0001782952 2026-07-02 2026-07-02 0001782952 kurv:S000105400Member 2026-07-02 2026-07-02 0001782952 kurv:S000105400Member kurv:EnergyInfrastructureCompaniesRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105400Member kurv:SectorFocusRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105400Member kurv:EnergySectorRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105400Member kurv:IndustrySpecificRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105400Member kurv:RegulatoryRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105400Member kurv:SupplyAndDemandRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105400Member kurv:AcquisitionRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105400Member kurv:CatastropheRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105400Member kurv:OperationalRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105400Member kurv:CommodityPricingRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105400Member kurv:DepletionAndExplorationRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105400Member kurv:WeatherRisksMember 2026-07-02 2026-07-02 0001782952 kurv:S000105400Member kurv:ExchangeTradedProductEtpRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105400Member kurv:RisksOfInvestingInOtherInvestmentCompaniesMember 2026-07-02 2026-07-02 0001782952 kurv:S000105400Member kurv:DerivativesRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105400Member kurv:OptionsRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105400Member kurv:CallRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105400Member us-gaap:CreditRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105400Member kurv:CurrencyRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105400Member kurv:EmergingMarketsRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105400Member kurv:EquityRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105400Member kurv:CommonStocksMember 2026-07-02 2026-07-02 0001782952 kurv:S000105400Member kurv:PreferredSecuritiesMember 2026-07-02 2026-07-02 0001782952 kurv:S000105400Member kurv:ExchangeTradedFundEtfStructureRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105400Member kurv:MarketPriceVarianceRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105400Member kurv:AuthorizedParticipantRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105400Member kurv:TradingIssuesMember 2026-07-02 2026-07-02 0001782952 kurv:S000105400Member kurv:AbsenceOfActiveTradingMarketRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105400Member kurv:FlexOptionsRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105400Member kurv:ForeignNonUsInvestmentRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105400Member kurv:HighYieldRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105400Member us-gaap:InterestRateRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105400Member kurv:LeveragingRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105400Member kurv:LiquidityRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105400Member kurv:ManagementRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105400Member kurv:MarketRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105400Member kurv:MlpRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105400Member kurv:MlpTaxRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105400Member kurv:MortgageRelatedAndOtherAssetBackedSecuritiesRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105400Member kurv:NewFundRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105400Member oef:RiskNondiversifiedStatusMember 2026-07-02 2026-07-02 0001782952 kurv:S000105400Member kurv:PriceParticipationRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105400Member kurv:ShortExposureRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105400Member kurv:SmallFundRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105400Member kurv:SovereignDebtRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105400Member kurv:TaxRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105400Member kurv:WhollyownedSubsidiaryRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105401Member 2026-07-02 2026-07-02 0001782952 kurv:S000105401Member kurv:NuclearIndustryCompaniesRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105401Member kurv:InfrastructureAndEngineeringServicesCompaniesRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105401Member kurv:IndustryAndSupplychainRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105401Member kurv:SectorFocusRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105401Member kurv:EnergySectorRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105401Member kurv:ExchangeTradedProductEtpRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105401Member kurv:RisksOfInvestingInOtherInvestmentCompaniesMember 2026-07-02 2026-07-02 0001782952 kurv:S000105401Member kurv:DerivativesRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105401Member kurv:OptionsRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105401Member kurv:CallRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105401Member us-gaap:CreditRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105401Member kurv:CurrencyRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105401Member kurv:EmergingMarketsRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105401Member kurv:EquityRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105401Member kurv:CommonStocksMember 2026-07-02 2026-07-02 0001782952 kurv:S000105401Member kurv:PreferredSecuritiesMember 2026-07-02 2026-07-02 0001782952 kurv:S000105401Member kurv:ExchangeTradedFundEtfStructureRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105401Member kurv:MarketPriceVarianceRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105401Member kurv:AuthorizedParticipantRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105401Member kurv:TradingIssuesMember 2026-07-02 2026-07-02 0001782952 kurv:S000105401Member kurv:AbsenceOfActiveTradingMarketRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105401Member kurv:FlexOptionsRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105401Member kurv:ForeignNonUsInvestmentRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105401Member kurv:HighYieldRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105401Member us-gaap:InterestRateRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105401Member kurv:LeveragingRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105401Member kurv:LiquidityRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105401Member kurv:ManagementRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105401Member kurv:MarketRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105401Member kurv:MortgageRelatedAndOtherAssetBackedSecuritiesRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105401Member kurv:NewFundRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105401Member oef:RiskNondiversifiedStatusMember 2026-07-02 2026-07-02 0001782952 kurv:S000105401Member kurv:PriceParticipationRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105401Member kurv:ShortExposureRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105401Member kurv:SmallFundRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105401Member kurv:SovereignDebtRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105401Member kurv:TaxRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105401Member kurv:WhollyownedSubsidiaryRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105402Member 2026-07-02 2026-07-02 0001782952 kurv:S000105402Member kurv:SpaceCompaniesRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105402Member kurv:SpaceRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105402Member kurv:IndustryConcentrationRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105402Member kurv:AerospaceAndDefenseIndustryRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105402Member kurv:SectorFocusRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105402Member kurv:AviationSectorRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105402Member kurv:TechnologySectorRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105402Member kurv:TelecommunicationsSectorRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105402Member kurv:RisksOfInvestingInOtherInvestmentCompaniesMember 2026-07-02 2026-07-02 0001782952 kurv:S000105402Member kurv:DerivativesRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105402Member kurv:OptionsRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105402Member kurv:CallRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105402Member us-gaap:CreditRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105402Member kurv:CurrencyRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105402Member kurv:EmergingMarketsRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105402Member kurv:EquityRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105402Member kurv:CommonStocksMember 2026-07-02 2026-07-02 0001782952 kurv:S000105402Member kurv:PreferredSecuritiesMember 2026-07-02 2026-07-02 0001782952 kurv:S000105402Member kurv:ExchangeTradedFundEtfStructureRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105402Member kurv:MarketPriceVarianceRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105402Member kurv:AuthorizedParticipantRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105402Member kurv:TradingIssuesMember 2026-07-02 2026-07-02 0001782952 kurv:S000105402Member kurv:AbsenceOfActiveTradingMarketRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105402Member kurv:FlexOptionsRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105402Member kurv:ForeignNonUsInvestmentRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105402Member kurv:HighYieldRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105402Member us-gaap:InterestRateRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105402Member kurv:LeveragingRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105402Member kurv:LiquidityRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105402Member kurv:ManagementRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105402Member kurv:MarketRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105402Member kurv:MortgageRelatedAndOtherAssetBackedSecuritiesRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105402Member kurv:NewFundRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105402Member oef:RiskNondiversifiedStatusMember 2026-07-02 2026-07-02 0001782952 kurv:S000105402Member kurv:ShortExposureRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105402Member kurv:SmallFundRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105402Member kurv:SovereignDebtRiskMember 2026-07-02 2026-07-02 0001782952 kurv:S000105402Member kurv:TaxRiskMember 2026-07-02 2026-07-02 0001782952 kurv:C000276160Member 2026-07-02 2026-07-02 0001782952 kurv:C000276161Member 2026-07-02 2026-07-02 0001782952 kurv:C000276162Member 2026-07-02 2026-07-02 0001782952 kurv:S000105400Member oef:RiskLoseMoneyMember 2026-07-02 2026-07-02 0001782952 kurv:S000105401Member oef:RiskLoseMoneyMember 2026-07-02 2026-07-02 0001782952 kurv:S000105402Member oef:RiskLoseMoneyMember 2026-07-02 2026-07-02 iso4217:USD pure false 485BPOS 0001782952 2026-07-02 N-1A Kurv ETF Trust 2026-07-02 KURV ENERGY GENERATION & INFRASTRUCTURE ETF (TICKER: KPOW) - SUMMARY Investment Objective The Kurv Energy Generation & Infrastructure ETF (the “Energy Fund”) seeks to maximize total return. Fund Fees And Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Energy 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_A83_eoef--AnnualFundOperatingExpensesTableTextBlock_zrA44qRXsjL5"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_ztfczl5UuEj" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: top; background-color: silver"> <td style="width: 85%; padding-right: 5.75pt; padding-left: 5.75pt">Management Fee</td> <td id="xdx_981_eoef--ManagementFeesOverAssets_dp_c20260702__20260702__oef--ClassAxis__custom--C000276160Member_zpKq4rzl18Al" style="width: 15%; padding-right: 5.75pt; padding-left: 5.75pt">0.85%</td></tr> <tr style="vertical-align: top; background-color: #C6D9F1"> <td style="padding-right: 5.75pt; padding-left: 5.75pt">Distribution and/or Service (12b-1) Fees</td> <td id="xdx_988_eoef--DistributionAndService12b1FeesOverAssets_dp_c20260702__20260702__oef--ClassAxis__custom--C000276160Member_zPKXsyo8tyqe" style="padding-right: 5.75pt; padding-left: 5.75pt">0.00%</td></tr> <tr style="vertical-align: top; background-color: silver"> <td style="padding-right: 5.75pt; padding-left: 5.75pt">Other Expenses(1)</td> <td id="xdx_98A_eoef--OtherExpensesOverAssets_dp_c20260702__20260702__oef--ClassAxis__custom--C000276160Member_fKDEp_zmghm9wEeARi" style="padding-right: 5.75pt; padding-left: 5.75pt">0.00%</td></tr> <tr style="vertical-align: top; background-color: #C6D9F1"> <td style="padding-right: 5.75pt; padding-left: 5.75pt">Total Annual Fund Operating Expenses</td> <td id="xdx_98C_eoef--ExpensesOverAssets_dp_c20260702__20260702__oef--ClassAxis__custom--C000276160Member_zLDkhxFNRfVc" style="padding-right: 5.75pt; padding-left: 5.75pt">0.85%</td></tr> <tr style="vertical-align: top; background-color: #BFBFBF"> <td style="padding-right: 5.75pt; padding-left: 5.75pt">Fee Waiver(2)</td> <td id="xdx_98E_eoef--FeeWaiverOrReimbursementOverAssets_dp_c20260702__20260702__oef--ClassAxis__custom--C000276160Member_fKDIp_z5CJ3xk2baoi" style="padding-right: 5.75pt; padding-left: 5.75pt"> 0.10%</td></tr> <tr style="vertical-align: top; background-color: #C6D9F1"> <td style="padding-right: 5.75pt; padding-left: 5.75pt">Total Annual Fund Operating Expenses After Fee Waiver and Reimbursement</td> <td id="xdx_988_eoef--NetExpensesOverAssets_dp_c20260702__20260702__oef--ClassAxis__custom--C000276160Member_zNpLJ7KSBKQb" style="padding-right: 5.75pt; padding-left: 5.75pt">0.75%</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 Energy Fund’s initial fiscal year. Acquired Fund Fees and Expenses are estimated to be under 0.005% of Fund assets.