0001782952 2026-07-01 2026-07-01 0001782952 lcto:S000085344Member 2026-07-01 2026-07-01 0001782952 lcto:S000085344Member lcto:LargeCapitalizationCompaniesRiskMember 2026-07-01 2026-07-01 0001782952 lcto:S000085344Member lcto:RisksofInvestinginOtherInvestmentCompaniesMember 2026-07-01 2026-07-01 0001782952 lcto:S000085344Member lcto:DerivativesRiskMember 2026-07-01 2026-07-01 0001782952 lcto:S000085344Member lcto:EquityRiskMember 2026-07-01 2026-07-01 0001782952 lcto:S000085344Member lcto:CommonStocksMember 2026-07-01 2026-07-01 0001782952 lcto:S000085344Member lcto:PreferredSecuritiesMember 2026-07-01 2026-07-01 0001782952 lcto:S000085344Member lcto:OptionsRiskMember 2026-07-01 2026-07-01 0001782952 lcto:S000085344Member lcto:FlexOptionsRiskMember 2026-07-01 2026-07-01 0001782952 lcto:S000085344Member lcto:TaxOptimizationInvestingRiskMember 2026-07-01 2026-07-01 0001782952 lcto:S000085344Member lcto:CallRiskMember 2026-07-01 2026-07-01 0001782952 lcto:S000085344Member lcto:CreditsRiskMember 2026-07-01 2026-07-01 0001782952 lcto:S000085344Member lcto:CurrencyRiskMember 2026-07-01 2026-07-01 0001782952 lcto:S000085344Member lcto:EmergingMarketsRiskMember 2026-07-01 2026-07-01 0001782952 lcto:S000085344Member lcto:EtfStructureRiskMember 2026-07-01 2026-07-01 0001782952 lcto:S000085344Member lcto:MarketPriceVarianceRiskMember 2026-07-01 2026-07-01 0001782952 lcto:S000085344Member lcto:AuthorizedParticipantRiskMember 2026-07-01 2026-07-01 0001782952 lcto:S000085344Member lcto:TradingIssuesMember 2026-07-01 2026-07-01 0001782952 lcto:S000085344Member lcto:AbsenceOfActiveTradingMarketRiskMember 2026-07-01 2026-07-01 0001782952 lcto:S000085344Member lcto:ForeignNonuSInvestmentRiskMember 2026-07-01 2026-07-01 0001782952 lcto:S000085344Member lcto:HighYieldRiskMember 2026-07-01 2026-07-01 0001782952 lcto:S000085344Member lcto:InterestRatesRiskMember 2026-07-01 2026-07-01 0001782952 lcto:S000085344Member lcto:IssuerRiskMember 2026-07-01 2026-07-01 0001782952 lcto:S000085344Member lcto:LeveragingRiskMember 2026-07-01 2026-07-01 0001782952 lcto:S000085344Member lcto:LiquidityRiskMember 2026-07-01 2026-07-01 0001782952 lcto:S000085344Member lcto:MarketRiskMember 2026-07-01 2026-07-01 0001782952 lcto:S000085344Member lcto:ManagementRiskMember 2026-07-01 2026-07-01 0001782952 lcto:S000085344Member lcto:MortgageRelatedandOtherAssetBackedSecuritiesRiskMember 2026-07-01 2026-07-01 0001782952 lcto:S000085344Member lcto:MunicipalBondRiskMember 2026-07-01 2026-07-01 0001782952 lcto:S000085344Member lcto:NewFundRiskMember 2026-07-01 2026-07-01 0001782952 lcto:S000085344Member lcto:ShortExposureRiskMember 2026-07-01 2026-07-01 0001782952 lcto:S000085344Member lcto:SmallFundRiskMember 2026-07-01 2026-07-01 0001782952 lcto:S000085344Member lcto:SovereignDebtRiskMember 2026-07-01 2026-07-01 0001782952 lcto:S000085344Member lcto:TaxRiskMember 2026-07-01 2026-07-01 0001782952 lcto:C000250343Member 2026-07-01 2026-07-01 0001782952 lcto:S000085344Member oef:RiskLoseMoneyMember 2026-07-01 2026-07-01 iso4217:USD pure false 485BPOS 0001782952 2026-07-01 N-1A Kurv ETF Trust 2026-07-01 KURV U.S. LARGE CAP TAXOPTIMIZED ETF (TICKER: LCTO) - SUMMARY Investment Objective Kurv U.S. Large Cap TaxOptimized ETF (the “Fund”) seeks to maximize total return. A secondary objective seeks to maximize risk-adjusted after tax current income. Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A8E_eoef--AnnualFundOperatingExpensesTableTextBlock_zrR5nYVskXs5"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zqkgQC4O7vm4" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: top; background-color: Silver; visibility: hidden"> <td style="display: none; padding-right: 5.4pt; padding-left: 5.4pt; visibility: hidden"> </td> <td id="xdx_49C_20260701__20260701__oef--ClassAxis__custom--C000250343Member_zZQjJJXQJNP7" style="display: none; padding-right: 5.4pt; padding-left: 5.4pt; visibility: hidden"> </td></tr> <tr id="xdx_40F_eoef--ManagementFeesOverAssets_dp_z4JEDlOGqrie" style="vertical-align: top; background-color: Silver"> <td style="width: 83%; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt">0.85%</td></tr> <tr id="xdx_40D_eoef--DistributionAndService12b1FeesOverAssets_dp_zlFn2OBw3Klk" style="vertical-align: top; background-color: #CCEDFF"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt">0.00%</td></tr> <tr id="xdx_404_eoef--OtherExpensesOverAssets_dp_zJM78XSigmi" style="vertical-align: top; background-color: Silver"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses(1)</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt">0.00%</td></tr> <tr id="xdx_40E_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zE2qdGM9Gq05" style="vertical-align: top; background-color: #CCEDFF"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">Acquired