Energy Infrastructure Companies Risk: Energy Companies, including MLPs and utility companies, are subject to risks specific to the energy and energy-related industries. This includes but is not limited to: fluctuations in commodity prices impacting the volume of Energy-Related Commodities transported, processed, stored or distributed; reductions in volumes of natural gas or other Energy-Related Commodities being available for transporting, processing, storing or distributing; slowdowns in new construction and acquisitions limiting growth potential; reduced demand for oil, natural gas and petroleum products, particularly for a sustained period of time; depletion of natural gas reserves or other Energy-Related Commodities; rising interest rates resulting in higher costs of capital, increased operating costs; counterparties to contracts defaulting or going bankrupt; and an inability to execute acquisitions or expansion projects in a cost-effective manner; extreme weather events and environmental hazards; and threats of attack by terrorists on energy assets. Energy Companies may also face counterparty risk, such that long-term contracts may be declared void if the counterparty to those contracts enters bankruptcy proceedings. In addition, Energy Companies are subject to significant federal, state and local government regulation in virtually every aspect of their operations, including how facilities are constructed, maintained and operated, environmental and safety controls, and the prices they may charge for products and services. Energy Companies that own interstate pipelines are subject to regulation by U.S. Federal Energy Regulatory Commission (“FERC”) with respect to the tariff rates they may charge for transportation services. An adverse determination by FERC with respect to the tariff rates of such a company could have a material adverse effect on its business, financial condition, results of operations and cash flows and its ability to pay cash distributions or dividends. Various governmental authorities have the power to enforce compliance with these regulations and the permits issued under them and violators are subject to administrative, civil and criminal penalties, including civil fines, injunctions or both. Stricter laws, regulations or enforcement policies could be enacted in the future which would likely increase compliance costs and may adversely affect the financial performance of Energy Companies. Natural disasters, such as hurricanes in the Gulf of Mexico, also may impact the Energy Companies. Certain Energy Companies in the utility industry are subject to the imposition of rate caps, increased competition due to deregulation, the difficulty in obtaining an adequate return on invested capital or in financing large construction projects, the limitations on operations and increased costs and delays attributable to environmental considerations, and the capital market’s ability to absorb utility debt. In addition, taxes, government regulation, international politics, price and supply fluctuations, volatile interest rates and energy conservation may cause difficulties for these companies. Such issuers have been experiencing certain of these problems in varying degrees. Certain Energy Companies are involved in the production of electrical equipment and components. General risks of these companies include the general state of the economy, exchange rates, commodity prices, intense competition, consolidation, domestic and international politics, government regulation, import controls, excess capacity, consumer demand and spending trends. In addition, the companies may also be significantly affected by overall capital spending levels, economic cycles, rapid technological changes, delays in modernization, labor relations, environmental liabilities, governmental and product liability and e-commerce initiatives.

Various governmental agencies and authorities have the power to enforce compliance with these regulations, and violators may be subject to administrative, civil and criminal penalties, including civil fines, assessment of monetary penalties, imposition of remedial requirements, injunctions or all of the above. Stricter laws, regulations or enforcement policies could be enacted in the future, which would likely increase compliance costs and may adversely affect the financial performance of Energy Companies.

Failure to comply with these laws and regulations may trigger a variety of administrative, civil and criminal enforcement measures, including the assessment of monetary penalties, the imposition of remedial requirements, and the issuance of orders enjoining future operations. Certain environmental statutes, state laws and regulations impose strict, joint and several liability for costs required to clean up and restore sites where hazardous substances have been disposed of or otherwise released. Moreover, it is not uncommon for neighboring landowners and other third parties to file claims for personal injury and property damage allegedly caused by the release of hazardous substances or other waste products into the environment.

There is an inherent risk that other entities operating in the energy industry may incur environmental costs and liabilities due to the nature of their businesses and the substances they handle. For example, an accidental release from wells or gathering pipelines could subject them to substantial liabilities for environmental cleanup and restoration costs, claims made by neighboring landowners and other third parties for personal injury and property damage, and fines or penalties for related violations of environmental laws or regulations. Energy Companies may not be able to recover these costs from insurance.

