VS Trust: securities offering (amended)

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ea0307918-s1a1_vstrust.htm

ea0310075-s1a2_vstrust.htm

AMENDMENT NO.1 NO. 2 TO FORM S-1

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Commission on October 7, 30, 2026

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Incorporation or Organization)

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Morrison C. Warren, Esq.

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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐ this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a)

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to Completion Preliminary Prospectus dated October 7, 30, 2026

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Title of Securities to be Registered (Ticker)

Proposed Maximum Aggregate Offering Price*

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* VS Trust has registered

* VS Trust has registered an indeterminate amount of exchange-traded vehicle securities.

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Fund. Shares are listed for trading on CBOE BZX Exchange, Inc. (the "Exchange") under the ticker symbol shown above next to each Fund's name

and together, the "Funds") are separate series of VS Trust. The Trust continuously offers for sale common units of beneficial interest ("Shares") of the Funds. Shares represent units of fractional undivided beneficial interest in and ownership of a Fund. Shares are listed for trading on CBOE BZX Exchange, Inc. (the "Exchange") under the ticker symbol shown above next to each Fund's name

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OF ITS UNDERLYING REFERENCE ASSET FOR THE SAME PERIOD. THESE DIFFERENCES CAN BE SIGNIFICANT.

DAY ONLY, MEASURED FROM ONE NAV CALCULATION TO THE NEXT. THE FUNDS DO NOT SEEK TO ACHIEVE THEIR STATED INVESTMENT OBJECTIVE OVER ANY PERIOD

PERIOD LONGER THAN A SINGLE DAY. THE RETURN OF A FUND FOR PERIODS LONGER THAN A SINGLE DAY WILL BE THE RESULT OF ITS RETURN FOR EACH DAY COMPOUNDED

DAY COMPOUNDED OVER THE PERIOD AND USUALLY WILL DIFFER IN AMOUNT, AND POSSIBLY EVEN DIRECTION, FROM THE FUND'S STATED MULTIPLE (3X) OF THE PERFORMANCE OF ITS UNDERLYING REFERENCE ASSET FOR THE SAME PERIOD. THESE DIFFERENCES CAN BE SIGNIFICANT.

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The potential upside of an investment in a Fund

Fund may be limited. Gains, if any, may be subject to significant and unexpected reversals.

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NEITHER THE TRUST NOR THE FUNDS ARE MUTUAL FUNDS

FUNDS OR ANY OTHER TYPE OF INVESTMENT COMPANY AS DEFINED IN THE INVESTMENT COMPANY ACT OF 1940 (THE "1940 ACT"), AND NEITHER

AND NEITHER IS SUBJECT TO REGULATION THEREUNDER. SHAREHOLDERS DO NOT HAVE THE PROTECTIONS ASSOCIATED WITH OWNERSHIP OF SHARES IN AN INVESTMENT COMPANY

COMPANY REGISTERED UNDER THE 1940 ACT. SEE RISK FACTOR ENTITLED "SHAREHOLDERS DO NOT HAVE THE PROTECTIONS ASSOCIATED WITH OWNERSHIP

OWNERSHIP OF SHARES IN AN INVESTMENT COMPANY REGISTERED UNDER THE 1940 ACT" IN PART ONE OF THIS PROSPECTUS FOR MORE INFORMATION.

These securities have not been approved or disapproved

disapproved by the United States Securities and Exchange Commission (the "SEC") or any state securities commission nor has the SEC or any state securities commission passed upon the accuracy or adequacy of this Prospectus. Any representation to the contrary is a criminal offense.

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Participants in Creation Units at NAV. Authorized Participants may then offer Shares to the public from any Creation Unit they create at per-Share offering prices that are expected to reflect, among other factors, the trading price of the Shares on the Exchange, the NAV of the Shares at the time the Authorized Participant purchased the Creation Units, the NAV of the Shares at the time of the offer of the

NAV of the Shares at the time the Authorized Participant purchased the Creation Units, the NAV of the Shares at the time of the offer of the Shares to the public, the supply of and demand for Shares at the time of sale, and the liquidity of the markets for the Linked

Shares to the public, the supply of and demand for Shares at the time of sale, and the liquidity of the markets for the Linked Instruments in which the Funds invest. The prices of Shares offered by Authorized Participants are expected to fall between NAV and the trading price of the Shares on the Exchange at the time of sale. Shares initially comprising the same Creation Unit but offered by Authorized Participants to the public at different times may have different offering prices. The Funds' Shares may trade in the secondary market on the

Participants to the public at different times may have different offering prices. The Funds' Shares may trade in the secondary market on the Exchange at prices that are lower or higher than their NAV per Share.

This Prospectus has two parts: the offered series

series disclosure and the general pool disclosure. These parts are bound together and are incomplete if not distributed together to prospective participants.

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YOU SHOULD CAREFULLY CONSIDER WHETHER YOUR FINANCIAL

FINANCIAL CONDITION PERMITS YOU TO PARTICIPATE IN A COMMODITY POOL. IN SO DOING, YOU SHOULD BE AWARE THAT COMMODITY INTEREST TRADING CAN QUICKLY

CAN QUICKLY LEAD TO LARGE LOSSES AS WELL AS GAINS. SUCH TRADING LOSSES CAN SHARPLY REDUCE THE NET ASSET VALUE OF THE POOL AND CONSEQUENTLY THE

THE VALUE OF YOUR INTEREST IN THE POOL. IN ADDITION, RESTRICTIONS ON REDEMPTIONS MAY AFFECT YOUR ABILITY TO WITHDRAW YOUR PARTICIPATION

FURTHER, COMMODITY POOLS MAY BE SUBJECT TO SUBSTANTIAL

SUBSTANTIAL CHARGES FOR MANAGEMENT, AND ADVISORY AND BROKERAGE FEES. IT MAY BE NECESSARY FOR THOSE POOLS THAT ARE SUBJECT TO THESE CHARGES TO

CHARGES TO MAKE SUBSTANTIAL TRADING PROFITS TO AVOID DEPLETION OR EXHAUSTION OF THEIR ASSETS. THIS DISCLOSURE DOCUMENT CONTAINS A COMPLETE DESCRIPTION

A COMPLETE DESCRIPTION OF EACH EXPENSE TO BE CHARGED THIS POOL AT PAGES 69-71 AND A STATEMENT OF THE PERCENTAGE RETURN NECESSARY TO BREAK EVEN, THAT IS,

TO BREAK EVEN, THAT IS, TO RECOVER THE AMOUNT OF YOUR INITIAL INVESTMENT, AT PAGES 69-71.

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OF THIS INVESTMENT, AT PAGES 11-54. 10-51.

EACH THIS POOL HAS NOT COMMENCED TRADING AND DOES

DOES NOT HAVE ANY PERFORMANCE HISTORY.

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THE FILINGS OF THE TRUST ARE POSTED AT THE SEC

SEC WEBSITE AT WWW.SEC.GOV .

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INFORMATION OR REPRESENTATION MUST NOT BE RELIED UPON AS HAVING BEEN AUTHORIZED BY THE TRUST, THE FUNDS, THE SPONSOR, THE AUTHORIZED PARTICIPANTS

PARTICIPANTS OR ANY OTHER PERSON.

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Important Tax Information

Redemption Procedures

Description of the Shares

Duties of the Sponsor

Shares Freely Transferable

Reports to Shareholders

CONFLICTS OF INTEREST

Fund Accounting Servicing Agreement

Marketing Agent Agreement

Ineligible Purchasers

PLAN OF DISTRIBUTION

Buying and Selling Shares

Authorized Participants

AUTHORIZED PARTICIPANTS MAY BE REQUIRED TO DELIVER

DELIVER A PROSPECTUS WHEN TRANSACTING IN SHARES. SEE "PLAN OF DISTRIBUTION" IN PART TWO OF THIS PROSPECTUS.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS.

PART ONE OFFERED SERIES DISCLOSURE

Important Information About the Funds

Additional Information Available About the Funds

Pricing Information Available on the Exchange and Other Sources

Creation and Redemption Transactions

Purchases and Sales in the Secondary Market

Limited Shareholder Voting Rights

Risks Related to the Use of Leverage by the Fund

Risks Related to the Fund's Investments

Risks Related to Investing in Gold-Linked Instruments (3x Gold ETF)

and 45 more changes in the filing

Important Information About the Funds 4 changes

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● Factors that contribute to returns that are worse than the Investment Objective include smaller Reference Asset gains and higher Reference Asset volatility, as well as longer holding periods when these factors apply.

● Factors that contribute to returns that are better than the Investment Objective include larger Reference Asset gains and lower Reference Asset volatility, as well as longer holding periods when these factors apply.

● The more extreme these factors are, and the more they occur together, the more your return will tend to deviate from the Investment Objective.

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THE FUNDS HAVE THIS POOL HAS NOT COMMENCED TRADING AND DO NOT HAVE ANY PERFORMANCE

The Funds 33 changes

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The Gold Futures Benchmark will comprise a portfolio

portfolio of rolling futures positions. Unlike equities, which entitle the holder to a continuing stake in a corporation, commodity futures contracts specify a delivery date for the underlying physical commodity or its cash equivalent. The Gold Futures Benchmark will represent a portfolio that rolls futures contracts positions to avoid physical delivery of the underlying commodity or its cash equivalent. The roll will occur over a period of five business days in each of January, March, May, July, September and November, beginning on the sixth business day and ending on the tenth business day of each respective month. Each day during the roll period, approximately 20% of the expiring futures positions will be rolled into a new contract with a longer dated expiry.

The Fund will not invest in physical gold,

in physical gold, but rather seeks to achieve its investment objective primarily through investment in gold futures contracts that trade on the Commodity Exchange, Inc. ("COMEX"), a subsidiary of the CME Group Inc., or another exchange registered with the CFTC ("Gold Futures Contracts") cash, and cash. Equivalents (as defined below). The Sponsor, in constructing the Benchmark and purchasing futures contracts for a Fund, will, under normal market conditions, select the most liquid futures contracts based on open interest and volume that are traded and settle during U.S. market hours. To the extent that Gold Futures Contracts become unavailable for investment (for example, due to price limits, accountability levels, exchange position limits, margin requirements, futures commission merchant ("FCM")-imposed position limits, or FCM risk mitigation requirements, each of which is described below), the Fund may invest in: (i) shares of other exchange-traded investment products whose shares are registered under the Securities Act of 1933 (the "1933 Act"), but are not registered as investment companies under the Investment Company Act of 1940 (the "1940 Act"), and that invest in assets similar to those in which the Fund may invest ("Gold-Linked ETPs"); (ii) shares of investment companies registered under the Investment Company Act that invest in assets similar to those in which the Fund may invest ("Gold-Linked ETFs"); (iii) exchange traded options on Gold Futures Contracts, shares of Gold-Linked ETPs, or shares of Gold-Linked ETFs; and (iv) cash. and Cash Equivalents (defined below).

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a portfolio of rolling futures positions. Unlike equities, which entitle the holder to a continuing stake in a corporation, commodity futures contracts specify a delivery date for the underlying physical commodity or its cash equivalent. The Silver Futures Benchmark will comprise a portfolio that rolls futures contracts positions to avoid physical delivery of the underlying commodity or its cash equivalent.

The Silver Futures Benchmark will comprise a portfolio

of rolling futures positions. Unlike equities, which entitle the holder to a continuing stake in a corporation, commodity futures contracts specify a delivery date for the underlying physical commodity or its cash equivalent. The Silver Futures Benchmark will comprise a portfolio that rolls futures contracts positions to avoid physical delivery of the underlying commodity or its cash equivalent. The roll will occur over a period of five business days in each of February, April, June, August, and November, beginning on the sixth business day and ending on the tenth business day of each respective month. Each day during the roll period, approximately 20% of the expiring futures positions will be rolled into a new contract with a longer dated expiry.

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but rather seeks to achieve its investment objective primarily through investment in silver futures contracts that trade on the COMEX or another exchange registered with the CFTC ("Silver Futures Contracts"), cash, and Cash Equivalents (as defined below).

but rather seeks to achieve its investment objective primarily through investment in silver futures contracts that trade on the COMEX or another exchange registered with the CFTC ("Silver Futures Contracts") and cash. The Sponsor, in constructing the Benchmark and purchasing futures contracts for a Fund, will, under normal market conditions, select the most liquid futures contracts based on open interest and volume that are traded and settle during U.S. market hours. To the extent that Silver Futures Contracts become unavailable for investment (for example, due to price limits, accountability levels, exchange position limits, margin requirements, FCM-imposed position limits, or FCM risk mitigation requirements, each of which is described below), the Fund may invest in: (i) shares of other exchange-traded investment products whose shares are registered under the 1933 Act, but are not registered as investment companies under the Investment Company Act, and that invest in assets similar to those in which the Fund may invest ("Silver-Linked ETPs"); (ii) shares of investment companies registered under the Investment Company Act that invest in assets similar to those in which the Fund may invest ("Silver-Linked ETFs"); (iii) exchange traded options on Silver Futures Contracts, shares of Silver-Linked ETPs, or shares of Silver-Linked ETFs; and (iv) cash. and Cash Equivalents (defined below).

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a portfolio of rolling futures positions. Unlike equities, which entitle the holder to a continuing stake in a corporation, commodity futures contracts specify a delivery date for the underlying physical commodity or its cash equivalent. The Bitcoin Futures Benchmark will comprise a portfolio that rolls futures contracts positions to avoid physical delivery of the underlying commodity or its cash equivalent.

