Strategy. The Fund is an actively-managed exchange-traded fund (ETF) that seeks to achieve its investment objective by employing derivatives, namely swap agreements and/or listed options contracts, to gain long exposure to two underlying securities, Uber Technologies, Inc. (UBER) and Tesla, Inc. (TSLA) (UBER and TSLA, each an Underlying Security, and together the Underlying Securities). The Fund uses leverage to stack the total return of the Funds long exposure to UBER (the UBER strategy) together with the total return of the Funds long exposure to TSLA (the TSLA strategy). Essentially, one dollar invested in the Fund provides approximately one dollar of exposure to the Funds UBER strategy and approximately one dollar of exposure to the Funds TSLA strategy. So, the return of … Show more… The Fund is an actively-managed exchange-traded fund (ETF) that seeks to achieve its investment objective by employing derivatives, namely swap agreements and/or listed options contracts, to gain long exposure to two underlying securities, Uber Technologies, Inc. (UBER) and Tesla, Inc. (TSLA) (UBER and TSLA, each an Underlying Security, and together the Underlying Securities). The Fund uses leverage to stack the total return of the Funds long exposure to UBER (the UBER strategy) together with the total return of the Funds long exposure to TSLA (the TSLA strategy). Essentially, one dollar invested in the Fund provides approximately one dollar of exposure to the Funds UBER strategy and approximately one dollar of exposure to the Funds TSLA strategy. So, the return of the UBER strategy (minus the cost of financing) is essentially stacked on top of the returns of the TSLA strategy (minus the cost of financing). Under normal circumstances, the Funds exposure to UBER will represent approximately 100% of the Funds net assets, and the Funds exposure to TSLA will represent approximately 100% of the Funds net assets. In particular, the term exposure refers to the degree to which the Funds investment is influenced by fluctuations in each of the UBER strategy and the TSLA strategy. If you invest one dollar in the Fund, one dollars worth of that investment will track the performance of the UBER strategy, behaving similarly to how UBERs price performs. In addition, one dollars worth of that investment will track the performance of the TSLA strategy, mirroring the ups and downs of the price of TSLA. Through the Funds use of leverage, each dollar invested is effectively doubled to follow and potentially profit (or experience losses) from two different companies. The Funds investment strategy is based on the premise that a focused allocation to two companies may provide targeted exposure to complementary developments and innovations within their respective industries. Through this approach, the Fund seeks to benefit from each companys distinct contributions, leveraging one companys expertise in a specific area in conjunction with the complementary strengths of the other. Specifically, the combination of investing in UBER and TSLA may provide exposure to advancements in autonomous transportation and sustainable mobility. The Fund may enter into one or more swap agreements with financial institutions whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on an Underlying Securitys share price. In addition to utilizing swap agreements to gain exposure to the Underlying Securities, the Fund may also utilize listed options to seek to achieve exposure to the Underlying Securities. Additionally, the Fund may use other option strategies to produce similar exposure to an Underlying Security, like buying calls and selling puts with identical strike prices. These options allow the Fund to adjust its leverage strategy in response to market conditions, liquidity constraints, or other factors that may affect the availability or pricing of swap agreements. The Fund will hold assets to serve as collateral for its derivative instruments. For those collateral holdings, the Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality. Under normal circumstances, the Fund will invest at least 80% of its net assets, plus borrowings for investment purposes, in financial instruments that provide financial exposure to UBER and/or TSLA. For purposes of compliance with this investment policy, derivative contracts will be valued at their notional value. The Fund is expected to have a high annual portfolio turnover rate. Uber Technologies, Inc. Uber Technologies, Inc. operates as a technology platform for people and things mobility. The firm offers multi-modal people transportation, restaurant food delivery, and connecting freight carriers and shippers. It operates through the following segments: Rides, Eats, Freight, Other Bets and ATG and Other Technology Programs. Uber Technologies, Inc. is listed on the New York Stock Exchange (NYSE). The aggregate market value of the voting and non-voting common equity held by non-affiliates of UBER as of June 28, 2024 was approximately $147.0 billion based upon the closing price reported for such date on the NYSE. Uber Technologies, Inc. is registered under the Securities Exchange Act of 1934, as amended (the Exchange Act). Information provided to or filed with the SEC by Uber Technologies, Inc. pursuant to the Exchange Act can be located by reference to the SEC file number 001-38902 through the SECs website at www.sec.gov. In addition, information regarding Uber Technologies, Inc. 