</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 style="text-align: justify">The Energy Fund’s adviser has contractually agreed to waive its fees and reimburse expenses of the Energy Fund 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 the Energy Fund’s officers and Trustees, contractual indemnification of the Energy Fund service providers (other than the adviser)) will not exceed 0.75%, of average daily net assets (“Operating Expense Limitation Agreement”). These fee waivers and expense reimbursements are subject to possible recoupment from the Energy 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 on 60 days’ written notice to the Energy Fund’s adviser, Kurv Investment Management LLC (“Kurv”).</td></tr></table> 0.0085 0.0000 0.0000 0.0085 0.0010 0.0075 Other Expenses are estimated for the Energy Fund’s initial fiscal year. Acquired Fund Fees and Expenses are estimated to be under 0.005% of Fund assets. July 31, 2027 Example This Example is intended to help you compare the cost of investing in the Energy Fund with the cost of investing in mutual funds and other exchange traded funds. The Example assumes that you invest $10,000 in the Energy 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 Energy 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_zFjmQzc3Dp75"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zcEV181ajrT" 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_489_eoef--ExpenseExampleYear01_zuzFeVPa0iZ3" style="width: 52%; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">1 Year</td> <td id="xdx_485_eoef--ExpenseExampleYear03_zo8QcZpoTe7" style="width: 48%; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">3 Years</td></tr> <tr id="xdx_412_20260702__20260702__oef--ClassAxis__custom--C000276160Member_zvXTvmg40swi" style="vertical-align: top; background-color: #CCEDFF"> <td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">$77</td> <td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">$261</td></tr> </table> 77 261 Portfolio Turnover The Energy 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 Energy Fund’s performance. The Energy Fund does not have any portfolio turnover because it has not yet commenced operations as of the date of this prospectus. Principal Investment Strategies The Energy Fund will, under normal circumstances, invest in or gain exposure to companies, domestic or foreign, that are engaged in the energy infrastructure sector (“Energy Companies”) as well as in instruments that provide exposure to energy input materials (“Energy-Related Commodities”). Energy-Related Commodities include, among other things, such commodities as oil, gas, coal, uranium for nuclear energy or silver for solar panels. Energy Companies are companies that own, operate or produce assets that are used in the energy sector, including assets used in exploring, developing, producing, generating, transporting (including marine), transmitting, terminal operating, storing, gathering, processing, refining, distributing, mining or marketing of natural gas, natural gas liquids, crude oil, refined products, coal, electricity, nuclear energy, renewable energy (such as wind, solar, hydrogen, geothermal, biomass) or alternative fuels (such as ethanol, hydrogen, biodiesel), or that provide energy-related equipment or services (“energy infrastructure sector assets and activities”). For purposes of this definition, Energy Companies are companies that (i) are classified by a third party as operating within the energy infrastructure sector; or (ii) have or derive at least 50% of their assets, income, revenues or profits from energy infrastructure assets or activities or Energy-Related Commodities (as defined below). Energy infrastructure activities include: <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">Upstream activities – exploring, drilling, mining, extracting, and refining raw materials, such as crude oil and natural gas, from underground or underwater fields, uranium ore for nuclear energy, or silver as a component for solar panel.</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: 0.25in; text-align: justify"></td><td style="width: 0.25in; text-align: justify">●</td><td style="text-align: justify">Midstream activities – building and maintenance of infrastructure that allows for the transportation (pipelines, tankers, trucks), storage, and processing of raw materials; constructing, building, and maintenance of infrastructure facilities, such as nuclear reactors, as well as providing essential equipment, technology and services to the energy industry.</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: 0.25in; text-align: justify"></td><td style="width: 0.25in; text-align: justify">●</td><td style="text-align: justify">Downstream activities – refining and processing raw and intermediate materials, such as natural gas, into finished products (gasoline, lubricants, petrochemicals) and distributing them to end-users; as well as managing, storing, disposing, recycling of by product or waste, such as nuclear material or decontaminating former reactor sites.</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: 0.25in"></td><td style="width: 0.25in">●</td><td>Related activities – designing, research, and development new technology within the energy ecosystem.</td></tr></table> The Energy Fund may gain exposure to Energy Companies through different instruments including the equity or debt securities of Energy Companies, or derivative instruments relating to the securities of Energy Companies, as well as the shares of other ETFs that invest in the securities of, or derivative instruments relating to, Energy Companies (“Energy Company ETFs”). The Energy Fund may also invest in master limited partnerships (“MLPs”). MLPs are limited partnerships whose shares (or units) are listed and traded on a U.S. securities exchange, just like common stock. To qualify as an MLP, a partnership must receive at least 90% of its income from qualifying sources such as natural resource activities. Natural resource activities include the exploration, development, mining, production, processing, refining, transportation, storage and marketing of mineral or natural resources. MLPs generally have two classes of owners, the general partner and limited partners. The general partner, which is generally a major energy company, investment fund or the management of the MLP, typically controls the MLP through a 2% general partner equity interest in the MLP plus common units and subordinated units. Limited partners own the remainder of the partnership, through ownership of common units, and have a limited role in the partnership’s operations and management. MLPs are typically structured such that common units have first priority to receive quarterly cash distributions up to an established minimum quarterly dividend (“MQD”). Common units also accrue arrearages in distributions to the extent the MQD is not paid. Once common units have been paid, subordinated units receive distributions of up to the MQD, but subordinated units do not accrue arrearages. Distributable cash in excess of the MQD paid to both common and subordinated units is distributed to both common and subordinated units generally on a pro rata basis. The general partner is also eligible to receive incentive distributions if the general partner operates the business in a manner which maximizes value to unit holders. As the general partner increases cash distributions to the limited partners, the general partner receives an increasingly higher percentage of the incremental cash distributions. A common arrangement provides that the general partner can reach a tier where the general partner is receiving 50% of every incremental dollar paid to common and subordinated unit holders. By providing for incentive distributions the general partner is encouraged to streamline costs and acquire assets in order to grow the partnership, increase the partnership’s cash flow, and raise the quarterly cash distribution in order to reach higher tiers. Such results benefit all security holders of the MLP. The Energy Fund may invest in equity securities of MLPs without limit, however, in order to comply with applicable tax diversification rules, the Energy Fund may have to limit the percentage of its nets assets invested in MLPs on a periodic basis. As of the date of this prospectus, this limit is 25% of the Energy Fund’s assets on a quarterly basis. The Energy Fund may not qualify as a regulated investment company for federal income tax purposes unless the Energy Fund takes corrective measures within 30 days of the end of the quarter. The Energy Fund may invest in commodities-related exchange traded products (“Commodities-Related ETPs”), including commodities-related exchange traded funds (“Commodities-Related ETFs”) and commodities-related exchange traded notes (“Commodities-Related ETNs”). Commodities-Related ETPs are those that invest in Energy-Related Commodities and/or over-the-counter or exchange-traded derivatives on Energy-Related Commodities such as forward contracts, futures contracts, and options contracts or swap contracts. Commodities-Related ETPs may include other ETFs managed by Kurv Investment Management, LLC (“Kurv”), the Energy Fund’s adviser. Commodities-Related ETNs are those with interest and/or principal payments linked to the price of an underlying Energy-Related Commodity. Derivatives are primarily used as substitutes for Energy-Related Commodities because they are expected to produce returns that are substantially similar to those of Energy-Related Commodities. Commodities-Related ETPs may employ leverage, which magnifies the changes in the underlying Energy-Related Commodities index or Energy-Related Commodities price upon which they are based. Commodities-Related ETPs generally are not registered under the Investment Company Act of 1940, as amended, and, generally, are not actively managed. The Energy Fund may also invest in ETPs that invest in a combination of Energy-Related Companies and Energy-Related Commodities, or derivatives on Energy-Related Companies and Energy-Related Commodities (“Energy-Related ETPs” and, together with Energy Company ETFs and Commodities-Related ETPs, “Energy ETPs”). The Energy Fund may invest in derivative instruments on energy-related commodities (“Energy-Related Commodities”), Energy ETPs, and Energy Companies, backed by a portfolio of Fixed Income Instruments of varying maturities, which may be represented by options, futures, forwards and swaps, as well as Preferred Securities Instruments. Derivatives used by the Energy Fund are expected to produce a significant portion of the Energy Fund’s returns. The Energy Fund does not invest more than 25% of the Energy Fund’s assets in over-the-counter derivative contracts with any one counterparty. “Fixed Income Instruments” include bonds, debt securities, and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities as well as ETPs on such instruments and options on such ETPs. “Preferred Securities Instruments” consist of preferred securities of U.S. companies and ETPs primarily investing in preferred securities. The Energy Fund may invest in U.S. and non-U.S. Fixed Income Instruments of any maturity or duration. The Energy Fund uses futures on Energy-Related Commodities, as well as option contracts on Energy-Related Commodities and/or Commodities-Related ETPs, including FLEX options, to gain exposure to Energy-Related Commodities. The value of option contracts on Commodities-Related ETPs are designed to closely track changes in Energy-Related Commodities prices. The Energy Fund may gain long exposure via purchasing shares of Energy ETPs or creating a synthetic long position. To achieve a synthetic long exposure, the Energy Fund may gain exposure through buying futures and/or buying call options of an Energy ETP and, simultaneously, sells put options of the ETP with the same expiries and strike prices to try to replicate the price movements of the underlying ETP. The combination of the long call options and sold put options seek to provide the Energy Fund with investment exposure to the Energy ETP for the duration of the application option exposure. The synthetic long position to an underlying Energy-Related Commodity or Energy ETP when the Energy Fund buys put and call options directly will not exceed 200% of net asset value. The Energy Fund may invest, without limitation, in derivative instruments, such as options, including FLEX options, forward and futures contracts, options on futures, or swap agreements, subject to applicable law and any other restrictions described in the Energy Fund’s prospectus or Statement of Additional Information. Under normal circumstances, the Energy Fund invests at least 80% of its net assets plus any borrowings for investment purposes in Energy-Related Commodities, Energy ETPs or the securities of Energy Companies, as well as derivatives on Energy-Related Commodities, Energy ETPs, or the securities of Energy Companies. The Energy Fund will consider the investments of the underlying Energy ETPs in which it invests when determining compliance with its 80% policy. Additionally, for the purposes of complying with its 80% investment policy, the Energy Fund will use the notional value of the derivatives it holds. As part of its strategy, the Energy Fund may employ various option strategies to generate income and/or to preserve capital. These strategies are: Covered Call Writing As part of its strategy, the Energy Fund may write (sell) call option contracts on Energy-Related Commodities and Energy ETPs to generate income. If the Energy Fund gains long exposure synthetically, since the Energy Fund does not directly own shares of the ETP, these written call options will be sold short (i.e., selling a position it does not currently own). Any amount of covered call writing above the synthetic long positions will be considered uncovered. The Adviser may engage in uncovered calls rather than covered calls when it believes there might be a mispricing of volatility in the market. It is important to note that the sale of an ETP’s call option contracts will limit the Energy Fund’s participation