Strategy. The Fund is an actively managed exchange-traded fund (ETF) that attempts to achieve the inverse ( -100 %) of the return of the ARK Innovation ETF for a single trading day (and not for any other period) by entering into one or more swaps on the ARK Innovation ETF. A single trading day is measured from the time the Fund calculates its NAV to the time of the Funds next NAV calculation. The Fund will enter into one or more swaps with major global financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the global financial institution will agree to exchange the return (or differentials in rates of return) earned … Show more… The Fund is an actively managed exchange-traded fund (ETF) that attempts to achieve the inverse ( -100 %) of the return of the ARK Innovation ETF for a single trading day (and not for any other period) by entering into one or more swaps on the ARK Innovation ETF. A single trading day is measured from the time the Fund calculates its NAV to the time of the Funds next NAV calculation. The Fund will enter into one or more swaps with major global financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the global financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the ARK Innovation ETF. 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 ARK Innovation ETF. The ARK Innovation ETF is an actively managed ETF that seeks long -term growth of capital by investing under normal circumstances primarily (at least 65% of its assets) in domestic and foreign equity securities of companies that are relevant to the Funds investment theme of disruptive innovation. It is typically comprised of 35 -55 companies. Additionally, the Fund may invest between 40 -80 % of the Funds portfolio depending on the amount of collateral required by the Funds counterparties 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 Advisor expects to rebalance the Funds holding daily in an attempt to maintain short exposure for the Fund equal to -100 % of ARK Innovation ETF. 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 -100 % of the return of the ARK Innovation ETF over the same period. The Fund will lose money if the ARK Innovation ETFs performance is flat over time, and as a result of daily rebalancing, the ARK Innovation ETFs volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the ARK Innovation ETFs performance decreases over a period longer than a single day. The Fund has derived all disclosures contained in this document regarding ARK Innovation ETF from the publicly available documents described above. In connection with the offering of the Funds securities, none of the Fund, the Trust, the Advisor, or any of their 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 the ARK Innovation ETF. 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 the ARK Innovation ETF 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 the ARK Innovation ETF have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning the ARK Innovation ETF could affect the value of the Funds investments with respect to the ARK Innovation ETF 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 the ARK Innovation ETF. Show less