The Bitcoin Futures Benchmark will comprise a

portfolio of rolling futures positions. Unlike equities, which entitle the holder to a continuing stake in a corporation, commodity futures contracts specify a delivery date for the underlying physical commodity or its cash equivalent. The Bitcoin Futures Benchmark will comprise a portfolio that rolls futures contracts positions to avoid physical delivery of the underlying commodity or its cash equivalent. Each month, the futures contracts will roll from the near month contract to expire to the next month contract to expire over a five-day period, beginning on the sixth business day prior to the expiry of the near month contract. Each day during the roll period, approximately 20% of the expiring futures positions will be rolled into a new contract with a longer dated expiry.

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but rather seeks to achieve its investment objective primarily through investment in bitcoin futures contracts that trade on the Chicago Mercantile Exchange Inc. ("CME"), a subsidiary of the CME Group Inc., or another exchange registered with the CFTC ("Bitcoin Futures Contracts") cash, and cash. Equivalents (as defined below). The Sponsor, in constructing the Benchmark and purchasing futures contracts for a Fund, will, under normal market conditions, select the most liquid futures contracts based on open interest and volume that are traded and settle during U.S. market hours. To the extent that Bitcoin Futures Contracts become unavailable for investment (for example, due to price limits, accountability levels, exchange position limits, margin requirements, FCM-imposed position limits, or FCM risk mitigation requirements, each of which is described below), the Fund may invest in: (i) shares of other exchange-traded investment products whose shares are registered under the 1933 Act, but are not registered as investment companies under the Investment Company Act, and that invest in assets similar to those in which the Fund may invest ("Bitcoin-Linked ETPs"); (ii) shares of investment companies registered under the Investment Company Act that invest in assets similar to those in which the Fund may invest ("Bitcoin-Linked ETFs"); (iii) exchange traded options on Bitcoin Futures Contracts, shares of Bitcoin-Linked ETPs, or shares of Bitcoin-Linked ETFs; and (iv) cash. and Cash Equivalents (defined below).

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The Ether Futures Benchmark will comprise a portfolio

portfolio of rolling futures positions. Unlike equities, which entitle the holder to a continuing stake in a corporation, commodity futures contracts specify a delivery date for the underlying physical commodity or its cash equivalent. The Ether Futures Benchmark will comprise a portfolio that rolls futures contracts positions to avoid physical delivery of the underlying commodity or its cash equivalent. Each month, the futures contracts will roll from the near month contract to expire to the next month contract to expire over a five-day period, beginning on the sixth business day prior to the expiry of the near month contract. Each day during the roll period, approximately 20% of the expiring futures positions will be rolled into a new contract with a longer dated expiry.

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but rather seeks to achieve its investment objective primarily through investment in ether futures contracts that trade on the CME, a subsidiary of the CME Group Inc., or another exchange registered with the CFTC ("Ether Futures Contracts") cash, and. Cash Equivalents (as defined below). The Sponsor, in constructing the Benchmark and purchasing futures contracts for a Fund, will, under normal market conditions, select the most liquid futures contracts based on open interest and volume that are traded and settle during U.S. market hours. To the extent that Ether Futures Contracts become unavailable for investment (for example, due to price limits, accountability levels, exchange position limits, margin requirements, FCM-imposed position limits, or FCM risk mitigation requirements, each of which is described below), the Fund may invest in: (i) shares of other exchange-traded investment products whose shares are registered under the 1933 Act, but are not registered as investment companies under the Investment Company Act, and that invest in assets similar to those in which the Fund may invest ("Ether-Linked ETPs"); (ii) shares of investment companies registered under the Investment Company Act that invest in assets similar to those in which the Fund may invest ("Ether-Linked ETFs"); (iii) exchange traded options on Ether Futures Contracts, shares of Ether-Linked ETPs or shares of Ether-Linked ETFs; and (iv) cash. and Cash Equivalents (defined below).

The 3x Ether ETF will not participate in the proof-of-stake

proof-of-stake validation mechanism of the Ethereum network (commonly referred to as "staking") or participate in other means of generating income from holding ether that could be available to other funds that hold ether. The 3x Ether ETF will not receive staking rewards.

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sweet crude oil, but rather seeks to achieve its investment objective primarily through investment in light, sweet crude oil futures contracts that trade on the New York Mercantile Exchange, Inc. ("NYMEX"), a subsidiary of the CME Group Inc., or another exchange registered with the CFTC ("Crude Oil Futures Contracts") cash, and cash. Equivalents (as defined below). The Sponsor, in constructing the Benchmark and purchasing futures contracts for a Fund, will, under normal market conditions, select the most liquid futures contracts based on open interest and volume that are traded and settle during U.S. market hours. To the extent that Crude Oil Futures Contracts become unavailable for investment (for example, due to price limits, accountability levels, exchange position limits, margin requirements, FCM-imposed position limits, or FCM risk mitigation requirements, each of which is described below), the Fund may invest in: (i) shares of other exchange-traded investment products whose shares are registered under the 1933 Act, but are not registered as investment companies under the Investment Company Act, and that invest in assets similar to those in which the Fund may invest ("Crude Oil-Linked ETPs"); (ii) shares of investment companies registered under the Investment Company Act that invest in assets similar to those in which the Fund may invest ("Crude Oil-Linked ETFs"); (iii) exchange traded options on Crude Oil Futures Contracts, shares of Crude Oil-Linked ETPs, or Crude shares of Oil-Linked ETFs; and (iv) cash. and Cash Equivalents (defined below).

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gas, but rather seeks to achieve its investment objective primarily through investment in natural gas futures contracts that trade on the NYMEX or another exchange registered with the CFTC ("Natural Gas Futures Contracts") cash, and cash. Equivalents (as defined below). The Sponsor, in constructing the Benchmark and purchasing futures contracts for a Fund, will, under normal market conditions, select the most liquid futures contracts based on open interest and volume that are traded and settle during U.S. market hours. To the extent that Natural Gas Futures Contracts become unavailable for investment (for example, due to price limits, accountability levels, exchange position limits, margin requirements, FCM-imposed position limits, or FCM risk mitigation requirements, each of which is described below), the Fund may invest in: (i) shares of other exchange-traded investment products whose shares are registered under the 1933 Act, but are not registered as investment companies under the Investment Company Act, and that invest in assets similar to those in which the Fund may invest ("Natural Gas-Linked ETPs"); (ii) shares of investment companies registered under the Investment Company Act that invest in assets similar to those in which the Fund may invest ("Natural Gas-Linked ETFs"); (iii) exchange traded options on Natural Gas Futures Contracts, shares of Natural Gas-Linked ETPs, or shares of Natural Gas-Linked ETFs; and (iv) cash. and Cash Equivalents (defined below).

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Cash Equivalents - are cash-like

instruments or high-quality securities that are designed to provide liquidity, serve as margin, or otherwise collateralize a Fund's investments. Cash Equivalents may consist of short-term instruments with maturities of less than three months, including: (a) U.S. Government securities, including bills, notes and bonds differing as to maturity and rates of interest, which are either issued or guaranteed by the U.S. Treasury or by U.S. Government agencies or instrumentalities; (b) certificates of deposit issued against funds deposited in a bank or savings and loan association; (c) bankers' acceptances, which are short-term credit instruments used to finance commercial transactions; (d) repurchase agreements and reverse repurchase agreements; (e) bank time deposits, which are monies kept on deposit with banks or savings and loan associations for a stated period of time at a fixed rate of interest; (f) commercial paper, which are short-term unsecured promissory notes; and (g) money market funds.

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Exchange Position Limits - are limits

limits of particular futures contracts in which a market participant may invest that are imposed by a futures exchange and restrict the maximum number of futures contracts on a single commodity that a single trader can hold. The CFTC and the futures exchanges establish position limits in an effort to prevent burdens associated with excessive speculation causing sudden or unreasonable fluctuations, as well as unwarranted changes in the price of an underlying commodity (such as food and energy prices). They also are designed to prevent excessive market control by one entity and also are designed to prevent market manipulation by ensuring that no entity can dominate a market, thus maintaining price stability and fairness for all participants.

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● demand more margin than the exchange minimum and may do this when an asset exhibits high market volatility.

● Prevent a customer from opening new trades. FCMs also can force a customer to lower the size of current trades.

● close a customer's open positions without asking the customer if the customer fails to pay a margin call on time; or ● block withdrawals or trading access. FCMs use this tool to secure remaining funds during risky market events.

Example of Fund Holdings

The following chart is a hypothetical example

of the instruments that a Fund might hold under normal market conditions. Each Fund's holdings are publicly available for investors to view on the Funds' website www.volatilityshares.com.

Market Value/Notional*

Reference Asset Futures Contracts Expiring end of next month

Reference Asset Futures Contracts Expiring end of current month that a Fund has $100 million in assets, and that the Fund is in the process of rolling futures contracts from the current month to the next month.

Fund Rebalancing 2 changes

Each Fund will, under normal circumstances, engage

engage in daily rebalancing to position its portfolio so that its investments are consistent with its Investment Objective. The impact of changes to the value of the Fund's investments each day, and the number of Shares purchased or redeemed, will affect whether and to what extent the Fund's portfolio needs to be rebalanced. The time and manner in which each Fund will rebalance its portfolio may vary depending upon market conditions and other circumstances including the potential impact of the rebalance on the price of the Fund's investments, if any.

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Pricing Information Available on the Exchange and Other Sources 2 changes

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or any successor thereto, which is publicly accessible at no charge, contains the following information: (a) the prior business day's NAV per Share; (b) the prior business day's official closing price; (c) calculation of the premium or discount of such BZX Official Closing Price against such NAV per Share; (d) a table showing the number of days the Shares traded at a premium or discount;

or any successor thereto, which is publicly accessible at no charge, contains the following information: (a) the prior business day's NAV per Share; (b) the prior business day's official closing price; (c) calculation of the premium or discount of such BZX Official Closing Price against such NAV per Share; (d) a table showing the number of days the Shares traded at a premium or discount; (e) a line graph showing the premium or discount of the Shares; (f) each Fund's median bid-ask spread; (g) historical distribution data; (h) the Prospectus; and (i) other applicable quantitative information. The Funds also disseminate each Fund's holdings on a daily basis on the Funds' website. The NAV per Share for each Fund is calculated by the Administrator once a day and is disseminated daily to all market participants at the same time. Quotation and last sale information regarding the Shares are disseminated through the facilities of the consolidated tape.

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The Sponsor 2 changes

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Neither the Trust nor the Funds are required to

to establish, or be overseen by, a board of directors or an audit committee of the board of directors. Accordingly, only the Funds' service providers, which are generally overseen by the Funds' Sponsor, will be providing services to the Funds. The Sponsor has the power to change a Fund's investment objective, Reference Asset, or investment strategy, and may liquidate a Fund, at any time, without shareholder approval, subject to applicable regulatory requirements.

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Creation and Redemption Transactions 2 changes

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Create/Redeem Cut-off

NAV Calculation Time

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Breakeven Amounts 3 changes

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* The breakeven analysis

set forth in this table assumes that the Shares have a constant NAV equal to the amount shown.

* The breakeven analysis set forth in this table assumes that the Shares have a constant NAV equal to the amount shown. The amount approximates the NAV of such Shares on August 31, 2026. The actual NAV of the Fund differs and is likely to change on a daily basis. The numbers in this chart have been rounded to the nearest 0.01.

Important Tax Information 2 changes

Please note that the Funds will distribute to shareholders

shareholders a Schedule K-1 that will contain information regarding the income and expense items of a Fund. The Schedule K-1 is a complex form and shareholders may find that preparing tax returns may require additional time or may require the assistance of an accountant or other tax preparer, at an additional expense to the shareholder.

Limited Shareholder Voting Rights 2 changes

As interests in a Delaware statutory trust, the

the Shares have limited voting and distribution rights. For example, shareholders do not have the right to elect directors, the Trust does not have a board of directors, the Funds may enact splits or reverse splits without shareholder approval, and the Funds are not required to pay regular distributions, although the Funds may pay distributions at the discretion of the Sponsor. Shareholders take no part in the management or control of the Trust and have no voice in the Trust's operations or business, other than certain limited voting rights as set forth in the Trust Agreement. The Sponsor may amend the Trust Agreement without shareholder consent, except that shareholders have the right to vote on amendments only if expressly required under Delaware or applicable federal law or rules or regulations of the Exchange, or if submitted to the shareholders by the Sponsor in its sole discretion.

Risks Related to the Use of Leverage by the Fund 12 changes

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Due to the compounding of daily returns, each Fund's

Fund's returns over a period longer than a single day will likely differ in amount and possibly even direction from three times (3x) the performance of the Fund's underlying Reference Asset over the same period. This effect becomes more pronounced as volatility increases and as holding periods extend. Investors who hold Shares for periods longer than one day should not expect the Fund's performance to correspond to three times (3x) the performance of the underlying Reference Asset over such periods.

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are worse than the stated Investment Objective: (i) smaller Reference Asset gains or losses; (ii) higher Reference Asset volatility;

are worse than the stated Investment Objective: (i) smaller Reference Asset gains or losses; (ii) higher Reference Asset volatility; and (iii) longer holding periods when these factors apply. The following factors contribute to returns that are better than the stated Investment Objective: (i) larger Reference Asset gains or losses; (ii) lower Reference Asset volatility; and (iii) longer holding periods when these factors apply. The more extreme these factors are, and the more they occur together, the more an investor's return will tend to deviate from the Fund's stated Investment Objective.

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The Fund's cumulative return over the five-day period is approximately 15.19%, which is less than 3x the Reference Asset's 5.65% gain. This example illustrates that even when the Reference Asset increases in value, the Fund's return over the period may be less than 3x the Reference Asset's return due to the effects of daily compounding and volatility.