Fund Fees and Expenses(2)</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt">0.15%</td></tr> <tr id="xdx_407_eoef--ExpensesOverAssets_dp_zyKCIt7GlaQ6" style="vertical-align: top; background-color: Silver"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt">1.00%</td></tr> <tr id="xdx_401_eoef--FeeWaiverOrReimbursementOverAssets_dp_zTGlMPc7N68e" style="vertical-align: top; background-color: #CCEDFF"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">Fee Waiver(3)</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt">(0.30%)</td></tr> <tr id="xdx_406_eoef--NetExpensesOverAssets_dp_zgzpNVEsAtDl" style="vertical-align: top; background-color: Silver"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses After Fee Waiver and Reimbursement</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt">0.70%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.5in">(1)</td><td style="text-align: justify">Other Expenses are estimated for the Fund’s initial fiscal year.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.5in">(2)</td><td>Acquired Fund Fees and Expenses are estimated for the Fund’s initial fiscal year.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.5in">(3)</td><td style="text-align: justify">The Fund’s adviser has contractually agreed to limit the Fund’s current operating expenses until July 31, 2027, so that the Total Annual Operating Expenses After Fee Waiver and Reimbursement (excluding: (i) any front-end or contingent deferred loads; (ii) brokerage fees and commissions, (iii) acquired fund fees and expenses; (iv) borrowing costs (such as interest and dividend expense on securities sold short); (v) taxes; and (vi) extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees, contractual indemnification of Fund service providers (other than the adviser)) will not exceed 0.55%, of average daily net assets (“Operating Expense Limitation Agreement”). These fee waivers and expense reimbursements are subject to possible recoupment from the Fund within the three years after the fees have been waived or reimbursed, if such recoupment can be achieved within the lesser of the foregoing expense limits or the expense limits in place at the time of recoupment. This Operating Expense Limitation Agreement may be terminated only by the Board of Trustees (the “Board”) of Kurv ETF Trust (the “Trust”) on 60 days’ written notice to the Fund’s adviser, Kurv Investment Management LLC.</td></tr></table> 0.0085 0.0000 0.0000 0.0015 0.0100 -0.0030 0.0070 Other Expenses are estimated for the Fund’s initial fiscal year. Acquired Fund Fees and Expenses are estimated for the Fund’s initial fiscal year. July 31, 2027 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (including the effect of the Operating Expenses Limitation Agreement through July 31, 2027). The figures shown would be the same whether or not you sold your Shares at the end of each period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A87_eoef--ExpenseExampleWithRedemptionTableTextBlock_zF75D3JZyfeb"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zPa9xPgGH8zc" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: top; background-color: Silver"> <td id="xdx_48C_eoef--ExpenseExampleYear01_zd6CIvWnSBW2" style="width: 52%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1 Year</td> <td id="xdx_482_eoef--ExpenseExampleYear03_zgnN2AJZh3Lf" style="width: 48%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">3 Years</td></tr> <tr id="xdx_41E_20260701__20260701__oef--ClassAxis__custom--C000250343Member_zpMXCQl8cQR5" style="vertical-align: top; background-color: #CCEDFF"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$ 72</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$288</td></tr> </table> 72 288 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. The Fund does not have any portfolio turnover because it has not yet launched. Principal Investment Strategies The Fund seeks to exceed the total return of the S&P 500 Index (the “Benchmark”) by investing under normal circumstances in exchanged traded funds (“U.S. Large Cap ETFs”) that invest in the equity securities of companies that are organized or operating in the United States and that, at the time of investment, have market capitalizations that are within the range represented in the Benchmark (approximately between $6.5 billion and $4.8 trillion as of June 30, 2026) (“U.S. Large Cap Equity Securities”) as well as derivatives on U.S. Large Cap ETFs, backed by a portfolio of Fixed Income Instruments and Preferred Securities Instruments. The Fund may also invest directly in U.S. Large Cap Equity Securities as well as derivatives on U.S. Large Cap Equity Securities. “Fixed Income Instruments” will primarily consist of municipal