Prospectus by Investment Company (Form 497)

Filed pursuant to Rule 497(e)

Registration Nos. 333-264478; 811-23793

listed on The Nasdaq Stock Market, LLC.

October 2, 2025

Supplement to the Prospectus

and Statement of Additional Information ("SAI"),

each dated February 24, 2025,

and where applicable a Fund's Summary Prospectus

This supplement supersedes the supplement filed September 3, 2025, which provided notification of a change in each Fund's principal investment strategies and name. Per the September 3, 2025 supplement, these changes were intended to take effect on or about October 7, 2025. These changes have been delayed until on or about October 29, 2025. Refer to the disclosure below for a summary of these changes.

The purpose of this supplement is to provide notice of a change in each Fund's principal investment strategies.

On or about October 29, 2025, each Fund's principal investment strategies will be revised to reflect an increase in the target exposure to each of its underlying securities (as reflected in a Fund's name) from approximately 100% of the Fund's net assets to approximately 150% of the Fund's net assets. As a result, following this change, $1 invested in a Fund is expected to provide approximately $1.50 of exposure to one underlying security and approximately $1.50 of exposure to the other underlying security.

Each Fund utilizes leverage to achieve its exposures and the use of leverage creates the potential for greater loss. The changes to each Fund's principal investment strategies will involve greater leverage than currently used, and therefore greater risk. In addition, each Fund's new targets are daily targets, which means that each Fund's returns over extended periods result from the daily returns being compounded over time, and as a result, a Fund's returns may deviate significantly from 1.5 times the cumulative performance of each underlying security over the same period.

Also effective on or about October 29, 2025, each Fund's name will change as follows to better reflect its revised principal investment strategies:

Please retain this Supplement for future reference.