Voluntary initiatives and mandatory controls have been adopted or are being discussed both in the United States and worldwide to reduce emissions of “greenhouse gases” such as carbon dioxide, a by-product of burning fossil fuels, and methane, the major constituent of natural gas, which many scientists and policymakers believe contribute to global climate change. These measures and future measures could result in increased costs to certain companies in which the Energy Fund may invest to operate and maintain facilities and administer and manage a greenhouse gas emissions program and may reduce demand for fuels that generate greenhouse gases and that are managed or produced by companies in which the Energy Fund may invest.

Exchange Traded Product (ETP) Risk: The Energy Fund invests in Energy ETPs. Through its positions in Energy ETPs, the Energy Fund generally will be subject to the risks associated with such vehicle’s investments, including the possibility that the value of the securities or instruments held by or linked to an Energy ETP could decrease. Many of the Commodities-Related ETPs in which the Energy Fund invests may not registered, nor required to be registered, as investment companies subject to the 1940 Act and, therefore, would not subject to the regulatory scheme of the 1940 Act. Additionally, many of the Energy ETPs are not commodity pools for purposes of the Commodities Exchange Act (“CEA”) and the service providers are not subject to regulation by the Commodities Futures Exchange Commission as a Commodity Pool Operator (“CPO”) or Commodity Trading Adviser in connection with the shares of the Energy ETPs and, therefore, shareholders do not have the protections provided to investors in CEA regulated instruments or CPOs. When the Energy Fund invests in an Energy ETP, in addition to directly bearing the expenses associated with its own operations, it also will bear a pro rata portion of the Energy ETP’s expenses (including operating costs and management fees).

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 Energy 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 Energy Fund. The Energy Fund’s use of derivatives or other similar investments may result in losses to the Energy Fund, a reduction in the Energy 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. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Energy Fund could suffer significant losses on these contracts and the value of an investor’s investment in the Energy Fund may decline. If there is a default by a counterparty, any recovery may be delayed depending on the circumstances of the default. Additionally, OTC derivatives are generally less liquid than exchange traded derivative instruments because they are not traded on an exchange, do not have uniform terms and conditions, and are generally entered into based upon the creditworthiness of the parties and the availability of credit support, such as collateral, and in general, are not transferable without the consent of the counterparty. The Energy Fund may not be able to find a suitable derivatives counterparty, and thus may be unable to invest in derivatives altogether. The primary credit risk on derivatives or similar investments that are exchange-traded or traded through a central clearing counterparty, on the other hand, resides with the Energy 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 Energy Fund’s ability to invest in derivatives, limit the Energy 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 Energy Fund’s performance.

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 Energy Fund has invested in, the Energy 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.

Currency Risk: the risk that foreign (non-U.S.) currencies will change in value relative to the U.S. dollar and affect the Energy 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.

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.

FLEX Options Risk: The Energy Fund may use FLEX Options issued and guaranteed for settlement by the OCC. The Energy 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 Energy 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 Energy Fund may have difficulty closing out certain FLEX Options positions at desired times and prices. In connection with the creation and redemption of Shares of the Energy Fund, to the extent market participants are not willing or able to enter into FLEX Option transactions with Energy Fund at prices that reflect the market price of the Shares of the Energy Fund, the Energy Fund’s NAV and, in turn the share price of the Energy Fund, could be negatively impacted. The FLEX Option approaches its expiration date, its value typically increasingly moves with the value of the Energy ETP. However, prior to such date, the value of the FLEX Options does not increase or decrease at the same rate as the Energy ETP’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 Energy Fund will be determined based on the market quotations or other recognized pricing methods. The value of the underlying FLEX Options will be affected by, among others, changes in the Energy ETP’s share price, changes in interest rates and the remaining time to until the FLEX Options expire.

