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COMB:S000076355Member 2023-01-01 2023-03-31 0001689873 COMB:S000076355Member 2023-07-01 2023-09-30 0001689873 COMB:S000076355Member 2024-09-30 2024-09-30 iso4217:USD shares iso4217:USD shares pure false GRANITESHARES ETF TRUST 497 N-1A 0001689873 2024-10-18 2024-10-18 Investment Objective The Fund seeks daily investment results, before fees and expenses, of 1.25 times (125%) the daily percentage change of the common stock of Tesla Inc, (NASDAQ: TSLA). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A8F_eoef--ShareholderFeesTableTextBlock_zUyNeQT4Bnr2"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_z6tWpC2rxc5h" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_494_20241018__20241018__oef--ClassAxis__custom--C000236093Member_zHLf3LcZgg69" style="text-align: right">0.99</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="4" style="border-bottom: black 1pt solid; text-align: left">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td style="padding-bottom: 1.5pt"></td></tr> <tr id="xdx_40D_eoef--ManagementFeesOverAssets_dpn_zhLgSrwuzHwa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">0.99</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--DistributionAndService12b1FeesOverAssets_dpn_z1JpXRbwjYP4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_405_eoef--OtherExpensesOverAssets_dpn_zciqcs2MXu7b" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Other Expenses</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td><td style="border-bottom: black 1pt solid; text-align: right">0.99</td><td style="padding-bottom: 1.5pt; text-align: left">%</td></tr> <tr id="xdx_406_eoef--ExpensesOverAssets_iT_dpn_zRt1zNdnTd1h" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (1)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.98</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_409_eoef--FeeWaiverOrReimbursementOverAssets_dp_zMQuCMNAo68j" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Fee Waver/Reimbursements (2)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td><td style="border-bottom: black 1pt solid; text-align: right">-0.83</td><td style="padding-bottom: 1.5pt; text-align: left">%</td></tr> <tr id="xdx_407_eoef--NetExpensesOverAssets_iT_dpn_zegipm5U6nzc" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2) (1)(2)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.15</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.00% for the fiscal year ending June 30, 2025.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.15%. This agreement is effective until December 31, 2025 and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> </table> 0.0099 0.0000 0.0099 0.0198 -0.0083 0.0115 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8D_eoef--ExpenseExampleWithRedemptionTableTextBlock_z8sldMkziJmd"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zYBY1w3QCPDg" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 70%; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">5 Year</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">10 Years</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td style="width: 22%; text-align: right">117</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 22%; text-align: right">365</td><td style="width: 1%; text-align: left"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="text-align: right; width: 21%">822</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="text-align: right; width: 21%">2,089</td> <td style="width: 1%"> </td></tr> </table> 117 365 822 2089 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 0% of the average value of its portfolio, since the Fund invested only in instruments that are excluded from portfolio turnover rate calculations. However, if the Fund’s use of derivatives were reflected, the Fund’s portfolio turnover rate would be higher. 0 Principal Investment Strategies The Fund is an actively managed exchange traded fund that attempts to replicate 1.25 times (125%) the daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 125% of the Fund’s net asset value. The Fund aims to generate 1.25 times the daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underling Stock. 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 Underlying Stock. The Fund is expected to post between 30% and 45% of its assets as collateral under the swap agreements. The Fund uses Cowen Financial Products LLC as its main swap counterparty. Cowen Financial Products LLC is a conditionally registered swap dealer and is required to file certain reports from time to time with the Securities and Exchange Commission. Cowen Financial Products LLC is an indirect subsidiary of Toronto Dominion Bank, a Canadian company whose shares are listed for trade on the New York Stock Exchange (NYSE) under the symbol “TD.” Debts of Cowen Financial Products LLC as it may relate to the Fund are not guaranteed by its parent company. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call and sells the put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund may invest 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 as collateral for the Fund’s swap agreements. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 1.25 times the performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the automotive industry. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 125% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Tesla, Inc. The common stock of Tesla, Inc. (TSLA) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Tesla, Inc. pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Tesla, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. <div style="display: none"></div> <div style="display: none"></div> PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Stock performance may be affected by company’s ability to develop and launch new products, the growth of its sales and delivery capabilities, part supplier constraints or delays, consumer demand for electric vehicles and competition from existing and competitors. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the leveraged daily returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aims to replicate leverage daily returns. For a Fund aiming to replicate 1.25 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during the shareholder’s holding period of an investment in the Fund. <div style="display: none"></div> The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 0.9% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock 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 Underlying Stock return is flat. For instance, if the Underlying Stock annualized volatility is 100%, the Fund would be expected to lose 14.1% of its value, even if the cumulative Underlying Stock return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 125% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 125% of the performance of the Underlying Stock. 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 “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; text-align: center">125% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">10%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">25%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">50%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">75%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">125%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 40%; background-color: white; text-align: center">-95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 18%; background-color: white; text-align: center">-119%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-97.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-97.7%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-97.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-97.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-98.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">-98.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-113%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.4%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.5%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-95.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-95.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-96.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-100%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-86.7%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-86.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-87.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-87.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-88.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-89.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-90.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-88%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-77.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-78.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-78.7%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-79.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-81.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-82.7%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-84.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-75%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-68.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-68.5%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-69.5%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-71.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-72.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-75.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-77.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-50%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-63%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-58.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-58.4%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-59.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-61.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-67.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-70.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-50%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-47.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-47.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-49.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-51.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-55.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-58.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-62.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-38%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-36.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-36.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-38.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-41.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-45.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-49.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-54.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-25%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-24.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-25.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-27.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-30.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-35.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-40.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-47.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">-13%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-12.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-13.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-15.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-25.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-31.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-37.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-0.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-0.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-3.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-8.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-14.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-22.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-29.2%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">13%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">12.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">11.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">8.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">3.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-3.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-10.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-20.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">25%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">25.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">24.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">20.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">14.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">7.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-1.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-11.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">38%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">38.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">37.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">33.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">27.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">19.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">8.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-3.2%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">50%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">52.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">50.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">46.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">39.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">30.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">20.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">7.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">63%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">65.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">64.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">59.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">51.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">42.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">28.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">18.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">75%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">79.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">78.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">73.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">64.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">54.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">42.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">23.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">88%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">93.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">92.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">86.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">77.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">66.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">52.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">36.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">108.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">106.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">100.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">91.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">78.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">62.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">48.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">113%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">122.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">120.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">114.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">103.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">91.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">76.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">56.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: white; text-align: center">119%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">129.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">128.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">121.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">111.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">97.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">79.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">64.4%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended July 31, 2024 was 66.5%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 81.3% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year ended July 31, 2024 was 71.6%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. <div style="display: none"></div> Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with Underlying Stock, 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 NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 125% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with Underlying Stock 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 Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 125% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with Underlying Stock, 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 Underlying Stock. 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 Underlying Stock. 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 daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Leverage Risk: The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 1.25% for every 1% daily decline in the Underlying Stock, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock declines more than 80%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock. Due to the limited availability of necessary investments or financial instruments, the Fund could, among other things, as a defensive measure, limit or suspend creations or redemptions of Creation Units until the adviser determines that the requisite exposure to the Underlying Stock is obtainable. During the period that creation or redemptions are affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Automotive Company Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to risks of the automotive sector. The automotive sector industry can be highly cyclical, and companies in the industry may suffer periodic operating losses. Automotive companies can be significantly affected by labor relations and fluctuating component prices. Developments in automotive technologies (e.g., autonomous vehicle technologies) may require significant capital expenditures that may not generate profits for several years, if ever. Automotive companies may be significantly subject to government policies and regulations regarding imports and exports of automotive products. Governmental policies affecting the automotive industry, such as taxes, tariffs, duties, subsidies, and import and export restrictions on automotive products can influence industry profitability. In addition, such companies must comply with environmental laws and regulations, for which there may be severe consequences for non-compliance. While most of the major automotive manufacturers are large companies, certain others may be non-diversified in both product line and customer base and may be more vulnerable to certain events that may negatively impact the automotive industry. <div style="display: none"></div> Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom 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. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. The Fund will be subject to regulatory constraints relating to the 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. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. <div style="display: none"></div> Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. 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 Underlying Stock that is significantly greater or less than its stated multiple. 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: Although the Underlying Stock’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. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underling Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate 1.25 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objective as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. 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. Performance: <span id="xdx_90F_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20241018__20241018__dei--LegalEntityAxis__custom--S000076347Member_zuaun380quy8" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following performance information indicates some of the risks of investing in the Fund. The bar chart shows the Fund’s performance from year to year. The table illustrates how the Fund’s average annual returns for the since inception and 1-year periods compared with those of the broad measure of market performance. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_903_eoef--PerformancePastDoesNotIndicateFuture_c20241018__20241018__dei--LegalEntityAxis__custom--S000076347Member_zrASJ8Q00wRj" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. Updated performance information is also available on the Fund’s website at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_909_eoef--PerformanceAvailabilityWebSiteAddress_c20241018__20241018__dei--LegalEntityAxis__custom--S000076347Member_zH8YDzNLZBHc">www.graniteshares.com or by calling the Fund toll free at 844-476-8747. <img alt="" src="form497_001.jpg" style="width: 650px"/> During the periods shown in the bar chart above, the Fund’s highest quarterly return was 85.3% (quarter ended March 31, 2023) and the Fund’s lowest quarterly return was -7.9% (quarter ended September 30, 2023). The calendar year-to-date total return of the Fund as of September 30, 2024, was -1.63%. Average Annual Total Returns for the Periods Ended December 31, 2023 The following performance information indicates some of the risks of investing in the Fund. The bar chart shows the Fund’s performance from year to year. The table illustrates how the Fund’s average annual returns for the since inception and 1-year periods compared with those of the broad measure of market performance. The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. www.graniteshares.com 844-476-8747 0.853 -0.079 -0.0163 Average Annual Total Returns <div id="xdx_A81_eoef--PerformanceTableTextBlock_zkucdQum8mSe"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zNguCkMy1BSb" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Since Inception (8/8/22)</td><td style="text-align: center; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left; padding-bottom: 1.5pt">Return Before Taxes</td><td style="width: 2%; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; width: 1%; text-align: left"> </td><td id="xdx_986_eoef--AvgAnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000236093Member__oef--PerformanceMeasureAxis__custom--ReturnBeforeTaxesMember_zqTS7CA3v3i8" style="border-bottom: black 1pt solid; width: 14%; text-align: right">112.48</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">%</td><td style="width: 2%; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; width: 1%; text-align: left"> </td><td id="xdx_983_eoef--AvgAnnlRtrPct_dp_c20220808__20231231__oef--ClassAxis__custom--C000236093Member__oef--PerformanceMeasureAxis__custom--ReturnBeforeTaxesMember_zB3xhTD1mGT4" style="border-bottom: black 1pt solid; width: 14%; text-align: right">-23.31</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Return After Taxes on Distributions</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_985_eoef--AvgAnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000236093Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zCG7N76dJTEb" style="border-bottom: Black 1pt solid; text-align: right">81.11</td><td style="padding-bottom: 1pt; text-align: left">%</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_980_eoef--AvgAnnlRtrPct_dp_c20220808__20231231__oef--ClassAxis__custom--C000236093Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zEpLcSxxVuob" style="border-bottom: Black 1pt solid; text-align: right">-31.60</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-decoration: underline; text-align: left; padding-bottom: 1.5pt">Return After Taxes on Distributions and Sale of Fund Shares</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td><td id="xdx_986_eoef--AvgAnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000236093Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zXhRPMUYzXof" style="border-bottom: black 1pt solid; text-align: right">67.82</td><td style="padding-bottom: 1.5pt; text-align: left">%</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td><td id="xdx_986_eoef--AvgAnnlRtrPct_dp_c20220808__20231231__oef--ClassAxis__custom--C000236093Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zicY5u2yoDt3" style="border-bottom: black 1pt solid; text-align: right">-20.53</td><td style="padding-bottom: 1.5pt; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">S&P 500 (no fees and expenses, or taxes applied)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td><td id="xdx_98E_eoef--AvgAnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000236093Member__oef--PerformanceMeasureAxis__custom--SoloactiveAutonomousAndElectricVehiclesIndexMember_zb0IrXxAjQ5g" style="border-bottom: black 1pt solid; text-align: right">26.29</td><td style="padding-bottom: 1.5pt; text-align: left">%</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td><td id="xdx_983_eoef--AvgAnnlRtrPct_dp_c20220808__20231231__oef--ClassAxis__custom--C000236093Member__oef--PerformanceMeasureAxis__custom--SoloactiveAutonomousAndElectricVehiclesIndexMember_z5No42rhq44c" style="border-bottom: black 1pt solid; text-align: right">12.57</td><td style="padding-bottom: 1.5pt; text-align: left">%</td></tr> </table> 2022-08-08 1.1248 -0.2331 0.8111 -0.3160 0.6782 -0.2053 0.2629 0.1257 Investment Objective The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of NVIDIA Corporation (NASDAQ: NVDA). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zJt5Kb3wT1fd" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_491_20241018__20241018__oef--ClassAxis__custom--C000236090Member_zFIeksSQD033" style="text-align: right">0.99</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="4" style="border-bottom: black 1pt solid; text-align: left">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dp_zuZ66hAlYD36" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: justify">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">0.99</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_404_eoef--DistributionAndService12b1FeesOverAssets_dp_zBXn0nutJjQ4" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dp_zKq5AAOOJtJ8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1.5pt">Other Expenses</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td><td style="border-bottom: black 1pt solid; text-align: right">0.07</td><td style="padding-bottom: 1.5pt; text-align: left">%</td></tr> <tr id="xdx_407_eoef--ExpensesOverAssets_iT_dp_zBXf5j68ezk5" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (1)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.06</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40E_eoef--FeeWaiverOrReimbursementOverAssets_dp_z8rSaBU2KDe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1.5pt">Fee Waver/Reimbursements (2)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td><td style="border-bottom: black 1pt solid; text-align: right">0.00</td><td style="padding-bottom: 1.5pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--NetExpensesOverAssets_iT_dp_zYxhM1V03RJ2" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2) (1)(2)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.06</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 3.00% for the fiscal year ending June 30, 2025.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.15%. This agreement is effective until December 31, 2025 and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> </table> 0.0099 0.0000 0.0007 0.0106 0.0000 0.0106 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A87_eoef--ExpenseExampleWithRedemptionTableTextBlock_zsFuxA2taHU5"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zumVHVNXz1r" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 70%; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">5 Year</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">10 Years</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td style="width: 21%; text-align: right">108</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 21%; text-align: right">337</td><td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="text-align: right; width: 22%">584</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="text-align: right; width: 25%">1,293</td> <td style="width: 1%"> </td> </tr> </table> 108 337 584 1293 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 11,811% . 11811 Principal Investment Strategies The Fund is an actively managed exchange traded fund that attempts to replicate 2 times (200%) the daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate 2 times the daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. 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 Underlying Stock. The Fund is expected to post between 35% and 45% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call and sells the put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund may invest 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 as collateral for the Fund’s swap agreements. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the semi-conductor industry. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of NVIDIA Corporation. The common stock of NVIDIA Corporation (NVDA) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by NVIDIA Corporation pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding NVIDIA Corporation may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Stock performance may be affected by NVIDIA Corporation’s ability to identify new products, technologies or services, global competition and business conditions, its dependence on third-party product manufacturers, product defect issues, cybersecurity breaches, and customer concentration. Effects of Compounding and Market Volatility Risk: The Fund’s aims to replicate the leveraged daily returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aims to replicate leverage daily returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock 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 Underlying Stock return is flat. For instance, if the Underlying Stock annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock return for the year was 0%. 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 Underlying Stock 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 Underlying Stock. 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 “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; text-align: center">200% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">10%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">25%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">50%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">75%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">125%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 40%; background-color: white; text-align: center">-95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 18%; background-color: white; text-align: center">-190%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">-100.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-180%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-160%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-97.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-140%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-93.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-120%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-84.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-85.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-87.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">98.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-50%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-100%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-75.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-76.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-80.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-85.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-90.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-94.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-64.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-66.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-72.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-79.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-96.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-51.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-54.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-61.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-72.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-82.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-90.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-95.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-36.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-39.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-50.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-76.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-86.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-93.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-23.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-36.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-53.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-83.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-91.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-1.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-22.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-43.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-79.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-89.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">13.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-5.