in the appreciation in the ETP’s price. If the price of the ETP increases, the above-referenced synthetic and/or holding the underlying ETP directly would allow the Energy Fund to experience similar percentage gains. However, if the ETP’s price appreciates beyond the strike price of one or more of the sold (short) call option contracts, the Energy Fund will lose money on those short call positions, and the losses will, in turn, limit the upside return of the Energy Fund’s synthetic and long ETP exposure. As a result, the Energy Fund’s overall strategy (i.e., the combination of the synthetic and/or long exposure to the ETP and the sold (short) the ETP’s call positions) will limit the Energy Fund’s participation in gains in the ETP’s price beyond a certain point. When the Energy Fund engages in covered call writing with respect to an underlying ETP, it receives cash from the buyer of the call option who in exchange for that cash obtains the right to purchase the ETP on or before the expiration date at a predetermined price called the strike price. Writing covered call options is also considered long short. Generally, the notional principal amount of written covered call options will not exceed the principal amount of the synthetic or long position in the Energy-Related Commodities or Energy ETP, however, the Energy Fund may write call options for an amount in excess of the value of an ETP position in the Energy Fund’s portfolio. Uncovered Call and/or Put Writing The Energy Fund may also write (i.e., sell) uncovered call options on securities or instruments in which it may invest but that are not currently held by the Energy Fund. The principal reason for writing uncovered call options is to realize income without committing capital to the ownership of the underlying securities or instruments. When writing uncovered call options, the Energy Fund must deposit and maintain sufficient margin with the broker-dealer through which it made the uncovered call option as collateral to ensure that the securities can be purchased for delivery if and when the option is exercised. During periods of declining securities prices or when prices are stable, writing uncovered calls can be a profitable strategy to increase the Energy Fund’s income with minimal capital risk. Uncovered calls are riskier than covered calls because there is no underlying security held by the Energy Fund that can act as a partial hedge. Uncovered calls have speculative characteristics and the potential for loss is unlimited. When an uncovered call is exercised, the Energy Fund must purchase the underlying security to meet its call obligation. There is also a risk, especially with preferred and debt securities that lack sufficient liquidity, that the securities may not be available for purchase. If the purchase price exceeds the exercise price, the Energy Fund will lose the difference. The Energy Fund also may write (i.e., sell) uncovered put options on securities or instruments in which it may invest but with respect to which the Energy Fund does not currently have a corresponding short position or has not deposited as collateral cash equal to the exercise value of the put option with the broker-dealer through which it made the uncovered put option. The principal reason for writing uncovered put options is to receive premium income and to acquire such securities or instruments at a net cost below the current market value. The Energy Fund has the obligation to buy the securities or instruments at an agreed upon price if the price of the securities or instruments decreases below the exercise price. If the price of the securities or instruments increases during the option period, the option will expire worthless and the Energy Fund will retain the premium and will not have to purchase the securities or instruments at the exercise price. Call or Put Spreads The Energy Fund may write (sell) call or put spreads instead of than stand-alone call option contracts to seek increased participation in the potential appreciation of an underlying security or instrument’s ’s share price, while still generating net premium income. In a call option spread, the Energy Fund may sell (write) an out-of-the-money call option (above the current market price) while also purchasing a another call option that is further out of the money. Similarly, in a put option spread, the Energy Fund may sell (write) an out-of-the-money put option (below the current market price) while purchasing a further out-of-the-money put option. Risk Reversals or Protective Collars The Energy Fund may write (sell) risk reversals rather than stand-alone call option contracts to seek to limit loss from of an underlying security or instrument’s share price. The cost of this protection would be offset by the premiums earned from a written call option. In a risk reversal, the Energy Fund may sell (write) an out-of-the-money call option (above the current market price) call option while simultaneously purchasing an out-of-the-money put option. Protective Puts The Energy Fund may purchase out-of-the-money protective put options to seek to limit loss from its underlying ETP share price. The cost of protection may reduce the income generated in the portfolio. Call Purchases The Energy Fund may purchase call options to seek to gain price appreciation from its underlying ETP share price. The cost of the purchase may reduce the income generated in the portfolio. The Energy Fund intends to utilize traditional exchange-traded options contracts and/or Flexible EXchange® Options (“FLEX Options”). Traditional exchange-traded options have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed option contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed option contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical option contract. FLEX Options are also guaranteed for settlement by the OCC. Option contracts can either be “American” style or “European” style. The Energy Fund generally utilizes European style option contracts, which may only be exercised by the holder of the option contract on the expiration date of such option contract and settled in cash. As derivatives tracking Energy-Related Commodities or Energy ETPs may be purchased with a fraction of the assets that would be needed to purchase the ETP securities directly for the equivalent amount of exposure, the remainder of the Energy Fund’s assets may be invested in Fixed Income and Preferred Securities Instruments. Kurv actively manages the Fixed Income and Preferred Securities Instruments held by the Energy Fund with a view toward enhancing the Energy Fund’s total return. The Energy Fund primarily invests in U.S. dollar-denominated investment grade debt securities, rated Baa or higher by Moody’s Investors Service, Inc. (“Moody’s”), or equivalently rated by Standard & Poor’s Ratings Services (“S&P”) or Fitch Ratings, 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. The Energy Fund may invest, without limitation, in U.S. dollar-denominated securities and instruments of foreign issuers as well as in other G10 currencies on a hedged basis. The Energy 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 in Energy-Related Commodities, Energy ETPs, securities of Energy Companies or derivatives on such instruments, may be invested in Fixed Income Instruments and Preferred Securities Instruments. The Energy Fund may also enter into reverse repurchase agreements. The Energy 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. The Energy Fund may invest in mortgage or asset-backed securities, including to-be-announced transactions. The Energy Fund may purchase and sell securities on a when-issued, delayed delivery or forward commitment basis. The Energy Fund may, without limitation, seek to obtain market exposure to the securities in which it primarily invests by entering into a series of purchase and sale contracts or by using other investment techniques (such as buy backs or dollar rolls). With respect to the Energy Fund’s fixed income investments, the Energy 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 Energy 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 the Energy Fund’s fixed income investments, the Energy 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). The Energy Fund will normally limit its foreign currency exposure (from non-U.S. dollar-denominated securities or currencies) to 10% of its total assets. The Energy Fund may also invest up to 15% of its total assets in Preferred Securities Instruments. The Energy Fund may invest, through its Wholly-Owned Subsidiary as discussed below, up to 25% of its assets in Energy-Related Commodities directly. The Energy Fund is non-diversified. Wholly-Owned Subsidiary Certain investments of the Energy Fund, specifically, any investments that generate “non-qualifying income” for purposes of qualifying as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), such as Energy-Related Commodities and direct investments in Commodities-Related ETPs will only be held through a wholly owned and controlled foreign subsidiary of the Energy Fund (the “Subsidiary”) organized under the laws of the Cayman Islands. Investments that generate “qualifying income” for purposes of qualifying as a RIC, including options on Commodities-Related ETPs, generally will be held at the Fund-Level. The Energy Fund may invest up to 25% of its total assets (measured at the time of investment) in the Subsidiary, consistent with the limits of the U.S. federal tax law requirements applicable to registered investment companies. The Subsidiary will be advised by the Adviser. Unlike the Energy Fund, the Subsidiary may directly invest without limitation in Energy-Related Commodities or Commodities-Related ETPs; however, the Energy Fund complies with the provisions of the Investment Company Act of 1940, as amended (“1940 Act”), governing investment policies, capital structure, and leverage on an aggregate basis with the Subsidiary. In addition, the Subsidiary complies with the provision of the 1940 Act relating to investment advisory contracts, affiliated transactions, and custody, and will have the same custodian as the Energy Fund. The Energy Fund does not intend to create or acquire primary control of any entity that primarily engages in investment activities in securities or other assets, except for the entity that is wholly-owned by the Energy Fund. See “Additional Information About the Energy Fund” below for a more detailed description of the synthetic covered call strategy. Under normal circumstances, the Energy Fund invests at least 80% of its net assets plus any borrowings for investment purposes in Energy-Related Commodities, Energy ETPs or the securities of Energy Companies, as well as derivatives on Energy-Related Commodities, Energy ETPs, or the securities of Energy Companies. The Energy Fund may not achieve its investment objective and there is a risk that you could lose all of your money invested in the Energy Fund. 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. Sector Focus Risk: The Energy 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 Energy Fund anticipates that it may be subject to some or all of the risks described below. <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--EnergySectorRiskMember_zIIRtsPQ5Esh"></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: 31.5pt"></td><td style="width: 18pt">●</td><td style="text-align: justify">Energy Sector Risk. The Energy Fund may be sensitive to, and its performance may depend to a greater extent on, the overall condition of the energy sector. Companies operating in the energy sector are subject to risks including, but not limited to, economic growth, worldwide demand, political instability in the regions that the companies operate, government regulation stipulating rates charged by utilities, interest rate sensitivity, oil price volatility, energy conservation, environmental policies, depletion of resources, and the cost of providing the specific utility services and other factors that they cannot control.</td></tr></table> Industry Specific Risk: Income provided by the Energy Fund may be reduced by changes in the dividend policies of the Energy Companies in which the Energy Fund invests and the capital resources at such companies. The principal risks inherent in investing in Energy Companies include the following: <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--RegulatoryRiskMember_zHZkZ5wCm7ck"></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: 31.5pt"></td><td style="width: 18pt">●</td><td style="text-align: justify">Regulatory Risk. Energy Companies are subject to significant U.S., state and local government and/or foreign government regulation in virtually every aspect of their operations, including how facilities are constructed, maintained and operated, environmental and safety controls, and the prices and the methodology of setting prices they may charge for the products and services that could negatively affect the profitability of Energy Companies and their performance. Energy Companies that own interstate pipelines are subject to regulation by the Federal Energy Regulatory Commission (FERC) with respect to the tariff rates that they may charge to their customers. For example, on March 14, 2018, FERC changed its long-standing tax allowance policy which no longer permits such companies to include in their cost of service an income tax allowance to the extent that their owners have an actual or potential tax liability on the income generated by them. This had a negative impact on the performance of some Energy Companies affected by this decision. This policy change and any similar policy changes in the future could adversely impact an MLP’s business, financial condition, results of operations and cash flows and ability to pay cash distributions or dividends.