It is proposed that this filing will become effective (check appropriate box):

☐ This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

The information in this Prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This Prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any state where the offer of sale is not permitted.

Each of the above funds (each a “Fund” and collectively the “Funds”), is a series of Investment Managers Series Trust II (the “Trust”), and each is listed and principally trades its shares on The NASDAQ Stock Market LLC (the “Exchange”). Shares of each Fund trade on the Exchange at market prices that may be below, at or above the Fund’s net asset value per share.

Each fund with “Long” in its name attempts to provide investment results that correspond to two times the performance of the underlying security and are collectively referred to as the “Long Funds”. Each Fund with “Short” in its name attempts to provide investment results that correspond to two times the inverse performance of the underlying security and are collectively referred to as the “Short Funds.” Each Fund with “Weekly” in its name seeks to provide a return based on the performance of the underlying reference security for a full calendar week, which is defined as the close of trading on the last business day of one calendar week to the close of trading on the last business day of the following calendar week. Each Fund with “Monthly” in its name seeks to provide a return based on the performance of the underlying reference security for a full calendar month, which is defined as the close of trading on the last business day of one calendar month to the close of trading on the last business day of the following calendar month. Each Fund with “Quarterly” in its name seeks to provide a return based on the performance of the underlying reference security for a full calendar quarter, which is defined as the close of trading on the last business day of one calendar quarter to the close of trading on the last business day of the following calendar quarter.

An investor who purchases shares on a day other than the last business day of a calendar week, calendar month, or calendar quarter, as applicable, will generally receive more, or less, than 200% (for a Long Fund) or -200% (for a Short Fund) exposures to the underlying reference security from that point until the end of the week, month, or quarter, as applicable. Each Fund seeks to provide actual exposure that is a function of the performance of the underlying reference security from the end of the prior calendar week, calendar month, or calendar quarter to an investor’s purchase date, as applicable. If a Fund’s shares are held for a period other than a calendar week, calendar month, or calendar quarter, the Fund’s performance is likely to deviate from 200% (for a Long Fund) or -200% (for a Short Fund) of the underlying security’s performance for the period the Fund is held. During periods of high volatility, a Fund may not perform as expected and a Fund may have losses when an investor may have expected gains if the Fund is held for a period that is different than that referred to in the Funds’ stated investment objectives.

The Funds are not suitable for all investors. The Funds are designed to be utilized only by sophisticated investors, such as traders and active investors employing dynamic strategies. Investors in the Funds should:

Investors who do not understand the Funds, or do not intend to actively manage their Funds and monitor their investments, should not invest in the Funds.

There is no assurance that any Fund will achieve its investment objective and an investment in a Fund could lose money. No single Fund is a complete investment program.

With respect to the Long Funds and Short Funds, the Funds’ investment advisor, AXS Investments, LLC, will not attempt to position any Fund’s portfolio to ensure that the Fund does not gain or lose more than a maximum percentage of its net asset value during the applicable period. As a consequence, if at the end of the relevant period, the price of a Fund’s underlying reference security has moved more than 50% from the beginning of the period in a direction adverse to the Fund, the Fund’s investors would lose all of their money.

Neither the U.S. Securities and Exchange Commission nor the Commodity Futures Trading Commission has approved or disapproved these securities or passed upon the accuracy or adequacy of this prospectus. Any representation to the contrary is a criminal offense.

The Tradr 2X Long SPY Weekly ETF (the “Fund”) seeks calendar week 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 seek calendar week leveraged investment results because the Fund’s objective is to magnify (by 200%) the calendar week performance of the SPDR^® S&P 500^® ETF Trust. The return for investors that invest for periods longer or shorter than a full calendar week, which is defined as the close of trading on the last business day of one calendar week to the close of trading on the last business day of the following calendar week, should not be expected to be 200% of the performance of the SPDR^® S&P 500^® ETF Trust for the period. The return of the Fund for a period longer than a full calendar week will be the result of each full calendar week’s compounded return over the period, which will very likely differ from 200% of the return of the SPDR^® S&P 500^® ETF Trust for that period. Longer holding periods and higher volatility of the SPDR^® S&P 500^® ETF Trust increase the impact of compounding on an investor’s returns. During periods of higher SPDR^® S&P 500^® ETF Trust volatility, the volatility of the SPDR^® S&P 500^® ETF Trust may affect the Fund’s return as much as, or more than, the return of the SPDR^® S&P 500^® ETF Trust.

The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking calendar week leveraged (200%) investment results and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. For periods longer than a calendar week, the Fund will lose money if the SPDR^® S&P 500^® ETF Trust’s performance is flat, and it is possible that the Fund will lose money even if the SPDR^® S&P 500^® ETF Trust’s performance increases over a period longer than a calendar week.

The Tradr 2X Long SPY Weekly ETF seeks calendar week investment results, before fees and expenses, that correspond to two times (200%) the calendar week performance of the common shares of the SPDR^® S&P 500^® ETF Trust The Fund does not seek to achieve its stated investment objective for a period of time different than a full calendar week.

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Shares”). Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example set forth below.

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. This example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain at current levels. The example reflects the Fund’s contractual fee waiver and/or expense reimbursement only for the term of the contractual fee waiver and/or expense reimbursement. This example does not include the brokerage commissions that investors may pay to buy and sell Shares. Although your actual costs may be higher or lower, your costs, based on these assumptions, would be:

The Fund pays transaction costs, such as commissions, when it purchases and sells securities (or “turns over” its portfolio). A higher portfolio turnover will cause the Fund to incur additional transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the Example, may affect the Fund’s performance. The Fund is newly-created and, as a result, does not yet have a portfolio turnover rate.

Under normal market circumstances, the Fund will maintain at least 80% exposure to financial instruments that provide two times leveraged exposure to the calendar week performance of the SPDR^® S&P 500^® ETF Trust. The Fund is an actively-managed exchange-traded fund (“ETF”) that seeks to achieve on a calendar week basis, before fees and expenses, 200% performance of the SPDR^® S&P 500^® ETF Trust for a full calendar week, and not for any other period, by entering into one or more swaps on the SPDR^® S&P 500^® ETF Trust. A “full calendar week” is measured from the close of trading on the last business day of one calendar week to the close of trading on the last business day of the following calendar week.

The Fund will enter into one or more swaps with major global financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the global financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the SPDR^® S&P 500^® ETF Trust. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the SPDR^® S&P 500^® ETF Trust. The Advisor attempts to consistently apply leverage to maintain the Fund’s exposure to 200% of the SPDR^® S&P 500^® ETF Trust’s weekly return, and expects to rebalance the Fund’s holdings weekly in an attempt to maintain such exposure.

Additionally, the Fund may invest all available cash in the Fund’s portfolio in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short-term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality (“Collateral Investments”).

The SPDR^® S&P^® 500 ETF Trust is an index-based exchange traded fund that seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of an index designed to measrue the performance of five hundred (500) selected companies, all of which are listed on national stock exchanges and spans a broad range of major industries.

The Fund has derived all disclosures contained in this document regarding the SPDR^® S&P 500^® ETF Trust from the publicly available documents described above. In connection with the offering of the Fund’s securities, none of the Fund, the Trust, the Advisor and any of their affiliates has participated in the preparation of such documents or made any due diligence inquiry with respect to the SPDR^® S&P 500^® ETF Trust. None of the Fund, the Trust, the Advisor and any of their affiliates makes any representation that such publicly available documents or any other publicly available information regarding the SPDR^® S&P 500^® ETF Trust is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of the SPDR^® S&P 500^® ETF Trust have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning the SPDR^® S&P 500^® ETF Trust could affect the value of the Fund’s investments with respect to the SPDR^® S&P 500^® ETF Trust and therefore the value of the Fund.

None of the Trust, the Fund, and their affiliates makes any representation to you as to the performance of the SPDR^® S&P 500^® ETF Trust.

You could lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. There can be no assurance that the Fund’s investment objectives will be achieved.

Derivatives Risk. Derivatives include instruments and contracts that are based on and valued in relation to one or more underlying securities, financial benchmarks, indices, or other reference obligations or measures of value. Major types of derivatives include futures, options, swaps and forward contracts. Using derivatives exposes the Fund to additional or heightened risks, including leverage risk, liquidity risk, valuation risk, market risk, counterparty risk, and credit risk. Derivatives transactions can be highly illiquid and difficult to unwind or value, they can increase Fund volatility, and changes in the value of a derivative held by the Fund may not correlate with the value of the underlying instrument or the Fund’s other investments. Many of the risks applicable to trading the instruments underlying derivatives are also applicable to derivatives trading. However, derivatives are subject to additional risks such as operational risk, including settlement issues, and legal risk, including that underlying documentation is incomplete or ambiguous. For derivatives that are required to be cleared by a regulated clearinghouse, other risks may arise from the Fund’s relationship with a brokerage firm through which it submits derivatives trades for clearing, including in some cases from other clearing customers of the brokerage firm.

The Fund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired weekly leveraged performance for the Fund.

Leverage Risk. Leverage increases the risk of a total loss of an investor’s investment, may increase the volatility of the Fund, and may magnify any differences between the performance of the Fund and the SPDR^® S&P 500^® ETF Trust. Because the Fund includes a multiplier of two times (200%) the SPDR^® S&P 500^® ETF Trust, a full calendar week movement in the SPDR^® S&P 500^® ETF Trust approaching 50% at any point in the week could result in the total loss of an investor’s investment if that movement is contrary to the investment objective of the Fund, even if the SPDR^® S&P 500^® ETF Trust subsequently moves in an opposite direction, eliminating all or a portion of the earlier movement. This would be the case with any such full calendar week movements in the SPDR^® S&P 500^® ETF Trust, even if the SPDR^® S&P 500^® ETF Trust maintains a level greater than zero at all times.

Compounding Risk. The Fund has a calendar week investment objective, and the Fund’s performance for any other period is the result of its return for each week compounded over the period. The performance of the Fund for periods longer than a full calendar week will very likely differ in amount, and possibly even direction, from 200% of the calendar week return of the SPDR^® S&P 500^® ETF Trust for the same period, before accounting for fees and expenses. Compounding affects all investments, but has a more significant impact on leveraged funds that rebalance weekly. This effect becomes more pronounced as the SPDR^® S&P 500^® ETF Trust volatility and holding periods increase. Fund performance for a period longer than a full calendar week can be estimated given any set of assumptions for the following factors: (a) the SPDR^® S&P 500^® ETF Trust volatility; (b) the SPDR^® S&P 500^® ETF Trust performance; (c) period of time; (d) financing rates associated with inverse exposure; and (e) other Fund expenses. The chart below illustrates the impact of two principal factors — the SPDR^® S&P 500^® ETF Trust volatility and the SPDR^® S&P 500^® ETF Trust performance — on Fund performance. The chart shows estimated Fund returns for a number of combinations of the SPDR^® S&P 500^® ETF Trust volatility and the SPDR^® S&P 500^® ETF Trust performance over a one-year period. Actual volatility, the SPDR^® S&P 500^® ETF Trust and Fund performance may differ significantly from the chart below. Performance shown in the chart assumes: (a) no Fund expenses; and (b) borrowing/lending rates (to obtain leveraged exposure) of zero percent. If Fund expenses and/or actual borrowing/ lending rates were reflected, the Fund’s performance would be lower than shown.

Areas shaded red (or dark gray) represent those scenarios in which the Fund can be expected to return less than 200% of the performance of the SPDR^® S&P 500^® ETF Trust and those shaded green (or light gray) represent those scenarios in which the Fund can be expected to return more than 200% of the performance of the SPDR^® S&P 500^® ETF Trust. The Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Correlation Risk” below.

The foregoing table is intended to isolate the effect of the SPDR^® S&P 500^® ETF Trust volatility and the SPDR^® S&P 500^® ETF Trust performance on the return of the Fund and is not a representation of actual returns. For example, the Fund would be expected to lose 5.5% if the SPDR^® S&P 500^® ETF Trust provided no return over a one-year period during which the SPDR^® S&P 500^® ETF Trust experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the SPDR^® S&P 500^® ETF Trust’s return is flat. For instance, if the SPDR^® S&P 500^® ETF Trust’s annualized volatility is 150%, the Fund would be expected to lose 97.9% of its value, even if the cumulative SPDR^® S&P 500^® ETF Trust’s return for the year was 0%.

The SPDR^® S&P 500^® ETF Trust’s annualized historical volatility rate for the five- year period ended December 31, 2023 was [ ]%. the SPDR^® S&P 500^® ETF Trust’s highest volatility rate for any one calendar year during the five-year period was [ ]%. the SPDR^® S&P 500^® ETF Trust’s annualized total return performance for the five-year period ended December 31, 2023 was [ ]%. Historical SPDR^® S&P 500^® ETF Trust volatility and performance are not indications of what the SPDR^® S&P 500^® ETF Trust volatility and performance will be in the future. The volatility of U.S. exchange-traded securities or instruments that reflect the value of the SPDR^® S&P 500^® ETF Trust may differ from the volatility of the SPDR^® S&P 500^® ETF Trust.

Intra-Calendar Week Investment Risk. The Fund seeks calendar week leveraged investment results. The exact exposure of an investment in the Fund intra-week will depend upon the movement of the SPDR^® S&P 500^® ETF Trust from the end of the prior calendar week until the time of investment by the investor. If the SPDR^® S&P 500^® ETF Trust gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the SPDR^® S&P 500^® ETF Trust loses value, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Thus, an investor who purchases shares on a day other than the last business day of a calendar week will likely obtain more, or less, than 200% leveraged investment exposure to the SPDR^® S&P 500^® ETF Trust, depending upon the movement of the SPDR^® S&P 500^®ETF Trust from the end of the prior calendar week until the time of investment by the investor. If there is a significant intra-week market event and/or the securities of the SPDR^® S&P 500^® ETF Trust experience a significant decrease in value, the Fund may not meet its investment objective or be able to rebalance its portfolio appropriately.

Correlation Risk. A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the SPDR^® S&P 500^® ETF Trust, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s net asset value each calendar week may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of the SPDR^® S&P 500^® ETF Trust during such calendar week.

In order to achieve a high degree of correlation with the SPDR^® S&P 500^® ETF Trust, the Fund seeks to rebalance its portfolio weekly to keep exposure consistent with its investment objective. Being materially under- or overexposed to the SPDR^® S&P 500^® ETF Trust may prevent the Fund from achieving a high degree of correlation with the SPDR^® S&P 500^® ETF Trust and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by the SPDR^® S&P 500^® ETF Trust’s movements, including intra-week movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the calendar week or at the end of each week and the likelihood of being materially under- or overexposed is higher on weeks when the SPDR^® S&P 500^® ETF Trust is volatile, particularly when the SPDR^® S&P 500^® ETF Trust is volatile at or near the close of the trading week.

A number of other factors may also adversely affect the Fund’s correlation with the SPDR^® S&P 500^® ETF Trust, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the SPDR^® S&P 500^® ETF Trust. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to the SPDR^® S&P 500^® ETF Trust. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the calendar week performance of the Fund and changes in the performance of the SPDR^® S&P 500^® ETF Trust. Any of these factors could decrease correlation between the performance of the Fund and the SPDR^® S&P 500^® ETF Trust and may hinder the Fund’s ability to meet its calendar week investment objective during or around that week.

