span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;"The Index is provided by Samp;P Dow Jones Indices (the “Index Provider”) and includes domestic companies from the consumer discretionary sector which includes the following industries: specialty retail; broadline retail; hotels, restaurants and leisure; textiles, apparel and luxury goods; household durables; automobiles; automobile components; distributors; leisure products; and diversified consumer services. The Index is one of eleven Select Sector Indexes developed and maintained in accordance with the following criteria: (1) each of the component securities in the Index is a constituent of the Samp;P 500/spanspan style="color:#000000;font-family:Arial;font-size:6pt;position:relative;top:-2.75pt;"®/spanspan style="color:#000000;font-family:Arial;font-size:8.645pt;" Index and (2) the Index is calculated by /spanspan style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;"the Index Provider based on a proprietary “modified market capitalization” methodology which means that modifications may be made to the market capitalization weights of single stock concentrations in order to conform to the requirements /spanspan style="color:#000000;font-family:Arial;font-size:8.645pt;"of the Internal Revenue Code of 1986, as amended./spanspan style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;"As of December 31, 2024, the Index was comprised of 50 constituents which were concentrated in the consumer /spanspan style="color:#000000;font-family:Arial;font-size:8.645pt;"discretionary sector. The Index is rebalanced quarterly./spanspan style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;"The components of the Index and the percentages represented by various sectors in the Index may change over time. The Fund will concentrate its investment in a particular industry or group of industries (/spanspan style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;"i.e./spanspan style="color:#000000;font-family:Arial;font-size:8.645pt;", hold 25% or more of /spanspan style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;"its total assets in the stocks of a particular industry or group of industries) to approximately the same extent as the Index /spanspan style="color:#000000;font-family:Arial;font-size:8.645pt;"is so concentrated./spanspan style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;"The Fund, under normal circumstances, invests at least 80% of its net assets (plus borrowing for investment purposes) in financial instruments, such as swap agreements, securities of the Index, and exchange-traded funds ("ETFs") that track the Index, that, in combination, provide 3X daily leveraged exposure to the Index, consistent with the Fund's investment objective. The financial instruments in which the Fund most commonly invests are swap agreements and futures agreements which are intended to produce economically /spanspan style="color:#000000;font-family:Arial;font-size:8.645pt;"leveraged investment results./spanspan style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;"The Fund may invest in the securities of the Index, a representative sample of the securities in the Index that has aggregate characteristics similar to those of the Index, an ETF that tracks the Index or a substantially similar index, and derivatives, such as swaps or futures on the Index or on an ETF that tracks the same Index or a substantially similar /spanspan style="color:#000000;font-family:Arial;font-size:8.645pt;"index, that provide leveraged exposure to the above. /spanspan style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;"The Fund seeks to remain fully invested at all times, consistent with its stated investment objective, but may not always have investment exposure to all of the securities in the Index, or its weighting of investment exposure to securities or industries may be different from that of the Index. In addition, the Fund may invest directly or indirectly in securities not included in the Index. In all cases, the investments would /spanspan style="color:#000000;font-family:Arial;font-size:8.645pt;"be designed to help the Fund track the Index./spanspan style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;"The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of the securities in the Index. At the close of the markets each trading day, Rafferty rebalances the Fund’s portfolio so that its exposure to the Index is consistent with the Fund’s investment objective. The impact /spanspan style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;"of the Index’s movements during the day will affect whether the Fund’s portfolio needs to be re-positioned. For example, if the Index has risen 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 Index has fallen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This re-positioning strategy /spanspan style="color:#000000;font-family:Arial;font-size:8.645pt;"typically results in high portfolio turnover. /spanspan style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;"On a day-to-day basis, the Fund is expected to hold ETFs and money market funds, deposit accounts with institutions with high quality credit ratings (/spanspan style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;"i.e/spanspan style="color:#000000;font-family:Arial;font-size:8.645pt;"., investment grade or /spanspan style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;"higher), and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality credit profiles, including U.S. government securities and repurchase agreements. The Fund may lend securities representing up to one-third of the value of the Fund’s total /spanspan style="color:#000000;font-family:Arial;font-size:8.645pt;"assets (excluding the value of the collateral received)./spanspan style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;"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,” meaning that a relatively high percentage of its assets may be invested in a limited number of issuers of securities. 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. /spanspan style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;"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 300% of the return of the Index over the same period. The Fund will lose money if the Index performance is flat over time, and as a result of daily rebalancing, the Index’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Index’s performance increases over a period longer than /spanspan style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;"a single day./span