Fund Underperforms. Assume an investor invests $100 in a Fund when the Reference Asset is priced at $100. Over a five-day period, the Reference Asset experiences the following daily returns: Day 1: +5%, Day 2: -4%, Day 3: +6%, Day 4: -3%, Day 5: +2%. Over this period, the Reference Asset increases from $100 to approximately $105.65, a gain of approximately 5.65%. If the Fund simply delivered 3x the cumulative return, an investor might expect a gain of approximately 16.95% (3 5.65%). However, because the Fund rebalances daily, the actual Fund performance is the result of compounding each day's 3x return. Applying 3x daily returns: Day 1: +15% ($100 $115), Day 2: -12% ($115 $101.20), Day 3: +18% ($101.20 $119.42), Day 4: -9% ($119.42 $108.67), Day 5: +6% ($108.67 $115.19). The Fund's cumulative return over the five-day period is approximately 15.19%, which is less than 3x the Reference Asset's 5.65% gain. This example illustrates that even when the Reference Asset increases in value, the Fund's return over the period may be less than 3x the Reference Asset's return due to the effects of daily compounding and volatility.

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The table below shows a performance example of

of how compounding impacts a 3x daily rebalanced investment over periods longer than one day. Areas shaded lighter represent those scenarios where a hypothetical fund that seeks daily 3x returns of a reference asset will return the same or outperform ( i.e. , return more than) 3x of the benchmark performance over one year; conversely, areas shaded darker represent those scenarios where the hypothetical fund will underperform ( i.e. , return less than) 3x of the benchmark performance over one year.

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One Year Reference Asset

Three times (3x) the One Year Reference Asset

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There can be no assurance that a Fund will achieve

achieve its investment objective or avoid substantial losses. A Fund does not seek to achieve its stated investment objective over a period of time greater than a single day because mathematical compounding prevents a Fund from achieving such results. A Fund will lose money if its Reference Asset's performance is flat over time, and a Fund can lose money regardless of the performance of its Reference Asset, as a result of daily rebalancing, fees, the underlying asset's volatility, compounding, differences between the performance of the Reference Asset and related Linked Instruments in which the Fund invests, and other factors. Daily compounding of a Fund's investment returns can dramatically and adversely affect its longer-term performance, especially during periods of high volatility. Volatility has a negative impact on a Fund's performance and may be at least as important to a Fund's return for a period as the return of its Reference Asset.

Risks Related to the Fund's Investments 34 changes

The Funds do not invest directly in the Reference

Reference Assets, and the Funds' investments can and do perform materially differently from the spot price of their underlying Reference Asset.

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Reference Asset (gold, silver, bitcoin, ether, light sweet crude oil, or natural gas, as applicable) through investments that are linked to the Reference Asset, which include (i) futures contracts; (ii) shares of other exchange-traded investment products whose shares are registered under the 1933 Act, but are not registered as investment companies under the Investment Company Act, and that invest in assets similar to those in which the Fund may invest ("ETPs"); (iii) shares of investment companies registered under the Investment Company Act that invest in assets similar to those in which the Fund may invest ("ETFs"); and (iii) exchange traded options on the Reference Asset, or on shares of ETPs or ETFs; and (iv) cash or (v) Cash Equivalents (defined above) (together, "Linked Instruments").

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As a result of these factors, the performance of

of a Fund may differ materially in amount and possibly even in direction from the performance of the spot price of the Fund's underlying Reference Asset. Historical data demonstrates that futures-based commodity investments have frequently underperformed the spot price of the underlying commodity over extended periods. Investors seeking exposure to the spot price of a Reference Asset should consider whether the Funds are appropriate for their investment objectives. An investment in a Fund should not be viewed as an investment in the underlying Reference Asset.

The value of Shares relates directly to the

the value of, and realized gain or loss from, the Linked Instruments and other assets held by a Fund. Fluctuations in the price of these Linked Instruments or assets could materially adversely affect an investment in the Shares.

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Asset or its related futures contracts;

● Inflation rates and investors' expectations concerning inflation rates;

● Supply and demand as well as hedging activities in the listed and over-the-counter ("OTC") equity derivatives markets;

● The level of margin requirements;

● The position limits imposed by FCMs and Exchanges;

● Disruptions in trading of the applicable underlying Reference Asset or its related futures contracts;

● The trading activity of other funds following similar benchmarks or trading similar strategies Each Fund may enter into written agreements with one or more FCMs governing the terms of the Fund's futures transactions cleared by such FCM. Because futures contracts typically require only a relatively small initial investment, they may involve a high degree of leverage. A Fund must provide margin when it invests in a futures contract. Such margin requirements are subject to change suddenly and without warning at any time during the term of the contract and could be substantial in the event of adverse price movements or volatility. High margin requirements could prevent a Fund from obtaining or maintaining sufficient exposure to futures contracts and may prevent or have a significant adverse impact on a Fund's ability to achieve its investment objective. If a margin call is not met within a reasonable time, an FCM may close out a Fund's position which may prevent the Fund from achieving its investment objective. If a Fund has, or expects to have, insufficient cash to meet daily margin requirements, it may need to buy or sell Linked Instruments at a time when such purchases or sales are disadvantageous. During periods of elevated market volatility, an FCM may raise margin requirements suddenly and without warning and cause the Fund to buy or sell Linked Instruments at a time when such purchases or sales are disadvantageous. This rise in margin requirements could prevent a Fund from obtaining or maintaining sufficient exposure to futures contracts and may prevent or have a significant adverse impact on a Fund's ability to achieve its investment objective. An FCM's failure to return required margin to a Fund on a timely basis may cause the Fund to delay redemption settlement dates and/or restrict, postpone or limit the right of redemption and could also have a negative impact on a Fund's ability to achieve its investment objective.

During periods of elevated market volatility, an FCM may raise margin requirements suddenly and without warning and cause the Fund to buy or sell Linked Instruments at a time when such purchases or sales are disadvantageous. This rise in margin requirements could prevent a Fund from obtaining or maintaining sufficient exposure to futures contracts and may prevent or have a significant adverse impact on a Fund's ability to achieve its investment objective. An FCM's failure to return required margin to a Fund on a timely basis may cause the Fund to delay redemption settlement dates and/or restrict, postpone or limit the right of redemption and could also have a negative impact on a Fund's ability to achieve its investment objective.

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Rolling may have a positive or negative impact on performance. When the market for these futures contracts is such that the prices are higher in the more distant delivery months than in the nearer delivery months, the sale during the course of the rolling process of the more nearby contract would take place at a price that is lower than the price of the more distant futures contract. This pattern of higher prices for longer expiration futures contracts is referred to as "contango." Alternatively, when the market for these futures contracts is such that the prices are higher in the nearer months than in the more distant months, the sale during the course of the rolling process of the more nearby contract would take place at a price that is higher than the price of the more distant futures contract. This pattern of higher prices for shorter expiration futures contracts is referred to as "backwardation."

This pattern of higher prices for shorter expiration futures contracts is referred to as "backwardation."

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Certain of the FCMs utilized by the Funds may impose

impose their own "position limits", or risk limits, on the Funds. Any such risk limits restrict the amount of exposure to futures contracts that a Fund can obtain through such FCMs. These risk limits may, for example, be imposed as a result of significant and/or rapid increases in the size of the Fund as a result of an increase in creation activity. As a result, a Fund may need to transact through a number of FCMs in order to achieve its investment objective. If enough FCMs are not willing to transact with a Fund, or if the risk limits imposed by such FCMs do not provide sufficient exposure, the Fund may not be able to achieve its investment objective. In addition, in such instances, a Fund may limit or suspend the purchase of Creation Units since the Fund may be unable to invest the cash received from such Creation Unit in sufficient futures transactions to meet its investment objective. As discussed elsewhere herein, the limitation or suspension of Creation Units could cause a Fund's Shares to trade at significant premiums or discounts and otherwise disrupt secondary market trading of Fund Shares.

In addition, in such instances, a Fund may limit or suspend the purchase of Creation Units since the Fund may be unable to invest the cash received from such Creation Unit in sufficient futures transactions to meet its investment objective. As discussed elsewhere herein, the limitation or suspension of Creation Units could cause a Fund's Shares to trade at significant premiums or discounts and otherwise disrupt secondary market trading of Fund Shares.

It may not be possible to gain exposure to

to a Reference Asset using exchange-traded Linked Instruments.

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The counterparty risk for cleared derivatives transactions

transactions is generally lower than for uncleared OTC derivatives. Once a transaction is cleared, the clearing organization is substituted and is a Fund's counterparty on the derivative. The clearing organization guarantees the performance of the other side of the derivative.

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In the event of a bankruptcy or insolvency of any

any exchange or a clearing house, the Fund could experience a loss of the funds deposited through its FCM as margin with the exchange or clearing house, a loss of any profits on its open positions on the exchange, and the loss of unrealized profits on its closed positions on the exchange.

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Investments in Cash Equivalents are subject

to credit risk, interest rate risk, and other risks that could result in loss of principal or reduced returns.

Each Fund may invest a portion of its assets in

Cash Equivalents to provide liquidity, serve as margin, or otherwise collateralize the Fund's investments. Cash Equivalents include U.S. Government securities, certificates of deposit, bankers' acceptances, repurchase agreements and reverse repurchase agreements, bank time deposits, commercial paper, and money market funds. Investments in Cash Equivalents are subject to various risks, including credit risk (the risk that the issuer or counterparty may fail to make principal or interest payments when due), interest rate risk (the risk that the value of the investment may decline if interest rates rise), and liquidity risk (the risk that the Fund may not be able to sell the investment at an advantageous time or price). U.S. Government securities that are not backed by the full faith and credit of the United States are subject to greater credit risk than obligations backed by the full faith and credit of the United States. Certificates of deposit and bank time deposits are subject to the credit risk of the issuing bank or savings institution, and amounts in excess of applicable deposit insurance limits are not insured. Bankers' acceptances and commercial paper are subject to the credit risk of the issuing or guaranteeing entity. Repurchase agreements are subject to the risk that the counterparty may fail to repurchase the underlying securities, and if the value of the underlying securities declines, the Fund may suffer a loss. Investments in money market funds are subject to the risks of the underlying instruments held by such funds, as well as the fees and expenses charged by such funds. While Cash Equivalents are generally considered to be lower-risk investments, there can be no assurance that the Funds will not experience losses on investments in Cash Equivalents.

For example, such concentration may cause the daily

daily rolling or rebalancing of a Fund's portfolio to adversely impact the market price of its concentrated portfolio of futures contracts and in turn the level of the Reference Asset and the performance of a Fund.

Investments in exchange-traded products involve

involve special risks.

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Risks Related to Investing in Gold-Linked Instruments (3x Gold ETF) 15 changes

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which are financial instruments that reference or derive their value from gold or Gold Futures Contracts. Investments in Gold-Linked Instruments expose 3x Gold ETF to risks associated with the price of gold, which may fluctuate significantly in short periods. The price of gold is affected by numerous factors beyond the control of the Sponsor, including changes in global supply and demand for gold; political, economic, and regulatory developments worldwide; changes in interest rates; currency fluctuations; central bank gold sales and purchases; global or regional recessions; natural disasters; and pandemics.

global or regional recessions; natural disasters; and pandemics.

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and subject to sudden and unpredictable price movements, including reversals. For example, on January 31, 2026, gold futures experienced their largest single-day percentage decline since 1980, falling approximately 11% from approximately $5,350 per ounce to approximately $4,745 per ounce. In March 2026, gold prices fell approximately 12% for the month, the worst monthly decline since 2013, from approximately $5,200 per ounce to approximately $4,600 per ounce.

largest single day percentage loss experienced in the value of a Gold Futures Contract over the last five years (i.e., from January 1, 2021 to present) was -11.39 % on January 30, 2026 . Had 3x Gold ETF been in existence on that date, it would likely have experienced a single day decline of approximately three times that percentage (i.e., -34.16%), which would likely have resulted in total or near-total loss of an investor's investment. These figures assume the Fund would have been adhered to the futures contract roll methodology outlined herein.

In a single day, an investor in 3x Gold ETF could

and subject to sudden and unpredictable price movements, including reversals. For example, on January 31, 2026, gold futures experienced their largest single-day percentage decline since 1980, falling approximately 11% from approximately $5,350 per ounce to approximately $4,745 per ounce. In March 2026, gold prices fell approximately 12% for the month, the worst monthly decline since 2013, from approximately $5,200 per ounce to approximately $4,600 per ounce. Had 3x Gold ETF been in existence during this period, it would have experienced declines of approximately three times these percentages (i.e., approximately 33% and 36%, respectively), which could have resulted in total or near-total loss of an investor's investment. In a single day, an investor in 3x Gold ETF could lose a substantial portion or all of their investment if the price of gold declines significantly. Gold markets also have historically experienced extended periods of flat or declining prices, and there can be no assurance that gold will maintain its long-term value in terms of future purchasing power. 3x Gold ETF seeks to provide three times (3x) the daily performance of gold, which amplifies both gains and losses. Unlike stocks or bonds, gold does not generate income or dividends, and 3x Gold ETF's returns are solely dependent on changes in the price of gold and 3x Gold ETF's ability to track its Reference Asset.

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Geopolitical events, including wars, military conflicts,

conflicts, terrorist attacks, political instability, trade disputes, sanctions, and international tensions may cause significant fluctuations in gold prices. Gold is often perceived as a "safe haven" asset during periods of geopolitical uncertainty, which may cause demand and prices to increase during such periods. However, there can be no assurance that gold will perform as a safe haven during any particular crisis or that prices will not decline even during periods of geopolitical stress. Political developments, changes in government policies, and elections in major economies may also impact gold prices and investor sentiment toward gold investments.

