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, MicroStrategy Incorporated d/b/a Strategy (MSTR) and Coinbase Global, Inc. (COIN) (MSTR and COIN, each an Underlying Security, and together the Underlying Securities). The Fund uses leverage to stack the total return of the Funds long exposure to MSTR (the MSTR strategy) together with the total return of the Funds long exposure to COIN (the COIN strategy). Essentially, one dollar invested in the Fund provides approximately one dollar of exposure to the Funds MSTR strategy and approximately one dollar of exposure to the Funds COIN strategy. So, the … 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, MicroStrategy Incorporated d/b/a Strategy (MSTR) and Coinbase Global, Inc. (COIN) (MSTR and COIN, each an Underlying Security, and together the Underlying Securities). The Fund uses leverage to stack the total return of the Funds long exposure to MSTR (the MSTR strategy) together with the total return of the Funds long exposure to COIN (the COIN strategy). Essentially, one dollar invested in the Fund provides approximately one dollar of exposure to the Funds MSTR strategy and approximately one dollar of exposure to the Funds COIN strategy. So, the return of the MSTR strategy (minus the cost of financing) is essentially stacked on top of the returns of the COIN strategy (minus the cost of financing). Under normal circumstances, the Funds exposure to MSTR will represent approximately 100% of the Funds net assets, and the Funds exposure to COIN 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 MSTR strategy and the COIN strategy. If you invest one dollar in the Fund, one dollars worth of that investment will track the performance of the MSTR strategy, behaving similarly to how MSTRs price performs. In addition, one dollars worth of that investment will track the performance of the COIN strategy, mirroring the ups and downs of the price of COIN. 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 MSTR and COIN may offer exposure to bitcoin holdings and cryptocurrency market infrastructure development. 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 MSTR and/or COIN. 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. MicroStrategy Incorporated d/b/a Strategy MSTR has two main strategies for its business operations. One is to acquire and hold bitcoin, while the other is to grow its enterprise analytics software business. MSTR is listed on Nasdaq. Per MSTRs most recent Form 10-K filing, the aggregate market value of the voting and non-voting common equity held by non-affiliates of MSTR (based on the last reported sale price of its class A common stock on June 28, 2024 on Nasdaq) was approximately $23.499 billion. Additionally, per MSTRs most recent 10-Q filing, digital assets represented approximately 82% of its total assets. MSTR is registered under the Securities Exchange Act of 1934, as amended (the Exchange Act). Information provided to or filed with the SEC by MSTR pursuant to the Exchange Act can be located by reference to the SEC file number 001-42509 through the SECs website at www.sec.gov. In addition, information regarding MSTR 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 MSTR or other securities of MSTR. The Fund has derived all disclosures contained in this document regarding MSTR 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 MSTR. 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 MSTR 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 MSTR (and therefore the price of MSTR 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 MSTR 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 MSTR. THE FUND, TRUST, THE ADVISER, AND SUB-ADVISER ARE NOT AFFILIATED WITH MSTR. Coinbase Global, Inc. Coinbase Global, Inc. offers a variety of products and services that enable individuals, businesses, and developers to participate in the cryptoeconomy. It provides customers around the world with a platform for buying, selling, transferring, and storing digital assets. Coinbase Global, Inc. is listed on Nasdaq. The aggregate market value of the voting and non-voting stock held by non-affiliates of Coinbase Global, Inc. on June 30, 2024, was approximately $44.6 billion based on the closing sales price of Coinbase Global, Inc.s Class A common stock as reported on Nasdaq on that date. Coinbase Global, Inc. is registered under the Securities Exchange Act of 1934, as amended (the Exchange Act). Information provided to or filed with the SEC by Coinbase Global, Inc. pursuant to the Exchange Act can be located by reference to the SEC file number 001-40289 through the SECs website at www.sec.gov. In addition, information regarding Coinbase Global, 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 COIN or other securities of Coinbase Global, Inc. The Fund has derived all disclosures contained in this document regarding Coinbase Global, 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 Coinbase Global, 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 Coinbase Global, 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 Coinbase Global, Inc. (and therefore the price of Coinbase Global, 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 Coinbase Global, 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, the Sub-Adviser, or their respective affiliates makes any representation to you as to the performance of COIN. THE FUND, TRUST, THE ADVISER, AND SUB-ADVISER ARE NOT AFFILIATED WITH COINBASE GLOBAL, 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 MSTR and COIN. As of the date of the Prospectus, MSTR is assigned to the software industry and COIN is assigned to the capital markets industry. The Funds pairing of MSTR and COIN 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 MSTR and 100% to COIN. 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