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.

Leveraging Risk: the risk that certain transactions of the Energy Fund, such as reverse repurchase agreements 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 Energy Fund to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss.

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 Energy Fund and may cause Kurv to restrict or prohibit participation in certain investments. There is no guarantee that the investment objective of the Energy Fund will be achieved.

MLP Risk: Investments in securities of MLPs involve certain risks different from or in addition to the risks of investing in common stocks. MLP common units can be affected by macro-economic factors and other factors unique to the partnership or company and the industry or industries in which the MLP operates. Certain MLP securities may trade in relatively low volumes due to their smaller capitalizations or other factors, which may cause them to have a high degree of price volatility and illiquidity. The structures of MLPs create certain risks, including, for example, risks related to the limited ability of investors to control an MLP and to vote on matters affecting the MLP, risks related to potential conflicts of interest between an MLP and the MLP’s general partner, the risk that an MLP will generate insufficient cash flow to meet its current operating requirements, the risk that an MLP will issue additional securities or engage in other transactions that will have the effect of diluting the interests of existing investors, and risks related to the general partner’s right to require unit-holders to sell their common units at an undesirable time or price.

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 Energy 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 Energy Fund’s guidelines), which generally carry higher levels of the foregoing risks.

Price Participation Risk: The Energy Fund’s investments in Commodities-Related ETPs and derivatives on Energy-Related Commodities or Commodities-Related ETPs, however, can differ from a direct investment in Energy-Related Commodities. Investing directly in Energy-Related Commodities provides exposure to the market price of the Energy-Related Commodity itself. As the Energy Fund will gain exposure to Energy-Related Commodities primarily through Commodities-Related ETPs or derivative instruments referencing Energy-Related Commodities or Commodities-Related ETPs, the Energy Fund’s returns on these investments may differ from the performance of Energy-Related Commodities due to factors such as derivative pricing, margin requirements, roll costs, and other market or operational considerations associated with pooled investment vehicles or derivative instruments.

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.

Tax Risk: The Energy 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 Energy Fund realizes from its investments. As a result, a larger portion of the Energy 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 Energy Fund. The use of derivatives, such as call options, may cause the Energy Fund to realize higher amounts of short-term capital gains or otherwise affect the Energy 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 Energy 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.

Sector Focus Risk: The Nuclear Fund may invest a significant portion of its assets in one or more sectors and thus will be more susceptible to the risks affecting those sectors than funds that have more diversified holdings across a number of sectors. The Nuclear Fund anticipates that it may be subject to some or all of the risks described below.

Exchange Traded Product (ETP) Risk: The Nuclear Fund invests in Nuclear Energy ETPs. Through its positions in Nuclear Energy ETPs, the Nuclear Fund generally will be subject to the risks associated with such vehicle’s investments, including the possibility that the value of the securities or instruments held by or linked to a Nuclear Energy ETP could decrease. Many of the Nuclear Energy ETPs in which the Nuclear Fund invests may not be registered, nor required to be registered, as investment companies subject to the 1940 Act and, therefore, would not subject to the regulatory scheme of the 1940 Act. Additionally, many of the Nuclear Energy ETPs are not commodity pools for purposes of the Commodities Exchange Act (“CEA”) and the service providers are not subject to regulation by the Commodities Futures Exchange Commission as a Commodity Pool Operator (“CPO”) or Commodity Trading Adviser in connection with the shares of the Nuclear Energy ETPs and, therefore, shareholders do not have the protections provided to investors in CEA regulated instruments or CPOs. When the Nuclear Fund invests in a Nuclear Energy ETP, in addition to directly bearing the expenses associated with its own operations, it also will bear a pro rata portion of the Nuclear Energy ETP’s expenses (including operating costs and management fees).