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Although 3x Gold ETF does not invest directly in

in gold mining companies, the price of gold may be affected by developments in the gold mining industry. Gold mining operations are subject to numerous risks, including geological uncertainty, operational hazards, labor disputes, political and regulatory risks, environmental liabilities, and fluctuations in production costs. Disruptions to gold mining operations or reductions in gold production may affect the global supply of gold and impact gold prices. Changes in the cost of extracting gold, including energy costs, labor costs, and the costs of regulatory compliance, may also affect gold prices over time.

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Gold mining companies and other producers may engage

engage in hedging or forward-selling activities to lock in future prices and manage their business risks. A significant increase in the level of hedging activity by gold producers could increase the effective supply of gold available to the market and cause a decline in gold prices. Historically, periods of increased producer hedging have contributed to sustained price declines in precious metals markets. Conversely, the unwinding of producer hedge positions has contributed to price increases. Changes in producer hedging activity are difficult to predict and may occur rapidly in response to changes in price expectations, interest rates, or producer financial conditions. Any decline in gold prices resulting from increased producer hedging would be magnified by 3x Gold ETF's 3x leveraged exposure.

Conversely, the unwinding of producer hedge positions has contributed to price increases. Changes in producer hedging activity are difficult to predict and may occur rapidly in response to changes in price expectations, interest rates, or producer financial conditions. Any decline in gold prices resulting from increased producer hedging would be magnified by 3x Gold ETF's 3x leveraged exposure.

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A significant change in the attitude of speculators

speculators and investors toward gold, including coordinated trading activity on social media platforms, may cause substantial volatility in gold prices.

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Risks Related to Investing in Silver-Linked Instruments (3x Silver ETF) 20 changes

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Silver prices historically have been highly volatile

volatile and may experience greater price swings than gold due to the smaller size of the silver market relative to gold. For example, on January 30, 2026, silver futures experienced their largest single-day percentage decline since 1980, falling approximately 26% in a single trading session. Silver prices fell from approximately $117 per ounce to approximately $85 per ounce. Over the period from late January through early February 2026, silver prices declined more than 30% from peak to trough. Had 3x Silver ETF been in existence during this period, it would have experienced declines of approximately three times these percentages (i.e., approximately 78% or more on a single-day basis and approximately 90% or more over the multi-day period), which would likely have resulted in total or near-total loss of an investor's investment. The Fund seeks to provide three times (3x) the daily performance of silver, which amplifies both gains and losses. In a single day, an investor in 3x Silver ETF could lose a substantial portion or all of their investment if the price of silver declines significantly.

largest single day percentage loss experienced in the value of a Silver Futures Contract over the last five years (i.e., from January 1, 2021 to present) was -31.37% on January 30, 2026. Had 3x Silver ETF been in existence on that date, it would likely have experienced a single day decline of approximately three times that percentage (i.e., -94.11%), which would likely have resulted in total or near-total loss of an investor's investment. These figures assume the Fund would have been adhered to the futures contract roll methodology outlined herein.

The Fund seeks to provide three times (3x) the

daily performance of silver, which amplifies both gains and losses. In a single day, an investor in 3x Silver ETF could lose a substantial portion or all of their investment if the price of silver declines significantly. Silver markets have historically experienced extended periods of flat or declining prices, and there can be no assurance that silver will maintain its long-term value in terms of future purchasing power. Unlike stocks or bonds, silver does not generate income or dividends, and 3x Silver ETF's returns are solely dependent on changes in the price of silver and 3x Silver ETF's ability to track its Reference Asset.

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The historical impact of contango on silver futures investments has been material-for example, annualized roll costs in contango markets have exceeded 2% in certain periods. Because 3x Silver ETF provides 3x leveraged exposure, such roll costs are amplified, meaning a 2% annualized roll cost would result in approximately 6% of additional underperformance annually (before fees and expenses) relative to a 3x leveraged investment in physical silver. This may cause 3x Silver ETF's performance to differ significantly from the performance of spot silver prices over time and may result in 3x Silver ETF substantially underperforming a similar investment that is linked to the spot price of silver, even if spot silver prices remain flat or increase.

(where futures prices are higher than spot prices) or backwardation (where futures prices are lower than spot prices). Silver, like gold, historically exhibits contango markets during most periods. However, in early 2026, the silver futures market experienced significant backwardation, with spot prices exceeding futures prices due to strong physical demand and speculative retail flows into leveraged silver ETFs. The backwardation in silver was more pronounced than in gold during this period, reflecting silver's smaller market size and the amplified impact of leveraged ETF rebalancing on the underlying futures market. When silver is in contango, 3x Silver ETF may experience "negative roll yield" as it sells expiring contracts at lower prices and purchases longer-dated contracts at higher prices. The historical impact of contango on silver futures investments has been material-for example, annualized roll costs in contango markets have exceeded 2% in certain periods. Because 3x Silver ETF provides 3x leveraged exposure, such roll costs are amplified, meaning a 2% annualized roll cost would result in approximately 6% of additional underperformance annually (before fees and expenses) relative to a 3x leveraged investment in physical silver. This may cause 3x Silver ETF's performance to differ significantly from the performance of spot silver prices over time and may result in 3x Silver ETF substantially underperforming a similar investment that is linked to the spot price of silver, even if spot silver prices remain flat or increase.

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and jewelry purposes, silver has significant industrial applications that account for a substantial portion of annual silver demand.

and jewelry purposes, silver has significant industrial applications that account for a substantial portion of annual silver demand. Industrial demand for silver includes use in electronics, electrical contacts and conductors, solar photovoltaic cells, electric vehicle components, batteries, medical devices, and various other applications. The solar photovoltaic industry has become a major consumer of silver, with each solar panel requiring silver paste for electrical conductivity. Electric vehicles also require significantly more silver than traditional internal combustion engine vehicles. The rapid growth in renewable energy installations, particularly in China, the European Union, and the United States, has fundamentally shifted silver's demand profile, with industrial applications now accounting for a majority of total annual silver consumption. Changes in industrial demand, including shifts in technology, manufacturing trends, or economic conditions affecting industrial production, may significantly impact silver prices independently of investment demand.

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Silver prices are significantly influenced by macroeconomic

macroeconomic factors and global economic conditions. Like gold, silver has historically served as a hedge against inflation and currency debasement, and silver prices may be affected by inflationary or deflationary trends. However, silver's sensitivity to industrial demand means that its price may also be affected by economic growth or contraction. During periods of economic expansion, industrial demand for silver may increase and support prices, while during economic downturns, reduced industrial demand may offset any safe-haven buying and cause silver prices to decline. For example, in January 2026, silver prices surged to an all-time high above $115 per ounce, driven by a combination of inflation concerns following oil price spikes related to the U.S.-Iran conflict, speculative retail flows into leveraged silver ETFs, and strong industrial demand from solar and electric vehicle manufacturers. The subsequent correction, which saw silver prices decline more than 30% from peak to trough, illustrated how quickly macroeconomic sentiment shifts and industrial demand expectations can reverse silver's gains.

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Geopolitical events, including wars, military conflicts,

conflicts, terrorist attacks, political instability, trade disputes, sanctions, and international tensions may cause significant fluctuations in silver prices. Silver, like gold, is often perceived as a "safe haven" asset during periods of geopolitical uncertainty, which may cause demand and prices to increase during such periods. However, silver's smaller market size and greater volatility mean that price reactions to geopolitical events may be more pronounced than for gold. There can be no assurance that silver will perform as a safe haven during any particular crisis or that prices will not decline even during periods of geopolitical stress.

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During periods of market stress, liquidity in Silver

Silver Futures Contracts may decline, which could make it more difficult or costly for 3x Silver ETF to achieve its investment objective. Reduced liquidity may result in wider bid-ask spreads, greater price volatility, and potential difficulty in executing transactions at favorable prices. In extreme market conditions, there may be limited or no market for certain Silver Futures Contracts, which could prevent 3x Silver ETF from rebalancing its portfolio or meeting its daily investment objective.

Reduced liquidity may result in wider bid-ask spreads, greater price volatility, and potential difficulty in executing transactions at favorable prices. In extreme market conditions, there may be limited or no market for certain Silver Futures Contracts, which could prevent 3x Silver ETF from rebalancing its portfolio or meeting its daily investment objective.

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Additionally, regulatory responses to coordinated trading activity, including potential trading restrictions or enhanced oversight, could adversely affect silver market liquidity and price discovery.

organized through social media platforms and online forums have caused extreme short-term volatility in certain asset prices, including silver. In early 2021, coordinated buying activity reportedly originating from online communities caused silver prices to spike significantly within a short period before subsequently declining. Because 3x Silver ETF seeks to provide 3x leveraged exposure to silver, any such coordinated activity could result in extreme volatility in 3x Silver ETF's share price. Investors could experience substantial gains or losses within a single trading day due to such activity. The silver market's smaller size relative to gold makes it potentially more susceptible to price manipulation or coordinated speculation. Such activity may occur with little or no warning and may reverse rapidly, causing 3x Silver ETF investors who purchase during a price spike to suffer significant losses if they do not actively monitor their positions. Additionally, regulatory responses to coordinated trading activity, including potential trading restrictions or enhanced oversight, could adversely affect silver market liquidity and price discovery.

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3x Silver ETF seeks to achieve its investment objective

objective through exposure to Silver Futures Contracts traded on COMEX. COMEX or the CME Group may suspend trading in Silver Futures Contracts, impose position limits or accountability levels, increase margin requirements, or experience electronic trading system failures that could prevent 3x Silver ETF from establishing or liquidating positions at favorable prices. During periods of extreme market volatility, trading in silver futures may be halted pursuant to exchange "circuit breaker" rules. If trading is halted or disrupted during the time when 3x Silver ETF needs to rebalance its portfolio to maintain its 3x leveraged exposure, 3x Silver ETF may be unable to achieve its daily investment objective. Additionally, the COMEX silver futures settlement price used to calculate 3x Silver ETF's Reference Asset may not accurately reflect the prevailing spot price of silver due to market dislocations, liquidity constraints, or basis risk between futures and spot prices. Any such disruptions or price dislocations could cause 3x Silver ETF's performance to differ materially from the performance investors expect based on movements in the spot price of silver.

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Risks Related to Investing in Bitcoin-Linked Instruments (3x Bitcoin ETF) 21 changes

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which are financial instruments that reference or derive their value from bitcoin or Bitcoin Futures Contracts. Bitcoin is a digital asset that operates on a decentralized peer-to-peer network without governmental oversight or central bank intervention. Bitcoin and other digital assets represent a new and rapidly evolving asset class that has experienced extreme price volatility. The trading prices of many digital assets, including bitcoin, have experienced extreme volatility in recent periods and may continue to do so. The price of bitcoin has experienced periods of rapid appreciation and depreciation, including declines of more than 50% over relatively short periods. For example, between late January and early February 2026, bitcoin prices declined from approximately $90,000 to approximately $60,000 in a matter of days, a decline of approximately 33%, with the broader correction from October 2025 through February 2026 representing an approximately 50% decline from peak to trough. Had 3x Bitcoin ETF been in existence during this period, it would have experienced declines of approximately three times these percentages, which would likely have resulted in total or near-total loss of an investor's investment. Extreme volatility in the future, including further declines in the trading prices of bitcoin, could have a material adverse effect on the value of the Shares and the Shares could lose all or substantially all of their value. Bitcoin has a limited operating history compared to traditional asset classes, and there is no assurance that bitcoin will maintain its long-term value or that widespread adoption will continue. The value of bitcoin depends significantly on acceptance by users, merchants, and institutional investors, and a decline in acceptance could adversely affect the price of bitcoin. Digital assets such as bitcoin have a limited operating history relative to traditional asset classes, and the medium-to-long term value of an investment in bitcoin is subject to a number of factors relating to the capabilities and development of blockchain technologies, including the recentness of their development, their dependence on the internet and other technologies, their dependence on the role played by users, developers, and miners, and the potential for malicious activity.

largest single day percentage loss experienced in the value of a Bitcoin Futures Contract over the last five years (i.e., from January 1, 2021 to present) was -20.09% on June 13, 2022. Had 3x Bitcoin ETF been in existence on that date, it would likely have experienced a single day decline of approximately three times that percentage (i.e., -60.27%), which would likely have resulted in total or near-total loss of an investor's investment. These figures assume the Fund would have been adhered to the futures contract roll methodology outlined herein.

Extreme volatility in the future, including further

declines in the trading prices of bitcoin, could have a material adverse effect on the value of the Shares and the Shares could lose all or substantially all of their value. Bitcoin has a limited operating history compared to traditional asset classes, and there is no assurance that bitcoin will maintain its long-term value or that widespread adoption will continue. The value of bitcoin depends significantly on acceptance by users, merchants, and institutional investors, and a decline in acceptance could adversely affect the price of bitcoin.

Digital assets such as bitcoin have a limited operating history relative to traditional asset classes, and the medium-to-long term value of an investment in bitcoin is subject to a number of factors relating to the capabilities and development of blockchain technologies, including the recentness of their development, their dependence on the internet and other technologies, their dependence on the role played by users, developers, and miners, and the potential for malicious activity.