Rebalancing Risk. If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the SPDR^® S&P 500^® ETF Trust that is significantly greater or less than 200%. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced, and may not achieve its investment objective.

Trading Halt Risk. Shares of the SPDR^®S&P 500^® ETF Trust are listed on NYSE Arca, Inc. and shares of the Fund are listed on Nasdaq. Securities exchanges may apply different rules with respect to trading halts. In addition, exchanges may treat stocks differently than shares of ETFs with respect to trading halts. Although the SPDR^® S&P 500^® ETF Trust’s and the Fund’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. In the event of a trading halt for an extended period of time in the SPDR^® S&P 500^® ETF Trust’s and/or the Fund’s shares, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Trading halts of the SPDR^® S&P 500^® ETF Trust’s and/or the Fund’s shares can occur for “regulatory” or “non-regulatory” reasons. A regulatory halt may occur when a company has pending news that may affect the security’s price, when there is uncertainty over whether the security continues to meet an exchange’s listing standards, or when a regulator specifically suspends trading in a security. When a regulatory halt is imposed by a security’s primary exchange, the other U.S. exchanges that also trade the security will usually honor this halt. A non-regulatory halt generally occurs when there is a significant imbalance in the pending buy and sell orders in a security or because of extraordinary market volatility pursuant to exchange “circuit breaker” rules. A non-regulatory trading halt or delay on one exchange does not necessarily mean that other exchanges will halt a security from trading. Regulatory trading halts of the SPDR^® S&P 500^® ETF Trust’s shares are expected to result in a halt in the trading in the Fund’s shares. However, not all non-regulatory trading halts affecting the SPDR^®S&P 500^® ETF Trust’s shares will result in a trading halt of the Fund’s shares. To the extent trading in the SPDR^® S&P 500^® ETF Trust’s shares is halted while the Fund’s shares continue to trade, the Fund may not perform as intended.

Counterparty Risk. A counterparty (the other party to a transaction or an agreement or the party with which the Fund executes transactions) to a transaction with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. If the counterparty or its affiliate becomes insolvent, bankrupt or defaults on its payment obligations to the Fund, the value of an investment held by the Fund may decline. Additionally, if any collateral posted by the counterparty for the benefit of the Fund is insufficient or there are delays in the Fund’s ability to access such collateral, the Fund may not be able to achieve its leveraged investment objective. In addition, the Fund may enter into transactions with a limited number of counterparties, which may increase the Fund’s exposure to counterparty credit risk. Further, 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.

Indirect Investment Risk. the SPDR^® S&P 500^® ETF Trust is not affiliated with the Trust, the Advisor, or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of Shares. The Advisor has not made any due diligence inquiry with respect to the publicly available information of the SPDR^® S&P 500^® ETF Trust in connection with this offering. Investors in the Shares will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the common shares of the SPDR^® S&P 500^® ETF Trust.

ETF Structure Risks. The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks:

Authorized Participant Concentration Risk. Only an authorized participant may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of institutions that act as authorized participants on an agency basis (i.e., on behalf of other market participants). To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders with respect to the Fund and no other authorized participant is able to step forward to create or redeem, in either of these cases, shares may trade at a discount to the Fund’s net asset value and possibly face delisting.

Cash Transaction Risk. To the extent the Fund sells portfolio securities to meet some or all of a redemption request with cash, the Fund may incur taxable gains or losses that it might not have incurred had it made redemptions entirely in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used.

Costs of Buying or Selling Shares: Investors buying or selling shares in the secondary market will pay brokerage commissions or other charges imposed by brokers, as determined by that broker. Brokerage commissions are often a fixed amount and may be a significant proportional cost for investors seeking to buy or sell relatively small amounts of shares. In addition, secondary market investors will also incur the cost of the difference between the price at which an investor is willing to buy Shares (the “bid” price) and the price at which an investor is willing to sell Shares (the “ask” price). This difference in bid and ask prices is often referred to as the “spread” or “bid-ask spread.” The bid-ask spread varies over time for shares based on trading volume and market liquidity, and the spread is generally lower if shares have more trading volume and market liquidity and higher if shares have little trading volume and market liquidity. Further, a relatively small investor base in the Fund, asset swings in the Fund, and/or increased market volatility may cause increased bid-ask spreads. Due to the costs of buying or selling shares, including bid-ask spreads, frequent trading of shares may significantly reduce investment results and an investment in shares may not be advisable for investors who anticipate regularly making small investments.

Fluctuation of Net Asset Value Risk: As with all ETFs, shares may be bought and sold in the secondary market at market prices. Although it is expected that the market prices of shares will approximate the Fund’s NAV, there may be times when the market prices of shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). Differences in market price and NAV may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for shares will be closely related to, but not identical to, the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. These differences can be especially pronounced during times of market volatility or stress. During these periods, the demand for Fund shares may decrease considerably and cause the market price of Fund shares to deviate significantly from the Fund’s NAV.

Market Maker Risk. If the Fund has lower average daily trading volumes, it may rely on a small number of third-party market makers to provide a market for the purchase and sale of Fund shares. Any trading halt or other problem relating to the trading activity of these market makers could result in a dramatic change in the spread between the Fund’s NAV and the price at which the Fund shares are trading on the Exchange, which could result in a decrease in value of the Fund shares. In addition, decisions by market makers or authorized participants to reduce their role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund’s portfolio securities and the Fund’s market price. This reduced effectiveness could result in Fund shares trading at a discount to NAV and also in greater than normal intra-day bid-ask spreads for Fund shares.

Shares are Not Individually Redeemable. Shares are only redeemable by the Fund at NAV if they are tendered in Creation Units. Only Authorized Participants may engage in such creation and redemption transactions directly with the Fund. Individual Shares may be sold on a stock exchange at their current market prices, which may be less, more, or equal to their NAV.

Trading Issues Risk: Although the Fund shares are listed for trading on the Exchange, there can be no assurance that an active trading market for such Fund shares will develop or be maintained. Trading in Fund shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Fund shares inadvisable. In addition, trading in Fund shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange “circuit breaker” rules. Market makers are under no obligation to make a market in the Fund shares, and authorized participants are not obligated to submit purchase or redemption orders for Creation Units. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. Initially, due to the small asset size of the Fund, it may have difficulty maintaining its listings on the Exchange.

Liquidity Risk. The Fund may not be able to sell some or all of the investments that it holds due to a lack of demand in the marketplace or other factors such as market turmoil, or if the Fund is forced to sell an illiquid asset to meet redemption requests or other cash needs it may only be able to sell those investments at a loss. Illiquid assets may also be difficult to value.

Market Risk. The market price of a security or instrument may decline, sometimes rapidly or unpredictably, due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic or political conditions throughout the world, changes in the general outlook for corporate earnings, changes in interest or currency rates, or adverse investor sentiment generally. In addition, local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, or other events could have a significant impact on a security or instrument. The market value of a security or instrument also may decline because of factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry.

Valuation Risk. The Fund may hold securities or other assets that may be valued on the basis of factors other than market quotations. This may occur because the asset or security does not trade on a centralized exchange, or in times of market turmoil or reduced liquidity. There are multiple methods that can be used to value a portfolio holding when market quotations are not readily available. The value established for any portfolio holding at a point in time might differ from what would be produced using a different methodology or if it had been priced using market quotations. Portfolio holdings that are valued using techniques other than market quotations, including “fair valued” assets or securities, may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used. In addition, there is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time. The Fund’s ability to value investments may be impacted by technological issues or errors by pricing services or other third-party service providers.

Collateral Investments Risk. The Fund’s use of Collateral Investments may include obligations issued or guaranteed by the U.S. Government, its agencies and instrumentalities, including bills, notes and bonds issued by the U.S. Treasury, money market funds, short term bond ETFs and corporate debt securities, such as commercial paper.

Some securities issued or guaranteed by federal agencies and U.S. Government-sponsored instrumentalities may not be backed by the full faith and credit of the United States, in which case the investor must look principally to the agency or instrumentality issuing or guaranteeing the security for ultimate repayment, and may not be able to assert a claim against the United States itself in the event that the agency or instrumentality does not meet its commitment. The U.S. Government, its agencies and instrumentalities do not guarantee the market value of their securities, and consequently, the value of such securities may fluctuate. Although the Fund may hold securities that carry U.S. Government guarantees, these guarantees do not extend to shares of the Fund.

Money market funds are subject to management fees and other expenses. Therefore, investments in money market funds will cause the Fund to bear indirectly a proportional share of the fees and costs of the money market funds in which it invests. At the same time, the Fund will continue to pay its own management fees and expenses with respect to all of its assets, including any portion invested in the shares of the money market fund. It is possible to lose money by investing in money market funds.

Short-term bond ETFs will generally invest in short-term instruments (i.e., duration of less than one year). The amount of time until a fixed income security matures can lead to various risks, including changes in interest rates over the life of a bond. Short-term fixed income securities generally provide lower returns than longer-term fixed income securities. The average maturity of an ETF’s investments will affect the volatility of the ETF’s share price.

Corporate debt securities such as commercial paper generally are short-term unsecured promissory notes issued by businesses. Corporate debt may be rated investment-grade or below investment-grade and may carry variable or floating rates of interest. Corporate debt securities carry both credit risk and interest rate risk. Credit risk is the risk that the Fund could lose money if the issuer of a corporate debt security is unable to pay interest or repay principal when it is due. Some corporate debt securities that are rated below investment-grade generally are considered speculative because they present a greater risk of loss, including default, than higher quality debt securities.

Debt Securities Risk. Investments in debt securities subject the holder to the credit risk of the issuer. Credit risk refers to the possibility that the issuer or other obligor of a security will not be able or willing to make payments of interest and principal when due. Generally, the value of debt securities will change inversely with changes in interest rates. To the extent that interest rates rise, certain underlying obligations may be paid off substantially slower than originally anticipated and the value of those securities may fall sharply. During periods of falling interest rates, the income received by the Fund may decline. If the principal on a debt security is prepaid before expected, the prepayments of principal may have to be reinvested in obligations paying interest at lower rates. Debt securities generally do not trade on a securities exchange making them generally less liquid and more difficult to value than common stock.

Call Risk. Some debt securities may be redeemed, or “called,” at the option of the issuer before their stated maturity date. In general, an issuer will call its debt securities if they can be refinanced by issuing new debt securities which bear a lower interest rate. The Fund is subject to the possibility that during periods of falling interest rates an issuer will call its high yielding debt securities. The Fund would then be forced to invest the proceeds at lower interest rates, likely resulting in a decline in the Fund’s income.

Large-Cap Company Risk. Larger, more established companies may be unable to attain the high growth rates of successful, smaller companies during periods of economic expansion.

Volatility Risk. Volatility is the characteristic of a security or other asset, an index or a market to fluctuate significantly in price within a short time period. The value of the Fund’s investments in swaps – and therefore the value of an investment in the Fund – could decline significantly and without warning, including to zero. If you are not prepared to accept significant and unexpected changes in the value of the Fund and the possibility that you could lose your entire investment in the Fund, you should not invest in the Fund.

Interest Rate Risk. Generally fixed income securities decrease in value if interest rates rise and increase in value if interest rates fall, with longer-term securities being more sensitive than shorter-term securities. For example, the price of a security with a three-year duration would be expected to drop by approximately 3% in response to a 1% increase in interest rates. Generally, the longer the maturity and duration of a bond or fixed rate loan, the more sensitive it is to this risk. Falling interest rates also create the potential for a decline in the Fund’s income. Changes in governmental policy, rising inflation rates, and general economic developments, among other factors, could cause interest rates to increase and could have a substantial and immediate effect on the values of the Fund’s investments. In addition, a potential rise in interest rates may result in periods of volatility and increased redemptions that might require the Fund to liquidate portfolio securities at disadvantageous prices and times.

Cybersecurity Risk. Cybersecurity incidents may allow an unauthorized party to gain access to Fund assets, customer data (including private shareholder information), or proprietary information, or cause the Fund, the Advisor, and/or other service providers (including custodians, sub-custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality. In an extreme case, a shareholder’s ability to exchange or redeem Fund shares may be affected. Issuers of securities in which the Fund invests are also subject to cybersecurity risks, and the value of those securities could decline if the issuers experience cybersecurity incidents.

Active Management Risk. The Fund is actively-managed and its performance reflects investment decisions that the Adviser makes for the Fund. Such judgments about the Fund’s investments may prove to be incorrect. If the investments selected and the strategies employed by the Fund fail to produce the intended results, the Fund could underperform as compared to other funds with similar investment objectives and/or strategies, or could have negative returns.

Operational Risk. The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third parties, failed or inadequate processes and technology or systems failures. The Fund and the Advisor seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address these risks.

Credit Risk. Debt securities are subject to credit risk. Credit risk is the risk that the inability or perceived inability of the issuer to make interest and principal payments will cause the value of the securities to decrease. As a result, the Fund’s NAV could also decrease. Changes in the credit rating of a debt security held by the Fund could have a similar effect.

Limited Operating History. The Fund is recently organized and has no operating history. As a result, prospective investors have no track record or history on which to base their investment decisions.

Non-Diversification Risk. The Fund is classified as “non-diversified,” which means the Fund may invest a larger percentage of its assets in the securities of a smaller number of issuers than a diversified fund. Investment in securities of a limited number of issuers exposes the Fund to greater market risk and potential losses than if its assets were diversified among the securities of a greater number of issuers. The Fund seeks to achieve weekly results that correspond to a multiple of the weekly performance of the SPDR^® S&P 500^® ETF Trust by entering into one or more swaps. In seeking this objective, the Fund may invest a relatively high percentage of its assets in swaps with a single counterparty or a few counterparties. As a result, the Fund may experience increased volatility and be more susceptible to a single economic or regulatory occurrence affecting the issuer or one or more of the counterparties.

Tax Risk. In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income.

Security Issuer Risk. Issuer-specific attributes may cause a security held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole.

Recent Market Events. Periods of market volatility may occur in response to market events and other economic, political, and global macro factors. For example, in recent years the COVID-19 pandemic, the large expansion of government deficits and debt as a result of government actions to mitigate the effects of the pandemic, Russia’s invasion of Ukraine, and the rise of inflation have resulted in extreme volatility in the global economy and in global financial markets. These and other similar events could be prolonged and could adversely affect the value and liquidity of the Fund’s investments, impair the Fund’s ability to satisfy redemption requests, and negatively impact the Fund’s performance.

The Shares will change in value, and you could lose money by investing in the Fund. The Fund may not achieve its investment objective.

The Fund is new and does not have a full calendar year performance record to compare against other funds or broad measures of securities market performance such as indices. Performance information will be available after the Fund has been in operation for one calendar year.

Travis Trampe, Managing Director, Portfolio Management of the Advisor, Donal Bishnoi, CFA, Portfolio Manager of the Advisor, and Parker Binion, Portfolio Manager of the Advisor, have served as the portfolio managers of the Fund since its inception in [ , 2024]. Messrs. Trampe, Bishnoi, and Binion are jointly and primarily responsible for the day-to-day management of the Fund’s portfolio.