</td></tr></table> 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. <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--SupplyAndDemandRiskMember_zrSyUNk5aYU8"></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: 31.5pt"></td><td style="width: 18pt">●</td><td style="text-align: justify">Supply and Demand Risk. A decrease in the production of natural gas, natural gas liquids (“NGLs”), crude oil or other Energy-Related Commodities or a decrease in the volume of such Energy-Related Commodities available for transportation, processing, storage or distribution may adversely impact the financial performance of Energy Companies. Production declines and volume decreases could be caused by various factors, including depressed commodity prices, catastrophic events affecting production, depletion of resources, labor difficulties, environmental or other governmental regulation, equipment failures and unexpected maintenance problems, import supply disruption, increased competition from alternative energy sources, international politics and political circumstances (particularly of key energy-producing countries), and policies of the Organization of the Petroleum Exporting Countries (“OPEC”). Alternatively, a sustained decline in demand for such Energy-Related Commodities could also impact the financial performance of Energy Companies. Factors that could lead to a decline in demand include economic recession or other adverse economic or political conditions (especially in key energy-consuming countries), higher fuel taxes, governmental regulations, increases in fuel economy, consumer shifts to the use of alternative fuel sources, an increase in commodity prices and weather conditions.</td></tr></table> Volatility in the underlying commodity markets has had an adverse effect on companies in the Energy Industry. This environment has led to price volatility of energy related equities which has affecting the ability of certain of the companies to participate in projects that provide growth. As a result, some portfolio companies have reduced dividends and financed projects with internally generated cash flow to avoid raising capital through equity issuance and diluting current shareholders. While this action may result in long term value for current shareholders, it does affect the performance of the company in the short term and therefore affects the Energy Fund’s performance. During this period of volatility, however, the Manager continues to seek companies that are not affected by the cyclicality of the commodity markets. <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--AcquisitionRiskMember_zg8qc5c3dcs4"></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: 31.5pt"></td><td style="width: 18pt">●</td><td style="text-align: justify">Acquisition Risk. The ability of MLPs, and dividend paying corporations to grow and, where applicable, to increase distributions to share or unit holders is dependent partly on their ability to make acquisitions that result in an increase in adjusted operating surplus per share/unit. In the event that MLPs, and dividend paying corporations are unable to make such accretive acquisitions because, for example, they are unable to identify attractive acquisition candidates, negotiate acceptable purchase contracts, raise financing for such acquisitions on economically acceptable terms or because they are outbid by competitors, their future growth and ability to raise dividends or distributions may be limited. Furthermore, even if MLPs, and dividend paying corporations do consummate acquisitions that they believe will be accretive, the acquisitions may in fact result in a decrease in adjusted operating surplus per share/unit. Any acquisition involves risks, which include, among others: the possibility of mistaken assumptions about revenues and costs, including synergies; the assumption of unknown liabilities; possible limitations on rights to indemnity from the seller; the diversion of management’s attention from other business concerns; unforeseen difficulties operating in new product areas or new geographic areas; and customer or key employee losses at the acquired businesses.</td></tr></table> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CatastropheRiskMember_zZXT10sGzcpc"></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: 31.5pt"></td><td style="width: 18pt">●</td><td style="text-align: justify">Catastrophe Risk. The operations of Energy Companies are subject to many hazards inherent in the transporting, processing, storing, distributing or marketing of natural gas, NGLs, crude oil, refined petroleum products or other hydrocarbons, or in the exploring, managing or producing of such Energy-Related Commodities or products, including: damage to pipelines, storage tanks or related equipment and surrounding properties caused by hurricanes, tornadoes, floods, fires and other natural disasters and acts of terrorism; inadvertent damage from construction and farm equipment; leaks of natural gas, NGLs, crude oil, refined petroleum products or other hydrocarbons; and fires and explosions, among others. The occurrence of any such events could result in substantial losses due to, for example, personal injury and/or loss of life, damage to and destruction of property and equipment and pollution or other environmental damage, and may result in the curtailment, suspension or discontinuation of affected Energy Companies’ related operations. Many Energy Companies are not fully insured against all risks inherent to their businesses. If an accident or event occurs that is not fully insured, it could adversely affect an Energy Company’s operations and financial condition.</td></tr></table> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zpSYhhLxm8dg"></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: 31.5pt"></td><td style="width: 18pt">●</td><td style="text-align: justify">Operational Risk. Energy Companies are subject to various operational risks, such as failed drilling or well development, unscheduled outages, underestimated cost projections, unanticipated operation and maintenance expenses, failure to obtain the necessary permits to operate and failure of third-party contractors (e.g., energy producers and shippers) to perform their contractual obligations. In addition, Energy Companies employ a variety of means of increasing cash flow, including increasing utilization of existing facilities, expanding operations through new construction, expanding operations through acquisitions, or securing additional long-term contracts. Energy Companies may be subject to construction risk, acquisition risk or other risk factors arising from their specific business strategies.</td></tr></table> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--CommodityPricingRiskMember_zM3Aq4x95mKh"></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: 31.5pt"></td><td style="width: 18pt">●</td><td style="text-align: justify">Commodity Pricing Risk. Energy Companies may be affected by fluctuations in the prices of Energy-Related Commodities, including, for example, natural gas, NGLs, crude oil and coal, in the short- and long-term. Fluctuations in energy commodity prices would impact directly Energy Companies that produce such Energy-Related Commodities and could impact indirectly Energy Companies that engage in the transportation, storage, processing, distribution or marketing of or exploration for such Energy-Related Commodities. Commodity prices fluctuate for many reasons, including changes in market and economic conditions or political circumstances (especially of key energy-producing and consuming countries), the impact of weather on demand, levels of domestic production and imported Energy-Related Commodities, energy conservation, domestic and foreign governmental regulation, international politics, policies of OPEC, and taxation and the availability of local, intrastate and interstate transportation systems. Volatility of commodity prices may make it more difficult for Energy Companies to raise capital to the extent the market perceives that their performance may be directly tied to commodity prices. The Energy Industry as a whole may also be impacted by the perception that the performance of Energy Companies is directly linked to commodity prices.</td></tr></table> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--DepletionAndExplorationRiskMember_zPcCOKhvF2u1"></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: 31.5pt"></td><td style="width: 18pt">●</td><td style="text-align: justify">Depletion and Exploration Risk. Energy Companies engaged in the exploration, development, management or production of natural gas, NGLs (including propane), crude oil or refined petroleum products are subject to the risk that their commodity reserves are depleted over time. These kinds of Energy Companies generally increase reserves through expansion of their existing businesses, through exploration of new sources or development of existing sources, through acquisitions or by securing long-term contracts to acquire additional reserves. Each of these strategies entails risk. The financial performance of these Energy Companies may be adversely affected if they are unable to cost-effectively acquire additional reserves at a rate at least equal to the rate of decline of their existing reserves. A failure to maintain or increase reserves could reduce the amount and/or change the characterization of cash distributions paid by these Energy Companies.</td></tr></table> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--WeatherRisksMember_zuSSYD1QUtCh"></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: 31.5pt"></td><td style="width: 18pt">●</td><td style="text-align: justify">Weather Risks. Weather plays a role in the seasonality of cash flows of some companies in which the Energy Fund may invest. Companies in the propane industry, for example, rely on the winter season to generate almost all of their earnings. In an unusually warm winter season, propane companies experience decreased demand for their product. The damage done by extreme weather also may serve to increase many companies’ insurance premiums and could adversely affect such companies’ financial condition and ability to pay distributions to shareholders. Other companies operating in the energy infrastructure sector may be subject to similar risks.</td></tr></table> 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). <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--RisksOfInvestingInOtherInvestmentCompaniesMember_zaJVdHRDu95a" 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 Energy Fund becomes a shareholder thereof. As a result, Fund shareholders indirectly bear the Energy 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 Energy Fund’s own operations. If the other investment companies fail to achieve their investment objectives, the value of the Energy Fund’s investment will decline, adversely affecting the Energy 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 Energy Fund. Finally, because the value of ETF shares depends on the demand in the market, the Adviser may not be able to liquidate the Energy Fund’s holdings in those shares at the most optimal time, adversely affecting the Energy 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 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. Options Risk: Purchasing and writing put and call options are highly specialized activities and entail greater than ordinary investment risks. The Energy 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 Energy 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 Energy Fund’s performance. To the extent that the Energy Fund invests in over-the-counter options, the Energy Fund may be exposed to counterparty risk. 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. Credit Risk: the risk that the Energy 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 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. Emerging Markets Risk: the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk. 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_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CommonStocksMember_z4hAp6snL9og"></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_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--PreferredSecuritiesMember_zi1OcgdfJQId"></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> Exchange-Traded Fund (ETF) Structure Risk: The Energy Fund is structured as an exchange traded fund and as a result is subject to special risks, including: <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketPriceVarianceRiskMember_zcpiWUKxLAOj"></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: 31.5pt"></td><td style="width: 18pt">●</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_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantRiskMember_zULqKtq2Quaj"></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: 31.5pt"></td><td style="width: 18pt">●</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 exchange traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Energy Fund’s NAV.</td></tr></table> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesMember_z85sl08rXx9c"></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: 31.5pt"></td><td style="width: 18pt">●</td><td style="text-align: justify">Trading Issues: In stressed market conditions, the market for the Energy Fund’s shares may become less liquid in response to the deteriorating liquidity of the Energy Fund’s portfolio. This adverse effect on the liquidity of the Energy Fund’s shares may, in turn, lead to differences between the market value of the Energy Fund’s shares and the Energy Fund’s NAV.</td></tr></table> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--AbsenceOfActiveTradingMarketRiskMember_zsxaevLYcDZ2"></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: 31.5pt"></td><td style="width: 18pt">●</td><td style="text-align: justify">Absence of Active Trading Market Risk: An active trading market for the Energy Fund’s 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 Energy Fund’s 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 Energy Fund’s shares.</td></tr></table> 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. Foreign (Non-U.S.) Investment Risk: the risk that investing in foreign (non-U.S.) securities may result in the Energy 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. 