 - 50% of its assets as collateral for swap agreements or as premiums for purchased options contracts. Generally, the Fund pursues its investment objective regardless of market conditions and does not generally take defensive positions. If the Funds underlying security moves more than 50% on a given trading day in a direction adverse to the Fund, the Funds investors would lose all of their money. The terms daily, day, and trading day, refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is considered to be non-diversified. Additionally, the Funds investment objective is not a fundamental policy and may be changed by the Funds Board of Trustees without shareholder approval. Arm Holdings plc is a British semiconductor intellectual property company that designs and licenses high-performance, energy efficient computing technologies that are used across a wide range of devices worldwide, including smartphones, personal computers, data center servers, automotive systems, and Internet-of-Things devices. Arm Holdings plcs portfolio includes central processing unit (CPU), graphics processing unit (GPU), and neural processing unit (NPU) intellectual property, including the Cortex-A, Cortex-M, Cortex-R, Neoverse, Ethos, and SecurCore product families, as well as related software tools and physical IP designed to address varying performance, power efficiency, and cost requirements across multiple end markets. Arm Holdings plc is registered as a foreign private issuer under the Securities Exchange Act of 1934, as amended (the Exchange Act). Information provided to or filed with the Securities and Exchange Commission (SEC) by Arm Holdings plc pursuant to the Exchange Act can be located by reference to the SEC file number 001-41800 through the SECs website at www.sec.gov. In addition, information regarding Arm Holdings may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. This document relates only to the securities offered hereby and does not relate to the shares of the Underlying Security or other securities of the Underlying Security. The Fund has derived all disclosures contained in this document regarding the Underlying Security from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding the Underlying Security is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of the Underlying Security have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning the Underlying Security could affect the value of the Funds investments with respect to the Underlying Security and therefore the value of the Fund. Because of daily rebalancing and the compounding of each days return over time, the return of the Fund for periods longer than a single day will be the result of each days returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security performance is flat over time, and as a result of daily rebalancing, the Underlying Securitys volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying securitys performance increases over a period longer than a single day. Show less