The Fund issues and redeems Shares on a continuous basis, at net asset value, only in large blocks of shares called “Creation Units.” Except when aggregated in Creation Units, the Shares are not redeemable securities of the Fund. Individual Shares of the Fund may only be purchased and sold on the secondary market through a broker-dealer. Since Shares of the Fund trade on securities exchanges in the secondary market at their market price rather than their net asset value, the Fund’s Shares may trade at a price greater than (premium) or less than (discount) the Fund’s net asset value. An investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase Shares of the Fund (bid) and the lowest price a seller is willing to accept for Shares of the Fund (ask) when buying or selling Shares in the secondary market (the “bid-ask spread”). Recent information, including the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads, is available online at www.[ ].com.

The Fund’s distributions will generally be taxable as ordinary income, returns of capital or capital gains. A sale of Shares may result in capital gain or loss.

If you purchase Shares through a broker-dealer or other financial intermediary (such as a bank), the Advisor and ALPS Distributors, Inc., the Fund’s distributor, may pay the intermediary for the sale of Shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.

The Tradr 2X Short SPY Weekly ETF (the “Fund”) seeks calendar week inverse 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 seek calendar week inverse investment results because the Fund’s objective is to magnify the inverse (by -200%) calendar week performance of the SPDR^® S&P 500^® ETF Trust. The return for investors that invest for periods longer or shorter than a full calendar week, which is defined as the close of trading on the last business day of one calendar week to the close of trading on the last business day of the following calendar week, should not be expected to be -200% of the performance of the SPDR^® S&P 500^® ETF Trust for the period. The return of the Fund for a period longer than a calendar week will be the result of each calendar week’s compounded return over the period, which will very likely differ from -200% of the return of the SPDR^® S&P 500^® ETF Trust for that period. Longer holding periods and higher volatility of the SPDR^® S&P 500^® ETF Trust increase the impact of compounding on an investor’s returns. During periods of higher SPDR^® S&P 500^® ETF Trust volatility, the volatility of the SPDR^® S&P 500^® ETF Trust may affect the Fund’s return as much as, or more than, the return of the SPDR^® S&P 500^® ETF Trust.

The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking calendar week inverse (-200%) investment results and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. For periods longer than a calendar week, the Fund will lose money if the SPDR^® S&P 500^® ETF Trust’s performance is flat, and it is possible that the Fund will lose money even if the SPDR^® S&P 500^® ETF Trust’s performance decreases over a period longer than a calendar week.

The Tradr 2X Short SPY Weekly ETF seeks calendar week investment results, before fees and expenses, that correspond to the inverse (-200%) of the calendar week performance of the SPDR^® S&P 500^® ETF Trust. The Fund does not seek to achieve its stated investment objective for a period of time different than a calendar week.

Under normal market circumstances, the Fund will maintain at least 80% exposure to financial instruments that provide inverse exposure to the calendar week performance of the SPDR^® S&P 500^® ETF Trust. The Fund is an actively-managed exchange-traded fund (“ETF”) that seeks to achieve on a calendar week basis, before fees and expenses, -200% performance of the SPDR^® S&P 500^® ETF Trust for a full calendar week, and not for any other period, by entering into one or more swaps on the SPDR^® S&P 500^® ETF Trust. A “full calendar week” is measured from the close of trading on the last business day of one calendar week to the close of trading on the last business day of the following calendar week

The Fund will enter into one or more swaps with major global financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the global financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the SPDR^® S&P 500^® ETF Trust. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the SPDR^® S&P 500^® ETF Trust. The Adviser attempts to consistently apply leverage to maintain the Fund’s exposure to -200% of the SPDR^® S&P 500^® ETF Trust’s weekly return, and expects to rebalance the Fund’s holdings weekly in an attempt to maintain such exposure.

None of the Trust, the Fund and their affiliates makes any representation to you as to the performance of the SPDR^® S&P 500^® ETF Trust.

Compounding Risk. The Fund has a calendar week investment objective, and the Fund’s performance for any other period is the result of its return for each week compounded over the period. The performance of the Fund for periods longer than a full calendar week will very likely differ in amount, and possibly even direction, from -200% of the calendar week return of the SPDR^® S&P 500^® ETF Trust for the same period, before accounting for fees and expenses. Compounding affects all investments, but has a more significant impact on funds that are inverse and that rebalance weekly. This effect becomes more pronounced as the SPDR^® S&P 500^® ETF Trust volatility and holding periods increase. Fund performance for a period longer than a full calendar week can be estimated given any set of assumptions for the following factors: (a) the SPDR^® S&P 500^® ETF Trust volatility; (b) the SPDR^® S&P 500^® ETF Trust performance; (c) period of time; (d) financing rates associated with inverse exposure; and (e) other Fund expenses. The chart below illustrates the impact of two principal factors — the SPDR^® S&P 500^® ETF Trust volatility and the SPDR^® S&P 500^® ETF Trust performance — on Fund performance. The chart shows estimated Fund returns for a number of combinations of the SPDR^® S&P 500^® ETF Trust volatility and the SPDR^® S&P 500^® ETF Trust performance over a one-year period. Actual volatility, the SPDR^® S&P 500^® ETF Trust and Fund performance may differ significantly from the chart below. Performance shown in the chart assumes: (a) no Fund expenses; and (b) borrowing/lending rates (to obtain inverse exposure) of zero percent. If Fund expenses and/or actual borrowing/ lending rates were reflected, the Fund’s performance would be lower than shown.

Areas shaded red (or dark gray) represent those scenarios in which the Fund can be expected to return less than -200% of the performance of the SPDR^® S&P 500^® ETF Trust and those shaded green (or light gray) represent those scenarios in which the Fund can be expected to return more than -200% of the performance of the SPDR^® S&P 500^® ETF Trust. The Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Correlation Risk” below.

The foregoing table is intended to isolate the effect of the SPDR^® S&P 500^® ETF Trust volatility and the SPDR^® S&P 500^® ETF Trust performance on the return of the Fund and is not a representation of actual returns. For example, the Fund would be expected to lose 20.2% if the SPDR^® S&P 500^® ETF Trust provided no return over a one-year period during which the SPDR^® S&P 500^® ETF Trust experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the SPDR^® S&P 500^® ETF Trust’s return is flat. For instance, if the SPDR^® S&P 500^® ETF Trust’s annualized volatility is 150%, the Fund would be expected to lose 100.0% of its value, even if the cumulative SPDR^® S&P 500^® ETF Trust’s return for the year was 0%.

The SPDR^® S&P 500^® ETF Trust’s annualized historical volatility rate for the five- year period ended December 31, 2023 was [ ]%. The SPDR^® S&P 500^® ETF Trust’s highest volatility rate for any one calendar year during the five-year period was [ ]%. the SPDR^® S&P 500^® ETF Trust’s annualized total return performance for the five-year period ended December 31, 2023 was [ ]%. Historical SPDR^® S&P 500^® ETF Trust volatility and performance are not indications of what the SPDR^® S&P 500^® ETF Trust volatility and performance will be in the future. The volatility of U.S. exchange-traded securities or instruments that reflect the value of the SPDR^® S&P 500^® ETF Trust may differ from the volatility of the SPDR^® S&P 500^® ETF Trust.

Intra-Calendar Week Investment Risk. The Fund seeks calendar week inverse investment results. The exact exposure of an investment in the Fund intra-week will depend upon the movement of the SPDR^® S&P 500^® ETF Trust from the end of the prior calendar week until the time of investment by the investor. If the SPDR^® S&P 500^® ETF Trust gains value, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Conversely, if the SPDR^® S&P 500^® ETF Trust loses value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Thus, an investor who purchases shares on a day other than the last business day of a calendar week will likely obtain more, or less, than -200% inverse investment exposure to the SPDR^® S&P 500^® ETF Trust, depending upon the movement of the SPDR^® S&P 500^®ETF Trust from the end of the prior calendar week until the time of investment by the investor. If there is a significant intra-week market event and/or the securities of the SPDR^® S&P 500^® ETF Trust experience a significant increase in value, the Fund may not meet its investment objective or be able to rebalance its portfolio appropriately.

Correlation Risk. A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the SPDR^® S&P 500^® ETF Trust, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s net asset value each calendar week may differ, perhaps significantly in amount, and possibly even direction, from -200% of the percentage change of the SPDR^® S&P 500^® ETF Trust during such calendar week.

In order to achieve a high degree of correlation with the SPDR^® S&P 500^® ETF Trust, the Fund seeks to rebalance its portfolio weekly to keep exposure consistent with its investment objective. Being materially under- or overexposed to the SPDR^® S&P 500^® ETF Trust may prevent the Fund from achieving a high degree of correlation with the SPDR^® S&P 500^® ETF Trust and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by the SPDR^® S&P 500^® ETF Trust’s movements, including intra-week movements. Because of this, it is unlikely that the Fund will have perfect -200% exposure during the calendar week or at the end of the week and the likelihood of being materially under- or overexposed is higher on weeks when the SPDR^® S&P 500^® ETF Trust is volatile, particularly when the SPDR^® S&P 500^® ETF Trust is volatile at or near the close of the trading week.

A number of other factors may also adversely affect the Fund’s correlation with the SPDR^® S&P 500^® ETF Trust, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the SPDR^® S&P 500^® ETF Trust. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to the SPDR^® S&P 500^® ETF Trust. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the weekly performance of the Fund and changes in the performance of the SPDR^® S&P 500^® ETF Trust. Any of these factors could decrease correlation between the performance of the Fund and the SPDR^® S&P 500^® ETF Trust and may hinder the Fund’s ability to meet its weekly investment objective during around that week.

Rebalancing Risk. If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the SPDR^® S&P 500^® ETF Trust that is significantly greater or less than -200%. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective.

Counterparty Risk. A counterparty (the other party to a transaction or an agreement or the party with which the Fund executes transactions) to a transaction with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. If the counterparty or its affiliate becomes insolvent, bankrupt or defaults on its payment obligations to the Fund, the value of an investment held by the Fund may decline. Additionally, if any collateral posted by the counterparty for the benefit of the Fund is insufficient or there are delays in the Fund’s ability to access such collateral, the Fund may not be able to achieve its inverse investment objective. In addition, the Fund may enter into transactions with a limited number of counterparties, which may increase the Fund’s exposure to counterparty credit risk. Further, 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 inverse investment objective or may decide to change its inverse investment objective.

Short Sale Exposure Risk. The Fund will seek inverse or “short” exposure through financial instruments, which would cause the Fund to be exposed to certain risks associated with selling short. These risks include, under certain market conditions, an increase in the volatility and decrease in the liquidity of the instruments underlying the short position, which may lower the Fund’s return, result in a loss, have the effect of limiting the Fund’s ability to obtain inverse exposure through financial instruments, or require the Fund to seek inverse exposure through alternative investment strategies that may be less desirable or more costly to implement. To the extent that, at any particular point in time, the instruments underlying the short position may be thinly traded or have a limited market, including due to regulatory action, the Fund may be unable to meet its investment objective due to a lack of available securities or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. Obtaining inverse exposure through these instruments may be considered an aggressive investment technique. Any income, dividends or payments by any assets underlying the Fund’s short positions, if any, would negatively impact the Fund.

Inverse Correlation Risk. Short (inverse) positions are designed to profit from a decline in the price of a particular reference asset. Investors will lose money when the SPDR^® S&P 500^® ETF Trust rises, which is the opposite result from that of traditional funds. A calendar week or intra-week increase in the performance of the SPDR^® S&P 500^® ETF Trust may result in the total loss or almost total loss of an investor’s investment, even if the SPDR^® S&P 500^® ETF Trust subsequently moves lower. Like leveraged funds, inverse funds may be considered to be aggressive. Such instruments may experience imperfect negative correlation between the price of the investment and the underlying security or index. The use of inverse instruments may expose the Fund to additional risks that it would not be subject to if it invested only in “long” positions.

Indirect Investment Risk. The SPDR^® S&P 500^® ETF Trust is not affiliated with the Trust, the Advisor, or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of Shares. The Advisor has not made any due diligence inquiry with respect to the publicly available information of the SPDR^® S&P 500^® ETF Trust in connection with this offering. Investors in the Shares will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the common shares of the SPDR^® S&P 500^® ETF Trust.

ETF Structure Risks. The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks:

Large-Cap Company Risk. Larger, more established companies may be unable to attain the high growth rates of successful, smaller companies during periods of economic expansion.

The Shares will change in value, and you could lose money by investing in the Fund. The Fund may not achieve its investment objective.

Travis Trampe, Managing Director, Portfolio Management of the Advisor, Donal Bishnoi, CFA, Portfolio Manager of the Advisor, and Parker Binion, Portfolio Manager of the Advisor, have served as the portfolio managers of the Fund since its inception in [   , 2024]. Messrs. Trampe, Bishnoi, and Binion are jointly and primarily responsible for the day-to-day management of the Fund’s portfolio.

The Fund’s distributions will generally be taxable as ordinary income or capital gains. A sale of Shares may result in capital gain or loss.

If you purchase Shares through a broker-dealer or other financial intermediary (such as a bank), AXS Investments and ALPS Distributors, Inc., the Fund’s distributor, may pay the intermediary for the sale of Shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.

The Tradr 2X Long SPY Monthly ETF (the “Fund”) seeks calendar month 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 seek calendar month leveraged investment results because the Fund’s objective is to magnify (by 200%) the calendar month performance of the common shares of the SPDR^® S&P 500^® ETF Trust. The return for investors that invest for periods longer or shorter than a full calendar month, which is defined as the close of trading on the last business day of one calendar month to the close of trading on the last business day of the following calendar month, should not be expected to be 200% of the performance of the SPDR^® S&P 500^® ETF Trust for the period. The return of the Fund for a period longer than a full calendar month will be the result of each full calendar month’s compounded return over the period, which will very likely differ from 200% of the return of the SPDR^® S&P 500^® ETF Trust for that period. Longer holding periods and higher volatility of the SPDR^® S&P 500^® ETF Trust increase the impact of compounding on an investor’s returns. During periods of higher SPDR^® S&P 500^® ETF Trust volatility, the volatility of the SPDR^® S&P 500^® ETF Trust may affect the Fund’s return as much as, or more than, the return of the SPDR^® S&P 500^® ETF Trust.

The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking calendar month leveraged (200%) investment results and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. For periods longer than a calendar month, the Fund will lose money if the SPDR^® S&P 500^® ETF Trust’s performance is flat, and it is possible that the Fund will lose money even if the SPDR^® S&P 500^® ETF Trust’s performance increases over a period longer than a calendar month.

The Tradr 2X Long SPY Monthly ETF seeks calendar month investment results, before fees and expenses, that correspond to two times (200%) the calendar month performance of the SPDR^® S&P 500^® ETF Trust The Fund does not seek to achieve its stated investment objective for a period of time different than a full calendar month.

Under normal market circumstances, the Fund will maintain at least 80% exposure to financial instruments that provide two times leveraged exposure to the calendar month performance of. The Fund is an actively-managed exchange-traded fund (“ETF”) that seeks to achieve on a calendar month basis, before fees and expenses, 200% performance of the SPDR^® S&P 500^® ETF Trust for a full calendar month, and not for any other period, by entering into one or more swaps on the SPDR^® S&P 500^® ETF Trust. A “full calendar month” is measured from the close of trading on the last business day of one calendar month to the close of trading on the last business day of the following calendar month.