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. Liquidity Risk: the risk that a particular investment may be difficult to purchase or sell and that the Energy 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. 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. Market Risk: the risk that the value of securities owned by the Energy Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries. 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. MLP Tax Risk: The Energy Fund’s ability to meet its investment objective relies in part upon the level of taxable income it receives from the MLPs in which it invests, a factor over which the Energy Fund has no control. The benefit the Energy Fund derives from its investment in MLPs is largely dependent on their being treated as partnerships for U.S. federal income tax purposes. Partnerships do not pay U.S. federal income tax at the partnership level. Rather, each partner is allocated a share of the partnership’s income, gains, losses, deductions and expenses. A change in current tax law or a change in the underlying business mix of a given MLP could result in an MLP being treated as a corporation for U.S. federal income tax purposes, which would result in the MLP being required to pay U.S. federal income tax (as well as state and local income taxes) on its taxable income at the applicable corporate tax rate. This would have the effect of reducing the amount of cash available for distribution by an MLP and could result in a significant reduction in the value of the Energy Fund’s investment. The classification of an MLP as a corporation for U. S. federal income tax purposes would have the effect of reducing the amount of cash available for distribution by the MLP and causing any such distributions received by the Energy Fund to be taxed as dividend income to the extent of the MLP’s current or accumulated earnings and profits. To the extent a distribution received by the Energy Fund from an MLP is treated as a return of capital, the Energy Fund’s adjusted tax basis in the interests of the MLP may be reduced, which will result in an increase in the amount of income or gain (or decrease in the amount of loss) that will be recognized by the Energy Fund for tax purposes upon the sale of any such interests or upon subsequent distributions in respect of such interests. Furthermore, any return of capital distribution received from an MLP may require the Energy Fund to restate the character of its distributions and amend any shareholder tax reporting previously issued. <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--MortgageRelatedAndOtherAssetBackedSecuritiesRiskMember_zSwhIEW2viK1" 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 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. New Fund Risk: the risk that a new fund’s performance may not represent how the Energy 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. <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_zrUsM2vnOd22" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #323232">Non-Diversification Risk: The Energy 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. 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. 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 Energy 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 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. Wholly-Owned Subsidiary Risk: The Subsidiary will not be registered under the 1940 Act and, unless otherwise noted in this Prospectus, will not be subject to all of the investor protections of the 1940 Act. Changes in the laws of the United States and/or the Cayman Islands, under which the Energy Fund and the Subsidiary, respectively, are organized, could result in the inability of the Energy Fund and/or the Subsidiary to operate as described in this prospectus and could negatively affect the Energy Fund and its shareholders. For example, Cayman Islands law does not currently impose any income, corporate or capital gains tax, estate duty, inheritance tax, gift tax or withholding tax on the Subsidiary. If Cayman Islands law changes such that the Subsidiary must pay Cayman Islands governmental authority taxes, Fund shareholders would likely suffer decreased investment returns. By investing in Energy-Related Commodities and commodities-related ETFs indirectly through the Subsidiary, the Energy Fund will obtain exposure to the commodities markets within the federal tax requirements that apply to the Energy Fund. However, because the Subsidiary is a controlled foreign corporation, any income received from its investments will be passed through to the Energy Fund as ordinary income, which may be taxed at less favorable rates than capital gains. Performance: Because the Energy Fund has not yet launched, the performance section is omitted. When such information is included, this section will provide some indication of the risks of investing in the Energy Fund by showing changes in the Energy Fund’s performance history from year to year and showing how the Energy Fund’s average annual total returns compare with those of a broad measure of market performance. Although past performance of the Energy Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Energy Fund. Updated performance information will be available on the Energy Fund’s website at www.kurvinvest.com. Because the Energy Fund has not yet launched, the performance section is omitted. When such information is included, this section will provide some indication of the risks of investing in the Energy Fund by showing changes in the Energy Fund’s performance history from year to year and showing how the Energy Fund’s average annual total returns compare with those of a broad measure of market performance. Although past performance of the Energy Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Energy Fund. www.kurvinvest.com KURV NUCLEAR INFRASTRUCTURE ETF (TICKER: KNUC) - SUMMARY Investment Objective The Kurv Nuclear Infrastructure ETF (the “Nuclear Fund”) seeks to maximize total return. Fund Fees And Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Nuclear 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_zUMQkKqcusPh"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zyVtyckCrjUa" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: top; background-color: silver"> <td style="width: 85%; padding-right: 5.75pt; padding-left: 5.75pt">Management Fee</td> <td id="xdx_981_eoef--ManagementFeesOverAssets_dp_c20260702__20260702__oef--ClassAxis__custom--C000276161Member_zDUxP0HriKo" style="width: 15%; padding-right: 5.75pt; padding-left: 5.75pt">0.85%</td></tr> <tr style="vertical-align: top; background-color: #C6D9F1"> <td style="padding-right: 5.75pt; padding-left: 5.75pt">Distribution and/or Service (12b-1) Fees</td> <td id="xdx_988_eoef--DistributionAndService12b1FeesOverAssets_dp_c20260702__20260702__oef--ClassAxis__custom--C000276161Member_zumJP7Brbuf" style="padding-right: 5.75pt; padding-left: 5.75pt">0.00%</td></tr> <tr style="vertical-align: top; background-color: silver"> <td style="padding-right: 5.75pt; padding-left: 5.75pt">Other Expenses(1)</td> <td id="xdx_98A_eoef--OtherExpensesOverAssets_dp_c20260702__20260702__oef--ClassAxis__custom--C000276161Member_fKDEp_zcd9p6XDQig2" style="padding-right: 5.75pt; padding-left: 5.75pt">0.00%</td></tr> <tr style="vertical-align: top; background-color: #C6D9F1"> <td style="padding-right: 5.75pt; padding-left: 5.75pt">Total Annual Fund Operating Expenses</td> <td id="xdx_98C_eoef--ExpensesOverAssets_dp_c20260702__20260702__oef--ClassAxis__custom--C000276161Member_z5XQEOiQ6hUj" style="padding-right: 5.75pt; padding-left: 5.75pt">0.85%</td></tr> <tr style="vertical-align: top; background-color: #BFBFBF"> <td style="padding-right: 5.75pt; padding-left: 5.75pt">Fee Waiver(2)</td> <td id="xdx_98E_eoef--FeeWaiverOrReimbursementOverAssets_dp_c20260702__20260702__oef--ClassAxis__custom--C000276161Member_fKDIp_z3y3vHyffvU9" style="padding-right: 5.75pt; padding-left: 5.75pt"> 0.10%</td></tr> <tr style="vertical-align: top; background-color: #C6D9F1"> <td style="padding-right: 5.75pt; padding-left: 5.75pt">Total Annual Fund Operating Expenses After Fee Waiver and Reimbursement</td> <td id="xdx_988_eoef--NetExpensesOverAssets_dp_c20260702__20260702__oef--ClassAxis__custom--C000276161Member_zS1iwZezp5xb" style="padding-right: 5.75pt; padding-left: 5.75pt">0.75%</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 Nuclear Fund’s initial fiscal year. Acquired Fund Fees and Expenses are estimated to be under 0.005% of Fund assets.</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 style="text-align: justify">The Nuclear Fund’s adviser has contractually agreed to waive its fees and reimburse expenses of the Nuclear Fund until June 30, 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 the Nuclear Fund’s officers and Trustees, contractual indemnification of the Nuclear Fund service providers (other than the adviser)) will not exceed 0.75%, of average daily net assets (“Operating Expense Limitation Agreement”). These fee waivers and expense reimbursements are subject to possible recoupment from the Nuclear 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 on 60 days’ written notice to the Nuclear Fund’s adviser, Kurv Investment Management LLC (“Kurv”).</td></tr></table> 0.0085 0.0000 0.0000 0.0085 0.0010 0.0075 Other Expenses are estimated for the Nuclear Fund’s initial fiscal year. Acquired Fund Fees and Expenses are estimated to be under 0.005% of Fund assets. June 30, 2027 Example This Example is intended to help you compare the cost of investing in the Nuclear Fund with the cost of investing in mutual funds and other exchange traded funds. The Example assumes that you invest $10,000 in the Nuclear 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 Nuclear Fund’s operating expenses remain the same (including the effect of the Operating Expenses Limitation Agreement through June 30, 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_A80_eoef--ExpenseExampleWithRedemptionTableTextBlock_zWmqUsW02YPd"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zHUOoZCBPxff" 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_481_eoef--ExpenseExampleYear01_zHsWFjKfXWz2" style="width: 52%; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">1 Year</td> <td id="xdx_48D_eoef--ExpenseExampleYear03_zs93iPqv3ydc" style="width: 48%; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">3 Years</td></tr> <tr id="xdx_412_20260702__20260702__oef--ClassAxis__custom--C000276161Member_zscA471U4u5b" style="vertical-align: top; background-color: #CCEDFF"> <td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">$77</td> <td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">$261</td></tr> </table> 77 261 Portfolio Turnover The Nuclear 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 Nuclear Fund’s performance. The Nuclear Fund does not have any portfolio turnover because it has not yet commenced operations as of the date of this prospectus. Principal Investment Strategies The Nuclear Fund will, under normal circumstances, invest in or gain exposure to companies, domestic or foreign, that are engaged in activities which support the production of nuclear power (“Nuclear Industry Companies”) as well as in instruments that provide exposures to nuclear power input materials, such as uranium (“Nuclear Energy-Related Commodities”). Nuclear Industry Companies are companies involved in (i) the exploration, mining, extraction, processing, or enrichment of uranium or other nuclear fuels; (ii) the production or generation of electricity from nuclear sources; (iii) the design, manufacture, construction, maintenance or servicing of nuclear power facilities and nuclear reactors, components, or related technologies; or (iv) that provide equipment, technology or services to the nuclear power industry (“nuclear energy infrastructure sector assets or activities”). For purposes of this definition, Nuclear Industry Companies are companies that (i) are classified by a third party as operating within the nuclear energy infrastructure sector; or (ii) have or derive at least 50% of their assets, income, revenues or profits from nuclear energy infrastructure assets or activities or Nuclear Energy-Related Commodities. Nuclear Industry Companies. Nuclear energy infrastructure activities include: <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">Upstream activities – exploring for, and mining, refining or processing of, uranium or producing other raw materials for nuclear reactors.</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: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">Midstream activities – designing, constructing, building, and maintenance of nuclear power infrastructure facilities and nuclear reactors, as well as providing essential equipment, technology and services to the nuclear energy industry, including transportation and security equipment for nuclear materials.</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: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">Downstream activities – producing power from nuclear sources, as well as managing, storing, disposing, recycling of radioactive waste and decontaminating former production sites as well as enrichment and conversion processes.</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: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">Related activities – designing of reactor such as Small Modular Reactors (SMRs), research and development on nuclear fusion technology.</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: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">Uranium Trading and Finance: Companies that derive revenue through financial activities within the uranium industry, such as trading, investing, and royalties.</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: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">Nuclear Materials: Companies that derive revenue from the development of nuclear fuel materials.