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3x Bitcoin ETF, the Sponsor, and 3x Bitcoin ETF's service providers rely on information technology systems that could be directly or indirectly adversely affected by cybersecurity incidents or other disruptions. A successful security breach or cyberattack could result in a partial or total loss of 3x Bitcoin ETF's assets in a manner that may not be covered by insurance or the liability provisions of custody agreements. Digital asset exchanges, custodians, and wallets have experienced security breaches resulting in the loss of significant amounts of bitcoin. Recent developments in the digital asset economy have led to extreme volatility and disruption in digital asset markets, a loss of confidence in participants of the digital asset ecosystem, significant negative publicity surrounding digital assets broadly, and market-wide declines in liquidity. The bankruptcies of several prominent digital asset market participants, including FTX Trading Ltd., Celsius Network LLC, Voyager Digital Ltd., BlockFi Inc., Genesis Global Capital, LLC, and Three Arrows Capital, and the collapse of the stablecoin TerraUSD, have caused a loss of confidence in participants in the digital asset ecosystem, negative publicity surrounding digital assets more broadly, and market-wide declines in digital asset trading prices and liquidity. While 3x Bitcoin ETF invests in Bitcoin Futures Contracts rather than physical bitcoin, the price of bitcoin futures may be adversely affected by cybersecurity incidents, fraud, market manipulation, or operational failures involving bitcoin exchanges, custodians, wallets, or the bitcoin network itself. A disruption of the internet or the bitcoin network would affect the ability to transfer bitcoin and, consequently, could adversely impact the value of bitcoin and Bitcoin Futures Contracts.

A disruption of the internet or the bitcoin network would affect the ability to transfer bitcoin and, consequently, could adversely impact the value of bitcoin and Bitcoin Futures Contracts.

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However, during periods of market stress or forced de-risking, the bitcoin futures market can shift into backwardation. In late 2025 and early 2026, as bitcoin prices declined significantly from their all-time highs, the bitcoin futures market entered backwardation, with the CME bitcoin annualized basis falling to approximately negative 2%, its deepest backwardation since the FTX collapse in November 2022.

However, during periods of market stress or forced de-risking, the bitcoin futures market can shift into backwardation. In late 2025 and early 2026, as bitcoin prices declined significantly from their all-time highs, the bitcoin futures market entered backwardation, with the CME bitcoin annualized basis falling to approximately negative 2%, its deepest backwardation since the FTX collapse in November 2022. This backwardation signaled extreme caution among traders and reduced demand for leveraged long exposure. By mid-2026, as markets stabilized, the bitcoin futures term structure returned to contango. Previous episodes of backwardation in bitcoin futures (November 2022, March 2023, August 2023, and late 2025) have historically aligned closely with major or local market bottoms, though backwardation does not automatically indicate a price floor. The costs associated with rolling (buying and selling) Bitcoin Futures Contracts, including the impact of contango and backwardation, may have a significant negative impact on 3x Bitcoin ETF's performance over time and may prevent 3x Bitcoin ETF from achieving its investment objective. 3x Bitcoin ETF's rebalancing and roll strategies may be anticipated by market participants and may impact the price that 3x Bitcoin ETF must pay for futures contracts. The price and performance of bitcoin futures should be expected to differ from the current "spot" prices of bitcoin, and these differences could be significant. The bitcoin futures market has a limited trading history, bitcoin has a limited history, and the price of bitcoin referenced in Bitcoin Futures Contracts could differ from the global bitcoin price, which could adversely affect the value of the Shares. If the price referenced in Bitcoin Futures Contracts fails to track the global bitcoin price, shareholders could experience significant losses. Large holders of bitcoin, sometimes referred to as "whales," could adversely affect the price of bitcoin through large-scale sales, and such concentrated ownership creates risks that do not exist in more mature asset classes. Momentum pricing of bitcoin may result in speculation regarding future appreciation in the value of bitcoin, which inflates prices and leads to increased volatility, and bitcoin may be more likely to fluctuate in value due to changing investor confidence in future appreciation or depreciation in prices.

The bitcoin futures market has a limited trading history, bitcoin has a limited history, and the price of bitcoin referenced in Bitcoin Futures Contracts could differ from the global bitcoin price, which could adversely affect the value of the Shares. If the price referenced in Bitcoin Futures Contracts fails to track the global bitcoin price, shareholders could experience significant losses. Large holders of bitcoin, sometimes referred to as "whales," could adversely affect the price of bitcoin through large-scale sales, and such concentrated ownership creates risks that do not exist in more mature asset classes. Momentum pricing of bitcoin may result in speculation regarding future appreciation in the value of bitcoin, which inflates prices and leads to increased volatility, and bitcoin may be more likely to fluctuate in value due to changing investor confidence in future appreciation or depreciation in prices.

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Bitcoin mining operations consume significant amounts

amounts of electricity, which may have a negative environmental impact and give rise to public opinion against allowing, or government regulations restricting, the use of electricity for mining operations. Miners may be forced to cease operations during an electricity shortage or power outage, or in response to government regulation of energy usage. A significant reduction in the hashrate securing the Bitcoin network could reduce the security of the network and could adversely affect the price of bitcoin. Additionally, the profitability of bitcoin mining is dependent on the price of bitcoin and the costs of electricity. Bitcoin miners face a structural squeeze as the block subsidy "halving" cuts revenue approximately every four years, even as network hash rate compounds. A "halving" is a scheduled event in which the reward for mining new bitcoin is cut in half. The most recent bitcoin halving took place in April 2024 and reduced the amount of newly mined bitcoin from 6.25 to 3.125 per block. The next halving is expected to occur in approximately 2028. If the price of bitcoin does not increase sufficiently to compensate for the reduced block rewards and increasing competition, mining operations may become unprofitable, which could lead to a decline in network hashrate and network security.

If the price of bitcoin does not increase sufficiently to compensate for the reduced block rewards and increasing competition, mining operations may become unprofitable, which could lead to a decline in network hashrate and network security.

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The use of bitcoin for illicit purposes could result in significant reputational harm, regulatory scrutiny, and enforcement actions, and could adversely affect the price of bitcoin. Regulatory authorities may take actions to restrict or prohibit the use of bitcoin, which could adversely affect the price of bitcoin and 3x Bitcoin ETF's ability to achieve its investment objective.

activities or evade sanctions, businesses that facilitate transactions in bitcoin could be at increased risk of potential criminal or civil lawsuits, or of having banking or other services cut off. Bitcoin may be used to facilitate illicit activities including money laundering, sanction evasion, and terrorist financing. Bitcoin transactions have been and may continue to be used to purchase illegal goods or services. The use of bitcoin for illicit purposes could result in significant reputational harm, regulatory scrutiny, and enforcement actions, and could adversely affect the price of bitcoin. Regulatory authorities may take actions to restrict or prohibit the use of bitcoin, which could adversely affect the price of bitcoin and 3x Bitcoin ETF's ability to achieve its investment objective.

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The further development and acceptance of the Bitcoin

Bitcoin network is subject to a variety of factors that are difficult to evaluate. The Bitcoin network faces significant obstacles to increasing the usage of bitcoin without resulting in higher fees or slower transaction settlement times, and attempts to increase the volume of transactions may not be effective. The slowing, stopping, or reversing of the development or acceptance of the Bitcoin network may adversely affect the price of bitcoin. A decline in the adoption of bitcoin could negatively impact the value of an investment in 3x Bitcoin ETF. Consumer use of bitcoin as a means of payment for goods and services remains limited. A lack of expansion by bitcoin into retail and commercial markets, or a contraction of such use, may result in a reduction in the price of bitcoin. Despite the first-mover advantage of the Bitcoin network over other digital assets, it is possible that real or perceived shortcomings in the Bitcoin network, or technological, regulatory, or other developments, could result in a decline in popularity and acceptance of bitcoin, and other digital assets and digital asset networks could become more widely accepted and used than the Bitcoin network. In addition, central bank digital currencies may be attractive to some users due to lesser perceived volatility, greater trustworthiness, and/or any applicable federal insurance, and may compete with bitcoin for user adoption.

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The Bitcoin network may experience periods of congestion

congestion during which transactions may be delayed or fail to be confirmed. The Bitcoin network charges transaction fees to transact on the network, and these fees may vary significantly based on network congestion and the complexity of the transaction. Periods of high network activity may result in significantly elevated transaction fees. High transaction fees or slow transaction times may reduce the demand for bitcoin and negatively affect the price of bitcoin. While "Layer 2" solutions such as the Lightning Network and other scaling mechanisms have been developed to address Bitcoin network congestion, there is no guarantee that such solutions will be successful in addressing the Bitcoin network's scalability limitations. The Fund does not transact directly on the Bitcoin network, but the value of Bitcoin Futures Contracts is related to the utility and adoption of the Bitcoin network.

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the price of bitcoin and may affect the liquidity, pricing, and performance of Bitcoin Futures Contracts. The approval and launch of physical bitcoin ETPs in January 2024 resulted in significant changes to the bitcoin market structure, including increased institutional participation and changes to trading volumes on spot and futures markets. The existence of competing products that provide exposure to bitcoin may affect demand for 3x Bitcoin ETF and may result in 3x Bitcoin ETF charging lower fees or experiencing reduced asset growth. If the process of creation and redemption of Creation Units encounters any unanticipated difficulties, the possibility for arbitrage transactions by Authorized Participants intended to keep the price of the Shares closely linked to the price of bitcoin may not exist and, as a result, the price of the Shares may fall or otherwise diverge from the net asset value per Share. The liquidity of the Shares may also be affected by the withdrawal from participation of Authorized Participants or bitcoin trading counterparties.

If the process of creation and redemption of Creation Units encounters any unanticipated difficulties, the possibility for arbitrage transactions by Authorized Participants intended to keep the price of the Shares closely linked to the price of bitcoin may not exist and, as a result, the price of the Shares may fall or otherwise diverge from the net asset value per Share. The liquidity of the Shares may also be affected by the withdrawal from participation of Authorized Participants or bitcoin trading counterparties.

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Risks Related to Investing in Ether-Linked Instruments (3x Ether ETF ) 37 changes

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These drawdowns notwithstanding, ether prices increased significantly again during 2019, decreased significantly in the first quarter of 2020, and increased significantly over the remainder of 2020 and the first quarter of 2021. Beginning in the fourth quarter of 2021 and continuing through 2022, digital asset prices, including ether, declined significantly, before increasing again in 2023. More recently, ether prices experienced significant volatility in early 2026, declining from above $4,000 to approximately $2,100 between late January and early February 2026, a decline of approximately 47%. Had 3x Ether ETF been in existence during this period, it would have experienced declines of approximately three times this percentage, which would likely have resulted in total or near-total loss of an investor's investment. Extreme changes in the price of ether may occur in the future. Various factors may affect the price of ether, including adoption of the Ethereum network, competition from other blockchain platforms and digital assets, technological developments, regulatory changes, statements by influencers and the media, and general economic conditions.

largest single day percentage loss experienced in the value of an Ether Futures Contract over the last five years (i.e., from January 1, 2021 to present) was -26.39% on June 13, 2026. Had 3x Ether ETF been in existence on that date, it would likely have experienced a single day decline of approximately three times that percentage (i.e., -79.17%), which would likely have resulted in total or near-total loss of an investor's investment. These figures assume the Fund would have been adhered to the futures contract roll methodology outlined herein.

Extreme changes in the price of ether may occur

in the future. Various factors may affect the price of ether, including adoption of the Ethereum network, competition from other blockchain platforms and digital assets, technological developments, regulatory changes, statements by influencers and the media, and general economic conditions.

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However, during the market stress in late 2025 and early 2026, as ether prices declined significantly alongside bitcoin and other digital assets, the ether futures market experienced periods of backwardation, with near-term contracts trading at premiums to longer-dated contracts.

The Fund invests in Ether Linked Instruments, which

which include Ether Futures Contracts. The ether futures market may experience significant contango or backwardation. Futures contracts with a longer term to expiration may be priced higher than futures contracts with a shorter term to expiration ("contango"), or lower ("backwardation"). Ether futures typically trade in contango during normal market conditions, similar to bitcoin futures. However, during the market stress in late 2025 and early 2026, as ether prices declined significantly alongside bitcoin and other digital assets, the ether futures market experienced periods of backwardation, with near-term contracts trading at premiums to longer-dated contracts. This backwardation reflected cautious forward pricing and weaker near-term expectations among market participants.

This backwardation reflected cautious forward pricing and weaker near-term expectations among market participants. By mid-2026, as digital asset markets stabilized, the ether futures term structure generally returned to contango. The costs associated with rolling (buying and selling) Ether Futures Contracts and the impact of margin requirements, collateral requirements, and other limits may have a negative impact on performance and prevent the Fund from achieving its objective. The price and performance of ether futures should be expected to differ from the current "spot" prices of ether (the prices of ether that can be purchased immediately). These differences could be significant. A Fund that invests in futures contracts, as opposed to holding physical ether directly, may not closely track the spot price of ether, which could cause the Fund's returns to differ materially from the spot price returns over any period.

These differences could be significant. A Fund that invests in futures contracts, as opposed to holding physical ether directly, may not closely track the spot price of ether, which could cause the Fund's returns to differ materially from the spot price returns over any period.

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result in a loss of the Fund's assets or damage to the reputation of the Fund. Such security threats to the Fund's assets include malware attacks, phishing, social engineering, denial of service attacks, credential-stuffing, and other unauthorized access attempts.

result in a loss of the Fund's assets or damage to the reputation of the Fund. Such security threats to the Fund's assets include malware attacks, phishing, social engineering, denial of service attacks, credential-stuffing, and other unauthorized access attempts. Digital assets and their associated networks face numerous cybersecurity threats, ranging from individual hackers to organized crime groups and state-sponsored actors. As an asset class, digital assets have been the target of frequent cybersecurity attacks. Cyberattacks on digital asset exchanges, custodians, and other market participants have resulted in the loss of significant amounts of digital assets.