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-31.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-55.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-74.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-87.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">42.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">35.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-47.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-85.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">67.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">58.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">31.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-3.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-38.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-65.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-82.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">93.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">84.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">52.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-28.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-80.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">122.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">111.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">75.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">28.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-17.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-53.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-76.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">120%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">153.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">140.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">99.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">46.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">140%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">185.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">171.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">125.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">65.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">6.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">160%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">220.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">204.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">152.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">85.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">20.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-32.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-66.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">180%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">256.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">239.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">181.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">105.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">34.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-25.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-61.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">190%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">295.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">275.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">211.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">129.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">48.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.1%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended July 31, 2024, was 54.0%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 60.0% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year ended July 31, 2024 was 95.4%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with Underlying Stock, 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 NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with Underlying Stock 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 Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with Underlying Stock, 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 Underlying Stock. 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 Underlying Stock. 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 daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Leverage Risk: The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock. Due to the limited availability of necessary investments or financial instruments, the Fund could, among other things, as a defensive measure, limit or suspend creations or redemptions of Creation Units until the adviser determines that the requisite exposure to the Underlying Stock is obtainable. During the period that creation or redemptions are affected, the Fund’s shares could trade at a significant premium or discount to their net asset value or the bid-ask spread of the Fund’s shares could widen significantly. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Semi-Conductor Company Risk: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the semiconductor sector. The risks of investments in the semiconductor sector industry include: intense competition, both domestically and internationally, including competition from subsidized foreign competitors with lower production costs; wide fluctuations in securities prices due to risks of rapid obsolescence of products; economic performance of the customers of semiconductor companies; their research costs and the risks that their products may not prove commercially successful; capital equipment expenditures that could be substantial and suffer from rapid obsolescence; and thin capitalization and limited product lines, markets, financial resources or personnel. The semiconductor industry may also be affected by risks that affect the broader technology sector, including: government regulation; dramatic and often unpredictable changes in growth rates and competition for qualified personnel; heavy dependence on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability; and a small number of companies representing a large portion of the technology sector as a whole. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom 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. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. 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. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. 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 Underlying Stock that is significantly greater or less than its stated multiple. 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: Although the Underlying Stock’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. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underling Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate 2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions. The Fund may be required to deviate from its investment objective as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. 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. Performance: <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_909_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20241018__20241018__dei--LegalEntityAxis__custom--S000076344Member_zTHoifKc3IB6">The following performance information indicates some of the risks of investing in the Fund. The bar chart shows the Fund’s performance from year to year. The table illustrates how the Fund’s average annual returns since the inception and 1-year period compared with those of the broad measure of market performance. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_906_eoef--PerformancePastDoesNotIndicateFuture_c20241018__20241018__dei--LegalEntityAxis__custom--S000076344Member_z8PYKNTuglhb">The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. Updated performance information is also available on the Fund’s website at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_908_eoef--PerformanceAvailabilityWebSiteAddress_c20241018__20241018__dei--LegalEntityAxis__custom--S000076344Member_zYNHSNoKoscd">www.graniteshares.com or by calling the Fund toll free at 844-476-8747. <img alt="" src="form497_002.jpg" style="width: 650px"/> During the periods shown in the bar chart above, the Fund’s highest quarterly return was 150.5% (quarter ended March 31, 2023) and the Fund’s lowest quarterly return was 0.65% (quarter ended September 30, 2023). The calendar year-to-date total return of the Fund as of September 30, 2024, was 289.96%. Average Annual Total Returns for the Periods Ended December 31, 2023 The following performance information indicates some of the risks of investing in the Fund. The bar chart shows the Fund’s performance from year to year. The table illustrates how the Fund’s average annual returns since the inception and 1-year period compared with those of the broad measure of market performance. The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. www.graniteshares.com 844-476-8747 1.505 0.0065 2.8996 Average Annual Total Returns <div id="xdx_A8B_eoef--PerformanceTableTextBlock_zMxOHEi65bKf"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_z6f9s6Mkhvcl" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_49D_20230101__20231231__oef--ClassAxis__custom--C000236090Member_zoGQLwM6034l" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_49E_20221212__20231231__oef--ClassAxis__custom--C000236090Member_zFit2LB3y7d1" style="border-bottom: black 1pt solid; text-align: center">Since Inception (12/12/22)</td><td style="text-align: center; padding-bottom: 1.5pt"> </td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_pid_dp_uRatio_hoef--PerformanceMeasureAxis__custom--ReturnBeforeTaxesMember_zZalm7r6zv3b" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-decoration: underline; width: 64%; text-align: left; padding-bottom: 1.5pt">Return Before Taxes</td><td style="width: 2%; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: black 1pt solid; width: 14%; text-align: right">430.56</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">%</td><td style="width: 2%; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: black 1pt solid; width: 14%; text-align: right">272.53</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">%</td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_pid_dp_uRatio_hoef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zPKUTVMdBp01" style="vertical-align: bottom; background-color: White"> <td style="text-decoration: underline; text-align: left; padding-bottom: 1.5pt">Return After Taxes on Distributions</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td><td style="border-bottom: black 1pt solid; text-align: right">408.56</td><td style="padding-bottom: 1.5pt; text-align: left">%</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td><td style="border-bottom: black 1pt solid; text-align: right">257.83</td><td style="padding-bottom: 1.5pt; text-align: left">%</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_pid_dp_uRatio_hoef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_z9plt2GATNXg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-decoration: underline; text-align: left; padding-bottom: 1.5pt">Return After Taxes on Distributions and Sale of Fund Shares</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td><td style="border-bottom: black 1pt solid; text-align: right">254.87</td><td style="padding-bottom: 1.5pt; text-align: left">%</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td><td style="border-bottom: black 1pt solid; text-align: right">202.89</td><td style="padding-bottom: 1.5pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_pid_dp_uRatio_hoef--PerformanceMeasureAxis__custom--SoloactiveAutonomousAndElectricVehiclesIndexMember_zfJ7Y5sp1lwg" style="vertical-align: bottom; background-color: White"> <td style="text-decoration: underline; text-align: left; padding-bottom: 1.5pt">S&P 500 (no fees, expenses, or taxes applied)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td><td style="border-bottom: black 1pt solid; text-align: right">26.29</td><td style="padding-bottom: 1.5pt; text-align: left">%</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td><td style="border-bottom: black 1pt solid; text-align: right">20.45</td><td style="padding-bottom: 1.5pt; text-align: left">%</td></tr> </table> 2022-12-12 4.3056 2.7253 4.0856 2.5783 2.5487 2.0289 0.2629 0.2045 Investment Objective The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Coinbase Global, Inc. Class A (NASDAQ: COIN). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zmJ7h3WuNsWj" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_498_20241018__20241018__oef--ClassAxis__custom--C000236102Member_z9SMZ59CAAN4" style="text-align: right">0.99</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: black 1pt solid; text-align: left">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_409_eoef--ManagementFeesOverAssets_dp_zfWz6iIFXbvg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: justify">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">0.99</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_403_eoef--DistributionAndService12b1FeesOverAssets_dp_zY6iVGGE7u4a" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_401_eoef--OtherExpensesOverAssets_dp_zl5B0lgRb0Ke" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1.5pt">Other Expenses</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td><td style="border-bottom: black 1pt solid; text-align: right">0.13</td><td style="padding-bottom: 1.5pt; text-align: left">%</td></tr> <tr id="xdx_407_eoef--ExpensesOverAssets_iT_dp_znsSaJPbFXR7" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (1)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.12</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_409_eoef--FeeWaiverOrReimbursementOverAssets_dp_zfdONFZgZNo3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1.5pt">Fee Waver/Reimbursements (2)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td><td style="border-bottom: black 1pt solid; text-align: right">-0.02</td><td style="padding-bottom: 1.5pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--NetExpensesOverAssets_iT_dp_zvIMa9MsK6Dk" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (1)(2)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.10</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 3.00% for the fiscal year ending June 30, 2025.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.15%. This agreement is effective until December 31, 2025 and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> </table> 0.0099 0.0000 0.0013 0.0112 -0.0002 0.0110 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8F_eoef--ExpenseExampleWithRedemptionTableTextBlock_zN3I9RxLtm0l"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zrW0Iti7SVNh" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 70%; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">5 Year</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">10 Years</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td style="width: 22%; text-align: right">112</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 22%; text-align: right">350</td><td style="width: 1%; text-align: left"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="text-align: right; width: 21%">611</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="text-align: right; width: 21%">1,356</td> <td style="width: 1%"> </td></tr> </table> 112 350 611 1356 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 44,577% of the average value of its portfolio. 44577 Principal Investment Strategies The Fund is a actively managed exchange traded fund that attempts to replicate 2 times (200%) the daily percentage change the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate 2 times the daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. 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 Underlying Stock. The Fund is expected to post between 35% and 50% of its assets as collateral under the swap agreements. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call and sells the put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund may invest 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 as collateral for the Fund’s swap agreements. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the financial services industry. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Coinbase Global, Inc. The common stock of Coinbase Global, Inc. (COIN) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Coinbase Global, Inc. pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Coinbase Global, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Stock performance may be affected by the value of crypto assets, the volume of transactions on its platform, the overall development and growth of crypto assets, cyberattacks and security breaches affecting its platforms or third-party service providers, increased crypto platform competition and government regulations affecting the crypto industry. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the leveraged daily returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aims to replicate leverage daily returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock 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 Underlying Stock return is flat. For instance, if the Underlying Stock annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock return for the year was 0%. 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 Underlying Stock 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 Underlying Stock. 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 “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; text-align: center">200% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">10%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">25%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">50%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">75%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">125%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 40%; background-color: white; text-align: center">-95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 18%; background-color: white; text-align: center">-190%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">-100.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-180%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-160%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-97.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-140%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-93.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-120%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-84.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-85.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-87.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">98.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-50%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-100%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-75.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-76.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-80.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-85.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-90.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-94.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-64.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-66.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-72.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-79.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-96.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-51.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-54.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-61.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-72.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-82.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-90.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-95.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-36.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-39.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-50.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-76.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-86.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-93.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-23.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-36.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-53.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-83.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-91.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-1.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-22.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-43.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-79.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-89.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">13.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-5.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-31.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-55.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-74.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-87.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">42.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">35.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-47.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-85.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">67.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">58.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">31.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-3.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-38.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-65.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-82.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">93.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">84.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">52.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-28.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-80.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">122.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">111.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">75.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">28.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-17.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-53.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-76.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">120%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">153.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">140.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">99.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">46.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">140%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">185.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">171.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">125.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">65.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">6.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">160%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">220.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">204.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">152.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">85.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">20.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-32.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-66.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">180%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">256.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">239.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">181.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">105.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">34.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-25.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-61.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">190%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">295.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">275.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">211.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">129.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">48.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.1%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate from April 13, 2021 (the Underlying Stock’s IPO) to July 31, 2024, was 91.7%. During the period observed the Underlying Stock’s highest volatility rate over a 12-month period was 120.1% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance from April 13, 2021 (the Underlying Stock’s IPO date) to June 301 2024 was -3.2%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with Underlying Stock, 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 NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with Underlying Stock 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 Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with Underlying Stock, 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 Underlying Stock. 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 Underlying Stock. 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 daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Leverage Risk: The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock. Due to the limited availability of necessary investments or financial instruments, the Fund could, among other things, as a defensive measure, limit or suspend creations or redemptions of Creation Units until the adviser determines that the requisite exposure to the Underlying Stock is obtainable. During the period that creation or redemptions are affected, the Fund’s shares could trade at a significant premium or discount to their net asset value or the bid-ask spread of the Fund’s shares could widen significantly. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Digital Asset and Finance Services Company Risks: The performance of the Underlying Stock, and subsequently the Fund’s performance, is subject to the risks of the digital asset and finance company sectors. Such companies may be adversely impacted by government regulations, economic conditions and deterioration in credit markets. These companies typically face intense competition and could be negatively affected by new entrants into the market, especially those located in markets with lower production costs. Competitors in the digital payments space include financial institutions and well-established payment processing companies. In addition, many companies engaged in these businesses store sensitive consumer information and could be the target of cybersecurity attacks and other types of theft, which could have a negative impact on these companies. Online digital asset trading platforms currently operate under less regulatory scrutiny than traditional financial services companies and banks, but there is a significant risk that regulatory oversight could increase in the future. Higher levels of regulation could increase costs and adversely impact the current business models of some digital asset-related companies and could severely impact the viability of these companies. These companies could be negatively impacted by disruptions in service caused by hardware or software failure, or by interruptions or delays in service by third-party data center hosting facilities and maintenance providers. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom 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. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. 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. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. 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 Underlying Stock that is significantly greater or less than its stated multiple. 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: Although the Underlying Stock’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. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underling Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate 2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objective as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. 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. Performance: <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_90B_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20241018__20241018__dei--LegalEntityAxis__custom--S000076356Member_zGrV8mehib9j" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following performance information indicates some of the risks of investing in the Fund. The bar chart shows the Fund’s performance from year to year. The table illustrates how the Fund’s average annual returns for the since inception and 1-year periods compared with those of the broad measure of market performance. <span id="xdx_903_eoef--PerformancePastDoesNotIndicateFuture_c20241018__20241018__dei--LegalEntityAxis__custom--S000076356Member_zrIM7KPb8pf" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. Updated performance information is also available on the Fund’s website at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_901_eoef--PerformanceAvailabilityWebSiteAddress_c20241018__20241018__dei--LegalEntityAxis__custom--S000076356Member_zZ7k628sHrS5">www.graniteshares.com or by calling the Fund toll free at 844-476-8747. <img alt="" src="form497_003.jpg" style="width: 650px"/> During the periods shown in the bar chart above, the Fund’s highest quarterly return was 232.71% (quarter ended December 31, 2023) and the Fund’s lowest quarterly return was -0.39% (quarter ended September 30, 2023). The calendar year-to-date total return of the Fund as of September 30, 2024, was -26.82%. Average Annual Total Returns for the Periods Ended December 31, 2023 The following performance information indicates some of the risks of investing in the Fund. The bar chart shows the Fund’s performance from year to year. The table illustrates how the Fund’s average annual returns for the since inception and 1-year periods compared with those of the broad measure of market performance. The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. www.graniteshares.com 844-476-8747 2.3271 -0.0039 -0.2682 Average Annual Total Returns <div id="xdx_A83_eoef--PerformanceTableTextBlock_zvqyJjjOZwxg"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zm4AZPiD3eSa" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_49C_20230101__20231231__oef--ClassAxis__custom--C000236102Member_zFWkpEVLpr02" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_494_20220808__20231231__oef--ClassAxis__custom--C000236102Member_znbjpO7VBvk1" style="border-bottom: black 1pt solid; text-align: center">Since Inception (8/8/22)</td><td style="text-align: center; padding-bottom: 1.5pt"> </td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_pid_dp_uRatio_hoef--PerformanceMeasureAxis__custom--ReturnBeforeTaxesMember_zrbsGqahSB74" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left; padding-bottom: 1.5pt">Return Before Taxes</td><td style="width: 2%; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: black 1pt solid; width: 14%; text-align: right">643.33</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">%</td><td style="width: 2%; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: black 1pt solid; width: 14%; text-align: right">24.57</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">%</td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_pid_dp_uRatio_hoef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zZNTvEa5cSp4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Return After Taxes on Distributions</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td><td style="border-bottom: black 1pt solid; text-align: right">643.33</td><td style="padding-bottom: 1.5pt; text-align: left">%</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td><td style="border-bottom: black 1pt solid; text-align: right">24.57</td><td style="padding-bottom: 1.5pt; text-align: left">%</td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_pid_dp_uRatio_hoef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_z7cmZXUT5urf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-decoration: underline; text-align: left; padding-bottom: 1.5pt">Return After Taxes on Distributions and Sale of Fund Shares</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td><td style="border-bottom: black 1pt solid; text-align: right">380.85</td><td style="padding-bottom: 1.5pt; text-align: left">%</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td><td style="border-bottom: black 1pt solid; text-align: right">18.91</td><td style="padding-bottom: 1.5pt; text-align: left">%</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_pid_dp_uRatio_hoef--PerformanceMeasureAxis__custom--SoloactiveAutonomousAndElectricVehiclesIndexMember_zApXywr8AMo9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">S&P 500 (no fees, expenses or taxes applied)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td><td style="border-bottom: black 1pt solid; text-align: right">26.29</td><td style="padding-bottom: 1.5pt; text-align: left">%</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td><td style="border-bottom: black 1pt solid; text-align: right">12.57</td><td style="padding-bottom: 1.5pt; text-align: left">%</td></tr> </table> 2022-08-08 6.4333 0.2457 6.4333 0.2457 3.8085 0.1891 0.2629 0.1257 Investment Objective The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the ADR of Alibaba Group Holding Limited (NYSE: BABA). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A87_eoef--ShareholderFeesTableTextBlock_zFmuuRCToG09"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_z7mKLN8GbuH2" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 83%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: White"> <td style="text-align: justify">Annual</td><td> </td> <td style="text-align: left"> </td><td id="xdx_49F_20241018__20241018__oef--ClassAxis__custom--C000236098Member_zK6OnCQ2Jepb" style="text-align: right">-</td><td style="text-align: left"></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eoef--ManagementFeesOverAssets_dp_zounEr54gqEb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: justify">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">0.99</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_403_eoef--DistributionAndService12b1FeesOverAssets_dp_zHDAo7HP2T3" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_401_eoef--OtherExpensesOverAssets_dp_z7m1tjlf5fef" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1.5pt">Other Expenses</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td><td style="border-bottom: black 1pt solid; text-align: right">0.53</td><td style="padding-bottom: 1.5pt; text-align: left">%</td></tr> <tr id="xdx_40E_eoef--ExpensesOverAssets_dp_zoXRzdxUeyol" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (1)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.52</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_409_eoef--FeeWaiverOrReimbursementOverAssets_dp_zwsFPzt0uCA1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1.5pt">Fee Waver/Reimbursements (2)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td><td style="border-bottom: black 1pt solid; text-align: right">-0.37</td><td style="padding-bottom: 1.5pt; text-align: left">%</td></tr> <tr id="xdx_40D_eoef--NetExpensesOverAssets_dp_zQpU77WLk1zg" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2) (1)(2)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.15</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_F0D_z0cgVeFUhm14" style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.00% for the fiscal year ending June 30, 2025.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.15%. This agreement is effective until December 31, 2025 and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> </table> 0.0099 0.0000 0.0053 0.0152 -0.0037 0.0115 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8B_eoef--ExpenseExampleWithRedemptionTableTextBlock_zFXAv29rD2Ck"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zkszham0UkGf" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 70%; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">5 Year</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">10 Years</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td style="width: 22%; text-align: right">117</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 22%; text-align: right">365</td><td style="width: 1%; text-align: left"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="text-align: right; width: 21%">717</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="text-align: right; width: 21%">1,710</td> <td style="width: 1%"> </td></tr> </table> 117 365 717 1710 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it, buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 0% of the average value of its portfolio, since the Fund invested only in instruments that are excluded from portfolio turnover rate calculations. However, if the Fund’s use of derivatives were reflected, the Fund’s portfolio turnover rate would be higher. 0 Principal Investment Strategies The Fund is an actively managed exchange traded fund that attempts to replicate 2 times (200%) the daily percentage change of the Underlying Stock by entering financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate 2 times the daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly. Swaps The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. 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 Underlying Stock. The Fund is expected to post between 30% and 45% of its assets as collateral under the swap agreements. The Fund uses Cowen Financial Products LLC as its main swap counterparty. Cowen Financial Products LLC is a conditionally registered swap dealer and is required to file certain reports from time to time with the Securities and Exchange Commission. Cowen Financial Products LLC is an indirect subsidiary of Toronto Dominion Bank, a Canadian company whose shares are listed for trade on the New York Stock Exchange (NYSE) under the symbol “TD.” Debts of Cowen Financial Products LLC as it may relate to the Fund are not guaranteed by its parent company. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call and sells the put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund may invest 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 as collateral for the Fund’s swap agreements. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the business services industry. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Alibaba Group Holding Limited. The American Deposit Share of Alibaba Group Holding Limited (BABA) is registered under the Securities Exchange Act of 1933, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Alibaba Group Holding Limited pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Alibaba Group Holding Limited may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Stock performance may be affected by trends in commerce, and cloud computing, changes in the economic conditions in China and globally, international trade policies, the company’s investment transactions and changes in governmental regulations. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the leveraged daily returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aims to replicate leverage daily returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock 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 Underlying Stock return is flat. For instance, if the Underlying Stock annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock return for the year was 0%. 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 Underlying Stock 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 Underlying Stock. 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 “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; text-align: center">200% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">10%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">25%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">50%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">75%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">125%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 40%; background-color: white; text-align: center">-95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 18%; background-color: white; text-align: center">-190%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">-100.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-180%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-160%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-97.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-140%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-93.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-120%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-84.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-85.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-87.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">98.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-50%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-100%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-75.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-76.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-80.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-85.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-90.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-94.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-64.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-66.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-72.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-79.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-96.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-51.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-54.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-61.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-72.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-82.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-90.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-95.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-36.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-39.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-50.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-76.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-86.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-93.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-23.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-36.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-53.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-83.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-91.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-1.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-22.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-43.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-79.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-89.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">13.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-5.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-31.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-55.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-74.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-87.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">42.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">35.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-47.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-85.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">67.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">58.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">31.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-3.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-38.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-65.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-82.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">93.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">84.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">52.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-28.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-80.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">122.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">111.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">75.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">28.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-17.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-53.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-76.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">120%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">153.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">140.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">99.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">46.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">140%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">185.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">171.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">125.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">65.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">6.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">160%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">220.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">204.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">152.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">85.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">20.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-32.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-66.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">180%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">256.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">239.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">181.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">105.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">34.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-25.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-61.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">190%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">295.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">275.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">211.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">129.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">48.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.1%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended July 31, 2024 was 49.7%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 72.9% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year ended July 31, 2024 was -13.2%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with Underlying Stock, 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 NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with Underlying Stock 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 Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, 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 Underlying Stock. 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 Underlying Stock. 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 daily performance of the Fund and changes in the performance of the Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and the Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Leverage Risk: The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock. Due to the limited availability of necessary investments or financial instruments, the Fund could, among other things, as a defensive measure, limit or suspend creations or redemptions of Creation Units until the adviser determines that the requisite exposure to the Underlying Stock is obtainable. During the period that creation or redemptions are affected, the Fund’s shares could trade at a significant premium or discount to their net asset value or the bid-ask spread of the Fund’s shares could widen significantly. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. On-Line Business Services and Retail Company Risks: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the online retail company sector. Companies that operate in the online marketplace and retail segments are subject to fluctuating consumer demand. Unlike traditional brick and mortar retailers, online marketplaces and retailers must assume shipping costs or pass such costs to consumers. Consumer access to price information for the same or similar products may cause companies that operate in the online marketplace and retail segments to reduce profit margins in order to compete. Due to the nature of their business models, companies that operate in the online marketplace and retail segments may also be subject to heightened cyber security risk, including the risk of theft or damage to vital hardware, software and information systems. The loss or public dissemination of sensitive customer information or other proprietary data may negatively affect the financial performance of such companies to a greater extent than traditional brick and mortar retailers. As a result of such companies being web-based and the fact that they process, store, and transmit large amounts of data, including personal information, for their customers, failure to prevent or mitigate data loss or other security breaches, including breaches of vendors’ technology and systems, could expose companies that operate in the online marketplace and retail segments or their customers to a risk of loss or misuse of such information, adversely affect their operating results, result in litigation or potential liability, and otherwise harm their businesses. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom 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. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. The Fund will be subject to regulatory constraints relating to the 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. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. 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 Underlying Stock that is significantly greater or less than its stated multiple. 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: Although the Underlying Stock’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. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underling Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate 2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objective as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. 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. Performance: <span id="xdx_901_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20241018__20241018__dei--LegalEntityAxis__custom--S000076352Member_zm9s5XjAC7Ol" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following performance information indicates some of the risks of investing in the Fund. The bar chart shows the Fund’s performance from year to year. The table illustrates how the Fund’s average annual returns for the since inception and 1-year periods compared with those of the Index and a broad measure of market performance. <span id="xdx_90D_eoef--PerformancePastDoesNotIndicateFuture_c20241018__20241018__dei--LegalEntityAxis__custom--S000076352Member_zCchyc2rOkfa" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. Updated performance information is also available on the Fund’s website at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_901_eoef--PerformanceAvailabilityWebSiteAddress_c20241018__20241018__dei--LegalEntityAxis__custom--S000076352Member_zICQWrmRatP6">www.graniteshares.com or by calling the Fund toll free at 844-476-8747. <img alt="" src="form497_004.jpg" style="width: 650px"/> During the periods shown in the bar chart above, the Fund’s highest quarterly return was 21.52% (quarter ended March 31, 2023) and the Fund’s lowest quarterly return was -33.68% (quarter ended June 30, 2023). The calendar year-to-date total return of the Fund as of September 30, 2024, was 68.12%. Average Annual Total Returns for the Periods Ended December 31, 2023 The following performance information indicates some of the risks of investing in the Fund. The bar chart shows the Fund’s performance from year to year. The table illustrates how the Fund’s average annual returns for the since inception and 1-year periods compared with those of the Index and a broad measure of market performance. The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. www.graniteshares.com 844-476-8747 0.2152 -0.3368 0.6812 Average Annual Total Returns <div id="xdx_A88_eoef--PerformanceTableTextBlock_z209IFi6MJD8"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_zEm0Z09xEIQ8" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_49F_20230101__20231231__oef--ClassAxis__custom--C000236098Member_zx5sKnYvlTUl" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Since Inception (12/12/22)</td><td style="text-align: center; padding-bottom: 1.5pt"> </td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_pid_dp_hoef--PerformanceMeasureAxis__custom--ReturnBeforeTaxesMember_zZYq2rmYjWC" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-decoration: underline; width: 64%; text-align: left; padding-bottom: 1.5pt">Return Before Taxes</td><td style="width: 2%; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: black 1pt solid; width: 14%; text-align: right">-33.94</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">%</td><td style="width: 2%; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; width: 1%; text-align: left"> </td><td id="xdx_986_eoef--AvgAnnlRtrPct_dp_c20221212__20231231__oef--ClassAxis__custom--C000236098Member__oef--PerformanceMeasureAxis__custom--ReturnBeforeTaxesMember_zzhMqmyPC1ql" style="border-bottom: black 1pt solid; width: 14%; text-align: right">-34.94</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">%</td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_pid_dp_hoef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_z12W3AdJdki" style="vertical-align: bottom; background-color: White"> <td style="text-decoration: underline; text-align: left; padding-bottom: 1.5pt">Return After Taxes on Distributions</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td><td style="border-bottom: black 1pt solid; text-align: right">-33.94</td><td style="padding-bottom: 1.5pt; text-align: left">%</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td><td id="xdx_981_eoef--AvgAnnlRtrPct_dp_c20221212__20231231__oef--ClassAxis__custom--C000236098Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_ztTZSNfM7N02" style="border-bottom: black 1pt solid; text-align: right">-34.94</td><td style="padding-bottom: 1.5pt; text-align: left">%</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_pid_dp_hoef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zYidZ6WrQBN2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-decoration: underline; text-align: left; padding-bottom: 1.5pt">Return After Taxes on Distributions and Sale of Fund Shares</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td><td style="border-bottom: black 1pt solid; text-align: right">-20.09</td><td style="padding-bottom: 1.5pt; text-align: left">%</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td><td id="xdx_98A_eoef--AvgAnnlRtrPct_dp_c20221212__20231231__oef--ClassAxis__custom--C000236098Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zlgqAeQiciJl" style="border-bottom: black 1pt solid; text-align: right">-26.55</td><td style="padding-bottom: 1.5pt; text-align: left">%</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_pid_dp_hoef--PerformanceMeasureAxis__custom--SoloactiveAutonomousAndElectricVehiclesIndexMember_zBC8ys5FA3El" style="vertical-align: bottom; background-color: White"> <td style="text-decoration: underline; font-style: italic; text-align: left; padding-bottom: 1.5pt">S&P 500 (no fees, expenses, or taxes applied)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td><td style="border-bottom: black 1pt solid; text-align: right">29.26</td><td style="padding-bottom: 1.5pt; text-align: left">%</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td><td id="xdx_981_eoef--AvgAnnlRtrPct_dp_c20221212__20231231__oef--ClassAxis__custom--C000236098Member__oef--PerformanceMeasureAxis__custom--SoloactiveAutonomousAndElectricVehiclesIndexMember_z3qKWqYlYRW7" style="border-bottom: black 1pt solid; text-align: right">20.45</td><td style="padding-bottom: 1.5pt; text-align: left">%</td></tr> </table> 2022-12-12 -0.3394 -0.3494 -0.3394 -0.3494 -0.2009 -0.2655 0.2926 0.2045 Investment Objective The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Meta Platforms, Inc. Class A (NASDAQ: META). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A84_eoef--ShareholderFeesTableTextBlock_z4egDG3aHuxe"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zULWVJfnqGvf" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_493_20241018__20241018__oef--ClassAxis__custom--C000236086Member_zGhoMM3GOshe" style="text-align: right">0.99</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: black 1pt solid; text-align: left">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dp_z81uyfpIIGk8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: justify">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">0.99</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dp_zjzuBHlPWtvk" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_402_eoef--OtherExpensesOverAssets_dp_z06vSfVEb9W3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1.5pt">Other Expenses</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td><td style="border-bottom: black 1pt solid; text-align: right">0.23</td><td style="padding-bottom: 1.5pt; text-align: left">%</td></tr> <tr id="xdx_407_eoef--ExpensesOverAssets_dp_zTi8HqL8z0Sg" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (1)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.22</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_405_eoef--FeeWaiverOrReimbursementOverAssets_dp_zXelFM5f8w6c" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1.5pt">Fee Waver/Reimbursements (2)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td><td style="border-bottom: black 1pt solid; text-align: right">-0.07</td><td style="padding-bottom: 1.5pt; text-align: left">%</td></tr> <tr id="xdx_407_eoef--NetExpensesOverAssets_dp_zMk94ZOHvtaf" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2) (1)(2)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.15</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_F0B_zaue0cKkvfCa" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.00% for the fiscal year ending June 30, 2025.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.15%. This agreement is effective until December 31, 2025 and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> </table> 0.0099 0.0000 0.0023 0.0122 -0.0007 0.0115 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8D_eoef--ExpenseExampleWithRedemptionTableTextBlock_zldWHC5W9BBa"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zmNR637Zjvmg" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 70%; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">5 Year</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">10 Years</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td style="width: 22%; text-align: right">117</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 22%; text-align: right">365</td><td style="width: 1%; text-align: left"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="text-align: right; width: 21%">649</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="text-align: right; width: 21%">1,456</td> <td style="width: 1%"> </td></tr> </table> 117 365 649 1456 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 0% of the average value of its portfolio, since the Fund invested only in instruments that are excluded from portfolio turnover rate calculations. However, if the Fund’s use of derivatives were reflected, the Fund’s portfolio turnover rate would be higher. 0 Principal Investment Strategies The Fund is an actively managed exchange traded fund that attempts to replicate 2 times (200%) the daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate 2 times the daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly. Swaps The Fund may enter into one or more swap agreements with major financial Institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. 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 Underlying Stock. The Fund is expected to post between 30% and 45% of its assets as collateral under the swap agreements. The Fund uses Cowen Financial Products LLC as its main swap counterparty. Cowen Financial Products LLC is a conditionally registered swap dealer and is required to file certain reports from time to time with the Securities and Exchange Commission. Cowen Financial Products LLC is an indirect subsidiary of Toronto Dominion Bank, a Canadian company whose shares are listed for trade on the New York Stock Exchange (NYSE) under the symbol “TD.” Debts of Cowen Financial Products LLC as it may relate to the Fund are not guaranteed by its parent company. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call and sells put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund may invest 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 as collateral for the Fund’s swap agreements. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the Computer Programming industry. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Meta Platforms Inc. The common stock of Meta Platforms Inc. (FB) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Meta Platforms Inc. pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Meta Platforms Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Stock performance may be affected by the company’s ability to add and retain users of its social media products, government restrictions and enforcement actions, security breaches, its ability to enforce its intellectual property rights and increased competition in the social and digital media space. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the leveraged daily returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aims to replicate leverage daily returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock 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 Underlying Stock return is flat. For instance, if the Underlying Stock annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock return for the year was 0%. 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 Underlying Stock 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 Underlying Stock. 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 “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; text-align: center">200% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">10%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">25%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">50%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">75%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">125%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 40%; background-color: white; text-align: center">-95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 18%; background-color: white; text-align: center">-190%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">-100.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-180%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-160%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-97.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-140%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-93.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-120%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-84.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-85.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-87.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">98.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-50%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-100%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-75.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-76.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-80.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-85.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-90.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-94.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-64.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-66.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-72.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-79.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-96.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-51.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-54.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-61.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-72.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-82.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-90.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-95.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-36.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-39.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-50.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-76.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-86.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-93.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-23.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-36.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-53.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-83.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-91.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-1.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-22.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-43.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-79.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-89.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">13.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-5.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-31.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-55.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-74.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-87.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">42.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">35.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-47.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-85.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">67.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">58.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">31.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-3.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-38.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-65.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-82.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">93.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">84.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">52.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-28.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-80.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">122.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">111.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">75.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">28.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-17.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-53.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-76.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">120%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">153.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">140.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">99.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">46.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">140%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">185.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">171.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">125.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">65.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">6.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">160%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">220.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">204.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">152.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">85.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">20.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-32.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-66.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">180%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">256.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">239.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">181.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">105.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">34.