</td></tr></table> The Nuclear Fund may gain exposure to Nuclear Industry Companies through different instruments including the equity or debt securities of Nuclear Industry Companies, or derivative instruments relating to the securities of Nuclear Companies, as well as the shares of other ETFs that invest in the securities of, or derivative instruments relating to, Nuclear Industry Companies (“Nuclear Industry Company ETFs”). The Nuclear Fund may invest in nuclear-commodities-related exchange traded products (“Nuclear Commodities-Related ETPs”), including nuclear-commodities-related exchange traded funds (“Nuclear Commodities-Related ETFs”) and nuclear-commodities-related exchange traded notes (“Nuclear Commodities-Related ETNs”). Nuclear Commodities-Related ETPs are those that invest in Nuclear Energy-Related Commodities and/or over-the-counter or exchange-traded derivatives on Nuclear Energy-Related Commodities such as forward contracts, futures contracts, and options contracts or swap contracts. Nuclear Commodities-Related ETPs may include other ETFs managed by Kurv Investment Management, LLC (“Kurv”), the Nuclear Fund’s adviser. Nuclear Commodities-Related ETNs are those with interest and/or principal payments linked to the price of an underlying Nuclear Energy-Related Commodity. Derivatives are primarily used as substitutes for Nuclear Energy-Related Commodities because they are expected to produce returns that are substantially similar to those of Nuclear Energy-Related Commodities. Nuclear Commodities-Related ETPs may employ leverage, which magnifies the changes in the underlying Nuclear Energy-Related Commodities index or Nuclear Energy-Related Commodities price upon which they are based. Nuclear Commodities-Related ETPs generally are not registered under the Investment Company Act of 1940, as amended, and, generally, are not actively managed. The Nuclear Fund may also invest in ETPs that invest in a combination of Nuclear Energy-Related Companies and Nuclear Energy-Related Commodities, or derivatives on Nuclear Energy-Related Companies and Nuclear Energy-Related Commodities (“Nuclear Energy-Related ETPs” and, together with Nuclear Industry Company ETFs and Nuclear Commodities-Related ETPs, “Nuclear Energy ETPs”). The Nuclear Fund may invest in derivative instruments on Nuclear Energy-Related Commodities, Nuclear Energy ETPs, and Nuclear Industry Companies, backed by a portfolio of Fixed Income Instruments of varying maturities, which may be represented by options, futures, forwards and swaps, as well as Preferred Securities Instruments. Derivatives used by the Nuclear Fund are expected to produce a significant portion of the Nuclear Fund’s returns. The Nuclear Fund does not invest more than 25% of the Nuclear Fund’s assets in over-the-counter derivative contracts with any one counterparty. “Fixed Income Instruments” include bonds, debt securities, and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities as well as ETPs on such instruments and options on such ETPs. “Preferred Securities Instruments” consist of preferred securities of U.S. companies and ETPs primarily investing in preferred securities. The Nuclear Fund may invest in U.S. and non-U.S. Fixed Income Instruments of any maturity or duration. The Nuclear Fund uses futures on Nuclear Energy-Related Commodities, as well as option contracts on Nuclear Energy-Related Commodities and/or Nuclear Commodities-Related ETPs, including FLEX options, to gain exposure to Nuclear Energy-Related Commodities. The value of option contracts on Nuclear Energy-Related Commodities a as well as Nuclear Commodities-Related ETPs should closely track changes in Nuclear Energy-Related Commodities prices. The Nuclear Fund may gain long exposure via purchasing shares of Nuclear Energy ETPs or creating a synthetic long position. To achieve a synthetic long exposure, the Nuclear Fund may gain exposure through buying futures and/or buying call options of a Nuclear Energy ETP and, simultaneously, sells put options of the ETP with the same expiries and strike prices to try to replicate the price movements of the underlying ETP. The combination of the long call options and sold put options seek to provide the Nuclear Fund with investment exposure to the Nuclear Energy ETP for the duration of the application option exposure. The synthetic long position to an underlying Nuclear Energy-Related Commodity or Nuclear Energy ETP when the Nuclear Fund buys put and call options directly will not exceed 200% of net asset value. The Nuclear Fund may invest, without limitation, in derivative instruments, such as options, including FLEX options, forward and futures contracts, options on futures, or swap agreements, subject to applicable law and any other restrictions described in the Nuclear Fund’s prospectus or Statement of Additional Information. Under normal circumstances, the Nuclear Fund invests at least 80% of its net assets plus any borrowings for investment purposes in Nuclear Energy-Related Commodities, Nuclear Energy ETPs or the securities of Nuclear Industry Companies, as well as derivatives on Nuclear Energy-Related Commodities or Nuclear Energy ETPs, or the securities of Nuclear Industry Companies. The Nuclear Fund will consider the investments of the underlying ETPs in which it invests when determining compliance with its 80% policy. Additionally, for the purposes of complying with its 80% investment policy, the Nuclear Fund will use the notional value of the derivatives it holds. As part of its strategy, the Nuclear Fund may employ various option strategies to generate income and/or to preserve capital. These strategies are: Covered Call Writing As part of its strategy, the Nuclear Fund may write (sell) call option contracts on Nuclear Energy-Related Commodities and Nuclear Energy ETPs to generate income. If the Nuclear Fund gains long exposure synthetically, since the Nuclear Fund does not directly own shares of the ETP, these written call options will be sold short (i.e., selling a position it does not currently own). Any amount of covered call writing above the synthetic long positions will be considered uncovered. The Adviser may engage in uncovered calls rather than covered calls when it believes there might be a mispricing of volatility in the market. It is important to note that the sale of an ETP’s call option contracts will limit the Nuclear Fund’s participation in the appreciation in the ETP’s price. If the price of the ETP increases, the above-referenced synthetic and/or holding the underlying ETP directly would allow the Nuclear Fund to experience similar percentage gains. However, if the ETP’s price appreciates beyond the strike price of one or more of the sold (short) call option contracts, the Nuclear Fund will lose money on those short call positions, and the losses will, in turn, limit the upside return of the Nuclear Fund’s synthetic and long ETP exposure. As a result, the Nuclear Fund’s overall strategy (i.e., the combination of the synthetic and/or long exposure to the ETP and the sold (short) the ETP’s call positions) will limit the Nuclear Fund’s participation in gains in the ETP’s price beyond a certain point. When the Nuclear Fund engages in covered call writing with respect to an underlying ETP, it receives cash from the buyer of the call option who in exchange for that cash obtains the right to purchase the ETP on or before the expiration date at a predetermined price called the strike price. Writing covered call options is also considered long short. Generally, the notional principal amount of written covered call options will not exceed the principal amount of the synthetic or long position in the Nuclear Energy-Related Commodity or Nuclear Energy ETP, however, the Nuclear Fund may write call options for an amount in excess of the value of an ETP position in the Nuclear Fund’s portfolio. Uncovered Call and/or Put Writing The Nuclear Fund may also write (i.e., sell) uncovered call options on securities or instruments in which it may invest but that are not currently held by the Nuclear Fund. The principal reason for writing uncovered call options is to realize income without committing capital to the ownership of the underlying securities or instruments. When writing uncovered call options, the Nuclear Fund must deposit and maintain sufficient margin with the broker-dealer through which it made the uncovered call option as collateral to ensure that the securities can be purchased for delivery if and when the option is exercised. During periods of declining securities prices or when prices are stable, writing uncovered calls can be a profitable strategy to increase the Nuclear Fund’s income with minimal capital risk. Uncovered calls are riskier than covered calls because there is no underlying security held by the Nuclear Fund that can act as a partial hedge. Uncovered calls have speculative characteristics and the potential for loss is unlimited. When an uncovered call is exercised, the Nuclear Fund must purchase the underlying security to meet its call obligation. There is also a risk, especially with preferred and debt securities that lack sufficient liquidity, that the securities may not be available for purchase. If the purchase price exceeds the exercise price, the Nuclear Fund will lose the difference. The Nuclear Fund also may write (i.e., sell) uncovered put options on securities or instruments in which it may invest but with respect to which the Nuclear Fund does not currently have a corresponding short position or has not deposited as collateral cash equal to the exercise value of the put option with the broker-dealer through which it made the uncovered put option. The principal reason for writing uncovered put options is to receive premium income and to acquire such securities or instruments at a net cost below the current market value. The Nuclear Fund has the obligation to buy the securities or instruments at an agreed upon price if the price of the securities or instruments decreases below the exercise price. If the price of the securities or instruments increases during the option period, the option will expire worthless and the Nuclear Fund will retain the premium and will not have to purchase the securities or instruments at the exercise price. Call or Put Spreads The Nuclear Fund may write (sell) call or put spreads instead of than stand-alone call option contracts to seek increased participation in the potential appreciation of an underlying security or instrument’s ’s share price, while still generating net premium income. In a call option spread, the Nuclear Fund may sell (write) an out-of-the-money call option (above the current market price) while also purchasing a another call option that is further out of the money. Similarly, in a put option spread, the Nuclear Fund may sell (write) an out-of-the-money put option (below the current market price) while purchasing a further out-of-the-money put option. Risk Reversals or Protective Collars The Nuclear Fund may write (sell) risk reversals rather than stand-alone call option contracts to seek to limit loss from of an underlying security or instrument’s share price. The cost of this protection would be offset by the premiums earned from a written call option. In a risk reversal, the Nuclear Fund may sell (write) an out-of-the-money call option (above the current market price) call option while simultaneously purchasing an out-of-the-money put option. Protective Puts The Nuclear Fund may purchase out-of-the-money protective put options to seek to limit loss from its underlying ETP share price. The cost of protection may reduce the income generated in the portfolio. Call Purchases The Nuclear Fund may purchase call options to seek to gain price appreciation from its underlying ETP share price. The cost of the purchase may reduce the income generated in the portfolio. The Nuclear Fund intends to utilize traditional exchange-traded option contracts and/or Flexible EXchange® Options (“FLEX Options”). Traditional exchange-traded options have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed option contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed option contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical option contract. FLEX Options are also guaranteed for settlement by the OCC. Option contracts can either be “American” style or “European” style. The Nuclear Fund generally utilizes European style option contracts, which may only be exercised by the holder of the option contract on the expiration date of such option contract and settled in cash. As derivatives tracking Nuclear Energy-Related Commodities or Nuclear Energy ETPs may be purchased with a fraction of the assets that would be needed to purchase the ETP securities directly for the equivalent amount of exposure, the remainder of the Nuclear Fund’s assets may be invested in Fixed Income and Preferred Securities Instruments. Kurv actively manages the Fixed Income and Preferred Securities Instruments held by the Nuclear Fund with a view toward enhancing the Nuclear Fund’s total return. The Nuclear Fund primarily invests in U.S. dollar-denominated investment grade debt securities, rated Baa or higher by Moody’s Investors Service, Inc. (“Moody’s”), or equivalently rated by Standard & Poor’s Ratings Services (“S&P”) or Fitch Ratings, 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. The Nuclear Fund may invest, without limitation, in U.S. dollar-denominated securities and instruments of foreign issuers as well as in other G10 currencies on a hedged basis. The Nuclear 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 in Nuclear Energy-Related Commodities, Nuclear Energy ETPs, securities of Nuclear Industry Companies or derivatives on such instruments, may be invested in Fixed Income Instruments and Preferred Securities Instruments. The Nuclear Fund may also enter into reverse repurchase agreements. The Nuclear 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. The Nuclear Fund may invest in mortgage or asset-backed securities, including to-be-announced transactions. The Nuclear Fund may purchase and sell securities on a when-issued, delayed delivery or