div style="text-align:justify"span style="background-color:#ffffff;color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%"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% inverse (opposite) exposure to the price performance of CRCL on a daily basis. The Fund may also seek to achieve its investment objective by purchasing put options on CRCL or by engaging in short sales of the common stock of CRCL. The Adviser will determine the allocation of the Fund’s investments in swap agreements, put options and short sales of CRCL 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. Short sales of the common stock of CRCL are typically less efficient than the use of swap agreements because short sales do not provide leveraged returns. This may result in the Fund not achieving its -200% daily investment objective./span/divdiv style="text-align:justify"spanbr//span/divdiv style="text-align:justify"span style="background-color:#ffffff;color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%"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 CRCL that is equal, on a daily basis, to -200% of the value of the Fund's net assets./spanspan style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%" /spanspan style="background-color:#ffffff;color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%"If the Adviser determines to use put options,/spanspan style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%" /spanspan style="background-color:#ffffff;color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%"the Fund will purchase exchange traded put options, including “FLEX Options,” with CRCL as the reference security. Put options give the holder (/spanspan style="background-color:#ffffff;color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%"i.e.,/spanspan style="background-color:#ffffff;color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%" the buyer) the right to sell an asset and the seller (/spanspan style="background-color:#ffffff;color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%"i.e.,/spanspan style="background-color:#ffffff;color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%" the writer) the obligation to purchase the asset 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. /span/divdiv style="text-align:justify"spanbr//span/divdiv style="text-align:justify"span style="background-color:#ffffff;color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%"If the Adviser determines to engage in short sales on the common stock of CRCL, the Fund will sell shares of CRCL that it has borrowed. When executing a short sale, the Fund borrows the security from a third party and sells it at the then current market price. The Fund is then obligated to buy the security on a later date and return the security to the lender. The Fund will realize a profit if the price of the underlying stock decreases or incur a loss if the price of the underlying stock increases while the Fund is holding the borrowed security. The Fund may reinvest the proceeds of its short sales./span/divdiv style="text-align:justify"spanbr//span/divdiv style="text-align:justify"span style="background-color:#ffffff;color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%"The Adviser attempts to consistently apply leverage to obtain short CRCL exposure for the Fund equal to -200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the industry to which CRCL is assigned (/spanspan style="background-color:#ffffff;color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%"i.e/spanspan style="background-color:#ffffff;color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%"., hold 25% or more of /span/divdiv style="text-align:justify"span style="background-color:#ffffff;color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%"its total assets in investments that provide inverse exposure in the industry to which CRCL is assigned). As of the date of this prospectus, CRCL is assigned to the financial technology sector and the capital markets industry./span/divdiv style="text-align:justify"spanbr//span/divdiv style="text-align:justify"span style="background-color:#ffffff;color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%"The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of CRCL. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to CRCL is consistent with the Fund’s investment objective. The impact of CRCL’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of CRCL has fallen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of CRCL has risen on a given day, net assets of the Fund should fall, meaning the Fund’s 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./span/divdiv style="text-align:justify"spanbr//span/divdiv style="text-align:justify"span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%"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./span/divdiv style="text-align:justify"spanbr//span/divdiv style="text-align:justify"span style="background-color:#ffffff;color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%"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 Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval./span/divdiv style="text-align:justify"spanbr//span/divdiv style="text-align:justify"span style="background-color:#ffffff;color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%"Information about Circle Internet Group, Inc. (CRCL)/span/divdiv style="text-align:justify"spanbr//span/divdiv style="text-align:justify"span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%"Circle Internet Group, Inc. is a global financial technology firm that specializes in digital currencies and blockchain technology. Circle Internet Group, Inc. is the issuer of the USDC stablecoin, a cryptocurrency designed to be pegged to the U.S. dollar., and they also provide various services and platform APIs for payments, commerce, and other financial applications. A/spanspan style="background-color:#ffffff;color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%"s of April 2, 2026, the market capitalization of Circle Internet Group, Inc. is approximately $21.9 billion. /spanspan style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%"CRCL 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 Circle Internet Group, Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-42671 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Circle Internet Group, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. /spanspan style="background-color:#ffffff;color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%" /span/divdiv style="text-align:justify"spanbr//span/divdiv style="text-align:justify"span style="background-color:#ffffff;color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%"Fund has derived all disclosures contained in this document regarding Circle Internet Group, Inc. 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 Circle Internet Group, Inc. 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 CRCL have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Circle Internet Group, Inc. could affect the value of the Fund’s investments with respect to CRCL and therefore the value of the Fund./spanspan style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%" /span/divdiv style="text-align:justify"spanbr//span/divdiv style="text-align:justify"span style="background-color:#ffffff;color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%"Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s 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 security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance decreases over a period longer than a single day./span/divdiv style="text-align:justify"span style="background-color:#ffffff;color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%"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 Fund’s 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./span/div