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The Ethereum network is subject to changes to its

its protocol, known as "forks." Forks occur when a portion of the network adopts a change to the software while another portion does not, resulting in two separate blockchains. A "hard fork" occurs when the change is not backward-compatible, resulting in a permanent split. A "soft fork" occurs when the change is backward-compatible. A hard fork could result in two separate digital assets, each with its own value. It is possible that proposed changes to the Layer 1 Ethereum network could divide the community, potentially even causing a hard fork, or that the decentralized governance of the Ethereum network causes network participants to fail to coalesce overwhelmingly around any particular solution, causing the Ethereum network to suffer reduced adoption or causing nodes, users, or validators to migrate to other blockchain networks. The price of Ether Futures Contracts in which the Fund invests may reflect the impact of these forks. The Fund will not receive the benefits of any forks or airdrops.

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Ether valuation is uncertain and highly volatile,

volatile, and pricing sources may be unreliable, illiquid, or subject to manipulation, affecting Fund valuations.

The value of ether is determined by the value that

that market participants place on ether through their transactions. This market currently lacks the breadth and depth found in more established markets, such as those for equity securities or government debt obligations. Pricing for ether may therefore be subject to greater volatility and may reflect market sentiment to a greater degree than more established assets. Ether spot prices are provided on a reasonable efforts basis and delays may occur both because of the delay in third parties communicating the information and because of delays inherent in posting information over the internet. The price of Ether Futures Contracts traded on the CME may differ materially from ether spot prices available on digital asset trading platforms, and such price differences could be significant and could persist for extended periods.

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The ether market may experience periods of

of illiquidity that could impair the Fund's ability to execute transactions at favorable prices or rebalance its portfolio.

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Ether has limited acceptance as a means of

of payment for goods and services, which may constrain its utility and long-term value as a digital asset.

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("ETPs") for ether may affect the price of ether and may affect the liquidity, pricing, and performance of Ether Futures Contracts.

operating history, with CME ether futures first becoming available in February 2021. The ether futures market is significantly smaller and less liquid than the CME bitcoin futures market and may be significantly smaller and less liquid than other commodity futures markets.

("ETPs") for ether may affect the price of ether and may affect the liquidity, pricing, and performance of Ether Futures Contracts. The approval and launch of physical ether ETPs in July 2024 resulted in changes to the ether market structure, including increased institutional participation and changes to trading volumes on spot and futures markets. The existence of competing products that provide exposure to ether may affect demand for the Fund and may result in the Fund charging lower fees or experiencing reduced asset growth. Investors seeking exposure to ether may prefer physical ether ETPs, which hold ether directly and may more closely track the spot price of ether. If the process of creation and redemption of Creation Units encounters any unanticipated difficulties, the possibility for arbitrage transactions by Authorized Participants intended to keep the price of the Shares closely linked to the price of ether futures may not exist and, as a result, the price of the Shares may fall or otherwise diverge from the net asset value per Share. The liquidity of the Shares may also be affected by the withdrawal from participation of Authorized Participants or ether trading counterparties.

Investors seeking exposure to ether may prefer physical ether ETPs, which hold ether directly and may more closely track the spot price of ether. If the process of creation and redemption of Creation Units encounters any unanticipated difficulties, the possibility for arbitrage transactions by Authorized Participants intended to keep the price of the Shares closely linked to the price of ether futures may not exist and, as a result, the price of the Shares may fall or otherwise diverge from the net asset value per Share. The liquidity of the Shares may also be affected by the withdrawal from participation of Authorized Participants or ether trading counterparties.

The ether futures market is smaller and less

less liquid than other futures markets, which may increase volatility, widen bid-ask spreads, and increase trading costs.

The CME ether futures market has a relatively short

short operating history, with CME ether futures first becoming available in February 2021. The ether futures market is significantly smaller and less liquid than the CME bitcoin futures market and may be significantly smaller and less liquid than other commodity futures markets. Because of the limited size and liquidity of the ether futures market, the Fund may be required to pay more to enter positions in Ether Futures Contracts or may receive less when exiting such positions than it would if the market were more liquid. The Fund may be unable to enter or exit positions at desired prices in times of market stress or volatility. Position limits imposed by the CME or the CFTC may limit the Fund's ability to achieve its investment objective. If the Fund reaches the applicable position limit, it will not be able to enter into new positions even if it would otherwise be necessary to achieve the Fund's investment objective. In addition, if ether futures markets experience illiquidity, the Fund's exposure to Ether Futures Contracts may be limited, which could prevent the Fund from achieving its investment objective.

In addition, if ether futures markets experience illiquidity, the Fund's exposure to Ether Futures Contracts may be limited, which could prevent the Fund from achieving its investment objective.

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There is no requirement that these large holders maintain their investment in ether, and sales by such holders could occur at any time without notice.

small number of holders. It is possible that one or more of these holders could sell all or a substantial portion of their holdings, resulting in a significant decrease in the price of ether. Additionally, if a large holder were to attempt to liquidate a substantial position, this may place significant selling pressure on the market, reducing the price of ether. Certain holders of ether may have acquired ether at prices significantly below then-current market prices and may therefore be more likely to sell their holdings. Large transfers of ether between addresses, which are publicly visible on the Ethereum blockchain, may cause significant short-term volatility in ether prices. There is no requirement that these large holders maintain their investment in ether, and sales by such holders could occur at any time without notice.

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compared to many other asset classes. Ether was launched in 2015, and the Ethereum network has been in operation for approximately a decade.

Ether has a limited performance history compared

compared to traditional assets, making it difficult to evaluate its long-term viability and predict future performance.

Ether and the Ethereum network have a limited history

history compared to many other asset classes. Ether was launched in 2015, and the Ethereum network has been in operation for approximately a decade. There is a limited basis upon which to evaluate how the Ethereum network will perform over time. Historical performance of ether is not indicative of future results. The limited track record of ether makes it difficult to predict its long-term viability. Various factors could limit the utility of ether or lead to its obsolescence, including competition from other digital assets, technological changes, and changes in user preferences. An investment in the Fund is speculative and involves a high degree of risk. The Fund is not a complete investment program.

Risks Related to Investing in Crude Oil-Linked Instruments (3x Crude Oil ETF) 21 changes

3x Crude Oil ETF invests in Crude Oil-Linked Instruments,

Instruments, which are financial instruments that reference or derive their value from light, sweet crude oil or Crude Oil Futures Contracts.

which are financial instruments that reference or derive their value from light, sweet crude oil or Crude Oil Futures Contracts. The Fund does not invest directly in physical crude oil; rather, the Fund obtains its crude oil exposure primarily through futures contracts and may also invest in other Linked Instruments. The price of crude oil is highly volatile and is affected by numerous factors beyond the control of the Sponsor, including global and regional supply and demand for oil; actions by the Organization of the Petroleum Exporting Countries and its allies ("OPEC+") and other oil-producing nations regarding production levels and export policies; geopolitical events and military conflicts, particularly in major oil-producing regions such as the Middle East, Russia, and other areas; changes in technology, including advancements in extraction techniques such as hydraulic fracturing ("fracking") and the development of alternative energy sources; environmental regulations and climate change policies, including emissions standards and carbon pricing mechanisms; and global economic conditions and rates of economic growth. For example, on March 9, 2026, WTI crude oil futures experienced their widest single-day trading range in history, with prices swinging from approximately $119 per barrel to approximately $81 per barrel during the trading session, a range of approximately $38 per barrel, or more than 30% from high to low. This extreme volatility was driven by geopolitical tensions in the Middle East. Had 3x Crude Oil ETF been in existence during this period, it would have experienced volatility of approximately three times these movements, which could have resulted in total or near-total loss of an investor's investment depending on the timing of entry and exit.

largest single day percentage loss experienced in the value of a Crude Oil Futures Contract over the last five years (i.e., from January 1, 2021 to present) was -13.06% on November 26, 2021. Had 3x Crude Oil ETF been in existence on that date, it would likely have experienced a single day decline of approximately three times that percentage (i.e., -39.18%), which would likely have resulted in total or near-total loss of an investor's investment. These figures assume the Fund would have been adhered to the futures contract roll methodology outlined herein.

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significant volatility, including periods where crude oil prices have declined dramatically, including to negative levels. The Fund seeks to provide three times (3x) the daily performance of light, sweet crude oil, which amplifies both gains and losses. In a single day, an investor in the Fund could lose a substantial portion or all of their investment if the price of crude oil declines significantly. Due to the Fund's 3x leverage, a single-day movement in crude oil prices of approximately 33% could result in the total loss of an investor's investment in the Fund.

Due to the Fund's 3x leverage, a single-day movement in crude oil prices of approximately 33% could result in the total loss of an investor's investment in the Fund.

Contango and backwardation in crude oil futures

futures markets may cause the Fund to experience negative roll yield and significantly underperform the spot price of crude oil over time.

The crude oil futures market has historically exhibited

exhibited significant contango, particularly during periods of oversupply or economic downturn. "Contango" occurs when the prices of futures contracts with longer-dated expirations are higher than the prices of futures contracts with shorter-dated expirations.

significant contango, particularly during periods of oversupply or economic downturn. "Contango" occurs when the prices of futures contracts with longer-dated expirations are higher than the prices of futures contracts with shorter-dated expirations. Conversely, "backwardation" occurs when the prices of futures contracts with shorter-dated expirations are higher than the prices of futures contracts with longer-dated expirations. Historically, the crude oil market has been in contango approximately 42% of the time and in backwardation approximately 58% of the time, though prolonged periods of either condition can occur. In 2026, following the outbreak of conflict in the Middle East in late February, the crude oil futures market moved into steep backwardation, with front-month prices trading at significant premiums to deferred contracts. For example, during certain periods in 2026, front-month WTI futures traded at premiums of $20 or more above contracts for delivery one year later, reflecting near-term supply fears and tight physical markets. This backwardation has persisted even following announcements of temporary ceasefires, indicating that the market continues to price in supply risk. While backwardation can benefit the Fund through positive roll yield, this condition typically reflects supply disruption and elevated near-term prices, which may not persist.

This backwardation has persisted even following announcements of temporary ceasefires, indicating that the market continues to price in supply risk. While backwardation can benefit the Fund through positive roll yield, this condition typically reflects supply disruption and elevated near-term prices, which may not persist.

In a contango market, the Fund will typically experience

experience "negative roll yield" when it sells expiring futures contracts at lower prices and purchases longer-dated contracts at higher prices. This roll process, which occurs as the Fund maintains its futures exposure, effectively erodes the Fund's value over time even if spot crude oil prices remain flat. The costs associated with rolling futures contracts can be substantial-for example, historical front-month roll costs in contango markets have exceeded 8% annually in certain periods. During periods of "extraordinary contango," such as occurred in April 2020 when the May 2020 West Texas Intermediate ("WTI") crude oil futures contract traded at negative prices, these roll costs can be even more severe. If all or a significant portion of the futures contracts held by the Fund at a future date were to reach a negative price, investors in the Fund could lose their entire investment.

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and its allies ("OPEC+") exert significant influence over global crude oil supplies and prices. OPEC+ member nations collectively control a substantial portion of the world's crude oil production and reserves. Decisions by OPEC+ to increase or decrease production quotas, or the failure of member nations to comply with agreed-upon production levels, can cause significant volatility in crude oil prices.

Political instability, economic sanctions, or policy changes in major oil-producing nations outside of OPEC+ may also significantly impact global crude oil supply and prices.

and its allies ("OPEC+") exert significant influence over global crude oil supplies and prices. OPEC+ member nations collectively control a substantial portion of the world's crude oil production and reserves. Decisions by OPEC+ to increase or decrease production quotas, or the failure of member nations to comply with agreed-upon production levels, can cause significant volatility in crude oil prices. In 2026, OPEC+ announced cautious increases in production quotas beginning in July 2026, signaling a measured shift towards higher supply while remaining responsive to market conditions and geopolitical developments. However, these increases remained small relative to global demand and were primarily aimed at signaling stability rather than materially increasing supply during the period of heightened geopolitical tension. Additionally, non-OPEC producers, including the United States, have increased their market share due to technological advancements such as hydraulic fracturing ("fracking") and horizontal drilling, which can lead to supply imbalances and price volatility. Political instability, economic sanctions, or policy changes in major oil-producing nations outside of OPEC+ may also significantly impact global crude oil supply and prices.

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Reduced liquidity in crude oil futures markets

markets during periods of market stress may increase trading costs, widen bid-ask spreads, and result in tracking error.

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The Fund's performance may differ from

from WTI crude oil due to basis risk, price differentials with other crude oil benchmarks, and portfolio rebalancing effects.

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Risks Related to Investing in Natural Gas-Linked Instruments (3x Natural Gas ETF) 119 changes

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Instruments, which are financial instruments that reference or derive their value from natural gas or Natural Gas Futures Contracts.

