p id="xdx_A85_eoef--StrategyNarrativeTextBlock_zPQjhC3nfeu2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"The Fund is an actively managed ETF. The Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in the Underlying Security and financial instruments with economic characteristics that, in combination, provide 200% daily leveraged exposure to the price of the Underlying Security, on a daily basis, consistent with the Fund’s investment objective./p p style="font: 10pt Times New Roman, Times, Serif; margin: 0" /p p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"The Fund seeks to achieve its investment objective through the use of derivative instruments, including swap agreements and options contracts, as well as, to a lesser extent, direct investments in the Underlying Security. The Fund will enter into one or more swap agreements with major financial institutions pursuant to which the Fund and the counterparty will agree to exchange the return (or differentials in rates of return) of the Underlying Security for a payment based on the Fund’s net assets, such that the Fund seeks to achieve, on a daily basis, leveraged (200%) exposure to the performance of the Underlying Security. Themes Management Company, LLC (the “Adviser”) attempts to consistently apply leveraged exposure to obtain long exposure to the Underlying Security equal to 200% of the Fund’s net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure./p p style="font: 10pt Times New Roman, Times, Serif; margin: 0" /p p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"Depending on market conditions, market liquidity and operational constraints, the Fund may obtain leveraged long exposure to the Underlying Security by purchasing deep in-the-money call option contracts or by entering into option combinations designed to replicate long exposure. In particular, the Fund may establish a position consisting of the purchase of a call option and the sale of a put option on the Underlying Security with the same strike price and expiration date (a strategy generally referred to as a “synthetic forward”). All option contracts bought and sold will be based on the Underlying Security. The Fund will pay a premium to purchase call options and receive a premium from selling put options. These option positions are designed to provide economic exposure similar to a leveraged long position in the Underlying Security, with gains or losses determined primarily by changes in the price of the Underlying Security relative to the strike price of the options. However, these strategies may not perfectly replicate leveraged long exposure and may be subject to differences in timing, pricing, liquidity and other market factors, which may cause the Fund’s performance to deviate from the leveraged performance of the Underlying Security./p p style="font: 10pt Times New Roman, Times, Serif; margin: 0" /p p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"As part of its investment strategy, the Fund may invest in a combination of standardized exchange-traded and FLexible EXchangesup®/sup (“FLEX”) call and put options contracts based on the value of the price returns of the Underlying Security. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Standardized exchange-traded options have standardized terms, including the strike price, expiration date and exercise style, and are also guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options customization of contract terms including strike price, expiration date and exercise style that are also guaranteed for settlement by the OCC./p p style="font: 10pt Times New Roman, Times, Serif; margin: 0" /p p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"The Fund may utilize either European style options, which may be exercised only at expiration or American style options, which may be exercised at any time prior to expiration./p p style="font: 10pt Times New Roman, Times, Serif; margin: 0" /p p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"As a result of its investment strategy, the Fund will be concentrated (i.e., invest 25% or more of its total assets) in the industry to which the Underlying Security is assigned. As of the date of this prospectus, the Underlying Security is assigned to the technology hardware and equipment industry./p p style="font: 10pt Times New Roman, Times, Serif; margin: 0" /p p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"The Fund seeks to achieve its investment objective on a daily basis without regard to overall market movement or the increase or decrease in the value of the Underlying Security. The Fund’s exposure is reset daily, typically at the close of trading. As a result, the Fund’s performance for periods longer than one 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 for the same period. The Fund generally seeks to maintain its exposure regardless of market conditions and does not attempt to take defensive positions./p p style="font: 10pt Times New Roman, Times, Serif; margin: 0" /p p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to the Underlying Security is consistent with the Fund’s investment objective. The Underlying Security’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of the Underlying Security rises on a given day, net assets of the Fund are expected to rise, resulting in the Fund increasing its exposure. Conversely, if the price of the Underlying Security decreases on a given day, net assets of the Fund are expected to decrease, resulting in the Fund reducing its exposure. This daily rebalancing typically results in high portfolio turnover./p p style="font: 10pt Times New Roman, Times, Serif; margin: 0" /p p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"On a day-to-day basis, the Fund is expected to hold collateral for its derivative positions. For this purpose, the Fund may invest in 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 is expected to allocate up to 100% of its assets as collateral for swap agreements or as premiums for purchased options contracts./p p style="font: 10pt Times New Roman, Times, Serif; margin: 0" /p p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"If the Underlying Security were to decrease by more than 50% in a single trading day the Fund and consequently the Fund’s investors would lose all of their money./p p style="font: 10pt Times New Roman, Times, Serif; margin: 0" /p p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"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./p p style="font: 10pt Times New Roman, Times, Serif; margin: 0" /p p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"The Fund is considered to be non-diversified. 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./p p style="font: 10pt Times New Roman, Times, Serif; margin: 0" /p p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"Sandisk Corporation is a global developer and supplier of flash-based data storage solutions. The company designs and sells NAND flash memory, solid state drives (SSDs), and embedded storage products used in consumer devices, mobile phones, client and enterprise computing systems, and cloud infrastructure. The common stock of 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 (“SEC”) by the Underlying Security pursuant to the Exchange Act can be located by reference to the SEC file number 001-42420 through the SEC’s website at www.sec.gov. In addition, information regarding the Underlying Security may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents./p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify" /p p style="font: 10pt Times New Roman, Times, Serif; margin: 0" /p p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"bThis document relates only to the securities offered hereby and does not relate to the shares of the Underlying Security or other securities related to the Underlying Security. The Fund has derived all disclosures contained in this document regarding the Underlying Security 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 the Underlying Security 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 the Underlying Security have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning the Underlying Security could affect the value of the Fund’s investments with respect to the Underlying Security and therefore the value of the Fund./b/p p style="font: 10pt Times New Roman, Times, Serif; margin: 0" /p p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"bBecause 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’s 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 increases over a period longer than a single day./b/p