Strategy. The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in financial instruments that are designed to provide, in the aggregate, 200% exposure to the price performance of SNDK on a daily basis. The Fund may also seek to achieve its investment objective by purchasing call options on SNDK or by investing directly in the common stock of SNDK. The Adviser will determine the allocation of the Funds investments in swap agreements, call options and direct investments in SNDK common stock based upon various factors including, but not limited to, counterparty capacity, financing charges, liquidity, collateral availability, and overall market conditions for a particular instrument. Direct investments in common stock of … Show more… The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in financial instruments that are designed to provide, in the aggregate, 200% exposure to the price performance of SNDK on a daily basis. The Fund may also seek to achieve its investment objective by purchasing call options on SNDK or by investing directly in the common stock of SNDK. The Adviser will determine the allocation of the Funds investments in swap agreements, call options and direct investments in SNDK common stock based upon various factors including, but not limited to, counterparty capacity, financing charges, liquidity, collateral availability, and overall market conditions for a particular instrument. Direct investments in common stock of SNDK is typically less efficient than the use of swap agreements because direct investments in common stock do not provide leveraged returns. This may result in the Fund not achieving its 200% daily investment objective. The Fund will enter into one or more swap agreements with financial institutions whereby the Fund and the financial institution will agree to exchange the return earned on an investment by the Fund in SNDK that is equal, on a daily basis, to 200% of the value of the Fund's net assets. If the Adviser determines to use call options, the Fund will purchase exchange traded call options, including FLEX Options. 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. FLexible EXchange 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 OCC, a market clearinghouse that guarantees performance by counterparties to certain derivatives contracts. The FLEX Options are listed on the Chicago Board Options Exchange. The Fund may take delivery of the underlying security (SNDK) if it chooses to exercise a call option and either hold or sell the security in the secondary markets. The Adviser attempts to consistently apply leverage to obtain SNDK exposure for the Fund equal to 200% of the value of its net assets 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 to which SNDK is assigned ( i.e ., hold 25% or more of its total assets in investments that provide leveraged exposure in the industry to which SNDK is assigned). As of the date of this prospectus, SNDK is assigned to the technology sector and the computer hardware 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 SNDK. At the close of the markets each trading day, the Adviser rebalances the Funds portfolio so that its exposure to SNDK is consistent with the Funds investment objective. The impact of SNDKs price movements during the day will affect whether the Funds portfolio needs to be rebalanced. For example, if the price of SNDK 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 SNDK 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 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 may invest in other exchange-traded funds for cash management purposes. Such exchange-traded funds may include The Laddered T-Bill ETF, which the Board of Trustees of the Fund has determined to be within the same group of investment companies as the Fund. 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 non-diversified, under the Investment Company Act of 1940, as amended. Additionally, the Funds investment objective is not a fundamental policy and may be changed by the Funds Board of Trustees without shareholder approval. Sandisk Corporation develops, manufactures, and sells data storage devices and solutions using NAND flash technology in the United States, Europe, the Middle East, Africa, Asia, and internationally. As of February 2026, the market capitalization of Sandisk Corporation is approximately $88.2 billion. Sandisk Corporation is registered under the Securities Exchange Act of 1934, as amended (the Exchange Act). Information provided to or filed with the Securities and Exchange Commission by the Sandisk Corporation pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-42420 through the Securities and Exchange Commissions website at www.sec.gov. In addition, information regarding Sandisk Corporation 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 the Sandisk Corporation 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 SNDK 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 SNDK have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning the Sandisk Corporation could affect the value of the Funds investments with respect to SNDK 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. The Fund may enter into swap agreements with a limited number of counterparties. If the underlying security has a dramatic move in price that causes a material decline in the Funds NAV over certain stated periods agreed to by the Fund and the counterparty, the terms of a swap agreement between a Fund and its counterparty may permit the counterparty to immediately close out all swap transactions with the Fund. There is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective. Show less