Instruments, which are financial instruments that reference or derive their value from natural gas or Natural Gas Futures Contracts. The Fund does not invest directly in physical natural gas; rather, the Fund obtains its natural gas exposure primarily through futures contracts and may also invest in other Linked Instruments. The price of natural gas is highly volatile and is affected by numerous factors beyond the control of the Sponsor, including weather patterns and seasonal demand for heating and cooling; natural gas production levels and storage inventories; the development of liquefied natural gas ("LNG") export capacity and global LNG trade flows; pipeline capacity and infrastructure constraints; competition from alternative energy sources, including renewable energy and coal; environmental regulations and climate change policies; and global and regional economic conditions. Natural gas prices have historically exhibited extreme volatility, with prices capable of moving significantly in a single trading session. For example, in 2026, natural gas futures experienced multiple days with declines exceeding 3-4% in a single session due to factors such as unexpected storage build data and shifting demand forecasts. In prior years, natural gas prices have experienced even more extreme volatility, including a peak-to-trough decline of approximately 38% during certain market stress periods. Had 3x Natural Gas ETF been in existence during such periods, it would have experienced declines of approximately three times these percentages, which could have resulted in total or near-total loss of an investor's investment.

largest single day percentage loss experienced in the value of a Natural Gas Futures Contract over the last five years (i.e., from January 1, 2021 to present) was -25.65% on June 14, 2026. Had 3x Natural Gas ETF been in existence on that date, it would likely have experienced a single day decline of approximately three times that percentage (i.e., -76.95%), which would likely have resulted in total or near-total loss of an investor's investment. These figures assume the Fund would have been adhered to the futures contract roll methodology outlined herein.

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"negative roll yield" when it sells expiring futures contracts at lower prices and purchases longer-dated contracts at higher prices. This roll process, which occurs as the Fund maintains its futures exposure, effectively erodes the Fund's value over time even if spot natural gas prices remain flat. The costs associated with rolling futures contracts can be substantial in natural gas markets.

In a contango market, the Fund will typically experience

experience "negative roll yield" when it sells expiring futures contracts at lower prices and purchases longer-dated contracts at higher prices. This roll process, which occurs as the Fund maintains its futures exposure, effectively erodes the Fund's value over time even if spot natural gas prices remain flat. The costs associated with rolling futures contracts can be substantial in natural gas markets. For example, the United States Natural Gas Fund (UNG), a leading natural gas ETF, experienced cumulative losses exceeding 88% over a ten-year period, with a significant portion of those losses attributable to negative roll yield rather than declines in the spot price of natural gas. In a contango market, the Fund may experience substantial negative roll yield as it sells expiring contracts and purchases longer-dated contracts. This may cause the Fund's performance to significantly underperform the spot price of natural gas over extended periods.

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Natural gas prices are significantly affected by

by weather conditions, particularly temperature extremes that affect heating and cooling demand. The demand for natural gas has traditionally been cyclical, with significantly higher demand during winter months for heating purposes and lower demand during summer months. Severe winter weather, including polar vortex events, can cause rapid and substantial increases in natural gas prices due to increased heating demand, while mild winter weather can result in significant price declines due to reduced demand and inventory accumulation. Summer weather may also affect natural gas demand through air conditioning load, though this effect is typically less pronounced than winter heating demand.

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Factors affecting natural gas demand include weather-related heating and cooling demand, industrial production levels (particularly in petrochemical and manufacturing sectors), electric power generation demand (as natural gas competes with coal, nuclear, and renewable energy sources), LNG export demand, and overall economic activity. Competition from clean power companies, fluctuations in the supply and demand of alternative energy fuels, energy conservation measures, changes in consumer preferences regarding the use of renewable energy sources to replace fossil fuels, and tax and other government regulations can significantly affect the prices of natural gas. A shift away from natural gas for power generation due to environmental policies or the economics of renewable energy could reduce demand for natural gas and adversely affect natural gas prices.

Competition from clean power companies, fluctuations in the supply and demand of alternative energy fuels, energy conservation measures, changes in consumer preferences regarding the use of renewable energy sources to replace fossil fuels, and tax and other government regulations can significantly affect the prices of natural gas. A shift away from natural gas for power generation due to environmental policies or the economics of renewable energy could reduce demand for natural gas and adversely affect natural gas prices.

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The development of U.S. liquefied natural gas (LNG)

(LNG) export capacity has increasingly linked U.S. natural gas prices to global natural gas and LNG markets. LNG exports represent a significant and growing source of demand for U.S. natural gas, and changes in global LNG demand, particularly from Europe and Asia, can affect U.S. natural gas prices. Global LNG supply and demand dynamics, including the availability of LNG from other producing countries such as Qatar, Australia, and Russia, may affect the competitiveness of U.S. LNG exports and, consequently, domestic natural gas prices. Geopolitical events affecting global energy markets, trade disputes, or changes in import policies by major LNG-consuming nations could significantly impact U.S. natural gas prices.

Geopolitical events affecting global energy markets, trade disputes, or changes in import policies by major LNG-consuming nations could significantly impact U.S. natural gas prices.

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The CFTC and U.S. designated contract markets have

have established accountability levels and position limits on the maximum net long or net short futures contracts in natural gas that any person or group of persons under common trading control may hold, own, or control. The NYMEX Henry Hub Natural Gas futures contract is subject to a spot-month position limit of 2,000 contracts for physical-delivery contracts, with a conditional spot-month limit exemption allowing up to 10,000 contracts in cash-settled natural gas referenced contracts per designated contract market. The Fund may approach or reach these limits, which could restrict the Fund's ability to create additional Creation Units, or require the Fund to de-lever.

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Risks Related to the Management of the Fund

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Daily rebalancing will cause a Fund to adjust its

its portfolio positions. This trading activity will contribute to the trading volume of the underlying futures contracts and may adversely affect the market price of such underlying futures contracts.

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there is no guarantee it will do so. A number of factors may affect each Fund's ability to achieve a high degree of correlation with its Investment Objective, and there is no guarantee that a Fund will achieve a high degree of correlation. Factors that may affect a Fund's ability to meet its investment objective include: (1) the Sponsor's ability to purchase and sell Linked Instruments in a manner that correlates to the Fund's objective; (2) an imperfect correlation between the performance of the Linked Instruments held by the Fund and the performance of the Fund's underlying Reference Asset; (3) bid-ask spreads on such Linked Instruments;

there is no guarantee it will do so. A number of factors may affect each Fund's ability to achieve a high degree of correlation with its Investment Objective, and there is no guarantee that a Fund will achieve a high degree of correlation. Factors that may affect a Fund's ability to meet its investment objective include: (1) the Sponsor's ability to purchase and sell Linked Instruments in a manner that correlates to the Fund's objective; (2) an imperfect correlation between the performance of the Linked Instruments held by the Fund and the performance of the Fund's underlying Reference Asset; (3) bid-ask spreads on such Linked Instruments; (4) fees, expenses, transaction costs, financing costs and margin requirements associated with the use of Linked Instruments and commission costs; (5) holding or trading Linked Instruments in a market that has become illiquid or disrupted; (6) the Fund's Share prices being rounded to the nearest cent and/or valuation methodologies; (7) changes to the Fund's Reference Asset that are not disseminated in advance; (8) the need to conform the Fund's portfolio holdings to comply with investment restrictions or policies or regulatory or tax law requirements; (9) early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions; (10) accounting standards; (11) differences caused by the Fund obtaining exposure to only a representative sample of the components of the Reference Asset, overweighting or underweighting certain components of the Reference Asset or obtaining exposure to assets that are not included in the Reference Asset; (12) the inability of the Fund to fully invest cash received in exchange for Creation Unit purchases, resulting in cash drag; and (13) disruptions or illiquidity in the futures markets for the Fund's underlying Reference Asset. Any of these factors could decrease correlation between the performance of a Fund and its Reference Asset and may hinder the Fund's ability to meet its daily investment objective. 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 its stated multiple (3x) times the return of its Reference Asset on a given day.

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Each Fund is subject to the fees and expenses described

described herein which are payable irrespective of the Fund's returns, as well as the effects of commissions, trading spreads, and embedded financing, borrowing costs and fees associated with futures contracts, and costs relating to the purchase of U.S. Treasury securities or similar high credit quality, short-term fixed-income or similar securities. These fees and expenses have a negative impact on Fund returns.

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The use of Linked Instruments may increase the volatility of a Fund and may involve a small investment of cash relative to the magnitude of the risk assumed.

Some investment techniques of a Fund, such as its

its use of Linked Instruments, may be considered aggressive. Risks associated with Linked Instruments include potentially dramatic price changes (losses) in the value of the instruments and imperfect correlations between the price of the contract and the underlying Reference Asset. The use of Linked Instruments may increase the volatility of a Fund and may involve a small investment of cash relative to the magnitude of the risk assumed.

Historical correlation trends between a Fund's

Fund's Reference Asset and other asset classes may not continue or may reverse, limiting or eliminating any potential diversification or other benefit from owning a Fund.

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Under normal circumstances, the NAV of a Fund reflects

reflects the value of the Linked Instruments held by the Fund, as of the time the NAV is calculated. The NAV includes, in part, any unrealized profits or losses on open Linked Instrument positions. In calculating the NAV of a Fund, futures contracts are generally valued at their daily settlement prices on the applicable exchange. In certain circumstances (e.g., if the Sponsor believes market quotations do not accurately reflect fair value of an investment, or a trading halt closes an exchange or market early), the Sponsor may, in its sole discretion, choose to determine a fair value price as the basis for determining the market value of such position for such day. The fair value of an investment determined by the Sponsor may be different from other value determinations of the same investment. Such fair value prices generally would be determined based on available inputs about the current value of the underlying Reference Assets and would be based on principles that the Sponsor deems fair and equitable. Errors in calculation of a Fund's NAV also may cause the Fund NAV to be overstated or understated and may affect the performance of the Fund and the value of an investment in the Shares.

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The Shares are limited liability investments; investors

investors may not lose more than the amount that they invest plus any gains or income recognized on their investment. However, shareholders could be required, as a matter of bankruptcy law, to return to the estate of a Fund any distribution they received at a time when the Fund was in fact insolvent or in violation of the Trust Agreement.

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The Trust does not have a board of directors

directors or an audit committee, which may result in less oversight of the Funds' operations and may expose shareholders to risks that would not be present in funds overseen by a board of directors.

Unlike registered investment companies, which are

which are required by the Investment Company Act of 1940 to have a board of directors that includes independent directors, the Trust is not required to, and does not, have a board of directors or an audit committee of the board of directors. The Trust is a Delaware statutory trust and the Funds are commodity pools that are not registered as investment companies under the Investment Company Act. As a result, the Funds do not have the benefit of independent oversight that a board of directors provides to registered investment companies. Shareholders do not have the ability to elect directors or otherwise have a voice in the governance of the Trust.

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Risks Related to the Trading of the Fund Shares

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The NAV per Share may not correspond to the

the market price per Share.

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occur in the market value of the Fund's portfolio. Investors should be aware that the public trading price per Share of a Fund may be different from the NAV per Share of the Fund ( i.e. , the secondary market price may trade at a premium or discount to NAV). The price at which an investor may be able to sell Shares at any time, especially in times of market volatility, may be significantly less than the NAV per Share of a Fund at the time of sale. Consequently, an Authorized Participant may be able to create or redeem a Creation Unit of a Fund at a discount or a premium to the public trading price per Share of a Fund.

The price at which an investor may be able to sell Shares at any time, especially in times of market volatility, may be significantly less than the NAV per Share of a Fund at the time of sale. Consequently, an Authorized Participant may be able to create or redeem a Creation Unit of a Fund at a discount or a premium to the public trading price per Share of a Fund.

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Early NAV calculation times for certain Funds

Funds may result in wider trading spreads and premiums or discounts to NAV during trading hours after the NAV is calculated.

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Risks Related to Regulation, External Factors

External Factors and Federal Income Tax Consequences

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U.S. federal income tax rules applicable to

to partnerships, which a Fund is anticipated to be treated as under the Internal Revenue Code of 1986, as amended (the "Code"), are complex and their application is not always clear. Moreover, the rules generally were not written for, and in some respects are difficult to apply to, publicly traded interests in partnerships. Each Fund applies certain assumptions and conventions intended to comply with the intent of the rules and to report income, gain, deduction, loss and credit to shareholders in a manner that reflects the shareholders' economic gains and losses, but these assumptions and conventions may not comply with all aspects of the applicable Regulations (as defined below). It is possible therefore that the IRS will successfully assert that these assumptions or conventions do not satisfy the technical requirements of the Code or the Treasury regulations promulgated thereunder (the "Regulations") and will require that items of income, gain, deduction, loss and credit be adjusted or reallocated in a manner that could be adverse to investors.

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Investors could be adversely affected if

if the current treatment of long-term short-term capital gains under current U.S. federal income tax law is changed or repealed in the future.

Under current law, long-term short-term capital gains are

are taxed to non-corporate investors at reduced U.S. federal income tax rates. This tax treatment may be adversely affected, changed or repealed by future changes in, or the expiration of, tax laws at any time.

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Due to a Fund's investment strategy, it may

may realize and pass through to shareholders significant amounts of ordinary income and short-term capital gains as opposed to long-term capital gains, which generally are taxed at a preferential rate. A Fund's income, gains, losses and deductions are allocated to shareholders on a monthly basis. If you own Shares in a Fund at the beginning of a month and sell them during the month, you are generally still considered a shareholder through the end of that month.

Changes in U.S. federal income tax law

law could affect an investment in the Shares.

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SUCH TAX CONSEQUENCES MAY DIFFER IN RESPECT OF DIFFERENT INVESTORS.

CONSULT THEIR OWN TAX ADVISORS AND COUNSEL WITH RESPECT TO THE POSSIBLE TAX CONSEQUENCES TO THEM OF AN INVESTMENT IN THE SHARES OF A FUND; SUCH TAX CONSEQUENCES MAY DIFFER IN RESPECT OF DIFFERENT INVESTORS.

