The Fund is an actively managed exchange-traded fund (“ETF”) that seeks defined income (i.e., a set annual income target as discussed below) and capital appreciation. The Fund’s strategy involves: (1) constructing a portfolio of equity securities of the Big 50 Companies (each, an “Underlying Security”) (the “Equity Strategy”) and (2) generating income through an options portfolio (the “Options Strategies”), which involve using options contracts on Underlying Securities. Additionally, the Fund will maintain a minor allocation to cash, money market funds or U.S. Treasuries, not exceeding ten percent of its total assets.

Equity Strategy

The Fund’s investment sub-adviser, ZEGA Financial, LLC (“ZEGA”), selects the Big 50 Companies for the Fund’s investments. Each Big 50 Company must be domiciled or headquartered in the United States and, in ZEGA’s opinion, have sufficient liquidity in its options contracts to effectively implement its Options Strategies. ZEGA evaluates both the market capitalization of potential companies and the liquidity of their options contracts. The Fund’s portfolio generally weights the equity securities of the Big 50 Companies based on market capitalization, with adjustments made to ensure the largest companies don't represent outsized exposures for the Fund. ZEGA will also evaluate price level and implied volatility (i.e., a measure of how much the market believes the price of a stock or other underlying asset will move in the future) when selecting companies for investment and will monitor for these factors when determining whether to select new companies or remove existing companies from the portfolio.

The Fund’s portfolio will generally be comprised of fifty companies. As noted above, ZEGA may exclude U.S. companies that meet the market capitalization criteria if their options contracts lack sufficient liquidity.

Dividends, if any, paid by the Fund’s portfolio holdings will contribute to the Fund’s income generation. Due to market movements, a company that qualifies as a Big 50 Company at the time of purchase may subsequently cease to qualify. The Fund’s portfolio will typically be rebalanced quarterly to maintain exposure to the current set of Big 50 Companies.

The Fund will, under normal circumstances, invest in Underlying Securities directly. However, from time to time, the Fund may invest in Underlying Securities “synthetically” for tactical reasons or to comply with regulatory requirements. To invest synthetically, the Fund will use options contracts on Underlying Securities (considered indirect or synthetic long holdings of the Underlying Securities) to gain exposure to the share price performance of the Underlying Securities.

Options Strategies

The Fund seeks to generate income from engaging in the Options Strategies primarily using options contracts on some or all of its Underlying Securities. These strategies will be the primary driver of the Fund’s yield, with a 12% target annual income level (the “Annual 12% Target”).

In particular, the Fund will receive income in the form of a premium when it writes (sells) an option. By selling options, the Fund will earn premiums from buyers who pay for the right to buy or sell the underlying asset at a predetermined price. The Sub-Adviser can implement the Options Strategies in various market conditions. Depending on the Sub-Adviser’s outlook, ZEGA will select one Options Strategy or a combination of Options Strategies that it believes will best provide the Fund with current income while generally also attempting to capture some upside appreciation (potential for increase in asset value). Additionally, the Sub-Adviser considers the performance of the Underlying Securities. In some instances, the aim is to generate additional gains if the Underlying Security increases in value, while, in other cases, the aim is to limit losses if the Underlying Security decreases in value.

These strategies are applied consistently, whether the Underlying Security or ETF is held directly or through synthetic exposure. There is no guarantee that the Fund will achieve its targeted income from options or other sources in any given year. The Fund will seek to meet the Annual 12% Target through payment of monthly income distributions.

The Fund may be subject to different outcomes depending on the Options Strategies used. For example, when writing covered calls (selling call options on securities the Fund already owns), the Fund might limit its potential for capital appreciation in exchange for premium income. Alternatively, using an Options Strategy such as cash-secured put selling (selling put options while holding enough cash to purchase the Underlying Security if assigned), the Fund can earn premium income and potentially buy securities at lower prices. These Options Strategies impact the risk-return profile of the Fund, potentially affecting volatility, income generation, upside capture (gain potential), and capital preservation (protecting value).

Additionally, the premiums the Fund receives from selling options are directly influenced by market volatility; higher volatility (larger price swings) typically results in higher premiums. Therefore, the Sub-Adviser analyzes market conditions to determine the timing and type of Options Strategies to employ to achieve the primary objective of current income. By strategically entering and exiting options positions, the Sub-Adviser seeks to enhance the Fund's income potential.

Treasuries

In addition, the Fund will hold cash or short-term U.S. Treasury securities. These securities serve a dual purpose: providing collateral for the Options Strategies and contributing to the Fund’s income generation.

Why invest in the Fund?

The Fund is classified as “non-diversified” under the 1940 Act. The Fund’s investment strategy is expected to result in high portfolio turnover on an annual basis.

Under normal circumstances, the Fund will invest at least 80% of the value of its assets, plus borrowings for investment purposes, in the U.S.-listed equity securities of Big 50 Companies and options contracts on the Big 50 Companies. For purposes of the foregoing, the Fund defines a Big 50 Company as one of the 50 largest U.S. companies (in terms of market capitalization) that: (i) have equity securities listed in the U.S.; (ii) are either domiciled or headquartered in the U.S.; and (iii) whose U.S.-listed equity securities have options contracts that are sufficiently liquid as determined by the Sub-Adviser.

There is no guarantee that the Fund’s investment strategy will be properly implemented, and an investor may lose some or all of its investment.