forward commitment basis. The Nuclear Fund may, without limitation, seek to obtain market exposure to the securities in which it primarily invests by entering into a series of purchase and sale contracts or by using other investment techniques (such as buy backs or dollar rolls). With respect to the Nuclear Fund’s fixed income investments, the Nuclear 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 Nuclear 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 the Nuclear Fund’s fixed income investments, the Nuclear 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). The Nuclear Fund will normally limit its foreign currency exposure (from non-U.S. dollar-denominated securities or currencies) to 10% of its total assets. The Nuclear Fund may also invest up to 15% of its total assets in Preferred Securities Instruments. The Nuclear Fund may invest, through its Wholly-Owned Subsidiary as discussed below, up to 25% of its assets in Nuclear Energy-Related Commodities directly. The Nuclear Fund is non-diversified. Wholly-Owned Subsidiary Certain investments of the Nuclear Fund, specifically, any investments that generate “non-qualifying income” for purposes of qualifying as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), such as Nuclear Energy-Related Commodities and direct investments in Nuclear Commodities-Related ETPs will only be held through a wholly owned and controlled foreign subsidiary of the Nuclear Fund (the “Subsidiary”) organized under the laws of the Cayman Islands. Investments that generate “qualifying income” for purposes of qualifying as a RIC, including options on Nuclear Commodities-Related ETPs, generally will be held at the Fund-Level. The Nuclear Fund may invest up to 25% of its total assets (measured at the time of investment) in the Subsidiary, consistent with the limits of the U.S. federal tax law requirements applicable to registered investment companies. The Subsidiary will be advised by the Adviser. Unlike the Nuclear Fund, the Subsidiary may directly invest without limitation in Nuclear Energy-Related Commodities or Nuclear Commodities-Related ETPs; however, the Nuclear Fund complies with the provisions of the Investment Company Act of 1940, as amended (“1940 Act”), governing investment policies, capital structure, and leverage on an aggregate basis with the Subsidiary. In addition, the Subsidiary complies with the provision of the 1940 Act relating to investment advisory contracts, affiliated transactions, and custody, and will have the same custodian as the Nuclear Fund. The Nuclear Fund does not intend to create or acquire primary control of any entity that primarily engages in investment activities in securities or other assets, except for the entity that is wholly-owned by the Nuclear Fund. See “Additional Information About the Nuclear Fund” below for a more detailed description of the synthetic covered call strategy. Under normal circumstances, the Nuclear Fund invests at least 80% of its net assets plus any borrowings for investment purposes in Nuclear Energy-Related Commodities, Nuclear Energy ETPs or the securities of Nuclear Industry Companies, as well as derivatives on Nuclear Energy-Related Commodities or Nuclear Energy ETPs, or the securities of Nuclear Industry Companies. The Nuclear Fund may not achieve its investment objective and there is a risk that you could lose all of your money invested in the Nuclear Fund. 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. <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--InfrastructureAndEngineeringServicesCompaniesRiskMember_zEfxeUnHRHO" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Infrastructure and Engineering Services Companies Risk: To the extent the Nuclear Fund invests in companies that provide engineering, procurement and construction (“EPC”), project management, maintenance, or other specialized technical services to nuclear facilities or to power, transmission and related infrastructure projects, the Nuclear Fund will be exposed to the risks of those businesses. Such companies typically operate on a project-by-project basis and tend to be cyclical, so their revenues and earnings can fluctuate with the pace of contract awards, the capital-expenditure plans of key customers, and the availability of government or utility funding. A slowdown, postponement, or cancellation of nuclear plant builds, life-extension efforts, grid-modernization initiatives, or other large-scale energy projects -- including as a result of permitting or siting hurdles, changes in energy policy, rising input or labor costs, or weaker demand expectations -- may reduce project pipelines and compress margins for these issuers. 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. 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. <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EnergySectorRiskMember_zGtebFjuB1Gk"></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: 31.5pt"></td><td style="width: 18pt">●</td><td style="text-align: justify; padding-right: 5.1pt">Energy Sector Risk. The Nuclear Fund may be sensitive to, and its performance may depend to a greater extent on, the overall condition of the energy sector. Companies operating in the energy sector are subject to risks including, but not limited to, economic growth, worldwide demand, political instability in the regions that the companies operate, government regulation stipulating rates charged by utilities, interest rate sensitivity, oil price volatility, energy conservation, environmental policies, depletion of resources, and the cost of providing the specific utility services and other factors that they cannot control.</td></tr></table> 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). <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--RisksOfInvestingInOtherInvestmentCompaniesMember_zs8KRD10lNbf" 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 Nuclear Fund becomes a shareholder thereof. As a result, Fund shareholders indirectly bear the Nuclear 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 Nuclear Fund’s own operations. If the other investment companies fail to achieve their investment objectives, the value of the Nuclear Fund’s investment will decline, adversely affecting the Nuclear 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 Nuclear Fund. Finally, because the value of ETF shares depends on the demand in the market, the Adviser may not be able to liquidate the Nuclear Fund’s holdings in those shares at the most optimal time, adversely affecting the Nuclear 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 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. Options Risk: Purchasing and writing put and call options are highly specialized activities and entail greater than ordinary investment risks. The Nuclear 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 Nuclear 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 Nuclear Fund’s performance. To the extent that the Nuclear Fund invests in over-the-counter options, the Nuclear Fund may be exposed to counterparty risk. 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. Credit Risk: the risk that the Nuclear 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 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. Emerging Markets Risk: the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk. 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_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--CommonStocksMember_zXoOjg3UBs5c"></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_zJCvCFmDHjP8"></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> Exchange-Traded Fund (ETF) Structure Risk: The Nuclear Fund is structured as an exchange traded fund and as a result is subject to special risks, including: <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketPriceVarianceRiskMember_zgxNMrPRMXva"></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: 31.5pt"></td><td style="width: 18pt">●</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_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantRiskMember_zyLTY8QhWQY4"></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: 31.5pt"></td><td style="width: 18pt">●</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 exchange traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Nuclear Fund’s NAV.</td></tr></table> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesMember_zHwIUOMD9hll"></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: 31.5pt"></td><td style="width: 18pt">●</td><td style="text-align: justify">Trading Issues: In stressed market conditions, the market for the Nuclear Fund’s shares may become less liquid in response to the deteriorating liquidity of the Nuclear Fund’s portfolio. This adverse effect on the liquidity of the Nuclear Fund’s shares may, in turn, lead to differences between the market value of the Nuclear Fund’s shares and the Nuclear Fund’s NAV.</td></tr></table> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--AbsenceOfActiveTradingMarketRiskMember_z5HVPLaIyfr5"></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: 31.5pt"></td><td style="width: 18pt">●</td><td style="text-align: justify">Absence of Active Trading Market Risk: An active trading market for the Nuclear Fund’s 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 Nuclear Fund’s 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 Nuclear Fund’s shares.</td></tr></table> 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. Foreign (Non-U.S.) Investment Risk: the risk that investing in foreign (non-U.S.) securities may result in the Nuclear 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. 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. Liquidity Risk: the risk that a particular investment may be difficult to purchase or sell and that the Nuclear 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. 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. Market Risk: the risk that the value of securities owned by the Nuclear Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries. <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--MortgageRelatedAndOtherAssetBackedSecuritiesRiskMember_z0Jyewutn7Cj" 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 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. New Fund Risk: the risk that a new fund’s performance may not represent how the Nuclear 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. <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_zcSgSVombsZh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #323232">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. 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. 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 Nuclear 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 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. Wholly-Owned Subsidiary Risk: The Subsidiary will not be registered under the 1940 Act and, unless otherwise noted in this Prospectus, will not be subject to all of the investor protections of the 1940 Act. Changes in the laws of the United States and/or the Cayman Islands, under which the Nuclear Fund and the Subsidiary, respectively, are organized, could result in the inability of the Nuclear Fund and/or the Subsidiary to operate as described in this prospectus and could negatively affect the Nuclear Fund and its shareholders. For example, Cayman Islands law does not currently impose any income, corporate or capital gains tax, estate duty, inheritance tax, gift tax or withholding tax on the Subsidiary. If Cayman Islands law changes such that the Subsidiary must pay Cayman Islands governmental authority taxes, Fund shareholders would likely suffer decreased investment returns. By investing in Nuclear Energy-Related Commodities and Nuclear Energy ETPs indirectly through the Subsidiary, the Nuclear Fund will obtain exposure to the commodities markets within the federal tax requirements that apply to the Nuclear Fund. However, because the Subsidiary is a controlled foreign corporation, any income received from its investments will be passed through to the Nuclear Fund as ordinary income, which may be taxed at less favorable rates than capital gains. Performance: Because the Nuclear Fund has not yet launched, the performance section is omitted. When such information is included, this section will provide some indication of the risks of investing in the Nuclear Fund by showing changes in the Nuclear Fund’s performance history from year to year and showing how the Nuclear Fund’s average annual total returns compare with those of a broad measure of market performance. Although past performance of the Nuclear Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Nuclear Fund. Updated performance information will be available on the Nuclear Fund’s website at www.kurvinvest.com. Because the Nuclear Fund has not yet launched, the performance section is omitted. When such information is included, this section will provide some indication of the risks of investing in the Nuclear Fund by showing changes in the Nuclear Fund’s performance history from year to year and showing how the Nuclear Fund’s average annual total returns compare with those of a broad measure of market performance. Although past performance of the Nuclear Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Nuclear Fund. www.kurvinvest.com KURV SPACE INFRASTRUCTURE ETF (TICKER: KSPC) - SUMMARY Investment Objective The Kurv Space Infrastructure ETF (the “Space Fund”) seeks to maximize total return. Fund Fees And Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Space 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_A8A_eoef--AnnualFundOperatingExpensesTableTextBlock_zVdULNDOtmAl"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_znXC3mP6UqJ3" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: top; background-color: silver"> <td style="width: 85%; padding-right: 5.75pt; padding-left: 5.75pt">Management Fee</td> <td id="xdx_981_eoef--ManagementFeesOverAssets_dp_c20260702__20260702__oef--ClassAxis__custom--C000276162Member_z5sX6KIshgk1" style="width: 15%; padding-right: 5.75pt; padding-left: 5.75pt">0.85%</td></tr> <tr style="vertical-align: top; background-color: #C6D9F1"> <td style="padding-right: 5.75pt; padding-left: 5.75pt">Distribution and/or Service (12b-1) Fees</td> <td id="xdx_988_eoef--DistributionAndService12b1FeesOverAssets_dp_c20260702__20260702__oef--ClassAxis__custom--C000276162Member_zwG23yS0dJeb" style="padding-right: 5.75pt; padding-left: 5.75pt">0.00%</td></tr> <tr style="vertical-align: top; background-color: silver"> <td style="padding-right: 5.75pt; padding-left: 5.75pt">Other Expenses(1)</td> <td id="xdx_98A_eoef--OtherExpensesOverAssets_dp_c20260702__20260702__oef--ClassAxis__custom--C000276162Member_fKDEp_z2LPvYARWzXg" style="padding-right: 5.75pt; padding-left: 5.75pt">0.00%</td></tr> <tr style="vertical-align: top; background-color: #C6D9F1"> <td style="padding-right: 5.75pt; padding-left: 5.75pt">Total Annual Fund Operating Expenses</td> <td id="xdx_98C_eoef--ExpensesOverAssets_dp_c20260702__20260702__oef--ClassAxis__custom--C000276162Member_zBWkJjtjB06c" style="padding-right: 5.75pt; padding-left: 5.75pt">0.85%</td></tr> <tr style="vertical-align: top; background-color: #BFBFBF"> <td style="padding-right: 5.75pt; padding-left: 5.75pt">Fee Waiver(2)</td> <td id="xdx_98E_eoef--FeeWaiverOrReimbursementOverAssets_dp_c20260702__20260702__oef--ClassAxis__custom--C000276162Member_fKDIp_z1Bughx9QTOl" style="padding-right: 5.75pt; padding-left: 5.75pt"> 0.10%</td></tr> <tr style="vertical-align: top; background-color: #C6D9F1"> <td style="padding-right: 5.75pt; padding-left: 5.75pt">Total Annual Fund Operating Expenses After Fee Waiver and Reimbursement</td> <td id="xdx_988_eoef--NetExpensesOverAssets_dp_c20260702__20260702__oef--ClassAxis__custom--C000276162Member_zoSqmfrN0HR6" style="padding-right: 5.75pt; padding-left: 5.75pt">0.75%</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 Space Fund’s initial fiscal year. Acquired Fund Fees and Expenses are estimated to be under 0.005% of Fund assets.