The Fund will enter into one or more swaps with major global financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the global financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the SPDR^® S&P 500^® ETF Trust. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the SPDR^® S&P 500^® ETF Trust. The Advisor attempts to consistently apply leverage to maintain the Fund’s exposure to 200% of the SPDR^® S&P 500^® ETF Trust’s monthly return, and expects to rebalance the Fund’s holdings monthly in an attempt to maintain such exposure.

The Fund has derived all disclosures contained in this document regarding the SPDR^® S&P 500^® ETF Trust from the publicly available documents described above. In connection with the offering of the Fund’s securities, none of the Fund, the Trust, the Advisor, and any of their affiliates has participated in the preparation of such documents or made any due diligence inquiry with respect to the SPDR^® S&P 500^® ETF Trust. None of the Fund, the Trust, the Advisor, and any of their affiliates makes any representation that such publicly available documents or any other publicly available information regarding the SPDR^® S&P 500^® ETF Trust is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of the SPDR^® S&P 500^® ETF Trust have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning the SPDR^® S&P 500^® ETF Trust could affect the value of the Fund’s investments with respect to the SPDR^® S&P 500^® ETF Trust and therefore the value of the Fund.

None of the Trust, the Fund and their affiliates makes any representation to you as to the performance of the SPDR^® S&P 500^® ETF Trust.

Leverage Risk. Leverage increases the risk of a total loss of an investor’s investment, may increase the volatility of the Fund, and may magnify any differences between the performance of the Fund and the SPDR^® S&P 500^® ETF Trust. Because the Fund includes a multiplier of two times (200%) the SPDR^® S&P 500^® ETF Trust, a full calendar month movement in the SPDR^® S&P 500^® ETF Trust approaching 50% at any point in the month could result in the total loss of an investor’s investment if that movement is contrary to the investment objective of the Fund, even if the SPDR^® S&P 500^® ETF Trust subsequently moves in an opposite direction, eliminating all or a portion of the earlier movement. This would be the case with any such full calendar month movements in the SPDR^® S&P 500^® ETF Trust, even if the SPDR^® S&P 500^® ETF Trust maintains a level greater than zero at all times.

Compounding Risk. The Fund has a calendar month investment objective, and the Fund’s performance for any other period is the result of its return for each month compounded over the period. The performance of the Fund for periods longer than a full calendar month will very likely differ in amount, and possibly even direction, from 200% of the calendar month return of the SPDR^® S&P 500^® ETF Trust for the same period, before accounting for fees and expenses. Compounding affects all investments, but has a more significant impact on leveraged funds that rebalance monthly. This effect becomes more pronounced as the SPDR^® S&P 500^® ETF Trust volatility and holding periods increase. Fund performance for a period longer than a full calendar month can be estimated given any set of assumptions for the following factors: (a) the SPDR^® S&P 500^® ETF Trust volatility; (b) the SPDR^® S&P 500^® ETF Trust performance; (c) period of time; (d) financing rates associated with inverse exposure; and (e) other Fund expenses. The chart below illustrates the impact of two principal factors — the SPDR^® S&P 500^® ETF Trust volatility and the SPDR^® S&P 500^® ETF Trust performance — on Fund performance. The chart shows estimated Fund returns for a number of combinations of the SPDR^® S&P 500^® ETF Trust volatility and the SPDR^® S&P 500^® ETF Trust performance over a one-year period. Actual volatility, the SPDR^® S&P 500^® ETF Trust and Fund performance may differ significantly from the chart below. Performance shown in the chart assumes: (a) no Fund expenses; and (b) borrowing/lending rates (to obtain leveraged exposure) of zero percent. If Fund expenses and/or actual borrowing/ lending rates were reflected, the Fund’s performance would be lower than shown.

The foregoing table is intended to isolate the effect of the SPDR^® S&P 500^® ETF Trust volatility and the SPDR^® S&P 500^® ETF Trust performance on the return of the Fund and is not a representation of actual returns. For example, the Fund would be expected to lose 4.7% if the SPDR^® S&P 500^® ETF Trust provided no return over a one-year period during which the SPDR^® S&P 500^® ETF Trust experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the SPDR^® S&P 500^® ETF Trust’s return is flat. For instance, if the SPDR^® S&P 500^® ETF Trust’s annualized volatility is 150%, the Fund would be expected to lose 100.0% of its value, even if the cumulative SPDR^® S&P 500^® ETF Trust’s return for the year was 0%.

Intra-Calendar Month Investment Risk. The Fund seeks calendar month leveraged investment results. The exact exposure of an investment in the Fund intra-month will depend upon the movement of the SPDR^® S&P 500^® ETF Trust from the end of the prior calendar month until the time of investment by the investor. If the SPDR^® S&P 500^® ETF Trust gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the SPDR^® S&P 500^® ETF Trust loses value, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Thus, an investor who purchases shares on a day other than the last business day of a calendar month will likely obtain more, or less, than 200% leveraged investment exposure to the SPDR^® S&P 500^® ETF Trust, depending upon the movement of the SPDR^® S&P 500^® ETF Trust from the end of the prior calendar month until the time of investment by the investor. If there is a significant intra-month market event and/or the securities of the SPDR^® S&P 500^® ETF Trust experience a significant decrease in value, the Fund may not meet its investment objective or be able to rebalance its portfolio appropriately.

Correlation Risk. A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the SPDR^® S&P 500^® ETF Trust, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s net asset value each calendar month may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of the SPDR^® S&P 500^® ETF Trust during such calendar month.

In order to achieve a high degree of correlation with the SPDR^® S&P 500^® ETF Trust, the Fund seeks to rebalance its portfolio monthly to keep exposure consistent with its investment objective. Being materially under- or overexposed to the SPDR^® S&P 500^® ETF Trust may prevent the Fund from achieving a high degree of correlation with the SPDR^® S&P 500^® ETF Trust and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by the SPDR^® S&P 500^® ETF Trust’s movements, including intra-month movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the calendar month or at the end of each month and the likelihood of being materially under- or overexposed is higher on months when the SPDR^® S&P 500^® ETF Trust is volatile, particularly when the SPDR^® S&P 500^® ETF Trust is volatile at or near the close of the trading month.

A number of other factors may also adversely affect the Fund’s correlation with the SPDR^® S&P 500^® ETF Trust, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the SPDR^® S&P 500^® ETF Trust. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to the SPDR^® S&P 500^® ETF Trust. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the calendar month performance of the Fund and changes in the performance of the SPDR^® S&P 500^® ETF Trust. Any of these factors could decrease correlation between the performance of the Fund and the SPDR^® S&P 500^® ETF Trust and may hinder the Fund’s ability to meet its calendar month investment objective during or around that month.

Trading Halt Risk. Shares of the SPDR^®S&P 500^® ETF Trust are listed on NYSE Arca, Inc. and shares of the Fund are listed on Nasdaq. Securities exchanges may apply different rules with respect to trading halts. In addition, exchanges may treat stocks differently than shares of ETFs with respect to trading halts. Although the SPDR^® S&P 500^® ETF Trust ’s and the Fund’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. In the event of a trading halt for an extended period of time in the SPDR^® S&P 500^® ETF Trust ’s and/or the Fund’s shares, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Trading halts of the SPDR^® S&P 500^® ETF Trust ’s and/or the Fund’s shares can occur for “regulatory” or “non-regulatory” reasons. A regulatory halt may occur when a company has pending news that may affect the security’s price, when there is uncertainty over whether the security continues to meet an exchange’s listing standards, or when a regulator specifically suspends trading in a security. When a regulatory halt is imposed by a security’s primary exchange, the other U.S. exchanges that also trade the security will usually honor this halt. A non-regulatory halt generally occurs when there is a significant imbalance in the pending buy and sell orders in a security or because of extraordinary market volatility pursuant to exchange “circuit breaker” rules. A non-regulatory trading halt or delay on one exchange does not necessarily mean that other exchanges will halt a security from trading. Regulatory trading halts of the SPDR^® S&P 500^® ETF Trust ’s shares are expected to result in a halt in the trading in the Fund’s shares. However, not all non-regulatory trading halts affecting the SPDR^®S&P 500^® ETF Trust ’s shares will result in a trading halt of the Fund’s shares. To the extent trading in the SPDR^® S&P 500^® ETF Trust ’s shares is halted while the Fund’s shares continue to trade, the Fund may not perform as intended.

ETF Structure Risks. The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks:

Large-Cap Company Risk. Larger, more established companies may be unable to attain the high growth rates of successful, smaller companies during periods of economic expansion.

Limited Operating History. The Fund is recently organized and has no operating history. As a result, prospective investors have no track record or history on which to base their investment decisions.

Non-Diversification Risk. The Fund is classified as “non-diversified,” which means the Fund may invest a larger percentage of its assets in the securities of a smaller number of issuers than a diversified fund. Investment in securities of a limited number of issuers exposes the Fund to greater market risk and potential losses than if its assets were diversified among the securities of a greater number of issuers. The Fund seeks to achieve monthly results that correspond to a multiple of the monthly performance of the SPDR^® S&P 500^® ETF Trust by entering into one or more swaps. In seeking this objective, the Fund may invest a relatively high percentage of its assets in swaps with a single counterparty or a few counterparties. As a result, the Fund may experience increased volatility and be more susceptible to a single economic or regulatory occurrence affecting the issuer or one or more of the counterparties.

The Shares will change in value, and you could lose money by investing in the Fund. The Fund may not achieve its investment objective.

The Fund’s distributions will generally be taxable as ordinary income, returns of capital or capital gains. A sale of Shares may result in capital gain or loss.

The Tradr 2X Short SPY Monthly ETF (the “Fund”) seeks calendar month inverse 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 seek calendar month inverse investment results because the Fund’s objective is to magnify the inverse (by -200%) calendar month performance of the common shares of the SPDR^® S&P 500^® ETF Trust. The return for investors that invest for periods longer or shorter than a full calendar month, which is defined as the close of trading on the last business day of one calendar month to the close of trading on the last business day of the following calendar month, should not be expected to be -200% of the performance of the SPDR^® S&P 500^® ETF Trust for the period. The return of the Fund for a period longer than a calendar month will be the result of each calendar month’s compounded return over the period, which will very likely differ from -200% of the return of the SPDR^® S&P 500^® ETF Trust for that period. Longer holding periods and higher volatility of the SPDR^® S&P 500^® ETF Trust increase the impact of compounding on an investor’s returns. During periods of higher SPDR^® S&P 500^® ETF Trust volatility, the volatility of the SPDR^® S&P 500^® ETF Trust may affect the Fund’s return as much as, or more than, the return of the SPDR^® S&P 500^® ETF Trust.

The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking calendar month inverse (-200%) investment results and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. For periods longer than a calendar month, the Fund will lose money if the SPDR^® S&P 500^® ETF Trust’s performance is flat, and it is possible that the Fund will lose money even if the SPDR^® S&P 500^® ETF Trust’s performance decreases over a period longer than a calendar month.

The Tradr 2X Short SPY Monthly ETF seeks calendar month investment results, before fees and expenses, that correspond to the inverse (-200%) of the calendar month performance of the SPDR^® S&P 500^® ETF Trust. The Fund does not seek to achieve its stated investment objective for a period of time different than a calendar month.

Under normal market circumstances, the Fund will maintain at least 80% exposure to financial instruments that provide inverse exposure to the calendar month performance of the SPDR^® S&P 500^® ETF Trust. The Fund is an actively-managed exchange-traded fund (“ETF”) that seeks to achieve on a calendar month basis, before fees and expenses, -200% performance of the SPDR^® S&P 500^® ETF Trust for a full calendar month, and not for any other period, by entering into one or more swaps on the SPDR^® S&P 500^® ETF Trust. A “full calendar month” is measured from the close of trading on the last business day of one calendar month to the close of trading on the last business day of the following calendar month

The Fund will enter into one or more swaps with major global financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the global financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the SPDR^® S&P 500^® ETF Trust. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the SPDR^® S&P 500^® ETF Trust. The Adviser attempts to consistently apply leverage to maintain the Fund’s exposure to -200% of the SPDR^® S&P 500^® ETF Trust’s monthly returns, and expects to rebalance the Fund’s holdings monthly in an attempt to maintain such exposure.

The Fund has derived all disclosures contained in this document regarding the SPDR^® S&P 500^® ETF Trust from the publicly available documents described above. In connection with the offering of the Fund’s securities, none of the Fund, the Trust, the Advisor, and any of their affiliates has participated in the preparation of such documents or made any due diligence inquiry with respect to the SPDR^® S&P 500^® ETF Trust. None of the Fund, the Trust, the Advisor, and any of their affiliates makes any representation that such publicly available documents or any other publicly available information regarding the SPDR^® S&P 500^® ETF Trust is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of the SPDR^® S&P 500^® ETF Trust have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning the SPDR^® S&P 500^® ETF Trust could affect the value of the Fund’s investments with respect to the SPDR^® S&P 500^® ETF Trust and therefore the value of the Fund.

None of the Trust, the Fund and their affiliates makes any representation to you as to the performance of the SPDR^® S&P 500^® ETF Trust.

Compounding Risk. The Fund has a calendar month investment objective, and the Fund’s performance for any other period is the result of its return for each month compounded over the period. The performance of the Fund for periods longer than a full calendar month will very likely differ in amount, and possibly even direction, from -200% of the calendar month return of the SPDR^® S&P 500^® ETF Trust for the same period, before accounting for fees and expenses. Compounding affects all investments, but has a more significant impact on funds that are inverse and that rebalance monthly. This effect becomes more pronounced as the SPDR^® S&P 500^® ETF Trust volatility and holding periods increase. Fund performance for a period longer than a calendar month can be estimated given any set of assumptions for the following factors: (a) the SPDR^® S&P 500^® ETF Trust volatility; (b) the SPDR^® S&P 500^® ETF Trust performance; (c) period of time; (d) financing rates associated with inverse exposure; and (e) other Fund expenses. The chart below illustrates the impact of two principal factors — the SPDR^® S&P 500^® ETF Trust volatility and the SPDR^® S&P 500^® ETF Trust performance — on Fund performance. The chart shows estimated Fund returns for a number of combinations of the SPDR^® S&P 500^® ETF Trust volatility and the SPDR^® S&P 500^® ETF Trust performance over a one-year period. Actual volatility, the SPDR^® S&P 500^® ETF Trust and Fund performance may differ significantly from the chart below. Performance shown in the chart assumes: (a) no Fund expenses; and (b) borrowing/lending rates (to obtain inverse exposure) of zero percent. If Fund expenses and/or actual borrowing/ lending rates were reflected, the Fund’s performance would be lower than shown.

The foregoing table is intended to isolate the effect of the SPDR^® S&P 500^® ETF Trust volatility and the SPDR^® S&P 500^® ETF Trust performance on the return of the Fund and is not a representation of actual returns. For example, the Fund would be expected to lose 20.0% if the SPDR^® S&P 500^® ETF Trust provided no return over a one-year period during which the SPDR^® S&P 500^® ETF Trust experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the SPDR^® S&P 500^® ETF Trust’s return is flat. For instance, if the SPDR^® S&P 500^® ETF Trust’s annualized volatility is 150%, the Fund would be expected to lose 100.0% of its value, even if the cumulative SPDR^® S&P 500^® ETF Trust’s return for the year was 0%.