bonds and municipal bond ETFs but may include non-municipal bonds, bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities as well as ETFs on such instruments. “Preferred Securities Instruments” consist of preferred securities of U.S. companies and ETFs primarily investing in preferred securities. The Fund may invest in U.S. and non-U.S. Fixed Income Instruments of any maturity or duration. The Fund normally uses option contracts on U.S. Large Cap Equity Securities and U.S. Large Cap ETFs to attempt to equal or exceed the daily performance of the Benchmark. The value of option contracts on U.S. Large Cap Equity Securities as well as U.S. Large Cap ETFs should closely track changes in the underlying securities and indices. As part of its strategy, the Fund may employ various option strategies to generate income and/or to preserve capital. The Fund may also invest directly in common stocks and index derivatives, such as futures, options on futures, and swaps. As derivatives tracking U.S. Large Cap ETFs may be purchased with a fraction of the assets that would be needed to purchase the equity securities directly for the equivalent amount of exposure, the remainder of the Fund’s assets may be invested in Fixed Income Instruments. Kurv actively manages the Fixed Income Instruments held by the Fund in a tax optimized manner with a view toward enhancing the Fund’s total return. The Fund looks at the universe of Fixed Income Instruments and Preferred Securities and estimates the after-tax income associated with each of those investments, and then trades those assets in such a way as to achieve a high level of risk-adjusted after-tax income. Where relevant, the Adviser may use data from third party research providers in assessing Fixed Income Instruments and Preferred Securities and in allocating such instruments to the portfolio. Under normal circumstances, the Fund invests at least 80% of its net assets plus any borrowings for investment purposes in U.S. Large Cap Equity Securities, U.S. Large Cap ETFs or derivatives on U.S. Large Cap Equity Securities or U.S. Large Cap ETFs. The Fund will consider the investments of the underlying ETFs in which it invests, including U.S. Large Cap ETFs, when determining compliance with its 80% policy. Additionally, for the purposes of complying with its 80% investment policy, the Fund will use the notional value of the derivatives it holds. The Fund may invest, without limitation, in derivative instruments, such as options, futures contracts or swap agreements, subject to applicable law and any other restrictions described in the Fund’s prospectus or statement of additional information. The Fund may purchase or sell securities on a when-issued, delayed delivery or forward commitment basis and may engage in short sales. Assets not invested U.S. Large Cap ETFs, U.S. Large Cap Securities or derivatives on such instruments, may be invested in Fixed Income Instruments and Preferred Securities Instruments. The Fund may invest up to 20% of its total assets in high yield securities, including high yield ETFs (“junk bonds”) rated B or higher by Moody’s Investors Service, Inc. (“Moody’s”), or equivalently rated by Standard & Poor’s Ratings Services (“S&P”) or Fitch, Inc. (“Fitch”), or, if unrated, determined by Kurv to be of comparable quality. In the event that ratings services assign different ratings to the same security, Kurv will use the highest rating as the credit rating for that security. With respect to the Fixed Income Instruments, the Fund may invest, without limitation, in securities denominated in foreign currencies and in U.S. dollar-denominated securities of foreign issuers, except with respect to such investments, the Fund may only invest up to 10% of its total assets in securities and instruments that are economically tied to emerging market countries (this limitation does not apply to investment grade sovereign debt denominated in the local currency with less than 1 year remaining to maturity, which means with respect to ’Fixed Income Instruments, the Fund may invest in such instruments without limitation subject to any applicable legal or regulatory limitation). Emerging market countries include any country other than the countries comprising the MSCI World Index (currently, Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States). With respect to the Fixed Income Instruments, the Fund will normally limit its foreign currency exposure (from non-U.S. dollar-denominated securities or currencies) to 10% of its total assets. The Fund may also invest up to 15% of its total assets in Preferred Securities Instruments. Under normal circumstances, the Fund invests at least 80% of its net assets plus any borrowings for investment purposes in