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 Nuclear 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 Nuclear Fund. The Nuclear Fund’s use of derivatives or other similar investments may result in losses to the Nuclear Fund, a reduction in the Nuclear 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. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Nuclear Fund could suffer significant losses on these contracts and the value of an investor’s investment in the Nuclear Fund may decline. If there is a default by a counterparty, any recovery may be delayed depending on the circumstances of the default. Additionally, OTC derivatives are generally less liquid than exchange traded derivative instruments because they are not traded on an exchange, do not have uniform terms and conditions, and are generally entered into based upon the creditworthiness of the parties and the availability of credit support, such as collateral, and in general, are not transferable without the consent of the counterparty. The Nuclear Fund may not be able to find a suitable derivatives counterparty, and thus may be unable to invest in derivatives altogether. The primary credit risk on derivatives or similar investments that are exchange-traded or traded through a central clearing counterparty, on the other hand, resides with the Nuclear 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 Nuclear Fund’s ability to invest in derivatives, limit the Nuclear 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 Nuclear Fund’s performance.

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 Nuclear Fund has invested in, the Nuclear 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.

Currency Risk: the risk that foreign (non-U.S.) currencies will change in value relative to the U.S. dollar and affect the Nuclear 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.

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.

FLEX Options Risk: The Nuclear Fund may use FLEX Options issued and guaranteed for settlement by the OCC. The Nuclear 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 Nuclear 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 Nuclear Fund may have difficulty closing out certain FLEX Options positions at desired times and prices. In connection with the creation and redemption of Shares of the Nuclear Fund, to the extent market participants are not willing or able to enter into FLEX Option transactions with Nuclear Fund at prices that reflect the market price of the Shares of the Nuclear Fund, the Nuclear Fund’s NAV and, in turn the share price of the Nuclear Fund, could be negatively impacted. The FLEX Option approaches its expiration date, its value typically increasingly moves with the value of the Nuclear Energy ETP. However, prior to such date, the value of the FLEX Options does not increase or decrease at the same rate as the Nuclear Energy ETP’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 Nuclear Fund will be determined based on the market quotations or other recognized pricing methods. The value of the underlying FLEX Options will be affected by, among others, changes in the Nuclear Energy ETP’s share price, changes in interest rates and the remaining time to until the FLEX Options expire.

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.

Leveraging Risk: the risk that certain transactions of the Nuclear Fund, such as reverse repurchase agreements 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 Nuclear Fund to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss.

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 Nuclear Fund and may cause Kurv to restrict or prohibit participation in certain investments. There is no guarantee that the investment objective of the Nuclear Fund will be achieved.

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 Nuclear 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 Nuclear Fund’s guidelines), which generally carry higher levels of the foregoing risks.

Price Participation Risk: The Nuclear Fund’s investments in Nuclear Commodities-Related ETPs and derivatives on Nuclear Energy-Related Commodities or Nuclear Commodities-Related ETPs, however, can differ from a direct investment in Nuclear-Related Commodities. Investing directly in Nuclear -Related Commodities provides exposure to the market price of the Nuclear Energy-Related Commodity itself. As the Nuclear Fund will gain exposure to Nuclear Energy-Related Commodities primarily through Nuclear Commodities-Related ETPs or derivative instruments referencing Nuclear Energy-Related Commodities or Nuclear Commodities-Related ETPs, the Nuclear Fund’s returns on these investments may differ from the performance of Nuclear Energy-Related Commodities due to factors such as derivative pricing, margin requirements, roll costs, and other market or operational considerations associated with pooled investment vehicles or derivative instruments.

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.

Tax Risk: The Nuclear 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 Nuclear Fund realizes from its investments. As a result, a larger portion of the Nuclear 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 Nuclear Fund. The use of derivatives, such as call options, may cause the Nuclear Fund to realize higher amounts of short-term capital gains or otherwise affect the Nuclear 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 Nuclear 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.