The SPDR^® S&P 500^® ETF Trust’s annualized historical volatility rate for the five- year period ended December 31, 2023 was [ ]%. The SPDR^® S&P 500^® ETF Trust’s highest volatility rate for any one calendar year during the five-year period was [ ]%. The SPDR^® S&P 500^® ETF Trust’s annualized total return performance for the five-year period ended December 31, 2023 was [ ]%. Historical SPDR^® S&P 500^® ETF Trust volatility and performance are not indications of what the SPDR^® S&P 500^® ETF Trust volatility and performance will be in the future. The volatility of U.S. exchange-traded securities or instruments that reflect the value of the SPDR^® S&P 500^® ETF Trust may differ from the volatility of the SPDR^® S&P 500^® ETF Trust.

Intra-Calendar Month Investment Risk. The Fund seeks calendar month inverse investment results. The exact exposure of an investment in the Fund intra-month will depend upon the movement of the SPDR^® S&P 500^® ETF Trust from the end of the prior calendar month until the time of investment by the investor. If the SPDR^® S&P 500^®ETF Trust gains value, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Conversely, if the SPDR^® S&P 500^® ETF Trust loses value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Thus, an investor who purchases shares on a day other than the last business day of a calendar month will likely obtain more, or less, than -200% inverse investment exposure to the SPDR^® S&P 500^® ETF Trust, depending upon the movement of the SPDR^® S&P 500^® ETF Trust from the end of the prior calendar month until the time of investment by the investor. If there is a significant intra-month market event and/or the securities of the SPDR^®S&P 500^® ETF Trust experience a significant increase in value, the Fund may not meet its investment objective or be able to rebalance its portfolio appropriately.

Correlation Risk. A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the SPDR^® S&P 500^® ETF Trust, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s net asset value each calendar month may differ, perhaps significantly in amount, and possibly even direction, from -200% of the percentage change of the SPDR^® S&P 500^® ETF Trust during such calendar month.

In order to achieve a high degree of correlation with the SPDR^® S&P 500^® ETF Trust, the Fund seeks to rebalance its portfolio monthly to keep exposure consistent with its investment objective. Being materially under- or overexposed to the SPDR^® S&P 500^® ETF Trust may prevent the Fund from achieving a high degree of correlation with the SPDR^® S&P 500^® ETF Trust and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by the SPDR^® S&P 500^® ETF Trust’s movements, including intra-month movements. Because of this, it is unlikely that the Fund will have perfect -200% exposure during the calendar month or at the end of the month and the likelihood of being materially under- or overexposed is higher on months when the SPDR^® S&P 500^® ETF Trust is volatile, particularly when the SPDR^® S&P 500^® ETF Trust is volatile at or near the close of the trading month.

A number of other factors may also adversely affect the Fund’s correlation with the SPDR^® S&P 500^® ETF Trust, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the SPDR^® S&P 500^® ETF Trust. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to the SPDR^® S&P 500^® ETF Trust. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the monthly performance of the Fund and changes in the performance of the SPDR^® S&P 500^® ETF Trust. Any of these factors could decrease correlation between the performance of the Fund and the SPDR^® S&P 500^® ETF Trust and may hinder the Fund’s ability to meet its monthly investment objective during or around that month.

Rebalancing Risk. If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the SPDR^® S&P 500^® ETF Trust that is significantly greater or less than -200%. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective.

Counterparty Risk. A counterparty (the other party to a transaction or an agreement or the party with which the Fund executes transactions) to a transaction with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. If the counterparty or its affiliate becomes insolvent, bankrupt or defaults on its payment obligations to the Fund, the value of an investment held by the Fund may decline. Additionally, if any collateral posted by the counterparty for the benefit of the Fund is insufficient or there are delays in the Fund’s ability to access such collateral, the Fund may not be able to achieve its inverse investment objective. In addition, the Fund may enter into transactions with a limited number of counterparties, which may increase the Fund’s exposure to counterparty credit risk. Further, 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 inverse investment objective or may decide to change its inverse investment objective.

Inverse Correlation Risk. Short (inverse) positions are designed to profit from a decline in the price of a particular reference asset. Investors will lose money when the SPDR^® S&P 500^® ETF Trust rises, which is the opposite result from that of traditional funds. A calendar month or intra-month increase in the performance of the SPDR^® S&P 500^® ETF Trust may result in the total loss or almost total loss of an investor’s investment, even if the SPDR^® S&P 500^® ETF Trust subsequently moves lower. Like leveraged funds, inverse funds may be considered to be aggressive. Such instruments may experience imperfect negative correlation between the price of the investment and the underlying security or index. The use of inverse instruments may expose the Fund to additional risks that it would not be subject to if it invested only in “long” positions.

ETF Structure Risks. The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks:

Large-Cap Company Risk. Larger, more established companies may be unable to attain the high growth rates of successful, smaller companies during periods of economic expansion.

Non-Diversification Risk. The Fund is classified as “non-diversified,” which means the Fund may invest a larger percentage of its assets in the securities of a smaller number of issuers than a diversified fund. Investment in securities of a limited number of issuers exposes the Fund to greater market risk and potential losses than if its assets were diversified among the securities of a greater number of issuers. The Fund seeks to achieve monthly results that correspond to a multiple of the monthly performance of the SPDR^® S&P 500^® ETF Trust by entering into one or more swaps. In seeking this objective, the Fund may invest a relatively high percentage of its assets in swaps with a single counterparty or a few counterparties. As a result, the Fund may experience increased volatility and be more susceptible to a single economic or regulatory occurrence affecting the issuer or one or more of the counterparties.

The Shares will change in value, and you could lose money by investing in the Fund. The Fund may not achieve its investment objective.

The Fund’s distributions will generally be taxable as ordinary income or capital gains. A sale of Shares may result in capital gain or loss.

The Tradr 2X Long SPY Quarterly ETF (the “Fund”) seeks calendar quarter 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 seek calendar quarter leveraged investment results because the Fund’s objective is to magnify (by 200%) the calendar quarter performance of the SPDR^® S&P 500^® ETF Trust. The return for investors that invest for periods longer or shorter than a full calendar quarter, which is defined as the close of trading on the last business day of one calendar quarter to the close of trading on the last business day of the following calendar quarter, should not be expected to be 200% of the performance of the SPDR^® S&P 500^® ETF Trust for the period. The return of the Fund for a period longer than a full calendar quarter will be the result of each full calendar quarter’s compounded return over the period, which will very likely differ from 200% of the return of the SPDR^® S&P 500^® ETF Trust for that period. Longer holding periods and higher volatility of the SPDR^® S&P 500^® ETF Trust increase the impact of compounding on an investor’s returns. During periods of higher SPDR^® S&P 500^® ETF Trust volatility, the volatility of the SPDR^® S&P 500^® ETF Trust may affect the Fund’s return as much as, or more than, the return of the SPDR^® S&P 500^® ETF Trust.

The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking calendar quarter leveraged (200%) investment results and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. For periods longer than a calendar quarter, the Fund will lose money if the SPDR^® S&P 500^® ETF Trust’s performance is flat, and it is possible that the Fund will lose money even if the SPDR^® S&P 500^® ETF Trust’s performance increases over a period longer than a calendar quarter.

The Tradr 2X Long SPY Quarterly ETF seeks calendar quarter investment results, before fees and expenses, that correspond to two times (200%) the calendar quarter performance of the SPDR^® S&P 500^® ETF Trust. The Fund does not seek to achieve its stated investment objective for a period of time different than a full calendar quarter.

Under normal market circumstances, the Fund will maintain at least 80% exposure to financial instruments that provide two times leveraged exposure to the calendar quarter performance of the SPDR^® S&P 500^® ETF Trust. The Fund is an actively-managed exchange-traded fund (“ETF”) that seeks to achieve on a calendar quarter basis, before fees and expenses, 200% performance of the SPDR^® S&P 500^® ETF Trust for a full calendar quarter, and not for any other period, by entering into one or more swaps on the SPDR^® S&P 500^® ETF Trust. A “full calendar quarter” is measured from the close of trading on the last business day of one calendar quarter to the close of trading on the last business day of the following calendar quarter.

The Fund will enter into one or more swaps with major global financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the global financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the SPDR^® S&P 500^® ETF Trust. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the SPDR^® S&P 500^® ETF Trust. The Advisor attempts to consistently apply leverage to maintain the Fund’s exposure to 200% of the SPDR^® S&P 500^® ETF Trust’s quarterly return, and expects to rebalance the Fund’s holdings quarterly in an attempt to maintain such exposure.

The Fund has derived all disclosures contained in this document regarding the SPDR^® S&P 500^® ETF Trust from the publicly available documents described above. In connection with the offering of the Fund’s securities, none of the Fund, the Trust, the Advisor, and any of their affiliates has participated in the preparation of such documents or made any due diligence inquiry with respect to the SPDR^® S&P 500^® ETF Trust. None of the Fund, the Trust, the Advisor, and any of their affiliates makes any representation that such publicly available documents or any other publicly available information regarding the SPDR^® S&P 500^® ETF Trust is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of the SPDR^® S&P 500^® ETF Trust have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning the SPDR^® S&P 500^® ETF Trust could affect the value of the Fund’s investments with respect to the SPDR^® S&P 500^® ETF Trust and therefore the value of the Fund.

None of the Trust, the Fund and their affiliates makes any representation to you as to the performance of the SPDR^® S&P 500^® ETF Trust.

Leverage Risk. Leverage increases the risk of a total loss of an investor’s investment, may increase the volatility of the Fund, and may magnify any differences between the performance of the Fund and the SPDR^® S&P 500^® ETF Trust. Because the Fund includes a multiplier of two times (200%) the SPDR^® S&P 500^® ETF Trust, a full calendar quarter movement in the SPDR^® S&P 500^® ETF Trust approaching 50% at any point in the quarter could result in the total loss of an investor’s investment if that movement is contrary to the investment objective of the Fund, even if the SPDR^® S&P 500^® ETF Trust subsequently moves in an opposite direction, eliminating all or a portion of the earlier movement. This would be the case with any such full calendar quarter movements in the SPDR^® S&P 500^® ETF Trust, even if the SPDR^® S&P 500^® ETF Trust maintains a level greater than zero at all times.

Compounding Risk. The Fund has a calendar quarter investment objective, and the Fund’s performance for any other period is the result of its return for each quarter compounded over the period. The performance of the Fund for periods longer than a full calendar quarter will very likely differ in amount, and possibly even direction, from 200% of the calendar quarter return of the SPDR^® S&P 500^® ETF Trust for the same period, before accounting for fees and expenses. Compounding affects all investments, but has a more significant impact on leveraged funds that rebalance quarterly. This effect becomes more pronounced as the SPDR^® S&P 500^® ETF Trust volatility and holding periods increase. Fund performance for a period longer than a full calendar quarter can be estimated given any set of assumptions for the following factors: (a) the SPDR^® S&P 500^® ETF Trust volatility; (b) the SPDR^® S&P 500^® ETF Trust performance; (c) period of time; (d) financing rates associated with inverse exposure; and (e) other Fund expenses. The chart below illustrates the impact of two principal factors — the SPDR^® S&P 500^® ETF Trust volatility and the SPDR^® S&P 500^® ETF Trust performance — on Fund performance. The chart shows estimated Fund returns for a number of combinations of the SPDR^® S&P 500^® ETF Trust volatility and the SPDR^® S&P 500^® ETF Trust performance over a one-year period. Actual volatility, the SPDR^® S&P 500^® ETF Trust and Fund performance may differ significantly from the chart below. Performance shown in the chart assumes: (a) no Fund expenses; and (b) borrowing/lending rates (to obtain leveraged exposure) of zero percent. If Fund expenses and/or actual borrowing/ lending rates were reflected, the Fund’s performance would be lower than shown.

Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the SPDR^® S&P 500^® ETF Trust and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the SPDR^® S&P 500^® ETF Trust. The Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Correlation Risk” below.

The foregoing table is intended to isolate the effect of the SPDR^® S&P 500^® ETF Trust volatility and the SPDR^® S&P 500^® ETF Trust performance on the return of the Fund and is not a representation of actual returns. For example, the Fund would be expected to lose 2.8% if the SPDR^® S&P 500^® ETF Trust provided no return over a one-year period during which the SPDR^® S&P 500^® ETF Trust experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the SPDR^® S&P 500^® ETF Trust’s return is flat. For instance, if the SPDR^® S&P 500^® ETF Trust’s annualized volatility is 150%, the Fund would be expected to lose 100.0% of its value, even if the cumulative SPDR^® S&P 500^® ETF Trust’s return for the year was 0%.

The SPDR^® S&P 500^® ETF Trust’s annualized historical volatility rate for the five- year period ended December 31, 2023 was [ ]%. The SPDR^® S&P 500^® ETF Trust’s highest volatility rate for any one calendar year during the five-year period was [ ]%. The SPDR^® S&P 500^® ETF Trust’s annualized total return performance for the five-year period ended December 31, 2023 was [ ]%. Historical SPDR^® S&P 500^® ETF Trust volatility and performance are not indications of what the SPDR^® S&P 500^® ETF Trust volatility and performance will be in the future. The volatility of U.S. exchange-traded securities or instruments that reflect the value of the SPDR^® S&P 500^® ETF Trust may differ from the volatility of the SPDR^® S&P 500^® ETF Trust.

Intra-Calendar Quarter Investment Risk. The Fund seeks calendar quarter leveraged investment results. The exact exposure of an investment in the Fund intra-quarter will depend upon the movement of the SPDR^® S&P 500^® ETF Trust from the end of the prior calendar quarter until the time of investment by the investor. If the SPDR^® S&P 500^®ETF Trust gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the SPDR^® S&P 500^® ETF Trust loses value, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Thus, an investor who purchases shares on a day other than the last business day of a calendar quarter will likely obtain more, or less, than 200% leveraged investment exposure to the SPDR^® S&P 500^® ETF Trust, depending upon the movement of the SPDR^® S&P 500^® ETF Trust from the end of the prior calendar quarter until the time of investment by the investor. If there is a significant intra-quarter market event and/or the securities of the SPDR^®S&P 500^® ETF Trust experience a significant decrease, the Fund may not meet its investment objective or be able to rebalance its portfolio appropriately.

Correlation Risk. A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the SPDR^® S&P 500^® ETF Trust, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s net asset value each calendar quarter may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of the SPDR^® S&P 500^® ETF Trust during such calendar quarter.

In order to achieve a high degree of correlation with the SPDR^® S&P 500^® ETF Trust, the Fund seeks to rebalance its portfolio quarterly to keep exposure consistent with its investment objective. Being materially under- or overexposed to the SPDR^® S&P 500^® ETF Trust may prevent the Fund from achieving a high degree of correlation with the SPDR^® S&P 500^® ETF Trust and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by the SPDR^® S&P 500^® ETF Trust’s movements, including intra-quarter movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the calendar quarter or at the end of each quarter and the likelihood of being materially under- or overexposed is higher on quarters when the SPDR^® S&P 500^® ETF Trust is volatile, particularly when the SPDR^® S&P 500^® ETF Trust is volatile at or near the close of the trading quarter.