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-25.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-61.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">190%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">295.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">275.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">211.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">129.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">48.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.1%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended July 31, 2024 was 45.4%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 54.9% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year ended July 31, 2024 was 19.8%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with Underlying Stock, 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 NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with Underlying Stock 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 Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with Underlying Stock, 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 Underlying Stock. 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 Underlying Stock. 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 daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Leverage Risk: The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock. Due to the limited availability of necessary investments or financial instruments, the Fund could, among other things, as a defensive measure, limit or suspend creations or redemptions of Creation Units until the adviser determines that the requisite exposure to the Underlying Stock is obtainable. During the period that creation or redemptions are affected, the Fund’s shares could trade at a significant premium or discount to their net asset value or the bid-ask spread of the Fund’s shares could widen significantly. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Social Media and Computer Programming Company Risks: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the social media and computer programming sector. Such companies provide social networking, file sharing, and other web-based media applications. The risks related to investing in such companies include disruption in service caused by hardware or software failure, interruptions or delays in service by third-party data center hosting facilities and maintenance providers, security breaches involving certain private, sensitive, proprietary and confidential information managed and transmitted by social media companies, and privacy concerns and laws, evolving Internet regulation and other foreign or domestic regulations that may limit or otherwise affect the operations of such companies. Additionally, the collection of data from consumers and other sources could face increased scrutiny as regulators consider how the data is collected, stored, safeguarded and used. Furthermore, the business models employed by the companies in the social media and computer programming industries may not prove to be successful. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom 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. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. 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. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. 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 Underlying Stock that is significantly greater or less than its stated multiple. 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: Although the Underlying Stock’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. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underling Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate 2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. 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. Performance: <span id="xdx_90D_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20241018__20241018__dei--LegalEntityAxis__custom--S000076340Member_zeUXNNyGiao7" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following performance information indicates some of the risks of investing in the Fund. The bar chart shows the Fund’s performance from year to year. The table illustrates how the Fund’s average annual returns for the since inception and 1-year periods compared with those of the Index and a broad measure of market performance. <span id="xdx_90B_eoef--PerformancePastDoesNotIndicateFuture_c20241018__20241018__dei--LegalEntityAxis__custom--S000076340Member_zrC23wqCQ0Rc" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. Updated performance information is also available on the Fund’s website at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_904_eoef--PerformanceAvailabilityWebSiteAddress_c20241018__20241018__dei--LegalEntityAxis__custom--S000076340Member_zPA1ZaXu3wu7">www.graniteshares.com or by calling the Fund toll free at 844-476-8747. <img alt="" src="form497_005.jpg" style="width: 650px"/> During the periods shown in the bar chart above, the Fund’s highest quarterly return was 123.64% (quarter ended March 31, 2023) and the Fund’s lowest quarterly return was 3.85% (quarter ended September 30, 2023). The calendar year-to-date total return of the Fund as of September 30, 2024, was 110.68%. Average Annual Total Returns for the Periods Ended December 31, 2023 The following performance information indicates some of the risks of investing in the Fund. The bar chart shows the Fund’s performance from year to year. The table illustrates how the Fund’s average annual returns for the since inception and 1-year periods compared with those of the Index and a broad measure of market performance. The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. www.graniteshares.com 844-476-8747 1.2364 0.0385 1.1068 Average Annual Total Returns <div id="xdx_A88_eoef--PerformanceTableTextBlock_z60oLMP1mih6"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_zvYMOagNyoi4" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_493_20230101__20231231__oef--ClassAxis__custom--C000236086Member_zfs36HPuFSec" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Since Inception (12/12/22)</td><td style="text-align: center; padding-bottom: 1.5pt"> </td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_pid_dp_uRatio_hoef--PerformanceMeasureAxis__custom--ReturnBeforeTaxesMember_z8LoxEhQI6o2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-decoration: underline; width: 64%; text-align: left; padding-bottom: 1.5pt">Return Before Taxes</td><td style="width: 2%; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: black 1pt solid; width: 14%; text-align: right">339.22</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">%</td><td style="width: 2%; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; width: 1%; text-align: left"> </td><td id="xdx_986_eoef--AvgAnnlRtrPct_dp_c20221212__20231231__oef--ClassAxis__custom--C000236086Member__oef--PerformanceMeasureAxis__custom--ReturnBeforeTaxesMember_zBr7JrsJnE4g" style="border-bottom: black 1pt solid; width: 14%; text-align: right">333.33</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_pid_dp_uRatio_hoef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zSOd5kFinfq8" style="vertical-align: bottom; background-color: White"> <td style="text-decoration: underline; text-align: left; padding-bottom: 1.5pt">Return After Taxes on Distributions</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td><td style="border-bottom: black 1pt solid; text-align: right">278.91</td><td style="padding-bottom: 1.5pt; text-align: left">%</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td><td id="xdx_98B_eoef--AvgAnnlRtrPct_dp_c20221212__20231231__oef--ClassAxis__custom--C000236086Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zZFDAcChZFy3" style="border-bottom: black 1pt solid; text-align: right">276.56</td><td style="padding-bottom: 1.5pt; text-align: left">%</td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_pid_dp_uRatio_hoef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_z3fAoTVQUcyk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-decoration: underline; text-align: left; padding-bottom: 1.5pt">Return After Taxes on Distributions and Sale of Fund Shares</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td><td style="border-bottom: black 1pt solid; text-align: right">201.44</td><td style="padding-bottom: 1.5pt; text-align: left">%</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td><td id="xdx_987_eoef--AvgAnnlRtrPct_dp_c20221212__20231231__oef--ClassAxis__custom--C000236086Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zSpbbNSwgm1k" style="border-bottom: black 1pt solid; text-align: right">232.37</td><td style="padding-bottom: 1.5pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_pid_dp_uRatio_hoef--PerformanceMeasureAxis__custom--SoloactiveAutonomousAndElectricVehiclesIndexMember_zrtRrdeyG844" style="vertical-align: bottom; background-color: White"> <td style="text-decoration: underline; font-style: italic; text-align: left; padding-bottom: 1.5pt">S&P 500 (no fees, expenses, or taxes applied)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td><td style="border-bottom: black 1pt solid; text-align: right">26.29</td><td style="padding-bottom: 1.5pt; text-align: left">%</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td><td id="xdx_98B_eoef--AvgAnnlRtrPct_dp_c20221212__20231231__oef--ClassAxis__custom--C000236086Member__oef--PerformanceMeasureAxis__custom--SoloactiveAutonomousAndElectricVehiclesIndexMember_zQKCv6CSCu11" style="border-bottom: black 1pt solid; text-align: right">20.45</td><td style="padding-bottom: 1.5pt; text-align: left">%</td></tr> </table> 2022-12-12 3.3922 3.3333 2.7891 2.7656 2.0144 2.3237 0.2629 0.2045 Investment Objective The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Alphabet Inc. Class A (NASDAQ: GOOGL). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A89_eoef--ShareholderFeesTableTextBlock_zN5ccJxBhZ91"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_z31zFpUg1Bwf" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_490_20241018__20241018__oef--ClassAxis__custom--C000236099Member_zn9I6hrg1V46" style="text-align: right">0.99</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: black 1pt solid">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_406_eoef--ManagementFeesOverAssets_dp_zjwJeHtIvDXk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: justify">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">0.99</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_403_eoef--DistributionAndService12b1FeesOverAssets_dp_zKiOSJnY6G07" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_400_eoef--OtherExpensesOverAssets_dp_zikqBhxrS3oj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1.5pt">Other Expenses (1)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td><td style="border-bottom: black 1pt solid; text-align: right">0.19</td><td style="padding-bottom: 1.5pt; text-align: left">%</td></tr> <tr id="xdx_40E_eoef--ExpensesOverAssets_dp_zFkQi8unVtd7" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; text-align: justify">Total Annual Fund Operating Expenses (2)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.18</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_401_eoef--FeeWaiverOrReimbursementOverAssets_dp_zPKoIlil1hZa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt; text-align: justify">Fee Waver/Reimbursements (3)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td><td style="border-bottom: black 1pt solid; text-align: right">-0.03</td><td style="padding-bottom: 1.5pt; text-align: left">%</td></tr> <tr id="xdx_40A_eoef--NetExpensesOverAssets_dp_zb6BjZ9StGDe" style="vertical-align: bottom; background-color: White"> <td style="width: 70%; text-align: justify; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3) (1)(2)(3)</td><td style="width: 10%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; width: 18%; text-align: right">1.15</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px; text-align: justify">(1)</td> <td style="text-align: justify">Other Expenses are estimated for the Fund’s initial fiscal year.</td></tr> <tr style="vertical-align: top"> <td id="xdx_F0D_z0uMF8iUz1K2" style="text-align: justify">(2)</td> <td style="text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.00% for the fiscal year ending June 30, 2025.</td></tr> <tr style="vertical-align: top"> <td id="xdx_F0F_z0j0bDQnPJ36" style="text-align: justify">(3)</td> <td style="text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.15%. This agreement is effective until December 31, 2025 and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> </table> 0.0099 0.0000 0.0019 0.0118 -0.0003 0.0115 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A82_eoef--ExpenseExampleWithRedemptionTableTextBlock_zzCXR6saz9Od"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zJRgQPmbkNC8" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 50%; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td style="width: 47%; text-align: right">117</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 47%; text-align: right">365</td><td style="width: 1%; text-align: left"> </td></tr> </table> 117 365 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it, buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. The Fund does not have any portfolio turnover because it has not yet been launched. Principal Investment Strategies The Fund is an actively managed exchange traded fund that attempts to replicate 2 times (200%) the daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate 2 times the daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly. Swaps The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. 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 Underlying Stock. The Fund is expected to post between 35% and 45% of its assets as collateral under the swap agreements. The Fund expects to use Cowen Financial Products LLC as its initial swap counterparty. Cowen Financial Products LLC is a conditionally registered swap dealer and is required to file certain reports from time to time with the Securities and Exchange Commission. Cowen Financial Products LLC is an indirect subsidiary of Toronto Dominion Bank, a Canadian company whose shares are listed for trade on the New York Stock Exchange (NYSE) under the symbol “TD.” Debts of Cowen Financial Products LLC as it may relate to the Fund are not guaranteed by its parent company. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call and sells put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund may invest 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 as collateral for the Fund’s swap agreements. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the computer programming industry. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Alphabet Inc. The common stock of Alphabet Inc. (GOOGL) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Alphabet Inc. pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Alphabet Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. <div style="display: none"></div> PRINCIPAL RISKS OF INVESTING IN THE FUND. As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Stock performance may be affected by changes in advertising revenues, increased competition and ability to retain users and customers, its ability to enforce the company’s intellectual property rights, manufacturing and supply chain risks, global market conditions, cyber-attacks and changes in regulatory oversight. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the leveraged daily returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aims to track indices that replicate leverage daily returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock 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 Underlying Stock return is flat. For instance, if the Underlying Stock annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock return for the year was 0%. 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 Underlying Stock 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 Underlying Stock. 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 “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; text-align: center">200% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">10%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">25%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">50%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">75%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">125%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 40%; background-color: white; text-align: center">-95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 18%; background-color: white; text-align: center">-190%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">-100.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-180%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-160%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-97.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-140%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-93.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-120%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-84.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-85.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-87.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">98.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-50%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-100%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-75.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-76.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-80.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-85.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-90.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-94.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-64.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-66.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-72.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-79.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-96.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-51.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-54.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-61.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-72.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-82.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-90.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-95.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-36.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-39.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-50.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-76.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-86.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-93.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-23.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-36.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-53.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-83.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-91.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-1.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-22.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-43.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-79.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-89.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">13.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-5.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-31.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-55.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-74.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-87.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">42.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">35.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-47.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-85.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">67.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">58.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">31.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-3.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-38.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-65.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-82.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">93.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">84.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">52.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-28.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-80.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">122.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">111.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">75.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">28.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-17.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-53.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-76.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">120%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">153.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">140.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">99.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">46.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">140%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">185.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">171.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">125.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">65.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">6.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">160%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">220.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">204.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">152.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">85.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">20.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-32.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-66.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">180%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">256.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">239.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">181.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">105.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">34.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-25.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-61.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">190%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">295.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">275.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">211.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">129.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">48.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.1%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended July 31, 2024 was 32.5%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 35.7% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year ended July 31, 2024 was 23.9%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with Underlying Stock, 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 NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with Underlying Stock 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 Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with Underlying Stock, 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 Underlying Stock. 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 Underlying Stock. 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 daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Leverage Risk: The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock. Due to the limited availability of necessary investments or financial instruments, the Fund could, among other things, as a defensive measure, limit or suspend creations or redemptions of Creation Units until the adviser determines that the requisite exposure to the Underlying Stock is obtainable. During the period that creation or redemptions are affected, the Fund’s shares could trade at a significant premium or discount to their net asset value or the bid-ask spread of the Fund’s shares could widen significantly. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Social Media and Computer Programming Company Risks: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the social media and computer programming sector. Such companies provide social networking, file sharing, and other web-based media applications. The risks related to investing in such companies include disruption in service caused by hardware or software failure, interruptions or delays in service by third-party data center hosting facilities and maintenance providers, security breaches involving certain private, sensitive, proprietary and confidential information managed and transmitted by social media companies, and privacy concerns and laws, evolving Internet regulation and other foreign or domestic regulations that may limit or otherwise affect the operations of such companies. Additionally, the collection of data from consumers and other sources could face increased scrutiny as regulators consider how the data is collected, stored, safeguarded and used. Furthermore, the business models employed by the companies in the social media and computer programming industries may not prove to be successful. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom 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. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. The Fund will be subject to regulatory constraints relating to the 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. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. 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 Underlying Stock that is significantly greater or less than its stated multiple. 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: Although the Underlying Stock’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. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underling Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate 2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objective as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. 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. Performance Performance: Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Updated performance information, when available, will be available online at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_90F_eoef--PerformanceAvailabilityWebSiteAddress_c20241018__20241018__dei--LegalEntityAxis__custom--S000076353Member_zwtpeHfsrbxg">www.graniteshares.com or by calling 844-476-8747. www.graniteshares.com 844-476-8747 Investment Objective The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Amazon.com, Inc. (NASDAQ: AMZN). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A8A_eoef--ShareholderFeesTableTextBlock_zgR0YPfQBira"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_ztPiR2r0Dzgl" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_49D_20241018__20241018__oef--ClassAxis__custom--C000236100Member_z3jdiD1BwXq6" style="text-align: right">0.99</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: black 1pt solid">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_402_eoef--ManagementFeesOverAssets_dp_ze2sl2fgwBEf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: justify">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">0.99</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_407_eoef--DistributionAndService12b1FeesOverAssets_dp_zEAVgz0IJr0i" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_405_eoef--OtherExpensesOverAssets_dp_z9uI1GAnZXS5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1.5pt">Other Expenses</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td><td style="border-bottom: black 1pt solid; text-align: right">1.29</td><td style="padding-bottom: 1.5pt; text-align: left">%</td></tr> <tr id="xdx_407_eoef--ExpensesOverAssets_dp_zKDSRZW18Nal" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (1)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">2.28</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_409_eoef--FeeWaiverOrReimbursementOverAssets_dp_zL0yFYPLv9Kc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1.5pt">Fee Waver/Reimbursements (2)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td><td style="border-bottom: black 1pt solid; text-align: right">-1.13</td><td style="padding-bottom: 1.5pt; text-align: left">%</td></tr> <tr id="xdx_404_eoef--NetExpensesOverAssets_dp_zqWjvXy2KOcl" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2) (1)(2)(3)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.15</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.00% for the fiscal year ending June 30, 2025.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.15%. This agreement is effective until December 31, 2025 and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> </table> 0.0099 0.0000 0.0129 0.0228 -0.0113 0.0115 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8C_eoef--ExpenseExampleWithRedemptionTableTextBlock_z3vsxmJZeWZ9"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 70%; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">5 Year</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">10 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td style="width: 22%; text-align: right">117</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 22%; text-align: right">365</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="text-align: right; width: 21%">890</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="text-align: right; width: 21%">2,329</td><td style="width: 1%; text-align: left"> </td></tr> </table> 117 365 890 2329 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it, buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 0% of the average value of its portfolio, since the Fund invested only in instruments that are excluded from portfolio turnover rate calculations. However, if the Fund’s use of derivatives were reflected, the Fund’s portfolio turnover rate would be higher. 0 Principal Investment Strategies The Fund is an actively managed exchange traded fund that attempts to replicate 2 times (200%) the daily percentage change of the Underlying Stock by entering financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate 2 times the daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly. Swaps The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. 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 Underlying Stock. The Fund is expected to post between 25% and 40% of its assets as collateral under the swap agreements. The Fund expects to use Cowen Financial Products LLC as its initial swap counterparty. Cowen Financial Products LLC is a conditionally registered swap dealer and is required to file certain reports from time to time with the Securities and Exchange Commission. Cowen Financial Products LLC is an indirect subsidiary of Toronto Dominion Bank, a Canadian company whose shares are listed for trade on the New York Stock Exchange (NYSE) under the symbol “TD.” Debts of Cowen Financial Products LLC as it may relate to the Fund are not guaranteed by its parent company. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call and sells put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund may invest 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 as collateral for the Fund’s swap agreements. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the retail industry. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Amazon.com, Inc. The common stock of Amazon.com, Inc. (AMZN) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Amazon.com, Inc. pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Amazon.com, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Stock performance may be affected by the company’s ability to expand into new products, services or technologies, increased competition in the e-commerce industry, successfully operate its fulfillment and data centers, cybersecurity attacks, changes in supplier relationships, demand for certain consumer products, product liability issues, changes in tax liability and evolving government regulations. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the leveraged daily returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aims replicate leverage daily returns. For a Fund aiming to replicate 1.5 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock 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 Underlying Stock return is flat. For instance, if the Underlying Stock annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock return for the year was 0%. 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 Underlying Stock 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 Underlying Stock. 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 “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; text-align: center">200% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">10%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">25%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">50%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">75%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">125%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 40%; background-color: white; text-align: center">-95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 18%; background-color: white; text-align: center">-190%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">-100.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-180%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-160%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-97.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-140%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-93.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-120%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-84.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-85.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-87.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">98.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-50%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-100%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-75.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-76.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-80.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-85.