Strategy. The Fund, under normal circumstances, invests at least 80% of the Funds net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to TSM, consistent with the Funds investment objective. Taiwan Semiconductor Manufacturing Company Limited is a Taiwan-based company and is the largest dedicated foundry in the semiconductor industry. Taiwan Semiconductor Manufacturing Company Limited manufactures integrated circuits utilized by a variety of industries, including consumer electronics, such as smartphones, automotive and high-performance computing. TSM 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 Taiwan Semiconductor Manufacturing Company … Show more… The Fund, under normal circumstances, invests at least 80% of the Funds net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to TSM, consistent with the Funds investment objective. Taiwan Semiconductor Manufacturing Company Limited is a Taiwan-based company and is the largest dedicated foundry in the semiconductor industry. Taiwan Semiconductor Manufacturing Company Limited manufactures integrated circuits utilized by a variety of industries, including consumer electronics, such as smartphones, automotive and high-performance computing. TSM 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 Taiwan Semiconductor Manufacturing Company Limited pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-14700 through the Securities and Exchange Commissions website at www.sec.gov. In addition, information regarding Taiwan Semiconductor Manufacturing Company Limited may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of December 31, 2024, TSM is assigned to the information technology sector and the semiconductor industry. The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in TSM that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short TSM exposure for the Fund equal to -100% 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 information technology sector and the semiconductor industry ( i.e ., hold 25% or more of its total assets in investments that provide inverse exposure in the information technology sector and the semiconductor 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 TSM. At the close of the markets each trading day, the Adviser rebalances the Funds portfolio so that its exposure to TSM is consistent with the Funds investment objective. The impact of TSMs price movements during the day will affect whether the Funds portfolio needs to be rebalanced. For example, if the price of TSM has fallen 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 TSM has risen 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 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. The Fund has derived all disclosures contained in this document regarding Taiwan Semiconductor Manufacturing Company Limited 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 Taiwan Semiconductor Manufacturing Company Limited 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 TSM have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Taiwan Semiconductor Manufacturing Company Limited could affect the value of the Funds investments with respect to TSM 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 -100% 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 decreases over a period longer than a single day. Show less