A number of other factors may also adversely affect the Fund’s correlation with the SPDR^® S&P 500^® ETF Trust, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the SPDR^® S&P 500^® ETF Trust. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to the SPDR^® S&P 500^® ETF Trust. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the calendar quarter performance of the Fund and changes in the performance of the SPDR^® S&P 500^® ETF Trust. Any of these factors could decrease correlation between the performance of the Fund and the SPDR^® S&P 500^® ETF Trust and may hinder the Fund’s ability to meet its calendar quarter investment objective during or around that quarter.

ETF Structure Risks. The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks:

Portfolio holdings that are valued using techniques other than market quotations, including “fair valued” assets or securities, may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used. In addition, there is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time. The Fund’s ability to value investments may be impacted by technological issues or errors by pricing services or other third-party service providers.

Large-Cap Company Risk. Larger, more established companies may be unable to attain the high growth rates of successful, smaller companies during periods of economic expansion.

Non-Diversification Risk. The Fund is classified as “non-diversified,” which means the Fund may invest a larger percentage of its assets in the securities of a smaller number of issuers than a diversified fund. Investment in securities of a limited number of issuers exposes the Fund to greater market risk and potential losses than if its assets were diversified among the securities of a greater number of issuers. The Fund seeks to achieve quarterly results that correspond to a multiple of the quarterly performance of the SPDR^® S&P 500^® ETF Trust by entering into one or more swaps. In seeking this objective, the Fund may invest a relatively high percentage of its assets in swaps with a single counterparty or a few counterparties. As a result, the Fund may experience increased volatility and be more susceptible to a single economic or regulatory occurrence affecting the issuer or one or more of the counterparties.

The Shares will change in value, and you could lose money by investing in the Fund. The Fund may not achieve its investment objective.

The Fund’s distributions will generally be taxable as ordinary income, returns of capital or capital gains. A sale of Shares may result in capital gain or loss.

The Tradr 2X Short SPY Quarterly ETF (the “Fund”) seeks calendar quarter inverse 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 seek calendar quarter inverse investment results because the Fund’s objective is to magnify the inverse (by -200%) calendar quarter performance of the common shares of the SPDR^® S&P 500^® ETF Trust. The return for investors that invest for periods longer or shorter than a full calendar quarter, which is defined as the close of trading on the last business day of one calendar quarter to the close of trading on the last business day of the following calendar quarter, should not be expected to be -200% of the performance of the SPDR^® S&P 500^® ETF Trust for the period. The return of the Fund for a period longer than a calendar quarter will be the result of each calendar quarter’s compounded return over the period, which will very likely differ from -200% of the return of the SPDR^® S&P 500^® ETF Trust for that period. Longer holding periods and higher volatility of the SPDR^® S&P 500^® ETF Trust increase the impact of compounding on an investor’s returns. During periods of higher SPDR^® S&P 500^® ETF Trust volatility, the volatility of the SPDR^® S&P 500^® ETF Trust may affect the Fund’s return as much as, or more than, the return of the SPDR^® S&P 500^® ETF Trust.

The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking calendar quarter inverse (-200%) investment results and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. For periods longer than a calendar quarter, the Fund will lose money if the SPDR^® S&P 500^® ETF Trust’s performance is flat, and it is possible that the Fund will lose money even if the SPDR^® S&P 500^® ETF Trust’s performance decreases over a period longer than a calendar quarter.

The Tradr 2X Short SPY Quarterly ETF seeks calendar quarter investment results, before fees and expenses, that correspond to the inverse (-200%) of the calendar quarter performance of the SPDR^® S&P 500^® ETF Trust. The Fund does not seek to achieve its stated investment objective for a period of time different than a calendar quarter.

Under normal market circumstances, the Fund will maintain at least 80% exposure to financial instruments that provide inverse exposure to the calendar quarter performance of the SPDR^® S&P 500^® ETF Trust. The Fund is an actively-managed exchange-traded fund (“ETF”) that seeks to achieve on a calendar quarter basis, before fees and expenses, -200% performance of the SPDR^® S&P 500^® ETF Trust for a full calendar quarter, and not for any other period, by entering into one or more swaps on the SPDR^® S&P 500^® ETF Trust. A “full calendar quarter” is measured from the close of trading on the last business day of one calendar quarter to the close of trading on the last business day of the following calendar quarter

The Fund will enter into one or more swaps with major global financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the global financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the SPDR^® S&P 500^® ETF Trust. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the SPDR^® S&P 500^® ETF Trust. The Adviser attempts to consistently apply leverage to maintain the Fund’s exposure to -200% of the SPDR^® S&P 500^® ETF Trust’s quarterly returns, and expects to rebalance the Fund’s holdings quarterly in an attempt to maintain such exposure.

The Fund has derived all disclosures contained in this document regarding the SPDR^® S&P 500^® ETF Trust from the publicly available documents described above. In connection with the offering of the Fund’s securities, none of the Fund, the Trust, the Advisor, and any of their affiliates has participated in the preparation of such documents or made any due diligence inquiry with respect to the SPDR^® S&P 500^® ETF Trust. None of the Fund, the Trust, the Advisor, and any of their affiliates makes any representation that such publicly available documents or any other publicly available information regarding the SPDR^® S&P 500^® ETF Trust is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of the SPDR^® S&P 500^® ETF Trust have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning the SPDR^® S&P 500^® ETF Trust could affect the value of the Fund’s investments with respect to the SPDR^® S&P 500^® ETF Trust and therefore the value of the Fund.

None of the Trust, the Fund and their affiliates makes any representation to you as to the performance of the SPDR^® S&P 500^® ETF Trust.

Compounding Risk. The Fund has a calendar quarter investment objective, and the Fund’s performance for any other period is the result of its return for each quarter compounded over the period. The performance of the Fund for periods longer than a full calendar quarter will very likely differ in amount, and possibly even direction, from -200% of the calendar quarter return of the SPDR^® S&P 500^® ETF Trust for the same period, before accounting for fees and expenses. Compounding affects all investments, but has a more significant impact on funds that are inverse and that rebalance quarterly. This effect becomes more pronounced as the SPDR^® S&P 500^® ETF Trust volatility and holding periods increase. Fund performance for a period longer than a calendar quarter can be estimated given any set of assumptions for the following factors: (a) the SPDR^® S&P 500^® ETF Trust volatility; (b) the SPDR^® S&P 500^® ETF Trust performance; (c) period of time; (d) financing rates associated with inverse exposure; and (e) other Fund expenses. The chart below illustrates the impact of two principal factors — the SPDR^® S&P 500^® ETF Trust volatility and the SPDR^® S&P 500^® ETF Trust performance — on Fund performance. The chart shows estimated Fund returns for a number of combinations of the SPDR^® S&P 500^® ETF Trust volatility and the SPDR^® S&P 500^® ETF Trust performance over a one-year period. Actual volatility, the SPDR^® S&P 500^® ETF Trust and Fund performance may differ significantly from the chart below. Performance shown in the chart assumes: (a) no Fund expenses; and (b) borrowing/lending rates (to obtain inverse exposure) of zero percent. If Fund expenses and/or actual borrowing/ lending rates were reflected, the Fund’s performance would be lower than shown.

The foregoing table is intended to isolate the effect of the SPDR^® S&P 500^® ETF Trust volatility and the SPDR^® S&P 500^® ETF Trust performance on the return of the Fund and is not a representation of actual returns. For example, the Fund would be expected to lose 11.6% if the SPDR^® S&P 500^® ETF Trust provided no return over a one-year period during which the SPDR^® S&P 500^® ETF Trust experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the SPDR^® S&P 500^® ETF Trust’s return is flat. For instance, if the SPDR^® S&P 500^® ETF Trust’s annualized volatility is 150%, the Fund would be expected to lose 95.0% of its value, even if the cumulative SPDR^® S&P 500^® ETF Trust’s return for the year was 0%.

Intra-Calendar Quarter Investment Risk. The Fund seeks calendar quarter inverse investment results. The exact exposure of an investment in the Fund intra-quarter will depend upon the movement of the SPDR^® S&P 500^® ETF Trust from the end of the prior calendar quarter until the time of investment by the investor. If the SPDR^® S&P 500^® ETF Trust gains value, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Conversely, if the SPDR^®S&P 500^® ETF Trust loses value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Thus, an investor who purchases shares on a day other than the last business day of a calendar quarter will likely obtain more, or less, than -200% inverse investment exposure to the SPDR^® S&P 500^® ETF Trust, depending upon the movement of the SPDR^® S&P 500^® ETF Trust from the end of the prior calendar quarter until the time of investment by the investor. If there is a significant intra-quarter market event and/or the securities of the SPDR^® S&P 500^® ETF Trust experience a significant increase in value, the Fund may not meet its investment objective or be able to rebalance its portfolio appropriately.

Correlation Risk. A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the SPDR^® S&P 500^® ETF Trust, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s net asset value each calendar quarter may differ, perhaps significantly in amount, and possibly even direction, from -200% of the percentage change of the SPDR^® S&P 500^® ETF Trust during such calendar quarter.

In order to achieve a high degree of correlation with the SPDR^® S&P 500^® ETF Trust, the Fund seeks to rebalance its portfolio quarterly to keep exposure consistent with its investment objective. Being materially under- or overexposed to the SPDR^® S&P 500^® ETF Trust may prevent the Fund from achieving a high degree of correlation with the SPDR^® S&P 500^® ETF Trust and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by the SPDR^® S&P 500^® ETF Trust’s movements, including intra-quarter movements. Because of this, it is unlikely that the Fund will have perfect -200% exposure during the calendar quarter or at the end of the quarter and the likelihood of being materially under- or overexposed is higher on quarters when the SPDR^® S&P 500^® ETF Trust is volatile, particularly when the SPDR^® S&P 500^® ETF Trust is volatile at or near the close of the trading quarter.

A number of other factors may also adversely affect the Fund’s correlation with the SPDR^® S&P 500^® ETF Trust, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the SPDR^® S&P 500^® ETF Trust. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to the SPDR^® S&P 500^® ETF Trust. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the quarterly performance of the Fund and changes in the performance of the SPDR^® S&P 500^® ETF Trust. Any of these factors could decrease correlation between the performance of the Fund and the SPDR^® S&P 500^® ETF Trust and may hinder the Fund’s ability to meet its quarterly investment objective during or around that quarter.

Rebalancing Risk. If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the SPDR^® S&P 500^® ETF Trust that is significantly greater or less than -200%. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective.

Counterparty Risk. A counterparty (the other party to a transaction or an agreement or the party with which the Fund executes transactions) to a transaction with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. If the counterparty or its affiliate becomes insolvent, bankrupt or defaults on its payment obligations to the Fund, the value of an investment held by the Fund may decline. Additionally, if any collateral posted by the counterparty for the benefit of the Fund is insufficient or there are delays in the Fund’s ability to access such collateral, the Fund may not be able to achieve its inverse investment objective. In addition, the Fund may enter into transactions with a limited number of counterparties, which may increase the Fund’s exposure to counterparty credit risk. Further, 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 inverse investment objective or may decide to change its inverse investment objective.

Inverse Correlation Risk. Short (inverse) positions are designed to profit from a decline in the price of a particular reference asset. Investors will lose money when the SPDR^® S&P 500^® ETF Trust rises, which is the opposite result from that of traditional funds. A calendar quarter or intra-quarter increase in the performance of the SPDR^® S&P 500^® ETF Trust may result in the total loss or almost total loss of an investor’s investment, even if the SPDR^® S&P 500^® ETF Trust subsequently moves lower. Like leveraged funds, inverse funds may be considered to be aggressive. Such instruments may experience imperfect negative correlation between the price of the investment and the underlying security or index. The use of inverse instruments may expose the Fund to additional risks that it would not be subject to if it invested only in “long” positions.

ETF Structure Risks. The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks:

Large-Cap Company Risk. Larger, more established companies may be unable to attain the high growth rates of successful, smaller companies during periods of economic expansion.

Non-Diversification Risk. The Fund is classified as “non-diversified,” which means the Fund may invest a larger percentage of its assets in the securities of a smaller number of issuers than a diversified fund. Investment in securities of a limited number of issuers exposes the Fund to greater market risk and potential losses than if its assets were diversified among the securities of a greater number of issuers. The Fund seeks to achieve quarterly results that correspond to a multiple of the quarterly performance of the SPDR^® S&P 500^® ETF Trust by entering into one or more swaps. In seeking this objective, the Fund may invest a relatively high percentage of its assets in swaps with a single counterparty or a few counterparties. As a result, the Fund may experience increased volatility and be more susceptible to a single economic or regulatory occurrence affecting the issuer or one or more of the counterparties.

The Shares will change in value, and you could lose money by investing in the Fund. The Fund may not achieve its investment objective.

The Fund’s distributions will generally be taxable as ordinary income or capital gains. A sale of Shares may result in capital gain or loss.

The Tradr 2X Long QQQ Weekly ETF (the “Fund”) seeks calendar week 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 seek calendar week leveraged investment results because the Fund’s objective is to magnify (by 200%) the calendar week performance of the Invesco QQQ Trust^SM, Series 1 (the “Invesco QQQ Trust”). The return for investors that invest for periods longer or shorter than a full calendar week, which is defined as the close of trading on the last business day of one calendar week to the close of trading on the last business day of the following calendar week, should not be expected to be 200% of the performance of Invesco QQQ Trust for the period. The return of the Fund for a period longer than a full calendar week will be the result of each full calendar week’s compounded return over the period, which will very likely differ from 200% of the return of Invesco QQQ Trust for that period. Longer holding periods and higher volatility of Invesco QQQ Trust increase the impact of compounding on an investor’s returns. During periods of higher Invesco QQQ Trust volatility, the volatility of Invesco QQQ Trust may affect the Fund’s return as much as, or more than, the return of Invesco QQQ Trust.

The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking calendar week leveraged (200%) investment results and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. For periods longer than a calendar week, the Fund will lose money if the Invesco QQQ Trust’s performance is flat, and it is possible that the Fund will lose money even if the Invesco QQQ Trust’s performance increases over a period longer than a calendar week.

The Tradr 2X Long QQQ Weekly ETF seeks calendar week investment results, before fees and expenses, that correspond to two times (200%) the calendar week performance of the Invesco QQQ Trust. The Fund does not seek to achieve its stated investment objective for a period of time different than a full calendar week.

Under normal market circumstances, the Fund will maintain at least 80% exposure to financial instruments that provide two times leveraged exposure to the calendar week performance of the Invesco QQQ Trust. The Fund is an actively-managed exchange-traded fund (“ETF”) that seeks to achieve on a calendar week basis, before fees and expenses, 200% performance of the Invesco QQQ Trust for a full calendar week, and not for any other period, by entering into one or more swaps on the Invesco QQQ Trust. A “full calendar week” is measured from the close of trading on the last business day of one calendar week to the close of trading on the last business day of the following calendar week.