U.S. Large Cap Equity Securities, U.S. Large Cap ETFs or derivatives on U.S. Large Cap Equity Securities or U.S. Large Cap ETFs. As with all ETFs, there is the risk that you could lose money through your investment in the Fund. <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationCompaniesRiskMember_z5AcSLK3CZT8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #212529">Large Capitalization Companies Risk. Large capitalization companies may be less able than smaller capitalization companies to adapt to changing market conditions. Large capitalization companies may be more mature and subject to more limited growth potential compared with smaller capitalization companies. During different market cycles, the performance of large capitalization companies has trailed the overall performance of the broader securities markets. <div style="display: none"></div> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--RisksofInvestinginOtherInvestmentCompaniesMember_zS0LvOXHKNqc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Risks of Investing in Other Investment Companies: Investments in the securities of other investment companies, including ETFs, may involve duplication of advisory fees and certain other expenses. By investing in another investment company, the Fund becomes a shareholder thereof. As a result, Fund shareholders indirectly bear the Fund’s proportionate share of the fees and expenses paid by shareholders of the other investment companies, in addition to the fees and expenses Fund shareholders indirectly bear in connection with the Fund’s own operations. If the other investment companies fail to achieve their investment objectives, the value of the Fund’s investment will decline, adversely affecting the Fund’s performance. In addition, ETF shares potentially may trade at a discount or a premium to NAV and are subject to brokerage and other trading costs, which could result in greater expenses to the Fund. Finally, because the value of ETF shares depends on the demand in the market, the Adviser may not be able to liquidate the Fund’s holdings in those shares at the most optimal time, adversely affecting the Fund’s performance. Derivatives Risk: The risk of investing in derivative instruments (such as forwards, futures, swaps and structured securities) and other similar investments, including leverage, liquidity, interest rate, market, counterparty (including credit), operational, legal and management risks, and valuation complexity. Changes in the value of a derivative or other similar investments may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and the Fund could lose more than the initial amount invested. Changes in the value of a derivative or other similar instruments may also create margin delivery or settlement payment obligations for the Fund. The Fund’s use of derivatives or other similar investments may result in losses to the Fund, a reduction in the Fund’s returns and/or increased volatility. Over-the-counter (“OTC”) derivatives or other similar investments are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for OTC derivatives or other similar investments. The primary credit risk on derivatives or similar investments that are exchange-traded or traded through a central clearing counterparty resides with the Fund’s clearing broker or the clearinghouse. Changes in regulation relating to a registered fund’s use of derivatives and related instruments could potentially limit or impact the Fund’s ability to invest in derivatives, limit the Fund’s ability to employ certain strategies that use derivatives or other similar investments and/or adversely affect the value of derivatives or other similar investments and the Fund’s performance. Equity Risk: The risk that the value of equity securities, such as common stocks and preferred securities, may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity securities generally have greater price volatility than fixed income securities. <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--CommonStocksMember_zoh9SIzzxOh6"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">Common Stocks. Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change. These investor perceptions are based on various and unpredictable factors including: expectations regarding government, economic, monetary and fiscal policies; inflation and interest rates; economic expansion or contraction; and global or regional political, economic and banking crises. If you held common stock of any given issuer, you would generally be exposed to greater risk than if you held preferred securities and debt obligations of the issuer because holders of common stock generally have inferior rights to receive payments from issuers in comparison with the rights of the holders of other securities, bondholders and other creditors of such issuers.