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 UBER or other securities of Uber Technologies, Inc. The Fund has derived all disclosures contained in this document regarding Uber Technologies, Inc. from publicly available documents. None of the Fund, the Trust, the Adviser, or the Sub-Adviser or their respective affiliates has participated in the preparation of such publicly available offering documents or made any due diligence inquiry regarding such documents with respect to Uber Technologies, Inc. None of the Fund, the Trust, the Adviser, or the Sub-Adviser, or their respective affiliates makes any representation that such publicly available documents or any other publicly available information regarding Uber Technologies, Inc. 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 Uber Technologies, Inc. (and therefore the price of Uber Technologies, Inc. at the time we price the securities) have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning Uber Technologies, Inc. could affect the value received with respect to the securities and therefore the value of the securities. None of the Fund, the Trust, the Adviser, or the Sub-Adviser, or their respective affiliates makes any representation to you as to the performance of UBER. THE FUND, TRUST, THE ADVISER, AND SUB-ADVISER ARE NOT AFFILIATED WITH UBER TECHNOLOGIES, INC. Tesla, Inc. Tesla, Inc. is an operating company that designs develops, manufactures, leases and sells high performance fully electric vehicles, solar energy generation systems and energy storage products. Tesla, Inc. operates two segments: (i) automotive and (ii) energy generation and storage. The automotive segment includes the design, development, manufacturing, sales and leasing of electric vehicles as well as sales of automotive regulatory credits. The energy generation and storage segment includes the design, manufacture, installation, sales and leasing of solar energy generation and energy storage products and related services and sales of solar energy systems incentives. Tesla, Inc. is listed on Nasdaq. The aggregate market value of voting stock held by non-affiliates of Tesla, Inc., as of June 28, 2024, was approximately $550.17 billion (based on the closing price for shares of Tesla, Inc.s common stock as reported by Nasdaq on June 28, 2024). Tesla, Inc. is registered under the Securities Exchange Act of 1934, as amended (the Exchange Act). Information provided to or filed with the SEC by Tesla, Inc. pursuant to the Exchange Act can be located by reference to the SEC file number 001-34756 through the SECs website at www.sec.gov. In addition, information regarding Tesla, Inc. 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 TSLA or other securities of Tesla, Inc. The Fund has derived all disclosures contained in this document regarding Tesla, Inc. from publicly available documents. None of the Fund, the Trust, the Adviser, or the Sub-Adviser or their respective affiliates has participated in the preparation of such publicly available offering documents or made any due diligence inquiry regarding such documents with respect to Tesla, Inc. None of the Fund, the Trust, the Adviser, or the Sub-Adviser, or their respective affiliates makes any representation that such publicly available documents or any other publicly available information regarding Tesla, Inc. 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 Tesla, Inc. (and therefore the price of Tesla, Inc. at the time we price the securities) have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning Tesla, Inc. could affect the value received with respect to the securities and therefore the value of the securities. None of the Fund, the Trust, the Adviser, or the Sub-Adviser, or their respective affiliates makes any representation to you as to the performance of TSLA. THE FUND, TRUST, THE ADVISER, AND SUB-ADVISER ARE NOT AFFILIATED WITH TESLA, INC. Portfolio Attributes The Fund is classified as non-diversified under the 1940 Act and, therefore, may invest a greater percentage of its assets in a particular issuer than a diversified fund. Due to the Funds investment strategy, the Funds investment exposure is concentrated in (or substantially exposed to) the same industry or industries as those assigned to UBER and TSLA. As of the date of the Prospectus, UBER is assigned to the ground transportation industry and TSLA is assigned to the automobile industry. The Funds pairing of UBER and TSLA is static and will not change unless a material event, such as a merger, liquidation, or similar occurrence, necessitates such a change. The Adviser reallocates the Funds portfolio holdings at least monthly to seek to maintain a balanced exposure of approximately 100% to UBER and 100% to TSLA. However, between reallocation dates, the allocation between the two assets may drift substantially, potentially necessitating more frequent reallocations to maintain the target exposure. Show less