The Fund will enter into one or more swaps with major global financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the global financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Invesco QQQ Trust. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Invesco QQQ Trust. The Advisor attempts to consistently apply leverage to maintain the Fund’s exposure to 200% of the Invesco QQQ Trust’s weekly return, and expects to rebalance the Fund’s holdings weekly in an attempt to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated (i.e., hold 25% or more of its total assets in investments that provide exposure to an industry) to approximately the same extent as the Invesco QQQ Trust is so concentrated.

The Invesco QQQ Trust is an index-based exchange traded fund that seeks to track investment results, before fees and expenses, of an index designed to measure the average performance of securities issued by 100 of the largest U.S. and international non-financial companies listed on the Nasdaq Stock Market LLC. The Invesco QQQ Trust seeks to achieve its investment objective by holding a portfolio of the common stocks that are included in the underlying index.

The Fund has derived all disclosures contained in this document regarding the Invesco QQQ Trust from the publicly available documents described above. In connection with the offering of the Fund’s securities, none of the Fund, the Trust, the Advisor and any of their affiliates has participated in the preparation of such documents or made any due diligence inquiry with respect to the Invesco QQQ Trust. None of the Fund, the Trust, the Advisor and any of their affiliates makes any representation that such publicly available documents or any other publicly available information regarding the Invesco QQQ Trust is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of the Invesco QQQ Trust have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning the Invesco QQQ Trust could affect the value of the Fund’s investments with respect to the Invesco QQQ Trust and therefore the value of the Fund.

None of the Trust, the Fund, and their affiliates makes any representation to you as to the performance of the Invesco QQQ Trust.

THE TRADR 2X LONG QQQ WEEKLY ETF, INVESTMENT MANAGERS SERIES TRUST II, AND AXS INVESTMENTS LLC ARE NOT AFFILIATED WITH THE INVESCO QQQ TRUST^SM, OR INVESCO CAPITAL MANAGEMENT LLC.

Leverage Risk. Leverage increases the risk of a total loss of an investor’s investment, may increase the volatility of the Fund, and may magnify any differences between the performance of the Fund and the Invesco QQQ Trust. Because the Fund includes a multiplier of two times (200%) the Invesco QQQ Trust, a full calendar week movement in the Invesco QQQ Trust approaching 50% at any point in the week could result in the total loss of an investor’s investment if that movement is contrary to the investment objective of the Fund, even if the Invesco QQQ Trust subsequently moves in an opposite direction, eliminating all or a portion of the earlier movement. This would be the case with any such full calendar week movements in the Invesco QQQ Trust, even if the Invesco QQQ Trust maintains a level greater than zero at all times.

Compounding Risk. The Fund has a calendar week investment objective, and the Fund’s performance for any other period is the result of its return for each week compounded over the period. The performance of the Fund for periods longer than a full calendar week will very likely differ in amount, and possibly even direction, from 200% of the calendar week return of the Invesco QQQ Trust for the same period, before accounting for fees and expenses. Compounding affects all investments, but has a more significant impact on leveraged funds that rebalance weekly. This effect becomes more pronounced as the Invesco QQQ Trust volatility and holding periods increase. Fund performance for a period longer than a full calendar week can be estimated given any set of assumptions for the following factors: (a) the Invesco QQQ Trust volatility; (b) the Invesco QQQ Trust performance; (c) period of time; (d) financing rates associated with inverse exposure; and (e) other Fund expenses. The chart below illustrates the impact of two principal factors — the Invesco QQQ Trust volatility and the Invesco QQQ Trust performance — on Fund performance. The chart shows estimated Fund returns for a number of combinations of the Invesco QQQ Trust volatility and the Invesco QQQ Trust performance over a one-year period. Actual volatility, the Invesco QQQ Trust and Fund performance may differ significantly from the chart below. Performance shown in the chart assumes: (a) no Fund expenses; and (b) borrowing/lending rates (to obtain leveraged exposure) of zero percent. If Fund expenses and/or actual borrowing/ lending rates were reflected, the Fund’s performance would be lower than shown.

Areas shaded red (or dark gray) represent those scenarios in which the Fund can be expected to return less than 200% of the performance of the Invesco QQQ Trust and those shaded green (or light gray) represent those scenarios in which the Fund can be expected to return more than 200% of the performance of the Invesco QQQ Trust. The Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Correlation Risk” below.

The foregoing table is intended to isolate the effect of the Invesco QQQ Trust. volatility and the Invesco QQQ Trust performance on the return of the Fund and is not a representation of actual returns. For example, the Fund would be expected to lose 5.5% if the Invesco QQQ Trust provided no return over a one-year period during which the Invesco QQQ Trust experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Invesco QQQ Trust’s return is flat. For instance, if the Invesco QQQ Trust’s annualized volatility is 150%, the Fund would be expected to lose 97.9% of its value, even if the cumulative Invesco QQQ Trust’s return for the year was 0%.

The Invesco QQQ Trust’s annualized historical volatility rate for the five- year period ended December 31, 2023 was [ ]%. the Invesco QQQ Trust’s highest volatility rate for any one calendar year during the five-year period was [ ]%. the Invesco QQQ Trust’s annualized total return performance for the five-year period ended December 31, 2023 was [ ]%. Historical Invesco QQQ Trust volatility and performance are not indications of what the Invesco QQQ Trust volatility and performance will be in the future. The volatility of U.S. exchange-traded securities or instruments that reflect the value of the Invesco QQQ Trust may differ from the volatility of the Invesco QQQ Trust.

Intra-Calendar Week Investment Risk. The Fund seeks calendar week leveraged investment results. The exact exposure of an investment in the Fund intra-week will depend upon the movement of the Invesco QQQ Trust from the end of the prior calendar week until the time of investment by the investor. If the Invesco QQQ Trust gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Invesco QQQ Trust loses value, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Thus, an investor who purchases shares on a day other than the last business day of a calendar week will likely obtain more, or less, than 200% leveraged investment exposure to the Invesco QQQ Trust, depending upon the movement of the Invesco QQQ Trust from the end of the prior calendar week until the time of investment by the investor. If there is a significant intra-week market event and/or the securities of the Invesco QQQ Trust experience a significant decrease in value, the Fund may not meet its investment objective or be able to rebalance its portfolio appropriately.

Correlation Risk. A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Invesco QQQ Trust, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s net asset value each calendar week may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of the Invesco QQQ Trust during such calendar week.

In order to achieve a high degree of correlation with the Invesco QQQ Trust, the Fund seeks to rebalance its portfolio weekly to keep exposure consistent with its investment objective. Being materially under- or overexposed to the Invesco QQQ Trust may prevent the Fund from achieving a high degree of correlation with the Invesco QQQ Trust and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by the Invesco QQQ Trust’s movements, including intra-week movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the calendar week or at the end of each week and the likelihood of being materially under- or overexposed is higher on weeks when the Invesco QQQ Trust is volatile, particularly when the Invesco QQQ Trust is volatile at or near the close of the trading week.

A number of other factors may also adversely affect the Fund’s correlation with the Invesco QQQ Trust, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with the Invesco QQQ Trust. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to the Invesco QQQ Trust. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the calendar week performance of the Fund and changes in the performance of the Invesco QQQ Trust. Any of these factors could decrease correlation between the performance of the Fund and the Invesco QQQ Trust and may hinder the Fund’s ability to meet its calendar week investment objective during or around that week.

Rebalancing Risk. If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Invesco QQQ Trust that is significantly greater or less than 200%. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced, and may not achieve its investment objective.

Trading Halt Risk. Shares of the Invesco QQQ Trust and the Fund are listed on Nasdaq. Securities exchanges may apply different rules with respect to trading halts. In addition, exchanges may treat stocks differently than shares of ETFs with respect to trading halts. Although the Invesco QQQ Trust’s and the Fund’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. In the event of a trading halt for an extended period of time in the Invesco QQQ Trust’s and/or the Fund’s shares, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Trading halts of the Invesco QQQ Trust’s and/or the Fund’s shares can occur for “regulatory” or “non-regulatory” reasons. A regulatory halt may occur when a company has pending news that may affect the security’s price, when there is uncertainty over whether the security continues to meet an exchange’s listing standards, or when a regulator specifically suspends trading in a security. When a regulatory halt is imposed by a security’s primary exchange, the other U.S. exchanges that also trade the security will usually honor this halt. A non-regulatory halt generally occurs when there is a significant imbalance in the pending buy and sell orders in a security or because of extraordinary market volatility pursuant to exchange “circuit breaker” rules. A non-regulatory trading halt or delay on one exchange does not necessarily mean that other exchanges will halt a security from trading. Regulatory trading halts of the Invesco QQQ Trust’s shares are expected to result in a halt in the trading in the Fund’s shares. However, not all non-regulatory trading halts affecting the Invesco QQQ Trust’s shares will result in a trading halt of the Fund’s shares. To the extent trading in the Invesco QQQ Trust’s shares is halted while the Fund’s shares continue to trade, the Fund may not perform as intended.

Indirect Investment Risk. the Invesco QQQ Trust is not affiliated with the Trust, the Advisor, or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of Shares. The Advisor has not made any due diligence inquiry with respect to the publicly available information of the Invesco QQQ Trust in connection with this offering. Investors in the Shares will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the shares of the Invesco QQQ Trust.

Concentration Risk. The Fund will be concentrated (i.e., hold 25% or more of its total assets in investments that provide exposure to an industry) to approximately the same extent as the Invesco QQQ Trust is so concentrated. A portfolio concentrated in a particular industry may present more risks than a portfolio broadly diversified over several industries.

Technology Sector Risk: The Invesco QQQ Trust invest in companies in the technology sector. Market or economic factors impacting technology companies and companies that rely heavily on technological advances could have a major effect on the value of the Invesco QQQ Trust’s investments. The value of stocks of technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel.

Foreign Securities Risk. The Invesco QQQ Trust may invest in foreign securities. Investments in foreign securities can be riskier than U.S. securities investments. Investments in the securities of foreign issuers (including investments in ADRs) are subject to the risks associated with investing in those foreign markets, such as heightened risks of inflation or nationalization. The prices of foreign securities and the prices of U.S. securities have, at times, moved in opposite directions. In addition, securities of foreign issuers may lose value due to political, economic and geographic events affecting a foreign issuer or market. During periods of social, political or economic instability in a country or region, the value of a foreign security traded on U.S. exchanges could be affected by, among other things, increasing price volatility, illiquidity, or the closure of the primary market on which the security (or the security underlying the ADR) is traded. You may lose money due to political, economic and geographic events affecting a foreign issuer or market.

Emerging Market Securities Risk. The Invesco QQQ Trust may invest in securities in emerging markets. Investments in securities of emerging market issuers may present risks that are greater than or different from those associated with foreign securities due to less developed and liquid markets and such factors as increased economic, political, regulatory, or other uncertainties. Certain emerging market countries may be subject to less stringent requirements regarding accounting, auditing, financial reporting and record keeping and therefore, material information related to an investment may not be available or reliable. In addition, the Invesco QQQ Trust is limited in its ability to exercise its legal rights or enforce a counterparty’s legal obligations in certain jurisdictions outside of the United States, in particular, in emerging markets countries.

Risks Associated with China. Invesco QQQ Trust may invest in companies located or operating in trad. Investments in Chinese issuers involve legal, regulatory, political, currency, and economic risks that are specific to China. The Chinese economy is generally considered an emerging market and can be significantly affected by economic and political conditions and policy in China and surrounding Asian countries. A relatively small number of Chinese companies represent a large portion of China’s total market and thus may be more sensitive to adverse political or economic circumstances and market movements. The economy of China differs, often unfavorably, from the U.S. economy in such respects as structure, general development, government involvement, wealth distribution, rate of inflation, growth rate, allocation of resources and capital reinvestment, among others. Under China’s political and economic system, the central government has historically exercised substantial control over virtually every sector of the Chinese economy through administrative regulation and/or state ownership. In addition, expropriation, including nationalization, confiscatory taxation, political, economic or social instability or other developments could adversely affect and significantly diminish the values of the Chinese companies in which the Invesco QQQ Trust invests. International trade tensions may arise from time to time which can result in trade tariffs, embargoes, trade limitations, trade wars and other negative consequences. These consequences may trigger a reduction in international trade, the oversupply of certain manufactured goods, substantial price reductions of goods and possible failure of individual companies and/or large segments of China’s export industry with a potentially severe negative impact to the Invesco QQQ Trust. From time to time, China has experienced outbreaks of infectious illnesses, and the country may be subject to other public health threats or similar issues in the future. Any spread of an infectious illness, public health threat or similar issue could reduce consumer demand or economic output, result in market closures, travel restrictions or quarantines, and generally have a significant impact on the Chinese economy.

ETF Structure Risks. The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks:

Active Management Risk. The Fund is actively-managed and its performance reflects investment decisions that the Advisor makes for the Fund. Such judgments about the Fund’s investments may prove to be incorrect. If the investments selected and the strategies employed by the Fund fail to produce the intended results, the Fund could underperform as compared to other funds with similar investment objectives and/or strategies, or could have negative returns.

Non-Diversification Risk. The Fund is classified as “non-diversified,” which means the Fund may invest a larger percentage of its assets in the securities of a smaller number of issuers than a diversified fund. Investment in securities of a limited number of issuers exposes the Fund to greater market risk and potential losses than if its assets were diversified among the securities of a greater number of issuers. The Fund seeks to achieve weekly results that correspond to a multiple of the weekly performance of the Invesco QQQ Trust by entering into one or more swaps. In seeking this objective, the Fund may invest a relatively high percentage of its assets in swaps with a single counterparty or a few counterparties. As a result, the Fund may experience increased volatility and be more susceptible to a single economic or regulatory occurrence affecting the issuer or one or more of the counterparties.

The Shares will change in value, and you could lose money by investing in the Fund. The Fund may not achieve its investment objective.

Travis Trampe, Managing Director, Portfolio Management of the Advisor, Donal Bishnoi, CFA, Portfolio Manager of the Advisor, and Parker Binion, Portfolio Manager of the Advisor, have served as the portfolio managers of the Fund since its inception in [_____2024]. Messrs. Trampe, Bishnoi, and Binion are jointly and primarily responsible for the day-to-day management of the Fund’s portfolio.

The Fund’s distributions will generally be taxable as ordinary income, returns of capital or capital gains. A sale of Shares may result in capital gain or loss.