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-90.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-94.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-64.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-66.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-72.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-79.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-96.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-51.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-54.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-61.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-72.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-82.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-90.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-95.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-36.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-39.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-50.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-76.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-86.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-93.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-23.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-36.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-53.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-83.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-91.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-1.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-22.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-43.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-79.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-89.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">13.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-5.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-31.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-55.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-74.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-87.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">42.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">35.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-47.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-85.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">67.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">58.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">31.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-3.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-38.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-65.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-82.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">93.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">84.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">52.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-28.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-80.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">122.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">111.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">75.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">28.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-17.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-53.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-76.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">120%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">153.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">140.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">99.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">46.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">140%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">185.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">171.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">125.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">65.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">6.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">160%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">220.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">204.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">152.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">85.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">20.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-32.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-66.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">180%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">256.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">239.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">181.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">105.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">34.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-25.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-61.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">190%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">295.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">275.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">211.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">129.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">48.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.1%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended July 31, 2024 was 35.8%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 43.2% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year ended July 31, 2024 was 15.0%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with Underlying Stock, 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 NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with Underlying Stock 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 Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with Underlying Stock, 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 Underlying Stock. 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 Underlying Stock. 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 daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Leverage Risk: The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock. Due to the limited availability of necessary investments or financial instruments, the Fund could, among other things, as a defensive measure, limit or suspend creations or redemptions of Creation Units until the adviser determines that the requisite exposure to the Underlying Stock is obtainable. During the period that creation or redemptions are affected, the Fund’s shares could trade at a significant premium or discount to their net asset value or the bid-ask spread of the Fund’s shares could widen significantly. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. On-Line Business Services and Retail Company Risks: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the online retail company sector. Companies that operate in the online marketplace and retail segments are subject to fluctuating consumer demand. Unlike traditional brick and mortar retailers, online marketplaces and retailers must assume shipping costs or pass such costs to consumers. Consumer access to price information for the same or similar products may cause companies that operate in the online marketplace and retail segments to reduce profit margins in order to compete. Due to the nature of their business models, companies that operate in the online marketplace and retail segments may also be subject to heightened cyber security risk, including the risk of theft or damage to vital hardware, software and information systems. The loss or public dissemination of sensitive customer information or other proprietary data may negatively affect the financial performance of such companies to a greater extent than traditional brick and mortar retailers. As a result of such companies being web-based and the fact that they process, store, and transmit large amounts of data, including personal information, for their customers, failure to prevent or mitigate data loss or other security breaches, including breaches of vendors’ technology and systems, could expose companies that operate in the online marketplace and retail segments or their customers to a risk of loss or misuse of such information, adversely affect their operating results, result in litigation or potential liability, and otherwise harm their businesses. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom 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. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. The Fund will be subject to regulatory constraints relating to the 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. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. 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 Underlying Stock that is significantly greater or less than its stated multiple. 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: Although the Underlying Stock’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. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underling Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which is to replicate 2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investments as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. 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. Performance Performance: Because the Fund had not yet been launched as of December 31, 2023, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Updated performance information, when available, will be available online at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBlcmZvcm1hbmNlIE1hbmFnZW1lbnQA" id="xdx_909_eoef--PerformanceAvailabilityWebSiteAddress_c20241018__20241018__dei--LegalEntityAxis__custom--S000076354Member_zhDBcko3zcSc">www.graniteshares.com or by calling 844-476-8747. www.graniteshares.com 844-476-8747 Investment Objective The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Apple Inc. (NASDAQ: AAPL). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A83_eoef--ShareholderFeesTableTextBlock_zbTIMl714lV1"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zbYpCp0Mos0g" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_49F_20241018__20241018__oef--ClassAxis__custom--C000236101Member_zKZ4WzAbtCWf" style="text-align: right">0.99</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: black 1pt solid">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_40B_eoef--ManagementFeesOverAssets_dpn_zwMh8BUdCdR8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: justify">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">0.99</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_401_eoef--DistributionAndService12b1FeesOverAssets_dpn_zJnVAhwe2hyk" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_403_eoef--OtherExpensesOverAssets_dpn_zCELu035GKga" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1.5pt">Other Expenses</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td><td style="border-bottom: black 1pt solid; text-align: right">0.66</td><td style="padding-bottom: 1.5pt; text-align: left">%</td></tr> <tr id="xdx_40C_eoef--ExpensesOverAssets_dpn_zctFEMZSgEal" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (1)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.65</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_408_eoef--FeeWaiverOrReimbursementOverAssets_dpn_z2vl7z9RVaQ" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1.5pt">Fee Waver/Reimbursements (2)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td><td style="border-bottom: black 1pt solid; text-align: right">-0.50</td><td style="padding-bottom: 1.5pt; text-align: left">%</td></tr> <tr id="xdx_40D_eoef--NetExpensesOverAssets_dpn_z8XH7WVfYB0g" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2) (1)(2)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.15</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.00% for the fiscal year ending June 30, 2025.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.15%. This agreement is effective until December 31, 2025 and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> </table> 0.0099 0.0000 0.0066 0.0165 -0.0050 0.0115 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A86_eoef--ExpenseExampleWithRedemptionTableTextBlock_z2JcNDAyffia"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_ztQYe0Zzy8Kg" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 70%; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">5 Year</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">10 Years</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td style="width: 22%; text-align: right">117</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 22%; text-align: right">365</td><td style="width: 1%; text-align: left"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="text-align: right; width: 21%">747</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="text-align: right; width: 21%">1,818</td> <td style="width: 1%"> </td></tr> </table> 117 365 747 1818 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it, buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 0% of the average value of its portfolio, since the Fund invested only in instruments that are excluded from portfolio turnover rate calculations. However, if the Fund’s use of derivatives were reflected, the Fund’s portfolio turnover rate would be higher. 0 Principal Investment Strategies The Fund is an actively managed exchange traded fund that attempts to replicate 2 times (200%) the daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate 2 times the daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly. Swaps The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. 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 Underlying Stock. The Fund is expected to post between 30% and 45% of its assets as collateral under the swap agreements. The Fund uses Cowen Financial Products LLC as its main swap counterparty. Cowen Financial Products LLC is a conditionally registered swap dealer and is required to file certain reports from time to time with the Securities and Exchange Commission. Cowen Financial Products LLC is an indirect subsidiary of Toronto Dominion Bank, a Canadian company whose shares are listed for trade on the New York Stock Exchange (NYSE) under the symbol “TD.” Debts of Cowen Financial Products LLC as it may relate to the Fund are not guaranteed by its parent company. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call and sells put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund may invest 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 as collateral for the Fund’s swap agreements. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the computer industry. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Apple Inc. The common stock of Apple Inc. (AAPL) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Apple Inc. pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Apple Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. <div style="display: none"></div> PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Stock performance may be affected by global markets and demand for Apple’s products and services, its ability to develop new products and services, inventory levels, supply chain issues, the performance of third-party software developers, system and network failures, privacy and cybersecurity breaches and changes in international and government regulations. Effects of Compounding and Market Volatility Risk: The Fund aims to replicate leveraged daily returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aims to track indices that replicate leverage daily returns. For a Fund aiming to replicate 2 times the performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock 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 Underlying Stock return is flat. For instance, if the Underlying Stock annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock return for the year was 0%. 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 Underlying Stock 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 Underlying Stock. 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 “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; text-align: center">200% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">10%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">25%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">50%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">75%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">125%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 40%; background-color: white; text-align: center">-95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 18%; background-color: white; text-align: center">-190%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">-100.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-180%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-160%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-97.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-140%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-93.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-120%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-84.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-85.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-87.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">98.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-50%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-100%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-75.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-76.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-80.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-85.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-90.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-94.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-64.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-66.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-72.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-79.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-96.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-51.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-54.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-61.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-72.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-82.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-90.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-95.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-36.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-39.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-50.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-76.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-86.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-93.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-23.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-36.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-53.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-83.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-91.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-1.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-22.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-43.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-79.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-89.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">13.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-5.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-31.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-55.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-74.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-87.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">42.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">35.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-47.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-85.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">67.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">58.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">31.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-3.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-38.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-65.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-82.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">93.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">84.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">52.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-28.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-80.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">122.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">111.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">75.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">28.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-17.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-53.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-76.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">120%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">153.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">140.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">99.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">46.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">140%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">185.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">171.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">125.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">65.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">6.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">160%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">220.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">204.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">152.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">85.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">20.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-32.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-66.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">180%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">256.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">239.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">181.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">105.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">34.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-25.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-61.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">190%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">295.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">275.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">211.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">129.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">48.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.1%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended July 31, 2024 was 33.4%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 41.7% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year ended July 31, 2024 was 26.0% (including the reinvestment of eventual dividends). Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with Underlying Stock, 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 NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with Underlying Stock 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 Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with Underlying Stock, 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 Underlying Stock. 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 Underlying Stock. 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 daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Leverage Risk: The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock. Due to the limited availability of necessary investments or financial instruments, the Fund could, among other things, as a defensive measure, limit or suspend creations or redemptions of Creation Units until the adviser determines that the requisite exposure to the Underlying Stock is obtainable. During the period that creation or redemptions are affected, the Fund’s shares could trade at a significant premium or discount to their net asset value or the bid-ask spread of the Fund’s shares could widen significantly. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Computer Technology Company Risks: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the software and information technology sector. The value of stocks of information 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 competitors with lower production costs. In addition, many information technology companies have limited product lines, markets, financial resources or personnel. The prices of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile and less liquid than the overall market. Information 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 information technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom 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. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. The Fund will be subject to regulatory constraints relating to the 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. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. 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 Underlying Stock that is significantly greater or less than its stated multiple. 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: Although the Underlying Stock’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. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underling Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate 2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objective as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. 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. Performance: The following performance information indicates some of the risks of investing in the Fund. The bar chart shows the Fund’s performance from year to year. The table illustrates how the Fund’s average annual returns for the since inception periods compare with those of the Index and a broad measure of market performance. The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. Updated performance information is also available on the Fund’s website at www.graniteshares.com or by calling the Fund toll free at 844-476-8747. <img alt="" src="form497_006.jpg" style="width: 650px"/> During the periods shown in the bar chart above, the Fund’s highest quarterly return was 47.24% (quarter ended March 31, 2023) and the Fund’s lowest quarterly return was -22.05% (quarter ended September 30, 2023). The calendar year-to-date total return of the Fund as of September 30, 2024 was 30.70%. Average Annual Total Returns for the Periods Ended December 31, 2023 The following performance information indicates some of the risks of investing in the Fund. The bar chart shows the Fund’s performance from year to year. The table illustrates how the Fund’s average annual returns for the since inception periods compare with those of the Index and a broad measure of market performance. The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. www.graniteshares.com 844-476-8747 0.4724 -0.2205 0.3070 Average Annual Total Returns <div id="xdx_A82_eoef--PerformanceTableTextBlock_zqQDMjhyNL36"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zg5xWPlEojyk" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">Since Inception (8/8/22)</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-decoration: underline; width: 64%; text-align: left; padding-bottom: 1.5pt">Return Before Taxes</td><td style="width: 2%; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; width: 1%; text-align: left"> </td><td id="xdx_98B_eoef--AvgAnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000236101Member__oef--PerformanceMeasureAxis__custom--ReturnBeforeTaxesMember_z8fYg5XgJ4M9" style="border-bottom: black 1pt solid; width: 14%; text-align: right">76.68</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">%</td><td style="width: 2%; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; width: 1%; text-align: left"> </td><td id="xdx_98A_eoef--AvgAnnlRtrPct_dp_c20220808__20231231__oef--ClassAxis__custom--C000236101Member__oef--PerformanceMeasureAxis__custom--ReturnBeforeTaxesMember_z1a5uOcTDpz1" style="border-bottom: black 1pt solid; width: 14%; text-align: right">6.33</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-decoration: underline; text-align: left; padding-bottom: 1.5pt">Return After Taxes on Distributions</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td><td id="xdx_986_eoef--AvgAnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000236101Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zUtXEqPnOLRf" style="border-bottom: black 1pt solid; text-align: right">65.36</td><td style="padding-bottom: 1.5pt; text-align: left">%</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td><td id="xdx_987_eoef--AvgAnnlRtrPct_dp_c20220808__20231231__oef--ClassAxis__custom--C000236101Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zmwgyPyxVI19" style="border-bottom: black 1pt solid; text-align: right">1.40</td><td style="padding-bottom: 1.5pt; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-decoration: underline; text-align: left; padding-bottom: 1.5pt">Return After Taxes on Distributions and Sale of Fund Shares</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td><td id="xdx_985_eoef--AvgAnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000236101Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zMVBqjaaEuYi" style="border-bottom: black 1pt solid; text-align: right">45.44</td><td style="padding-bottom: 1.5pt; text-align: left">%</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td><td id="xdx_98F_eoef--AvgAnnlRtrPct_dp_c20220808__20231231__oef--ClassAxis__custom--C000236101Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zlDQvzFsJau1" style="border-bottom: black 1pt solid; text-align: right">2.80</td><td style="padding-bottom: 1.5pt; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-decoration: underline; font-style: italic; text-align: left; padding-bottom: 1.5pt">S&P 500 (No fees, expenses, or taxes applied)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td><td id="xdx_985_eoef--AvgAnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000236101Member__oef--PerformanceMeasureAxis__custom--SoloactiveAutonomousAndElectricVehiclesIndexMember_zzS3Q0UdaXJl" style="border-bottom: black 1pt solid; text-align: right">29.26</td><td style="padding-bottom: 1.5pt; text-align: left">%</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td><td id="xdx_989_eoef--AvgAnnlRtrPct_dp_c20220808__20231231__oef--ClassAxis__custom--C000236101Member__oef--PerformanceMeasureAxis__custom--SoloactiveAutonomousAndElectricVehiclesIndexMember_zNXe3tW0lJJ3" style="border-bottom: black 1pt solid; text-align: right">12.57</td><td style="padding-bottom: 1.5pt; text-align: left">%</td></tr> </table> 2022-08-08 0.7668 0.0633 0.6536 0.0140 0.4544 0.0280 0.2926 0.1257 Investment Objective The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Microsoft Corporation (NASDAQ: MSFT). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A81_eoef--ShareholderFeesTableTextBlock_zcukVjBIIqn9"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zpAEfiQTRIWb" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_49F_20241018__20241018__oef--ClassAxis__custom--C000236087Member_zF4uZK3AK2I1" style="text-align: right">0.99</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: black 1pt solid">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dpn_zJVbFPpEEUVh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: justify">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">0.99</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40A_eoef--DistributionAndService12b1FeesOverAssets_dpn_zzX4g7ibKOe5" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_407_eoef--OtherExpensesOverAssets_dpn_zzOvzVhtAvu8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt; text-align: justify">Other Expenses</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td><td style="border-bottom: black 1pt solid; text-align: right">2.56</td><td style="padding-bottom: 1.5pt; text-align: left">%</td></tr> <tr id="xdx_405_eoef--ExpensesOverAssets_dpn_zUSlfEQON6w8" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; text-align: justify">Total Annual Fund Operating Expenses (1)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">3.55</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_408_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zqgLIdp5a6Gj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt; text-align: justify">Fee Waver/Reimbursements (2)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td><td style="border-bottom: black 1pt solid; text-align: right">-2.40</td><td style="padding-bottom: 1.5pt; text-align: left">%</td></tr> <tr id="xdx_403_eoef--NetExpensesOverAssets_dpn_zrGpyNjr9v8k" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; text-align: justify">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (1)(2)(3)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.15</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.00% for the fiscal year ending June 30, 2025.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.15%. This agreement is effective until December 31, 2025 and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> </table> 0.0099 0.0000 0.0256 0.0355 -0.0240 0.0115 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A82_eoef--ExpenseExampleWithRedemptionTableTextBlock_zWulb6g0Nn7k"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 70%; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">5 Year</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">10 Years</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td style="width: 22%; text-align: right">117</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 22%; text-align: right">365</td><td style="width: 1%; text-align: left"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="text-align: right; width: 21%">1,171</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="text-align: right; width: 21%">3,289</td> <td style="width: 1%"> </td></tr> </table> 117 365 1171 3289 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it, buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 0% of the average value of its portfolio, since the Fund invested only in instruments that are excluded from portfolio turnover rate calculations. However, if the Fund’s use of derivatives were reflected, the Fund’s portfolio turnover rate would be higher. 