Nuclear Industry Companies Risk: Nuclear Industry Companies may face considerable risk as a result of incidents and accidents, breaches of security, ill-intentioned acts of terrorism, natural disasters, equipment malfunctions or mishandling in storage, handling, transportation, treatment or conditioning of substances and nuclear materials. Such events could have serious consequences, especially in the case of radioactive contamination and irradiation of the environment, for the general population, as well as a material, negative impact on nuclear infrastructure companies. In addition, nuclear infrastructure companies are subject to competitive risk associated with the prices of other energy sources, such as natural gas and oil. Consumers of nuclear energy may have the ability to switch between nuclear energy and other energy sources and, as a result, during periods when competing energy sources are less expensive, the revenues of nuclear infrastructure companies may decline with a corresponding impact on earnings. Nuclear activity is also subject to particularly detailed and restrictive regulations, with a scheme for the monitoring and periodic re-examination of operating authorization, which primarily takes into account nuclear safety, environmental and public health protection, and also national security considerations, including terrorist threats in particular. These regulations and any future regulations may be subject to significant tightening by national and international authorities. This could result in increased operating costs, which would have a negative impact on nuclear power companies and may cause operating businesses related to nuclear energy to become unprofitable or impractical to operate.

Industry and Supply-Chain Risk: Companies operating in the nuclear energy and related infrastructure industries rely on a relatively small number of specialized suppliers, facilities, and jurisdictions for key inputs, services, and equipment. Uranium mining and processing, enrichment and fuel fabrication, and certain long-lead-time components for reactors and grid upgrades are concentrated among a limited set of providers or in a few producing countries. Disruptions at any stage of this chain -- including labor disputes, equipment failures, shortages of required reagents or power, extreme weather, transportation bottlenecks, export controls, sanctions, or political instability in producing regions -- can reduce supply and increase costs for issuers in the Nuclear Fund. In some cases, alternative sources may not be immediately available or may be available only at significantly higher prices, which can adversely affect margins, project viability, or delivery schedules.

Non-Diversification Risk: The Nuclear Fund’s portfolio may focus on a limited number of investments and will be subject to the potential for more volatility than a diversified fund.

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 Space Fund becomes a shareholder thereof. As a result, Fund shareholders indirectly bear the Space 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 Space Fund’s own operations. If the other investment companies fail to achieve their investment objectives, the value of the Space Fund’s investment will decline, adversely affecting the Space 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 Space Fund. Finally, because the value of ETF shares depends on the demand in the market, the Adviser may not be able to liquidate the Space Fund’s holdings in those shares at the most optimal time, adversely affecting the Space Fund’s performance.

Options Risk: Purchasing and writing put and call options are highly specialized activities and entail greater than ordinary investment risks. The Space 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 Space 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 Space Fund’s performance. To the extent that the Space Fund invests in over-the-counter options, the Space Fund may be exposed to counterparty risk.

Credit Risk: the risk that the Space 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.

Emerging Markets Risk: the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk.

Exchange-Traded Fund (ETF) Structure Risk: The Space Fund is structured as an exchange traded fund and as a result is subject to special risks, including:

Foreign (Non-U.S.) Investment Risk: the risk that investing in foreign (non-U.S.) securities may result in the Space 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.

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.

Liquidity Risk: the risk that a particular investment may be difficult to purchase or sell and that the Space 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 Space Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries.

New Fund Risk:  the risk that a new fund’s performance may not represent how the Space 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.

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.

Tax Risk: The Space 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 Space Fund realizes from its investments. As a result, a larger portion of the Space 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 Space Fund. The use of derivatives, such as call options, may cause the Space Fund to realize higher amounts of short-term capital gains or otherwise affect the Space 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 Space 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.

Space Risk: The exploration of space by private industry and the utilization of space assets is a business focused on the future and is witnessing new entrants into the market. The exploitation and utilization of space is a global industry with a growing number of corporate participants looking to meet the future needs of a growing global population. Therefore, investments in the Space Fund will be riskier than traditional investments in established industry sectors, while the growth of these companies may be slower and subject to setbacks as new technology advancements are made to expand into space.