If you purchase Shares through a broker-dealer or other financial intermediary (such as a bank), the Advisor and ALPS Distributors, Inc., the Fund’s distribut

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Tradr 2X Long SPY Weekly ETF (Ticker: SPYB)	Tradr 2X Short SPY Weekly ETF (Ticker: WSPY)
Tradr 2X Long SPY Monthly ETF (Ticker: SPYM)	Tradr 2X Short SPY Monthly ETF (Ticker: MSPY)
Tradr 2X Long SPY Quarterly ETF (Ticker: SPYK)	Tradr 2X Short SPY Quarterly ETF (Ticker: QSPY)
Tradr 2X Long QQQ Weekly ETF (Ticker: QQQW)	Tradr 2X Short QQQ Weekly ETF(Ticker: WQQQ)
Tradr 2X Long QQQ Monthly ETF (Ticker: MQQQ)	Tradr 2X Short QQQ Monthly ETF(Ticker: DQQQ)
Tradr 2X Long QQQ Quarterly ETF(Ticker: QQQP)	Tradr 2X Short QQQ Quarterly ETF (Ticker: SQQ)
Tradr 2X Long SOXX Weekly ETF (Ticker: SOXW)	Tradr 2X Short SOXX Weekly ETF (Ticker: WSOX)
Tradr 2X Long SOXX Monthly ETF (Ticker: SOXM)	Tradr 2X Short SOXX Monthly ETF(Ticker: BSOX)
Tradr 2X Long SOXX Quarterly ETF(Ticker: SEMQ)	Tradr 2X Short SOXX Quarterly ETF(Ticker: QSOX)
Tradr 2X Long FXI Weekly ETF (Ticker: FXIW)
Tradr 2X Long FXI Monthly ETF (Ticker: FXIM)
Tradr 2X Long FXI Quarterly ETF (Ticker: FXIQ)
Tradr 2X Long IWM Weekly ETF (Ticker: IWMD)
Tradr 2X Long IWM Monthly ETF (Ticker: IWMM)
Tradr 2X Long IWM Quarterly ETF(Ticker: IWMQ)
Tradr 2X Long TLT Weekly ETF (Ticker: TLTA)
Tradr 2X Long TLT Monthly ETF(Ticker: MTLT)	Tradr 2X Short TLT Monthly ETF (Ticker: TLTM)
Tradr 2X Long TLT Quarterly ETF (Ticker: TLTQ)
Tradr 2X Long XLK Weekly ETF (Ticker: XLKW)
Tradr 2X Long XLK Monthly ETF (Ticker: XLKM)
Tradr 2X Long XLK Quarterly ETF (Ticker: XLKQ)
Tradr 2X Long XLF Weekly ETF (Ticker: XLFW)
Tradr 2X Long XLF Monthly ETF (Ticker: XLFM)
Tradr 2X Long XLF Quarterly ETF (Ticker: XLFQ)
Tradr 2X Long XBI Weekly ETF (Ticker: XBIW)
Tradr 2X Long XBI Monthly ETF (Ticker: XBIM)
Tradr 2X Long XBI Quarterly ETF (Ticker: XBIQ)
Tradr 2X Long IBIT Weekly ETF (Ticker: BITN)
Tradr 2X Long IBIT Monthly ETF (Ticker: BITM)
Tradr 2X Long IBIT Quarterly ETF (Ticker: BITP)
Tradr 2X Long NVDA Weekly ETF (Ticker: NVDW)	Tradr 2X Short NVDA Weekly ETF (Ticker: WNVD)
Tradr 2X Long NVDA Monthly ETF (Ticker: NVDM)	Tradr 2X Short NVDA Monthly ETF (Ticker: MNVD)
Tradr 2X Long NVDA Quarterly ETF (Ticker: NVDT)
Tradr 2X Long TSLA Weekly ETF (Ticker: TSLW)	Tradr 2X Short TSLA Weekly ETF (Ticker: WTSL)
Tradr 2X Long TSLA Monthly ETF (Ticker: TSLM)	Tradr 2X Short TSLA Monthly ETF (Ticker: TSLF)
Tradr 2X Long TSLA Quarterly ETF (Ticker: QTSL)

Tradr 2X Long SPY Weekly ETF – Summary Section	1
Tradr 2X Short SPY Weekly ETF – Summary Section	13
Tradr 2X Long SPY Monthly ETF – Summary Section	25
Tradr 2X Short SPY Monthly ETF – Summary Section	37
Tradr 2X Long SPY Quarterly ETF – Summary Section	49
Tradr 2X Short SPY Quarterly ETF – Summary Section	61
Tradr 2X Long QQQ Weekly ETF – Summary Section	73
Tradr 2X Short QQQ Weekly ETF – Summary Section	86
Tradr 2X Long QQQ Monthly ETF – Summary Section	99
Tradr 2X Short QQQ Monthly ETF – Summary Section	112
Tradr 2X Long QQQ Quarterly ETF – Summary Section	125
Tradr 2X Short QQQ Quarterly ETF – Summary Section	137
Tradr 2X Long SOXX Weekly ETF – Summary Section	150
Tradr 2X Short SOXX Weekly ETF – Summary Section	163
Tradr 2X Long SOXX Monthly ETF – Summary Section	176
Tradr 2X Short SOXX Monthly ETF – Summary Section	189
Tradr 2X Long SOXX Quarterly ETF – Summary Section	201
Tradr 2X Short SOXX Quarterly ETF – Summary Section	214
Tradr 2X Long FXI Weekly ETF – Summary Section	228
Tradr 2X Long FXI Monthly ETF – Summary Section	242
Tradr 2X Long FXI Quarterly ETF – Summary Section	256
Tradr 2X Long IWM Weekly ETF – Summary Section	269
Tradr 2X Long IWM Monthly ETF – Summary Section	282
Tradr 2X Long IWM Quarterly ETF – Summary Section	295
Tradr 2X Long TLT Weekly ETF – Summary Section	307
Tradr 2X Long TLT Monthly ETF – Summary Section	319
Tradr 2X Short TLT Monthly ETF – Summary Section	331
Tradr 2X Long TLT Quarterly ETF – Summary Section	344
Tradr 2X Long XLK Weekly ETF – Summary Section	356
Tradr 2X Long XLK Monthly ETF – Summary Section	369
Tradr 2X Long XLK Quarterly ETF – Summary Section	382
Tradr 2X Long XLF Weekly ETF – Summary Section	394
Tradr 2X Long XLF Monthly ETF – Summary Section	407
Tradr 2X Long XLF Quarterly ETF – Summary Section	420
Tradr 2X Long XBI Weekly ETF – Summary Section	432
Tradr 2X Long XBI Monthly ETF – Summary Section	445
Tradr 2X Long XBI Quarterly ETF – Summary Section	458
Tradr 2X Long IBIT Weekly ETF – Summary Section	471
Tradr 2X Long IBIT Monthly ETF – Summary Section	483
Tradr 2X Long IBIT Quarterly ETF – Summary Section	495
Tradr 2X Long NVDA Weekly ETF – Summary Section	507
Tradr 2X Short NVDA Weekly ETF – Summary Section	519
Tradr 2X Long NVDA Monthly ETF – Summary Section	531
Tradr 2X Short NVDA Monthly ETF – Summary Section	543
Tradr 2X Long NVDA Quarterly ETF – Summary Section	555
Tradr 2X Long TSLA Weekly ETF – Summary Section	567
Tradr 2X Short TSLA Weekly ETF – Summary Section	579
Tradr 2X Long TSLA Monthly ETF – Summary Section	591
Tradr 2X Short TSLA Monthly ETF – Summary Section	603
Tradr 2X Long TSLA Quarterly ETF – Summary Section	615

Additional Information Regarding the Funds’ Investment Objectives	627
Additional Information About the Funds’ Principal Investment Strategies	630
Additional Information About the Risks of Investing in the Funds	644
Management of the Funds	662
Buying and Selling The Fund Shares	664
Dividends, Distributions and Taxes	666
Distributor	669
Fund Service Providers	670
Additional Information	671
Financial Highlights	672

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Management fees	[ . ]%
Distribution and Service (Rule 12b-1) fees	0.00%
Other expenses¹	[ . ]%
Total annual fund operating expenses²	[ . ]%
Fee waiver and expense reimbursement³	[ . ]%
Total annual fund operating expenses after fee waiver and reimbursement^1,2	[ . ]%

One Year Performance of Underlying Security	200% of One Year Performance of the Underlying Security	Volatility of the Underlying Security (annualized)
One Year Performance of Underlying Security	200% of One Year Performance of the Underlying Security	10%	25%	50%	75%	100%	125%	150%
-95	-190	-99.8%	-99.8%	-99.8%	-99.9%	-100.0%	-100.0%	-100.0%
-90	-180	-99.1%	-99.1%	-99.3%	-99.6%	-99.8%	-99.9%	-100.0%
-80	-160	-96.2%	-96.4%	-97.2%	-98.2%	-99.1%	-99.7%	-100.0%
-70	-140	-91.2%	-91.7%	-93.4%	-95.7%	-97.8%	-99.3%	-99.9%
-60	-120	-84.2%	-85.1%	-88.1%	-92.1%	-95.9%	-98.6%	-99.8%
-50	-100	-75.2%	-76.5%	-81.2%	-87.5%	-93.4%	-97.6%	-99.6%
-40	-80	-64.2%	-66.1%	-72.7%	-81.7%	-90.3%	-96.4%	-99.4%
-30	-60	-51.2%	-53.8%	-62.7%	-74.9%	-86.6%	-95.0%	-99.1%
-20	-40	-36.3%	-39.5%	-51.1%	-67.0%	-82.3%	-93.3%	-98.8%
-10	-20	-19.4%	-23.4%	-38.0%	-58.0%	-77.3%	-91.3%	-98.4%
0	0	-0.5%	-5.5%	-23.3%	-47.9%	-71.7%	-89.0%	-97.9%
10	20	20.3%	14.3%	-7.2%	-36.7%	-65.4%	-86.5%	-97.3%
20	40	43.0%	35.9%	10.6%	-24.5%	-58.5%	-83.7%	-96.7%
30	60	67.6%	59.4%	29.8%	-11.1%	-51.0%	-80.6%	-96.0%
40	80	94.1%	84.6%	50.5%	3.3%	-42.9%	-77.2%	-95.2%
50	100	122.5%	111.7%	72.7%	18.8%	-34.1%	-73.5%	-94.4%
60	120	152.7%	140.5%	96.5%	35.4%	-24.7%	-69.5%	-93.4%
70	140	184.8%	171.1%	121.7%	53.0%	-14.6%	-65.3%	-92.4%
80	160	218.8%	203.5%	148.4%	71.7%	-3.9%	-60.7%	-91.3%
90	180	254.6%	237.7%	176.5%	91.4%	7.5%	-55.9%	-90.1%
100	200	292.2%	273.6%	206.2%	112.3%	19.4%	-50.7%	-88.8%

One Year Performance of Underlying Security	-200% of One Year Performance of the Underlying Security	Volatility of the Underlying Security (annualized)
One Year Performance of Underlying Security	-200% of One Year Performance of the Underlying Security	10%	25%	50%	75%	100%	125%	150%
-95	190	23171.1%	18519.9%	12049.8%	4977.2%	1244.7%	77.9%	-94.6%
-90	180	6983.2%	5982.1%	3462.0%	1309.9%	240.1%	-62.4%	-99.4%
-80	160	1958.6%	1652.1%	893.6%	270.4%	-19.6%	-92.8%	-100.0%
-70	140	876.9%	726.8%	359.4%	64.8%	-66.6%	-97.4%	-100.0%
-60	120	469.6%	261.3%	162.8%	-8.4%	-82.3%	-98.8%	-100.0%
-50	100	272.5%	212.9%	69.2%	-42.3%	-89.3%	-99.3%	-100.0%
-40	80	162.2%	119.7%	17.6%	-60.7%	-93.0%	-99.6%	-100.0%
-30	60	94.3%	62.4%	-13.9%	-71.7%	-95.1%	-99.7%	-100.0%
-20	40	49.5%	24.7%	-34.4%	-78.8%	-96.4%	-99.8%	-100.0%
-10	20	18.5%	-1.4%	-48.5%	-83.5%	-97.3%	-99.9%	-100.0%
0	0	-3.9%	-20.2%	-58.5%	-86.9%	-97.9%	-99.9%	-100.0%
10	-20	-20.6%	-34.1%	-66.0%	-89.4%	-98.3%	-99.9%	-100.0%
20	-40	-33.4%	-44.8%	-71.7%	-91.3%	-98.7%	-99.9%	-100.0%
30	-60	-43.3%	-53.1%	-76.0%	-92.7%	-98.9%	-100.0%	-100.0%
40	-80	-51.2%	-59.7%	-79.5%	-93.8%	-99.1%	-100.0%	-100.0%
50	-100	-57.6%	-65.0%	-82.3%	-94.7%	-99.2%	-100.0%	-100.0%
60	-120	-62.9%	-69.4%	-84.6%	-95.4%	-99.3%	-100.0%	-100.0%
70	-140	-67.2%	-73.0%	-86.5%	-96.0%	-99.4%	-100.0%	-100.0%
80	-160	-70.9%	-76.1%	-88.0%	-96.5%	-99.5%	-100.0%	-100.0%
90	-180	-74.0%	-78.6%	-89.3%	-96.9%	-99.6%	-100.0%	-100.0%
100	-200	-76.6%	-80.8%	-90.5%	-97.2%	-99.6%	-100.0%	-100.0%

One Year Performance of Underlying Security	200% of One Year Performance of the Underlying Security	Volatility of the Underlying Security (annualized)
One Year Performance of Underlying Security	200% of One Year Performance of the Underlying Security	10%	25%	50%	75%	100%	125%	150%
-95	-190	-99.8%	-99.8%	-99.8%	-99.9%	-100.0%	-100.0%	-100.0%
-90	-180	-99.1%	-99.1%	-99.3%	-99.6%	-99.8%	-99.9%	-100.0%
-80	-160	-96.2%	-96.4%	-97.2%	-98.2%	-99.1%	-99.7%	-100.0%
-70	-140	-91.2%	-91.7%	-93.4%	-95.7%	-97.8%	-99.3%	-99.9%
-60	-120	-84.2%	-85.1%	-88.1%	-92.1%	-95.9%	-98.6%	-99.8%
-50	-100	-75.2%	-76.5%	-81.2%	-87.5%	-93.4%	-97.6%	-99.6%
-40	-80	-64.2%	-66.1%	-72.7%	-81.7%	-90.3%	-96.4%	-99.4%
-30	-60	-51.2%	-53.8%	-62.7%	-74.9%	-86.6%	-95.0%	-99.1%
-20	-40	-36.3%	-39.5%	-51.1%	-67.0%	-82.3%	-93.3%	-98.8%
-10	-20	-19.4%	-23.4%	-38.0%	-58.0%	-77.3%	-91.3%	-98.4%
0	0	-0.5%	-5.5%	-23.3%	-47.9%	-71.7%	-89.0%	-97.9%
10	20	20.3%	14.3%	-7.2%	-36.7%	-65.4%	-86.5%	-97.3%
20	40	43.0%	35.9%	10.6%	-24.5%	-58.5%	-83.7%	-96.7%
30	60	67.6%	59.4%	29.8%	-11.1%	-51.0%	-80.6%	-96.0%
40	80	94.1%	84.6%	50.5%	3.3%	-42.9%	-77.2%	-95.2%
50	100	122.5%	111.7%	72.7%	18.8%	-34.1%	-73.5%	-94.4%
60	120	152.7%	140.5%	96.5%	35.4%	-24.7%	-69.5%	-93.4%
70	140	184.8%	171.1%	121.7%	53.0%	-14.6%	-65.3%	-92.4%
80	160	218.8%	203.5%	148.4%	71.7%	-3.9%	-60.7%	-91.3%
90	180	254.6%	237.7%	176.5%	91.4%	7.5%	-55.9%	-90.1%
100	200	292.2%	273.6%	206.2%	112.3%	19.4%	-50.7%	-88.8%

One Year	Three Years
$	$

One Year	Three Years
$	$

One Year	Three Years
$	$