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DESCRIPTION OF THE FUNDS' REFERENCE ASSETS

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a proof-of-work consensus mechanism similar to Bitcoin. In September 2022, Ethereum completed a significant upgrade known as "The Merge," which transitioned the network from proof-of-work to a proof-of-stake consensus mechanism. Under proof-of-stake, network participants known as "validators" stake (lock up) ether as collateral to participate in validating transactions and proposing new blocks. Validators are selected to propose and attest to blocks based on the amount of ether they have staked and other factors. Validators who successfully perform their duties receive rewards in the form of newly issued ether and transaction fees, while validators who act maliciously or fail to perform their duties may have a portion of their staked ether "slashed" (forfeited) as a penalty. The 3x Ether ETF does not participate in staking or receive staking rewards.

Validators who successfully perform their duties receive rewards in the form of newly issued ether and transaction fees, while validators who act maliciously or fail to perform their duties may have a portion of their staked ether "slashed" (forfeited) as a penalty.

The 3x Ether ETF does not participate in staking or receive staking rewards.

Governance of the Ethereum network involves a combination

combination of core developers, the Ethereum Foundation (a non-profit organization that supports Ethereum development), validators, node operators, and the broader community. While there is no formal on-chain governance mechanism, significant protocol changes are proposed through Ethereum Improvement Proposals ("EIPs") and are implemented through network upgrades ("hard forks") that require broad consensus among network participants. The Ethereum Foundation plays a significant role in coordinating development and funding research, but does not have unilateral control over the network. The governance process has successfully implemented significant upgrades, including The Merge, but the informal nature of governance means that future upgrades may be delayed or contentious.

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Unlike bitcoin, ether does not have a fixed maximum

maximum supply. However, the transition to proof-of-stake and the implementation of EIP-1559 in August 2021 introduced mechanisms that affect ether's supply dynamics. EIP-1559 introduced a "base fee" for each transaction that is burned (permanently removed from circulation) rather than paid to validators. This burn mechanism can result in deflationary pressure on ether's supply when network activity is high and more ether is burned than is issued as validator rewards. Conversely, when network activity is low, issuance may exceed burning, resulting in net inflation. Since The Merge, the issuance rate of new ether has decreased significantly compared to the prior proof-of-work system, and there have been extended periods during which ether's supply has been net deflationary.

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FUND INVESTMENT OBJECTIVES AND PRINCIPAL INVESTMENT

AND PRINCIPAL INVESTMENT STRATEGIES

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The Fund will not invest in physical gold, but

but rather seeks to achieve its investment objective primarily through investment in Gold Futures Contracts, cash, and cash. Equivalents. To the extent that Gold Futures Contracts become unavailable for investment (for example, due to price limits, accountability levels, or increased margin rates, each of which is described below), the Fund may invest in: (i) Gold-Linked ETPs; (ii) Gold-Linked ETFs; (iii) exchange traded options on gold, shares of Gold-Linked ETPs or of Gold-Linked ETFs; and (iv) cash. and Cash Equivalents.

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but rather seeks to achieve its investment objective primarily through investment in Silver Futures Contracts, cash, and Cash Equivalents.

(iii) exchange traded options on silver shares of Silver-Linked ETPs or of Silver-Linked ETFs; and (iv) cash and Cash Equivalents.

but rather seeks to achieve its investment objective primarily through investment in Silver Futures Contracts, and cash. To the extent that Silver Futures Contracts become unavailable for investment (for example, due to price limits, accountability levels, or increased margin rates, each of which is described below), the Fund may invest in: (i) Silver-Linked ETPs; (ii) Silver-Linked ETFs; (iii) exchange traded options on silver shares of Silver-Linked ETPs or of Silver-Linked ETFs; and (iv) cash.

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but rather seeks to achieve its investment objective primarily through investment in Bitcoin Futures Contracts, cash, and Cash Equivalents.

(iii) exchange traded options on bitcoin, shares of Bitcoin-Linked ETPs or of Bitcoin-Linked ETFs; and (iv) cash and Cash Equivalents.

but rather seeks to achieve its investment objective primarily through investment in Bitcoin Futures Contracts, and cash. To the extent that Bitcoin Futures Contracts become unavailable for investment (for example, due to price limits, accountability levels, or increased margin rates, each of which is described below), the Fund may invest in: (i) Bitcoin-Linked ETPs; (ii) Bitcoin-Linked ETFs; (iii) exchange traded options on bitcoin, shares of Bitcoin-Linked ETPs or of Bitcoin-Linked ETFs; and (iv) cash.

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rather seeks to achieve its investment objective primarily through investment in Ether Futures Contracts, cash, and Cash Equivalents.

The Fund will not invest in physical ether, but

but rather seeks to achieve its investment objective primarily through investment in Ether Futures Contracts, and cash. To the extent that Ether Futures Contracts become unavailable for investment (for example, due to price limits, accountability levels, or increased margin rates, each of which is described below), the Fund may invest in: (i) Ether-Linked ETPs; (ii) Ether-Linked ETFs; (iii) exchange traded options on ether, shares of Ether-Linked ETPs or of Ether-Linked ETFs; and (iv) cash. and Cash Equivalents.

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(ii) Crude Oil-Linked ETFs; (iii) exchange traded options on light, sweet crude oil or shares of Crude Oil-Linked ETPs or of Crude Oil-Linked ETFs; and (iv) cash and Cash Equivalents.

The Fund will not invest in physical light, sweet

sweet crude oil, but rather seeks to achieve its investment objective primarily through investment in Crude Oil Futures Contracts, cash, and cash. Equivalents. To the extent that Crude Oil Futures Contracts become unavailable for investment (for example, due to price limits, accountability levels, or increased margin rates, each of which is described below), the Fund may invest in: (i) Crude Oil-Linked ETPs; (ii) Crude Oil-Linked ETFs; (iii) exchange traded options on light, sweet crude oil or shares of Crude Oil-Linked ETPs or of Crude Oil-Linked ETFs; and (iv) cash.

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and 39 more changes in the filing

Breakeven Tables 2 changes

The projected twelve month breakeven analysis for

for the Funds is set forth in the Breakeven Tables below. For purposes of calculating the amounts in the Breakeven Tables for the Funds, the analysis assumes that the constant NAV is equal to the amount shown. This amount is the expected NAV of the Shares on the first day of the Funds' operations.

Dollar Amount and Percentage of Expenses 15 changes

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Brokerage commissions and fees (2)

Variable create/redeem fees (3) (4)

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Amount of trading income required for the NAV at the end of one year to equal the initial selling price per share (12-Month breakeven) (6) 0.05 0.33 % 3x Silver ETF (3x Silver ETF) Expenses (1) $ % Selling price per share 15.00 Management fee (2) 0.28 1.85 % Brokerage commissions and fees (2) (3) 0.04 0.25 % Variable create/redeem fees (3) (4) -0.03 -0.23 % Other expenses (4) (5) 0.07 0.45 % Total fees and expenses 0.35 2.33 % Interest income (5) (6) -0.30 -2.00 % Amount of trading income required for the NAV at the end of one year to equal the initial selling price per share (12-Month breakeven) (6) 0.05 0.33 % - 65 - 3x Bitcoin ETF (3x Bitcoin ETF) Expenses (1) $ % Selling price per share 15.00 Management fee (2) 0.28 1.85 % Brokerage commissions and fees (2) (3) 0.06 0.40 % Variable create/redeem fees (3) (4) -0.03 -0.23 % Other expenses (4) (5) 0.07 0.45 % Total fees and expenses 0.37 2.48 % Interest income (5) (6) -0.08 -0.50 % Amount of trading income required for the NAV at the end of one year to equal the initial selling price per share (12-Month breakeven) (6) (7) 0.30 1.98 % 3x Ether ETF (3x Ether ETF) Expenses (1) $ % Selling price per share 15.00 Management fee (2) 0.28 1.85 % Brokerage commissions and fees (2) (3) 0.18 1.20 % Variable create/redeem fees (3) (4) -0.03 -0.23 % Other expenses (4) (5) 0.07 0.45 % Total fees and expenses 0.49 3.28 % Interest income (5) (6) -0.08 -0.50 % Amount of trading income required for the NAV at the end of one year to equal the initial selling price per share (12-Month breakeven) (6) (7) 0.42 2.78 % 3x Crude Oil ETF (3x Crude Oil ETF) Expenses (1) $ % Selling price per share 15.00 Management fee (2) 0.28 1.85 % Brokerage commissions and fees (2) (3) 0.13 0.86 % Variable create/redeem fees (3) (4) -0.03 -0.23 % Other expenses (4) (5) 0.07 0.45 % Total fees and expenses 0.44 2.93 % Interest income (5) (6) -0.30 -2.00 % Amount of trading income required for the NAV at the end of one year to equal the initial selling price per share (12-Month breakeven) (6) (7) 0.14 0.93 % - 66 - 3x Natural Gas ETF (3x Natural Gas ETF) Expenses (1) $ % Selling price per share 15.00 Management fee (2) 0.28 1.85 % Brokerage commissions and fees (3) 0.26 1.72 % Variable create/redeem fees (4) -0.03 -0.23 % Other expenses (5) 0.07 0.45 % Total fees and expenses 0.57 3.80 % Interest income (6) -0.30 -2.00 % Amount of trading income required for the NAV at the end of one year to equal the initial selling price per share (12-Month breakeven) (7) 0.27 1.80 % (1) The breakeven analysis set forth in this table assumes that the Shares have a constant NAV equal to the amount shown.

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(2) Each Fund pays the Sponsor

Sponsor a management fee, monthly in arrears, in an amount equal to 1.85% per annum of its average daily net assets.

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(4) Authorized Participants

are generally required to pay variable create and redeem fees as a percentage of the value of each order they place. These variable transaction fees offset brokerage commissions incurred by the Fund and are reflected in "Brokerage commissions and fees." Please see "Creation and Redemption of Shares - Creation and Redemption Transaction (5) Other Fund Fees and Expenses including: Professional fees (primarily legal, auditing and tax-preparation related costs);

(4) Authorized Participants are generally required to pay variable create and redeem fees as a percentage of the value of each purchase and redemption order they place. These variable transaction fees offset brokerage commissions incurred by a Fund and compensate the Fund for the costs it experiences: i) to deploy cash it receives from an Authorized Participant to Fund investments when an Authorized Participant purchases a Creation Unit; and ii) to sell Fund investments when the Authorized Participant redeems a Creation Unit for cash. The variable transaction fees that a Fund could expect to receive from Authorized Participants are estimates by the Sponsor, based on its experience operating other commodity pools. Please also see "Creation and Redemption of Shares - Creation and Redemption Transaction Fee."

(5) Other Fund Fees and Expenses including: Professional fees (primarily legal, auditing and tax-preparation related costs); Custodian and Administrator fees and expenses, Distribution and Marketing fees (primarily fees paid to the Marketing Agent, costs related to regulatory compliance activities and other costs related to the trading activities of the Fund); Business Permits and Licenses; General and Administrative expenses (primarily insurance and printing), and Other Expenses. The expenses presented are based on actual expenses experienced by each Fund for the current fiscal year, and do not represent the maximum amounts payable under the contracts with third-party service providers. The per-share cost of these fixed or estimated fees has been calculated assuming the $100,000,000 in assets for each Fund.

The expenses presented are based on expenses that the Sponsor estimates, based on its experience operating other commodity pools, will be experienced by each Fund, and do not represent the maximum amounts payable under the contracts with third-party service providers.

The per-share cost of these fixed or estimated fees has been calculated assuming the $100,000,000 in assets for each Fund.

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No other Management Fee is paid by the Funds. The

The Management Fee is paid in consideration of the Sponsor's trading advisory services and the other services provided to the Fund that the Sponsor pays directly.

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Retail investors may purchase and sell Shares through

through traditional brokerage accounts. Investors are expected to be charged a customary commission by their brokers in connection with purchases of Shares that will vary from investor to investor. Investors are encouraged to review the terms of their brokerage accounts for applicable charges. The price at which an Authorized Participant sells a Share may be higher or lower than the price paid by such Authorized Participant in connection with the creation of such Share in a Creation Unit.

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Material u.s. federal income tax considerations 22 changes

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● financial institutions;

● real estate investment trusts;

● tax-exempt organizations;

● insurance companies;

or conversion transaction or a straddle;

● dealers in securities or commodities;

● regulated investment companies;

● partnerships and persons in their capacity as partners;

● persons holding Shares as a part of a hedging, integrated or conversion transaction or a straddle;

● accrual method taxpayers subject to special tax accounting rules as a result of their use of financial statements;

● traders in securities that elect to use a mark-to-market method of accounting for their securities holdings; or ● persons liable for alternative minimum tax.

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and 11 more changes in the filing

Status of the Funds 8 changes

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and 8 more changes in the filing

U.S. Shareholders 22 changes

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and 22 more changes in the filing

Part two general pool disclosure 2 changes

and 2 more changes in the filing

Inception of trading and use of proceeds 5 changes

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and 5 more changes in the filing

Creation and redemption of shares 6 changes

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and 6 more changes in the filing

Creation Procedures 5 changes

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and 5 more changes in the filing

Redemption Procedures 7 changes

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and 7 more changes in the filing

Description of the Shares 2 changes

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and 2 more changes in the filing

Principal Office; Location of Records; Fiscal Year 3 changes

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and 3 more changes in the filing

The Trustee 2 changes

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and 2 more changes in the filing

Duties of the Sponsor 2 changes

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and 2 more changes in the filing

Ownership or Beneficial Interest in the Funds 167 changes

and 167 more changes in the filing

Note 2: BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) 5 changes

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and 5 more changes in the filing

Note 4: MANAGEMENT FEE 2 changes

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and 2 more changes in the filing

Note 6: CREATION AND REDEMPTION OF CREATION UNITS 2 changes

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and 2 more changes in the filing

Exhibits 1 change

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and 1 more change in the filing

Undertakings 27 changes

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and 27 more changes in the filing