The Fund is an actively managed ETF. The Fund invests at least 80 percent of its net assets (plus borrowings for investment purposes) in financial instruments with economic characteristics that, in combination, provide 200 percent daily leveraged exposure to the price of PYPL, consistent with the Funds investment objective. The Fund will enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on an investment by the Fund in PYPL that is equal, on a daily basis, to 200 percent of the value of the Funds net assets. The gross return to be exchanged or swapped between the parties is calculated with respect to a notional amount, e.g., the return on or change in value of a particular dollar amount representing PYPL stock.q