AXS TSLA Bear Daily ETF

The AXS TSLA Bear Daily ETF seeks daily investment results, before fees and expenses, that correspond to the inverse (-100%) of the daily performance of the common shares of Tesla, Inc. The Fund will maintain at least 80 percent exposure to financial instruments that provide inverse exposure to the daily performance of TSLA. The Fund is an actively-managed exchange-traded fund (ETF) that seeks to achieve on a daily basis, before fees and expenses, -100 percent performance of TSLA for a single day, not for any other period, by entering into one or more swap agreements on TSLA. A single day is measured from the time the Fund calculates its net asset value (NAV) to the time of the Funds next NAV calculation.