Strategy. Under normal market circumstances, the Fund will maintain at least 80% exposure to financial instruments that provide two times leveraged exposure to the daily performance of ENPH. This may include ENPH stock in addition to financial instruments discussed below. The Fund is an actively -managed exchange -traded fund (ETF) that seeks to achieve on a daily basis, before fees and expenses, 200% performance of ENPH for a single day, not for any other period, by entering into one or more swaps and/or purchasing listed options on ENPH and/or investing directly in the common stock of ENPH. A single day is measured from the time the Fund calculates its net asset value (NAV) to the time of the Funds next NAV … Show more… Under normal market circumstances, the Fund will maintain at least 80% exposure to financial instruments that provide two times leveraged exposure to the daily performance of ENPH. This may include ENPH stock in addition to financial instruments discussed below. The Fund is an actively -managed exchange -traded fund (ETF) that seeks to achieve on a daily basis, before fees and expenses, 200% performance of ENPH for a single day, not for any other period, by entering into one or more swaps and/or purchasing listed options on ENPH and/or investing directly in the common stock of ENPH. A single day is measured from the time the Fund calculates its net asset value (NAV) to the time of the Funds next NAV calculation. However, the use of option contracts or direct investments in common stock of ENPH is typically less efficient than swaps and may increase the likelihood that the Fund is unable to achieve its daily 2X objective. The Fund will enter into one or more swaps with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on ENPH. 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 ENPH. If the Advisor determines to use call options, the Fund will purchase exchange traded call options, including FLexible EXchange Options (FLEX Options). FLEX Options are customized options contracts that trade on an exchange but provide investors with the ability to customize key contract terms like strike price, style and expiration date while achieving price discovery in competitive, transparent auctions markets and avoiding the counterparty exposure of over -the-counter (OTC) options positions. Like traditional exchange -traded options, FLEX Options are guaranteed for settlement by the Options Clearing Corporation (OCC), a market clearinghouse that guarantees performance by counterparties to certain derivatives contracts. The FLEX Options are listed on the Exchange. The Fund may take delivery of the underlying security (ENPH) if it chooses to exercise a call option and either hold or sell the security in the secondary markets. Additionally, the Fund may use other option strategies to produce similar exposure to ENPH, like buying calls and selling puts with identical strike prices. Call options give the holder (i.e., the buyer) the right to buy an asset (or receive cash value of the asset, in case of certain call options) and the seller (i.e., the writer) the obligation to sell the asset (or deliver cash value of the asset, in case of certain call options) at a certain defined price. In situations where swap availability is constrained, the Fund may rely more heavily on options contracts. Additionally, the Fund may use options in response to changing market dynamics. The Advisor attempts to consistently apply leverage to increase the Funds exposure to 200% of ENPH, and expects to rebalance the Funds holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the industry assigned to ENPH (i.e., hold 25% or more of its total assets in investments that provide leveraged exposure to the industry assigned to ENPH). ENPH is assigned to the Semiconductors & Related Devices industry. Additionally, the Fund may invest all available cash in the Funds portfolio in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short -term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short -term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality (Collateral Investments). The Fund is classified as non -diversified under the Investment Company Act of 1940 (the 1940 Act), which means that it may invest more of its assets in a smaller number of issuers than diversified funds. ENPH is a global energy technology company that delivers solutions that manage solar generation, storage and communication on one platform. ENPHs integrated solar, storage and energy management offering, known as The Enphase Energy System, is powered by ENPHs IQ Microinverters and IQ Batteries and leverages ENPHs design expertise across power electronics, semiconductors and cloud -based software technologies. ENPH is registered under the Securities Exchange Act of 1934, as amended (the Exchange Act). Information provided to or filed with the SEC by ENPH pursuant to the Exchange Act can be located by reference to the SEC file number 001 -35480 through the SECs website at www.sec.gov. In addition, information regarding ENPH may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. The Fund has derived all disclosures contained in this document regarding ENPH from the publicly available documents described above. In connection with the offering of the Funds securities, neither the Fund, the Trust nor the Advisor or any of its respective affiliates has participated in the preparation of such documents. The Advisor has not made any due diligence inquiry with respect to the data or information underlying the publicly available information of ENPH. None of the Fund, the Trust, the Advisor or any of their respective affiliates makes any representation that such publicly available documents or any other publicly available information regarding ENPH is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of ENPH have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning ENPH could affect the value of the Funds investments with respect to ENPH and therefore the value of the Fund. None of the Trust, the Fund, the Advisor or any of their respective affiliates makes any representation to you as to the performance of ENPH. Show less