</td></tr></table> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--PreferredSecuritiesMember_zNuEXm3pZSXf"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">Preferred Securities. A preferred security is a blend of the characteristics of a bond and common stock. It can offer the higher yield of a bond and has priority over common stock in equity ownership, but does not have the seniority of a bond and, unlike common stock, its participation in the issuer’s growth may be limited. Preferred securities have preference over common stock in the receipt of dividends and in any residual assets after payment to creditors should the issuer be dissolved. Although the dividend on a preferred security may be set at a fixed annual rate, in some circumstances it can be changed or omitted by the issuer. Because preferred securities represent an equity ownership interest in an issuer, their value will usually react more strongly than bonds and other debt instruments to actual or perceived changes in an issuer’s financial condition or prospects or to fluctuations in the equity markets.</td></tr></table> Options Risk: Purchasing and writing put and call options are highly specialized activities and entail greater than ordinary investment risks. The Fund may not fully benefit from or may lose money on an option if changes in its value do not correspond as anticipated to changes in the value of the underlying securities. If the Fund is not able to sell an option held in its portfolio, it would have to exercise the option to realize any profit and would incur transaction costs upon the purchase or sale of the underlying securities. Ownership of options involves the payment of premiums, which may adversely affect the Fund’s performance. To the extent that the Fund invests in over-the-counter options, the Fund may be exposed to counterparty risk. FLEX Options Risk: The Fund may use FLEX Options issued and guaranteed for settlement by the OCC. The Fund bears the risk that the OCC will be unable or unwilling to perform its obligations under the FLEX Options contracts. In the unlikely event that the OCC becomes insolvent or is otherwise unable to meet its settlement obligations, the Fund could suffer significant losses. Additionally, FLEX Options may be less liquid than certain other securities, such as standardized options. In less liquid markets for the FLEX Options, the Fund may have difficulty closing out certain FLEX Options positions at desired times and prices. In connection with the creation and redemption of Shares, to the extent market participants are not willing or able to enter into FLEX Option transactions with the Fund at prices that reflect the market price of the Shares, the Fund’s NAV and, in turn the share price of the Fund, could be negatively impacted. The FLEX Options utilized by the Fund are exercisable at the strike price on their expiration date. As a FLEX Option approaches its expiration date, its value typically increasingly moves with the value of the underlying security. However, prior to such date, the value of the FLEX Options does not increase or decrease at the same rate as the underlying security’s share price on a day-to-day basis (although they generally move in the same direction). The value of the FLEX Options held by the Fund will be determined based on market quotations or other recognized pricing methods. The value of the FLEX Options will be affected by, among others, changes in the underlying security’s share price, changes in interest rates and the remaining time to until the FLEX Options expire. Tax Optimization Investing Risk: The Fund’s tax optimization strategies may reduce your taxable income, but will not eliminate it. Managing the Fund to maximize after-tax returns may have a negative effect on Fund performance. Because tax consequences are considered in managing the Fund, the Fund’s pre-tax performance may be lower than that of a similar fund that is not tax-managed. Call Risk: The risk that an issuer may exercise its right to redeem a fixed income security earlier than expected (a call). Issuers may call outstanding securities prior to their maturity for a number of reasons (e.g., declining interest rates, changes in credit spreads and improvements in the issuer’s credit quality). If an issuer calls a security that the Fund has invested in, the Fund may not recoup the full amount of its initial investment or may not realize the full anticipated earnings from the investment and may be forced to reinvest in lower-yielding securities, securities with greater credit risks or securities with other, less favorable features. Credit Risk: The risk that the Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a derivative contract, or the issuer or guarantor of collateral, is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to meet its financial obligations. Currency Risk: The risk that foreign (non-U.S.) currencies will change in value relative to the U.S. dollar and affect the Fund’s investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies. Emerging Markets Risk: The risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk. ETF Structure Risk: The Fund is structured as an ETF and as a result is subject to special risks, including: <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketPriceVarianceRiskMember_zInvnUit7lue"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">Market Price Variance Risk: The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr></table> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantRiskMember_z7uADX6WxDaa"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">Authorized Participant Risk: In times of market stress, market makers may step away from their role market making in shares of ETFs and in executing trades, which can lead to differences between the market value of the Shares and the Fund’s NAV.</td></tr></table> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesMember_zdhDm7q28Qn5"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">Trading Issues: In stressed market conditions, the market for the Shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Shares may, in turn, lead to differences between the market value of the Shares and the Fund’s NAV.</td></tr></table> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--AbsenceOfActiveTradingMarketRiskMember_zoFzMhYBmalc"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">Absence of Active Trading Market Risk: An active trading market for the Shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Shares.</td></tr></table> Foreign (Non-U.S.) Investment Risk: The risk that investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to smaller markets, differing reporting, accounting and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, political changes, diplomatic developments or the imposition of sanctions and other similar measures. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers. High Yield Risk: The risk that high yield securities and unrated securities of similar credit quality (commonly known as “junk bonds”) are subject to greater levels of credit, call and liquidity risks. High yield securities are considered primarily speculative with respect to the issuer’s continuing ability to make principal and interest payments, and may be more volatile than higher-rated securities of similar maturity. Interest Rate Risk: The risk that fixed income securities will fluctuate in value because of a change in interest rates; a fund with a longer average portfolio duration will be more sensitive to changes in interest rates than a fund with a shorter average portfolio duration. Issuer Risk: The risk that the value of a security may decline for a reason directly related to the issuer, such as management performance, changes in financial condition or credit rating, financial leverage, reputation or reduced demand for the issuer’s goods or services. Leveraging Risk: The risk that certain transactions of the Fund, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivative instruments, may give rise to leverage, magnifying gains and losses and causing the Fund to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss. Liquidity Risk: The risk that a particular investment may be difficult to purchase or sell and that the Fund may be unable to sell illiquid investments at an advantageous time or price or achieve its desired level of exposure to a certain sector. Liquidity risk may result from the lack of an active market, reduced number and capacity of traditional market participants to make a market in fixed income securities, and may be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, causing increased supply in the market due to selling activity. Market Risk: The risk that the value of securities owned by the Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries. Management Risk: The risk that the investment techniques and risk analyses applied by Kurv will not produce the desired results and that actual or potential conflicts of interest, legislative, regulatory, or tax restrictions, policies or developments may affect the investment techniques available to Kurv and the portfolio managers in connection with managing the Fund and may cause Kurv to restrict or prohibit participation in certain investments. There is no guarantee that the investment objective of the Fund will be achieved. <div style="display: none"></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--MortgageRelatedandOtherAssetBackedSecuritiesRiskMember_zcKbimM6n23g" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mortgage-Related and Other Asset-Backed Securities Risk: The risks of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk, prepayment risk and credit risk. The Fund may invest in any tranche of mortgage-related or other asset-backed securities, including junior and/or equity tranches (to the extent consistent with other of the Fund’s guidelines), which generally carry higher levels of the foregoing risks. Municipal Bond Risk: Municipal bonds are subject to the risk that litigation, legislation or other political events, local business or economic conditions, credit rating downgrades, or the bankruptcy of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest or otherwise affect the value of such securities. New Fund Risk: The risk that a new fund’s performance may not represent how the Fund is expected to or may perform in the long term. In addition, new funds have limited operating histories for investors to evaluate and new funds may not attract sufficient assets to achieve investment and trading efficiencies. Short Exposure Risk: The risk of entering into short sales or other short positions, including the potential loss of more money than the actual cost of the investment, and the risk that the third party to the short sale or other short position will not fulfill its contractual obligations, causing a loss to the Fund. Small Fund Risk: the risk that a smaller fund may not achieve investment or trading efficiencies. Additionally, a smaller fund may be more adversely affected by large purchases or redemptions of fund shares. Sovereign Debt Risk: The risk that investments in fixed income instruments issued by sovereign entities may decline in value as a result of default or other adverse credit event resulting from an issuer’s inability or unwillingness to make principal or interest payments in a timely fashion. Tax Risk. The Fund invests in derivatives. The federal income tax treatment of a derivative may not be as favorable as a direct investment in an underlying asset. Derivatives may produce taxable income and taxable realized gain. Derivatives may adversely affect the timing, character and amount of income the Fund realizes from its investments. As a result, a larger portion of the Fund’s distributions may be treated as ordinary income rather than as capital gains. In addition, certain derivatives are subject to mark-to-market or straddle provisions of the Internal Revenue Code. If such provisions are applicable, there could be an increase (or decrease) in the amount of taxable dividends paid by the Fund. The use of derivatives, such as call options, may cause the Fund to realize higher amounts of short-term capital gains or otherwise affect the Fund’s ability to pay out dividends subject to preferential rates or the dividend deduction, thereby increasing the amount of taxes payable by some shareholders. The writing of call options by the Fund may significantly reduce or eliminate the ability to make distributions eligible to be treated as qualified dividend income or as eligible for the dividends received deduction for corporate shareholders. Performance: Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually. Because the Fund has not yet launched, the performance section is omitted. Other Expenses are estimated for the Fund’s initial fiscal year. Acquired Fund Fees and Expenses are estimated for the Fund’s initial fiscal year. The Fund’s adviser has contractually agreed to limit the Fund’s current operating expenses until July 31, 2027, so that the Total Annual Operating Expenses After Fee Waiver and Reimbursement (excluding: (i) any front-end or contingent deferred loads; (ii) brokerage fees and commissions, (iii) acquired fund fees and expenses; (iv) borrowing costs (such as interest and dividend expense on securities sold short); (v) taxes; and (vi) extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees, contractual indemnification of Fund service providers (other than the adviser)) will not exceed 0.55%, of average daily net assets (“Operating Expense Limitation Agreement”). These fee waivers and expense reimbursements are subject to possible recoupment from the Fund within the three years after the fees have been waived or reimbursed, if such recoupment can be achieved within the lesser of the foregoing expense limits or the expense limits in place at the time of recoupment. This Operating Expense Limitation Agreement may be terminated only by the Board of Trustees (the “Board”) of Kurv ETF Trust (the “Trust”) on 60 days’ written notice to the Fund’s adviser, Kurv Investment Management LLC.