0 Principal Investment Strategies The Fund is an actively managed exchange traded fund that attempts to replicate 2 times (200%) the daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate 2 times the daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly. Swaps: The Fund may enter into one or more swap agreements with major financial Institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. 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 Underlying Stock. The Fund is expected to post between 25% and 45% of its assets as collateral under the swap agreements. The Fund expects to use Cowen Financial Products LLC as its initial swap counterparty. Cowen Financial Products LLC is a conditionally registered swap dealer and is required to file certain reports from time to time with the Securities and Exchange Commission. Cowen Financial Products LLC is an indirect subsidiary of Toronto Dominion Bank, a Canadian company whose shares are listed for trade on the New York Stock Exchange (NYSE) under the symbol “TD.” Debts of Cowen Financial Products LLC as it may relate to the Fund are not guaranteed by its parent company. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock.. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call and sells put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund may invest 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 as collateral for the Fund’s swap agreements. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the computer software industry. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Microsoft Corporation. The common stock of Microsoft Corporation (MSFT) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Microsoft Corporation pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Microsoft Corporation may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. <div style="display: none"></div> PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Stock performance may be affected by competition in the microprocessor market, reliance on third-party manufacturers, the company’s ability to new develop new products, losses of significant customers, changes in customer demand for its products, risks associated with defective products political, legal and economic risks affecting the company’s global operations. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the leveraged daily returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aims to replicate leverage daily returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock 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 Underlying Stock return is flat. For instance, if the Underlying Stock annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock return for the year was 0%. 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 Underlying Stock 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 Underlying Stock. 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 “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; text-align: center">200% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">10%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">25%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">50%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">75%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">125%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 40%; background-color: white; text-align: center">-95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 18%; background-color: white; text-align: center">-190%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">-100.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-180%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-160%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-97.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-140%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-93.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-120%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-84.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-85.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-87.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">98.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-50%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-100%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-75.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-76.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-80.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-85.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-90.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-94.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-64.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-66.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-72.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-79.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-96.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-51.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-54.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-61.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-72.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-82.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-90.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-95.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-36.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-39.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-50.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-76.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-86.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-93.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-23.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-36.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-53.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-83.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-91.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-1.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-22.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-43.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-79.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-89.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">13.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-5.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-31.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-55.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-74.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-87.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">42.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">35.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-47.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-85.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">67.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">58.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">31.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-3.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-38.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-65.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-82.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">93.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">84.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">52.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-28.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-80.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">122.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">111.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">75.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">28.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-17.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-53.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-76.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">120%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">153.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">140.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">99.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">46.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">140%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">185.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">171.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">125.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">65.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">6.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">160%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">220.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">204.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">152.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">85.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">20.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-32.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-66.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">180%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">256.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">239.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">181.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">105.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">34.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-25.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-61.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">190%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">295.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">275.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">211.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">129.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">48.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.1%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended July 31, 2024 was 30.9%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 41.8% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year ended July 31, 2024 was 26.0%. (including reinvestment of eventual dividends) Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with Underlying Stock, 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 NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with Underlying Stock 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 Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with Underlying Stock, 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 Underlying Stock. 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 Underlying Stock. 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 daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Leverage Risk: The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock. Due to the limited availability of necessary investments or financial instruments, the Fund could, among other things, as a defensive measure, limit or suspend creations or redemptions of Creation Units until the adviser determines that the requisite exposure to the Underlying Stock is obtainable. During the period that creation or redemptions are affected, the Fund’s shares could trade at a significant premium or discount to their net asset value or the bid-ask spread of the Fund’s shares could widen significantly. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Software and Information Computer Technology Company Risks: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the software and information technology sector. The value of stocks of information 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 competitors with lower production costs. In addition, many information technology companies have limited product lines, markets, financial resources or personnel. The prices of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile and less liquid than the overall market. Information 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 information technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom 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. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. 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. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. 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 Underlying Stock that is significantly greater or less than its stated multiple. 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: Although the Underlying Stock’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. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underling Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that its investment objective which is to replicate 2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objective as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. 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. Performance Performance: Because the Fund had not yet been launched as of December 31, 2023, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Updated performance information, when available, will be available online at www.graniteshares.com or by calling 844-476-8747. www.graniteshares.com 844-476-8747 Investment Objective The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Advanced Micro Devices, Inc. (NASDAQ: AMD). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A87_eoef--ShareholderFeesTableTextBlock_zmYilvJzQjj3"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zsSo00PfUk11" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_494_20241018__20241018__oef--ClassAxis__custom--C000236096Member_zKQKzhiDbTG9" style="text-align: right">0.99</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: black 1pt solid">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_zFApbyxEg0J7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: justify">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">0.99</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--DistributionAndService12b1FeesOverAssets_dpn_zh1HaJ65JuD3" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_40C_eoef--OtherExpensesOverAssets_dpn_zniTyYkqJva9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1.5pt">Other Expenses</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td><td style="border-bottom: black 1pt solid; text-align: right">5.05</td><td style="padding-bottom: 1.5pt; text-align: left">%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dpn_zS0qMRB5sGwe" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (1)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">6.04</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_408_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zeezjxgDZVtc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1.5pt">Fee Waver/Reimbursements (2)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td><td style="border-bottom: black 1pt solid; text-align: right">-4.89</td><td style="padding-bottom: 1.5pt; text-align: left">%</td></tr> <tr id="xdx_405_eoef--NetExpensesOverAssets_dpn_ztsFsg5BHSy3" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (1)(2)(3)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.15</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 2.00% for the fiscal year ending June 30, 2025.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.15%. This agreement is effective until December 31, 2025 and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> </table> 0.0099 0.0000 0.0505 0.0604 -0.0489 0.0115 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8D_eoef--ExpenseExampleWithRedemptionTableTextBlock_zCOwx1YPWTS2"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 70%; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">5 Year</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">10 Years</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td style="width: 22%; text-align: right">118</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 22%; text-align: right">368</td><td style="width: 1%; text-align: left"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="text-align: right; width: 21%">1,706</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="text-align: right; width: 21%">4,935</td> <td style="width: 1%"> </td></tr> </table> 118 368 1706 4935 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it, buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 0% of the average value of its portfolio, since the Fund invested only in instruments that are excluded from portfolio turnover rate calculations. However, if the Fund’s use of derivatives were reflected, the Fund’s portfolio turnover rate would be higher. 0 Principal Investment Strategies The Fund is an actively managed exchange traded fund that attempts to replicate 2 times (200%) the daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate 2 times the daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly. Swaps The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. 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 Underlying Stock. The Fund is expected to post between 35% and 45% of its assets as collateral under the swap agreements. The Fund expects to use Cowen Financial Products LLC as its initial swap counterparty. Cowen Financial Products LLC is a conditionally registered swap dealer and is required to file certain reports from time to time with the Securities and Exchange Commission. Cowen Financial Products LLC is an indirect subsidiary of Toronto Dominion Bank, a Canadian company whose shares are listed for trade on the New York Stock Exchange (NYSE) under the symbol “TD.” Debts of Cowen Financial Products LLC as it may relate to the Fund are not guaranteed by its parent company. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call and sell put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund may invest 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 as collateral for the Fund’s swap agreements. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the semi-conductor industry. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Advanced Micro Devices, Inc. The common stock of Advanced Micro Devices, Inc. (AMD) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Advanced Micro Devices, Inc. pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Advanced Micro Devices, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. <div style="display: none"></div> PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Stock performance may be affected by the company’s significant customer losses, its inability to develop and implement new technologies, its reliance on third-party distributors and platforms, cybersecurity attacks, its inability to protect its intellectual property rights and global laws and regulations affecting privacy, data protection and technology protections. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the leveraged daily returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aims to track indices that replicate leverage daily returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock 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 Underlying Stock return is flat. For instance, if the Underlying Stock annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock return for the year was 0%. 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 Underlying Stock 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 Underlying Stock. 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 “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; text-align: center">200% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">10%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">25%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">50%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">75%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">125%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 40%; background-color: white; text-align: center">-95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 18%; background-color: white; text-align: center">-190%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">-100.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-180%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-160%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-97.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-140%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-93.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-120%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-84.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-85.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-87.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">98.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-50%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-100%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-75.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-76.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-80.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-85.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-90.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-94.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-64.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-66.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-72.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-79.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-96.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-51.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-54.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-61.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-72.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-82.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-90.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-95.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-36.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-39.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-50.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-76.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-86.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-93.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-23.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-36.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-53.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-83.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-91.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-1.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-22.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-43.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-79.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-89.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">13.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-5.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-31.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-55.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-74.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-87.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">42.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">35.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-47.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-85.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">67.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">58.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">31.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-3.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-38.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-65.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-82.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">93.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">84.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">52.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-28.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-80.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">122.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">111.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">75.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">28.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-17.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-53.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-76.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">120%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">153.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">140.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">99.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">46.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">140%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">185.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">171.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">125.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">65.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">6.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">160%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">220.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">204.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">152.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">85.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">20.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-32.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-66.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">180%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">256.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">239.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">181.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">105.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">34.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-25.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-61.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">190%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">295.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">275.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">211.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">129.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">48.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.1%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended July 31, 2024 was 53.3%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 61.6% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year ended July 31, 2024 was 37.0%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with Underlying Stock, 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 NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with Underlying Stock 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 Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with Underlying Stock, 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 Underlying Stock. 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 Underlying Stock. 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 daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Leverage Risk: The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock. Due to the limited availability of necessary investments or financial instruments, the Fund could, among other things, as a defensive measure, limit or suspend creations or redemptions of Creation Units until the adviser determines that the requisite exposure to the Underlying Stock is obtainable. During the period that creation or redemptions are affected, the Fund’s shares could trade at a significant premium or discount to their net asset value or the bid-ask spread of the Fund’s shares could widen significantly. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Semi-Conductor Company Risks: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the semiconductor sector. The risks of investments in the semiconductor sector industry include: intense competition, both domestically and internationally, including competition from subsidized foreign competitors with lower production costs; wide fluctuations in securities prices due to risks of rapid obsolescence of products; economic performance of the customers of semiconductor companies; their research costs and the risks that their products may not prove commercially successful; capital equipment expenditures that could be substantial and suffer from rapid obsolescence; and thin capitalization and limited product lines, markets, financial resources or personnel. The semiconductor industry may also be affected by risks that affect the broader technology sector, including: government regulation; dramatic and often unpredictable changes in growth rates and competition for qualified personnel; heavy dependence on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability; and a small number of companies representing a large portion of the technology sector as a whole. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom 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. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. The Fund will be subject to regulatory constraints relating to the 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. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. 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 Underlying Stock that is significantly greater or less than its stated multiple. 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: Although the Underlying Stock’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. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underling Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate 2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stoc or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objective as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. 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. Performance Performance: Because the Fund had not yet launched as of December 31, 2023, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Updated performance information, when available, will be available online at www.graniteshares.com or by calling 844-476-8747. www.graniteshares.com 844-476-8747 Investment Objective The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the common stock of Palantir Technologies Inc. (NYSE: PLTR). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A8B_eoef--ShareholderFeesTableTextBlock_zHuQ9Q0HhJx4"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_z8mt8exPiM57" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_49A_20241018__20241018__oef--ClassAxis__custom--C000236091Member_zo8yqEK3WWef" style="text-align: right">0.99</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: black 1pt solid">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_40A_eoef--ManagementFeesOverAssets_dpn_zGgUEcJOXe7h" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: justify">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">0.99</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dpn_zr912ls4VDO9" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_40D_eoef--OtherExpensesOverAssets_dpn_zRhv0qn1dMfi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1.5pt">Other Expenses (1)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td><td style="border-bottom: black 1pt solid; text-align: right">0.19</td><td style="padding-bottom: 1.5pt; text-align: left">%</td></tr> <tr id="xdx_401_eoef--ExpensesOverAssets_dpn_zz1w1YxnWdY4" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (2)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.18</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_407_eoef--FeeWaiverOrReimbursementOverAssets_dpn_z6egiMk18uZ2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1.5pt">Fee Waver/Reimbursements (3)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td><td style="border-bottom: black 1pt solid; text-align: right">-0.03</td><td style="padding-bottom: 1.5pt; text-align: left">%</td></tr> <tr id="xdx_405_eoef--NetExpensesOverAssets_dpn_zvoKV2Vlqjki" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3) (1)(2)(3)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.15</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are estimated for the Fund’s initial fiscal year.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.00% for the fiscal year ending June 30, 2025.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.15%. This agreement is effective until December 31, 2025 and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> </table> 0.0099 0.0000 0.0019 0.0118 -0.0003 0.0115 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8D_eoef--ExpenseExampleWithRedemptionTableTextBlock_zlnY7GIGkgih"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_z6KGlreZBL2c" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 50%; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td style="width: 47%; text-align: right">117</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 47%; text-align: right">365</td><td style="width: 1%; text-align: left"> </td></tr> </table> 117 365 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. The Fund does not have any portfolio turnover because it has not yet been launched. Principal Investment Strategies The Fund is an actively managed exchange traded fund that attempts to replicate 2 times (200%) the daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate 2 times the daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. 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 Underlying Stock. The Fund is expected to post between 35% and 45% of its assets as collateral under the swap agreements. The Fund expects to use Cowen Financial Products LLC as its initial swap counterparty. Cowen Financial Products LLC is a conditionally registered swap dealer and is required to file certain reports from time to time with the Securities and Exchange Commission. Cowen Financial Products LLC is an indirect subsidiary of Toronto Dominion Bank, a Canadian company whose shares are listed for trade on the New York Stock Exchange (NYSE) under the symbol “TD.” Debts of Cowen Financial Products LLC as it may relate to the Fund are not guaranteed by its parent company. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call and sells put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund may invest 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 as collateral for the Fund’s swap agreements. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the computer software industry. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Palantir Technologies, Inc. The common stock of Palantir Technologies, Inc. (PLTR) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Palantir Technologies, Inc. pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Palantir Technologies, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Stock performance may be affected by significant customer losses, its inability to develop and implement new technologies, its reliance on third-party distributors and platforms, cybersecurity attacks, its inability to protect its intellectual property rights and global laws and regulations affecting privacy, data protection and technology protections. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the leveraged daily returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aims to track indices that replicate leverage daily returns. For a Fund aiming to replicate 1.25 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock 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 Underlying Stock return is flat. For instance, if the Underlying Stock annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock return for the year was 0%. 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 Underlying Stock 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 Underlying Stock. 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 “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; text-align: center">200% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">10%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">25%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">50%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">75%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">125%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 40%; background-color: white; text-align: center">-95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 18%; background-color: white; text-align: center">-190%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">-100.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-180%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-160%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-97.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-140%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-93.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-120%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-84.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-85.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-87.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">98.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-50%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-100%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-75.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-76.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-80.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-85.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-90.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-94.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-64.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-66.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-72.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-79.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-96.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-51.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-54.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-61.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-72.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-82.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-90.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-95.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-36.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-39.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-50.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-76.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-86.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-93.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-23.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-36.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-53.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-83.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-91.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-1.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-22.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-43.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-79.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-89.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">13.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-5.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-31.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-55.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-74.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-87.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">42.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">35.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-47.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-85.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">67.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">58.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">31.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-3.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-38.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-65.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-82.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">93.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">84.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">52.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-28.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-80.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">122.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">111.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">75.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">28.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-17.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-53.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-76.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">120%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">153.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">140.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">99.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">46.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">140%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">185.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">171.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">125.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">65.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">6.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">160%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">220.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">204.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">152.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">85.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">20.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-32.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-66.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">180%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">256.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">239.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">181.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">105.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">34.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-25.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-61.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">190%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">295.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">275.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">211.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">129.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">48.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.1%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the period from September 29, 2020 (the Underlying Stock’s IPO date) to July 31, 2024 was 75.1%. During the period observed the Underlying Stock’s highest volatility rate over a 12-month period was 90.5% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the period from September 29, 2020 (the Underlying Stock’s IPO date) to July 31, 2024 was 40.7%. Historical Underlying Stock volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility or instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with Underlying Stock, 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 NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with Underlying Stock 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 Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with Underlying Stock, 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 Underlying Stock. 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 Underlying Stock. 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 daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Leverage Risk: The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock. Due to the limited availability of necessary investments or financial instruments, the Fund could, among other things, as a defensive measure, limit or suspend creations or redemptions of Creation Units until the adviser determines that the requisite exposure to the Underlying Stock is obtainable. During the period that creation or redemptions are affected, the Fund’s shares could trade at a significant premium or discount to their net asset value or the bid-ask spread of the Fund’s shares could widen significantly. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Software and Information Technology Company Risks: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the software and information technology sector. The value of stocks of information 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 competitors with lower production costs. In addition, many information technology companies have limited product lines, markets, financial resources or personnel. The prices of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile and less liquid than the overall market. Information 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 information technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom 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. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. The Fund will be subject to regulatory constraints relating to the 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. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. 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 Underlying Stock that is significantly greater or less than its stated multiple. 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: Although the Underlying Stock’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. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underling Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate 2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objective as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. 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. Performance Performance: Because the Fund had not yet launched as of December 31, 2023, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Updated performance information, when available, will be available online at www.graniteshares.com or by calling 844-476-8747. www.graniteshares.com 844-476-8747 Investment Objective The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Uber Technologies, Inc. (NYSE: UBER). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A87_eoef--ShareholderFeesTableTextBlock_zaNA8RUyuCm8"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zsis2zpQchm7" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_49A_20241018__20241018__oef--ClassAxis__custom--C000236097Member_z6Q7wqOjPJzi" style="text-align: right">0.99</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: black 1pt solid">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_409_eoef--ManagementFeesOverAssets_dpn_z4U1wKfibg0l" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: justify">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">0.99</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40D_eoef--DistributionAndService12b1FeesOverAssets_dpn_zsA69dQSQB81" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_409_eoef--OtherExpensesOverAssets_dpn_zCTmNQ9BUQfl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1.5pt">Other Expenses (1)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td><td style="border-bottom: black 1pt solid; text-align: right">0.19</td><td style="padding-bottom: 1.5pt; text-align: left">%</td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zBNpohM7Oml7" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (2)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.18</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_408_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zpf6wYQTV0D3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1.5pt">Fee Waver/Reimbursements (3)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td><td style="border-bottom: black 1pt solid; text-align: right">-0.03</td><td style="padding-bottom: 1.5pt; text-align: left">%</td></tr> <tr id="xdx_407_eoef--NetExpensesOverAssets_dpn_zGmH2zoJ2Pr5" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3) (1)(2)(3)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.15</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are estimated for the Fund’s initial fiscal year.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.00% for the fiscal year ending June 30, 2025.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.15%. This agreement is effective until December 31, 2025 and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> </table> 0.0099 0.0000 0.0019 0.0118 -0.0003 0.0115 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A83_eoef--ExpenseExampleWithRedemptionTableTextBlock_zmVcU0YwPgBb"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zpL3CdrlaYZf" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 50%; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td style="width: 47%; text-align: right">117</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 47%; text-align: right">365</td><td style="width: 1%; text-align: left"> </td></tr> </table> 117 365 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it, buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. The Fund does not have any portfolio turnover because it has not yet been launched. Principal Investment Strategies The Fund is an actively managed exchange traded fund that attempts to replicate 2 times (200%) the daily percentage change of the Underlying Stock by entering financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate 2 times the daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. 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 Underlying Stock. The Fund is expected to post between 35% and 45% of its assets as collateral under the swap agreements The Fund expects to use Cowen Financial Products LLC as its initial swap counterparty. Cowen Financial Products LLC is a conditionally registered swap dealer and is required to file certain reports from time to time with the Securities and Exchange Commission. Cowen Financial Products LLC is an indirect subsidiary of Toronto Dominion Bank, a Canadian company whose shares are listed for trade on the New York Stock Exchange (NYSE) under the symbol “TD.” Debts of Cowen Financial Products LLC as it may relate to the Fund are not guaranteed by its parent company. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call and sell the put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund may invest 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 as collateral for the Fund’s swap agreements. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the business services industry. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Uber Technologies, Inc. The common stock of Uber Technologies, Inc. (UBER) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Uber Technologies, Inc. pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Uber Technologies, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Stock performance may be affected by company’s ability to attract and maintain a certain level of drivers and consumers, its success in investing in new technologies and services, the potential classification of its drivers as employees, changes in the conditions affecting major markets, cyberattacks, its ability to receive additional working capital, governmental regulation changes and risks of legal proceeding The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the leveraged daily returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aims to replicate leverage daily returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock 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 Underlying Stock return is flat. For instance, if the Underlying Stock annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock return for the year was 0%. 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 Underlying Stock 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 Underlying Stock. 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 “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; text-align: center">200% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">10%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">25%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">50%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">75%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">125%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 40%; background-color: white; text-align: center">-95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 18%; background-color: white; text-align: center">-190%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">-100.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-180%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-160%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-97.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-140%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-93.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-120%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-84.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-85.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-87.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">98.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-50%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-100%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-75.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-76.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-80.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-85.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-90.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-94.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-64.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-66.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-72.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-79.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-96.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-51.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-54.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-61.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-72.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-82.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-90.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-95.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-36.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-39.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-50.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-76.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-86.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-93.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-23.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-36.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-53.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-83.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-91.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-1.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-22.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-43.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-79.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-89.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">13.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-5.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-31.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-55.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-74.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-87.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">42.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">35.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-47.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-85.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">67.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">58.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">31.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-3.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-38.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-65.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-82.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">93.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">84.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">52.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-28.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-80.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">122.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">111.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">75.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">28.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-17.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-53.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-76.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">120%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">153.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">140.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">99.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">46.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">140%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">185.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">171.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">125.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">65.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">6.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">160%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">220.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">204.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">152.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">85.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">20.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-32.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-66.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">180%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">256.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">239.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">181.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">105.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">34.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-25.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-61.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">190%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">295.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">275.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">211.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">129.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">48.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.1%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended July 31, 2024, was 57.6%. During the period observed the Underlying Stock’s highest volatility rate over a 12-month period was 75.9% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the period for the five-year period ended July 31, 2024 was 9.5%. Historical Underlying Stock volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility or instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with Underlying Stock, 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 NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with Underlying Stock 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 Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with Underlying Stock, 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 Underlying Stock. 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 Underlying Stock. 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 daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Leverage Risk: The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock. Due to the limited availability of necessary investments or financial instruments, the Fund could, among other things, as a defensive measure, limit or suspend creations or redemptions of Creation Units until the adviser determines that the requisite exposure to the Underlying Stock is obtainable. During the period that creation or redemptions are affected, the Fund’s shares could trade at a significant premium or discount to their net asset value or the bid-ask spread of the Fund’s shares could widen significantly. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. On-Demand Business and Technology Services Company Risks: On-demand business and technology services are a relatively new and are subject to risks associated with a developing industry including limited product lines, markets, and financial resources as well as challenges to scalability of production. There is no guarantee that the products or services offered by companies in this business will be successful. Companies engaged in design, production or distribution of goods or services for the media industry may become quickly obsolete. They are subject to risks that include cyclicality of revenues and earnings, a decrease in the discretionary income of targeted individuals, changing consumer tastes and interests, intense competition, frequent new service introductions, loss or impairment of intellectual property rights, and the potential for increased government regulation. The business models employed by companies in the on-demand industry may not prove to be successful. These companies may also be susceptible to operational and information security risks including those associated with hardware or software failures, interruptions, or delays in service by third party vendors. Additionally, because on-demand companies typically collect and store sensitive consumer information, these companies are potential targets for cybersecurity attacks and other types of theft, and may face scrutiny from regulators considering how consumer data is stored, safeguarded, and used, which could have a negative impact on these companies. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom 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. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. The Fund will be subject to regulatory constraints relating to the 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. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. 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 Underlying Stock that is significantly greater or less than its stated multiple. 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: Although the Underlying Stock’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. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underling Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate 2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions. The Fund may be required to deviate from its investment objective as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. 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. Performance Performance: Because the Fund had not yet launched as of December 31, 2023, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Updated performance information, when available, will be available online at www.graniteshares.com or by calling 844-476-8747. www.graniteshares.com 844-476-8747 Investment Objective The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) of the common stock of Walt Disney Co (NYSE: DIS). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A89_eoef--ShareholderFeesTableTextBlock_zBicaFHRDZDj"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zNqbo0jwbEQj" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_499_20241018__20241018__oef--ClassAxis__custom--C000236103Member_zL2UxfyH1bi" style="display: none; text-align: right">0.99</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: black 1pt solid">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_40C_eoef--ManagementFeesOverAssets_dpn_zkuiR3h1Z8Y6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: justify">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">0.99</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_401_eoef--DistributionAndService12b1FeesOverAssets_dpn_zOQCQ5QdnxXd" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_408_eoef--OtherExpensesOverAssets_dpn_zGueUItXctz1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1.5pt">Other Expenses (1)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td><td style="border-bottom: black 1pt solid; text-align: right">0.19</td><td style="padding-bottom: 1.5pt; text-align: left">%</td></tr> <tr id="xdx_40A_eoef--ExpensesOverAssets_dpn_zT6ReYfQo4Eb" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (2)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.18</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_404_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zgW6L2JEbK64" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1.5pt">Fee Waver/Reimbursements (3)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td><td style="border-bottom: black 1pt solid; text-align: right">-0.03</td><td style="padding-bottom: 1.5pt; text-align: left">%</td></tr> <tr id="xdx_408_eoef--NetExpensesOverAssets_dpn_zLLe7E9L8PT2" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3) (1)(2)(3) </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.15</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are estimated for the Fund’s initial fiscal year.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.00% for the fiscal year ending June 30, 2025.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.15%. This agreement is effective until December 31, 2025 and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> </table> 0.0099 0.0000 0.0019 0.0118 -0.0003 0.0115 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A83_eoef--ExpenseExampleWithRedemptionTableTextBlock_zW94qkJyJJR7"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zYSH6buYd1S5" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 50%; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td style="width: 47%; text-align: right">117</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 47%; text-align: right">365</td><td style="width: 1%; text-align: left"> </td></tr> </table> 117 365 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it, buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. The Fund does not have any portfolio turnover because it has not yet been launched. Principal Investment Strategies The Fund is an actively managed exchange traded fund that attempts to replicate 2 times (200%) the daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate 2 times the daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. 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 Underlying Stock. The Fund is expected to post between 35% and 45% of its assets as collateral under the swap agreements. The Fund expects to use Cowen Financial Products LLC as its initial swap counterparty. Cowen Financial Products LLC is a conditionally registered swap dealer and is required to file certain reports from time to time with the Securities and Exchange Commission. Cowen Financial Products LLC is an indirect subsidiary of Toronto Dominion Bank, a Canadian company whose shares are listed for trade on the New York Stock Exchange (NYSE) under the symbol “TD.” Debts of Cowen Financial Products LLC as it may relate to the Fund are not guaranteed by its parent company. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call and sells put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund may invest 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 as collateral for the Fund’s swap agreements. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the amusement and recreation industry. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Walt Disney Co. The common stock of Walt Disney Co. (DIS) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Walt Disney Co. pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Walt Disney Co. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. <div style="display: none"></div> PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Stock performance may be affected by changes in consumer preferences for entertainment offerings and products, its ability to generate revenue from its intellectual property rights, labor and employment disputes, the seasonality of certain of Disney’s businesses and changes in FCC, environmental, consumer safety and tax regulations. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the leveraged daily returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aims to track indices that replicate leverage daily returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock 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 Underlying Stock return is flat. For instance, if the Underlying Stock annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock return for the year was 0%. 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 Underlying Stock 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 Underlying Stock. 