APLX

APLX seeks daily leveraged investment results and is very different from most other exchange-traded funds. As a result, the Fund may be riskier than alternatives that do not use leverage because the Fund's objective is to magnify (200%) the daily performance of the common shares of Applied Digital Corporation (NASDAQ: APLD) ("APLD"). The return for investors that invest for periods longer or shorter than a trading day should not be expected to be 200% of the performance of APLD for the period. The return of the Fund for a period longer than a trading day will be the result of each trading day's compounded return over the period, which will very likely differ from 200% of the return of APLD for that period. Longer holding periods, higher volatility of APLD and leverage increase the impact of compounding on an investor's returns. During periods of higher APLD volatility, the volatility of APLD may affect the Fund's return as much as, or more than, the return of APLD.