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 “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; text-align: center">200% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">10%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">25%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">50%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">75%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">125%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 40%; background-color: white; text-align: center">-95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 18%; background-color: white; text-align: center">-190%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">-100.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-180%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-160%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-97.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-140%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-93.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-120%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-84.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-85.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-87.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">98.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-50%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-100%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-75.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-76.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-80.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-85.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-90.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-94.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-64.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-66.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-72.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-79.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-96.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-51.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-54.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-61.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-72.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-82.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-90.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-95.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-36.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-39.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-50.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-76.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-86.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-93.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-23.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-36.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-53.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-83.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-91.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-1.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-22.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-43.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-79.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-89.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">13.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-5.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-31.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-55.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-74.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-87.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">42.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">35.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-47.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-85.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">67.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">58.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">31.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-3.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-38.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-65.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-82.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">93.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">84.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">52.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-28.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-80.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">122.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">111.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">75.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">28.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-17.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-53.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-76.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">120%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">153.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">140.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">99.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">46.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">140%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">185.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">171.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">125.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">65.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">6.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">160%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">220.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">204.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">152.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">85.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">20.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-32.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-66.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">180%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">256.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">239.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">181.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">105.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">34.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-25.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-61.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">190%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">295.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">275.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">211.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">129.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">48.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.1%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended July 31, 2024 was 34.5%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 45.1% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year ended July 31, 2024 was -7.7% (including reinvestment of eventual dividends). Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with Underlying Stock, 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 NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with Underlying Stock 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 Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with Underlying Stock, 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 Underlying Stock. 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 Underlying Stock. 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 daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Leverage Risk: The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock. Due to the limited availability of necessary investments or financial instruments, the Fund could, among other things, as a defensive measure, limit or suspend creations or redemptions of Creation Units until the adviser determines that the requisite exposure to the Underlying Stock is obtainable. During the period that creation or redemptions are affected, the Fund’s shares could trade at a significant premium or discount to their net asset value or the bid-ask spread of the Fund’s shares could widen significantly. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Amusement and Leisure Company Risks: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the amusement and leisure company sector. Companies engaged in the design, production, or distribution of goods or services for the leisure and entertainment industries (including hospitality industry companies such as airlines, hotels, restaurants and bars, cruise lines, casinos, and all other recreation and amusement businesses; as well as entertainment programming companies engaged in the production of motion pictures, music by recording artists, programming for radio and television, related post-production and movie theaters) may become obsolete quickly. Additionally, several factors can significantly affect the leisure and entertainment industries, including the performance of the overall economy, changing consumer tastes and discretionary income levels, intense competition, technological developments and government regulation. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom 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. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. The Fund will be subject to regulatory constraints relating to the 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. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. 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 Underlying Stock that is significantly greater or less than its stated multiple. 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: Although the Underlying Stock’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. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underling Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that its investment objective which is to replicate 1.5 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruption. The Fund may be required to deviate from its investment objective as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. 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. Performance Performance: Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Updated performance information, when available, will be available online at www.graniteshares.com or by calling 844-476-8747. www.graniteshares.com 844-476-8747 Investment Objective The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Ford Motor Company (NYSE: F). Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A8F_eoef--ShareholderFeesTableTextBlock_zsWlKxo4EU4"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_znym3tEF0klc" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_498_20241018__20241018__oef--ClassAxis__custom--C000236104Member_zTx6siWIG4c4" style="text-align: right">0.99</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: black 1pt solid">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_40A_eoef--ManagementFeesOverAssets_dpn_ze5p8eTxHwd7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: justify">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">0.99</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_409_eoef--DistributionAndService12b1FeesOverAssets_dpn_zW7AryDO0fC8" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_402_eoef--OtherExpensesOverAssets_dpn_z3l3aGZFxpY4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1.5pt">Other Expenses (1)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td><td style="border-bottom: black 1pt solid; text-align: right">0.19</td><td style="padding-bottom: 1.5pt; text-align: left">%</td></tr> <tr id="xdx_406_eoef--ExpensesOverAssets_dpn_zXN0VgPgEbVj" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (2)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.18</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_404_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zNFZ8lwFyr9h" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1.5pt">Fee Waver/Reimbursements (3)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td><td style="border-bottom: black 1pt solid; text-align: right">-0.03</td><td style="padding-bottom: 1.5pt; text-align: left">%</td></tr> <tr id="xdx_40E_eoef--NetExpensesOverAssets_dpn_zJLv49cONjza" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements (1), (2), (3) (1)(2)(3) </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.15</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses are estimated for the Fund’s initial fiscal year.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.00% for the fiscal year ending June 30, 2025.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.15%. This agreement is effective until December 31, 2025 and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</td></tr> </table> 0.0099 0.0000 0.0019 0.0118 -0.0003 0.0115 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8D_eoef--ExpenseExampleWithRedemptionTableTextBlock_zza6Zi8HY9p5"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zUPaySRSBxd5" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 50%; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td style="width: 47%; text-align: right">117</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 47%; text-align: right">365</td><td style="width: 1%; text-align: left"> </td></tr> </table> 117 365 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it, buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. The Fund does not have any portfolio turnover because it has not yet launched. Principal Investment Strategies The Fund is a actively managed exchange traded fund that attempts to replicate 2 times (200%) the daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate 2 times the daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly. Swaps: The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. 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 Underlying Stock. The Fund is expected to post between 35% and 45% of its assets as collateral under the swap agreements. The Fund expects to use Cowen Financial Products LLC as its initial swap counterparty. Cowen Financial Products LLC is a conditionally registered swap dealer and is required to file certain reports from time to time with the Securities and Exchange Commission. Cowen Financial Products LLC is an indirect subsidiary of Toronto Dominion Bank, a Canadian company whose shares are listed for trade on the New York Stock Exchange (NYSE) under the symbol “TD.” Debts of Cowen Financial Products LLC as it may relate to the Fund are not guaranteed by its parent company. Options: Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call and sells the put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options. The Fund may invest 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 as collateral for the Fund’s swap agreements. The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the performance of the Underlying Stock. Due to the Fund’s investment exposure to the Underlying Stock, the Fund’s investment exposure is concentrated in the automotive industry. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day. THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Ford Motor Company. The common stock of Ford Motor Company (F) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Ford Motor Company pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Ford Motor Company may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. <div style="display: none"></div> PRINCIPAL RISKS OF INVESTING IN THE FUND As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance. Underlying Stock Risk: The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Stock performance may be affected by changes in consumer preferences affecting the automotive industry including electric vehicles, its reliance on third-party suppliers, vehicle defect issues, labor and employment issues, trade policies and tariffs, governmental investigations and litigations, and new or increased credit or consumer protection regulations. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock. Effects of Compounding and Market Volatility Risk: The Fund aims to replicate the leveraged daily returns of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aims to replicate leverage daily returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Stock during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Index 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 Underlying Stock return is flat. For instance, if the Underlying Stock annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock return for the year was 0%. 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 Underlying Stock 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 Underlying Stock. 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 “Tracking Error Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">One Year Performance of the Underlying Stock</td> <td rowspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; text-align: center">200% of One Year Performance of the Underlying Stock</td> <td colspan="7" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">Volatility of the Underlying Stock (annualized)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">10%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">25%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">50%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">75%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">125%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">150%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 40%; background-color: white; text-align: center">-95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 18%; background-color: white; text-align: center">-190%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; background-color: #C5E0B3; text-align: center">-99.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">-100.0%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; background-color: #C5E0B3; text-align: center">-100.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-180%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-99.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-160%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-97.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-98.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-140%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.1%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-93.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-98.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-99.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-120%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-84.2%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-85.0%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-87.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-91.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">-94.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">-96.8%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C5E0B3; text-align: center">98.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-50%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-100%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-75.3%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-76.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-80.6%</td> <td style="border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-85.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-90.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-94.9%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #C6E0B4; text-align: center">-97.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-64.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-66.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-72.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-79.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-86.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-92.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-96.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-51.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-54.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-61.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-72.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-82.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-90.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-95.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-36.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-39.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-50.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-76.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-86.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-93.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">-20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">-19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-23.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-36.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-53.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-83.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-91.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-1.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-22.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-43.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-63.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-79.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-89.6%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">19.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">13.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-5.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-31.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-55.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-74.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-87.7%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">42.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">35.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-47.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-70.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-85.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">67.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">58.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">31.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-3.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-38.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-65.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-82.4%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">93.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">84.0%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">52.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">12.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-28.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-80.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">100%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">122.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">111.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">75.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">28.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-17.6%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-53.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-76.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">120%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">153.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">140.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">99.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">46.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">-6.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">70%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">140%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">185.9%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">171.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">125.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">65.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">6.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-38.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-69.3%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">160%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">220.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">204.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">152.5%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">85.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">20.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-32.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-66.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">90%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">180%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">256.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">239.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">181.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">105.4%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">34.7%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-25.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-61.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">190%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">295.2%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C6E0B4; text-align: center">275.3%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #C5E0B3; text-align: center">211.8%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">129.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: #DA8E86; text-align: center">48.1%</td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-18.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #DA8E86; text-align: center">-59.1%</td></tr> </table> The Underlying Stock’s annualized historical volatility rate for the five-year period ended July 31, 2024 was 44.8%. During the five-year period observed the Underlying Stock’s highest volatility rate over a 12-month period was 55.1% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year ended July 31, 2024 was 7.4% (including reinvestment of eventual dividends). Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock. Correlation Risk: A number of factors may affect the Fund’s ability to achieve a high degree of correlation with Underlying Stock, 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 NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of Underlying Stock on such day. In order to achieve a high degree of correlation with Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with Underlying Stock 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 Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day. A number of other factors may also adversely affect the Fund’s correlation with Underlying Stock, 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 Underlying Stock. 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 Underlying Stock. 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 daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day. Leverage Risk: The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock. Due to the limited availability of necessary investments or financial instruments, the Fund could, among other things, as a defensive measure, limit or suspend creations or redemptions of Creation Units until the adviser determines that the requisite exposure to the Underlying Stock is obtainable. During the period that creation or redemptions are affected, the Fund’s shares could trade at a significant premium or discount to their net asset value or the bid-ask spread of the Fund’s shares could widen significantly. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and increased transaction and other costs and make greater taxable distributions to shareholders of the Fund. Automotive Company Risks: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to risks of the automotive sector. The automotive sector industry can be highly cyclical, and companies in the industry may suffer periodic operating losses. Automotive companies can be significantly affected by labor relations and fluctuating component prices. Developments in automotive technologies (e.g., autonomous vehicle technologies) may require significant capital expenditures that may not generate profits for several years, if ever. Automotive companies may be significantly subject to government policies and regulations regarding imports and exports of automotive products. Governmental policies affecting the automotive industry, such as taxes, tariffs, duties, subsidies, and import and export restrictions on automotive products can influence industry profitability. In addition, such companies must comply with environmental laws and regulations, for which there may be severe consequences for non-compliance. While most of the major automotive manufacturers are large companies, certain others may be non-diversified in both product line and customer base and may be more vulnerable to certain events that may negatively impact the automotive industry. Counterparty Risk: A counterparty (the other party to a transaction or an agreement or the party with whom 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. Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. The Fund will be subject to regulatory constraints relating to the 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. Exchange Traded Fund Structure Risk: The Fund is structured as an exchange traded fund and as a result is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In times of market stress, market makers may step away from their role market making in shares of exchange traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td></tr> </table> Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results. Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Non-Diversified Risk: The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund. Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. Options Contracts Risk: The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value. 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 Underlying Stock that is significantly greater or less than its stated multiple. 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: Although the Underlying Stock’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. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underling Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate 2 times the daily percentage change in the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objective as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. US Treasury Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. 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. Performance Performance: Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Updated performance information, when available, will be available online at www.graniteshares.com or by calling 844-476-8747. www.graniteshares.com 844-476-8747 The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.00% for the fiscal year ending June 30, 2025. GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.15%. This agreement is effective until December 31, 2025 and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 3.00% for the fiscal year ending June 30, 2025. GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.15%. This agreement is effective until December 31, 2025 and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 3.00% for the fiscal year ending June 30, 2025. GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.15%. This agreement is effective until December 31, 2025 and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.00% for the fiscal year ending June 30, 2025. GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.15%. This agreement is effective until December 31, 2025 and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.00% for the fiscal year ending June 30, 2025. GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.15%. This agreement is effective until December 31, 2025 and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment. Other Expenses are estimated for the Fund’s initial fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.00% for the fiscal year ending June 30, 2025. GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.15%. This agreement is effective until December 31, 2025 and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.00% for the fiscal year ending June 30, 2025. GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.15%. This agreement is effective until December 31, 2025 and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.00% for the fiscal year ending June 30, 2025. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.00% for the fiscal year ending June 30, 2025. GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.15%. This agreement is effective until December 31, 2025 and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 2.00% for the fiscal year ending June 30, 2025. GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.15%. This agreement is effective until December 31, 2025 and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment. Other Expenses are estimated for the Fund’s initial fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.00% for the fiscal year ending June 30, 2025. GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.15%. This agreement is effective until December 31, 2025 and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment. Other Expenses are estimated for the Fund’s initial fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.00% for the fiscal year ending June 30, 2025. GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.15%. This agreement is effective until December 31, 2025 and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment. Other Expenses are estimated for the Fund’s initial fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.00% for the fiscal year ending June 30, 2025. GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.15%. This agreement is effective until December 31, 2025 and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment. Other Expenses are estimated for the Fund’s initial fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 1.00% for the fiscal year ending June 30, 2025. GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.15%. This agreement is effective until December 31, 2025 and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.