</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 style="text-align: justify">The Space Fund’s adviser has contractually agreed to waive its fees and reimburse expenses of the Space Fund until June 30, 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 the Space Fund’s officers and Trustees, contractual indemnification of the Space Fund service providers (other than the adviser)) will not exceed 0.75%, of average daily net assets (“Operating Expense Limitation Agreement”). These fee waivers and expense reimbursements are subject to possible recoupment from the Space 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 on 60 days’ written notice to the Space Fund’s adviser, Kurv Investment Management LLC (“Kurv”).</td></tr></table> 0.0085 0.0000 0.0000 0.0085 0.0010 0.0075 Other Expenses are estimated for the Space Fund’s initial fiscal year. Acquired Fund Fees and Expenses are estimated to be under 0.005% of Fund assets. June 30, 2027 Example This Example is intended to help you compare the cost of investing in the Space Fund with the cost of investing in mutual funds and other exchange traded funds. The Example assumes that you invest $10,000 in the Space 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 Space Fund’s operating expenses remain the same. 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_A82_eoef--ExpenseExampleWithRedemptionTableTextBlock_zUIBjCYGHDfb"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zpjYSyY6uxNh" 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_48A_eoef--ExpenseExampleYear01_zo53RltizOWi" style="width: 52%; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">1 Year</td> <td id="xdx_48A_eoef--ExpenseExampleYear03_zcPY1dOnmU8j" style="width: 48%; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">3 Years</td></tr> <tr id="xdx_412_20260702__20260702__oef--ClassAxis__custom--C000276162Member_zDJ9XlJ2bX4l" style="vertical-align: top; background-color: #CCEDFF"> <td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">$77</td> <td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">$261</td></tr> </table> 77 261 Portfolio Turnover The Space 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 Space Fund’s performance. The Space Fund does not have any portfolio turnover because it has not yet commenced operations as of the date of this prospectus. Principal Investment Strategies The Space Fund will, under normal circumstances, invest in or gain exposure to companies (“Space Companies”), domestic or foreign, that engage in, enable, or benefit from activities, products or services that occur beyond the surface of the Earth (“space activities”). Space Companies are companies that (i) are classified by a third party as operating within the space infrastructure sector; or (ii) have or derive at least 50% of their assets, income, revenues or profits from space activities. Space activities include: <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">Designing, building, launching, producing, operating, or servicing orbital or sub-orbital structures, such as satellite and telecommunication platforms.</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: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">Enabling the deployment of space infrastructure, such as design and construction of rockets and propulsion systems, including products and services directly related to space vehicle systems or equipment, space payload, and materials and equipment used to build spacecraft or other vehicles used in space)</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: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">Exploring and developing of technology in space for the benefit of activities on Earth’s surface, such as internet access, global positioning system (“GPS”), imaging, and defense.</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: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">Exploring and developing of technologies that benefit activities from being beyond the surface of the Earth, such as energy capture, agriculture, zero-gravity research, other scientific research, space tourism and space exploration.</td></tr></table> The definition of space activities may expand and be updated to reflect the fast changing dynamics of the space industry. The Fund may gain exposures to Space Companies through different instruments including the equity or debt securities of Space Companies, or derivative instruments relating to the securities of Space Companies, as well as the shares of other ETFs that invest in the securities of, or derivative instruments relating to, Space Companies (“Space Company ETFs”). The Space Fund may invest in derivative instruments on Space ETFs and Space Companies, backed by a portfolio of Fixed Income Instruments of varying maturities, which may be represented by options, futures, forwards and swaps, as well as Preferred Securities Instruments. Derivatives used by the Space Fund are expected to produce a significant portion of the Space Fund’s returns. The Space Fund does not invest more than 25% of the Space Fund’s assets in over-the-counter derivative contracts with any one counterparty. “Fixed Income Instruments” include 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 and options on such ETFs. “Preferred Securities Instruments” consist of preferred securities of U.S. companies and ETFs primarily investing in preferred securities. The Space Fund may invest in U.S. and non-U.S. Fixed Income Instruments of any maturity or duration. The Space Fund may gain long exposure via purchasing shares of Space ETFs or creating a synthetic long position. To achieve a synthetic long exposure, the Space Fund may gain exposure through buying futures and/or buying call options of a Space ETF and, simultaneously, sells put options of the ETF with the same expiries and strike prices to try to replicate the price movements of the underlying ETF. The combination of the long call options and sold put options seek to provide the Space Fund with investment exposure to the Space ETF for the duration of the application option exposure. The synthetic long position to an underlying Space ETF when the Space Fund buys put and call options directly will not exceed 200% of net asset value. The Space Fund may invest, without limitation, in derivative instruments, such as options, including FLEX options, forward and futures contracts, options on futures, or swap agreements, subject to applicable law and any other restrictions described in the Space Fund’s prospectus or Statement of Additional Information. Under normal circumstances, the Space Fund invests at least 80% of its net assets plus any borrowings for investment purposes in the securities of Space Companies or Space Company ETFs, or derivative instruments relating to the securities of Space Companies or Space Company ETFs. The Space Fund will consider the investments of the underlying Space ETFs in which it invests when determining compliance with its 80% policy. Additionally, for the purposes of complying with its 80% investment policy, the Space Fund will use the notional value of the derivatives it holds. As part of its strategy, the Space Fund may employ various option strategies to generate income and/or to preserve capital. These strategies are: Covered Call Writing As part of its strategy, the Space Fund may write (sell) call option contracts on Space ETFs to generate income. If the Space Fund gains long exposure synthetically, since the Space Fund does not directly own shares of the ETF, these written call options will be sold short (i.e., selling a position it does not currently own). Any amount of covered call writing above the synthetic long positions will be considered uncovered. The Adviser may engage in uncovered calls rather than covered calls when it believes there might be a mispricing of volatility in the market. It is important to note that the sale of an ETF’s call option contracts will limit the Space Fund’s participation in the appreciation in the ETF’s price. If the price of the ETF increases, the above-referenced synthetic and/or holding the underlying ETF directly would allow the Space Fund to experience similar percentage gains. However, if the ETF’s price appreciates beyond the strike price of one or more of the sold (short) call option contracts, the Space Fund will lose money on those short call positions, and the losses will, in turn, limit the upside return of the Space Fund’s synthetic and long ETF exposure. As a result, the Space Fund’s overall strategy (i.e., the combination of the synthetic and/or long exposure to the ETF and the sold (short) the ETF’s call positions) will limit the Space Fund’s participation in gains in the ETF’s price beyond a certain point. When the Space Fund engages in covered call writing with respect to an underlying ETF, it receives cash from the buyer of the call option who in exchange for that cash obtains the right to purchase the ETF on or before the expiration date at a predetermined price called the strike price. Writing covered call options is also considered long short. Generally, the notional principal amount of written covered call options will not exceed the principal amount of the synthetic or long position in the Space ETF, however, the Space Fund may write call options for an amount in excess of the value of an ETF position in the Space Fund’s portfolio. Uncovered Call and/or Put Writing The Space Fund may also write (i.e., sell) uncovered call options on securities or instruments in which it may invest but that are not currently held by the Space Fund. The principal reason for writing uncovered call options is to realize income without committing capital to the ownership of the underlying securities or instruments. When writing uncovered call options, the Space Fund must deposit and maintain sufficient margin with the broker-dealer through which it made the uncovered call option as collateral to ensure that the securities can be purchased for delivery if and when the option is exercised. During periods of declining securities prices or when prices are stable, writing uncovered calls can be a profitable strategy to increase the Space Fund’s income with minimal capital risk. Uncovered calls are riskier than covered calls because there is no underlying security held by the Space Fund that can act as a partial hedge. Uncovered calls have speculative characteristics and the potential for loss is unlimited. When an uncovered call is exercised, the Space Fund must purchase the underlying security to meet its call obligation. There is also a risk, especially with preferred and debt securities that lack sufficient liquidity, that the securities may not be available for purchase. If the purchase price exceeds the exercise price, the Space Fund will lose the difference. The Space Fund also may write (i.e., sell) uncovered put options on securities or instruments in which it may invest but with respect to which the Space Fund does not currently have a corresponding short position or has not deposited as collateral cash equal to the exercise value of the put option with the broker-dealer through which it made the uncovered put option. The principal reason for writing uncovered put options is to receive premium income and to acquire such securities or instruments at a net cost below the current market value. The Space Fund has the obligation to buy the securities or instruments at an agreed upon price if the price of the securities or instruments decreases below the exercise price. If the price of the securities or instruments increases during the option period, the option will expire worthless and the Space Fund will retain the premium and will not have to purchase the securities or instruments at the exercise price. Call or Put Spreads The Space Fund may write (sell) call or put spreads instead of than stand-alone call option contracts to seek increased participation in the potential appreciation of an underlying security or instrument’s ’s share price, while still generating net premium income. In a call option spread, the Space Fund may sell (write) an out-of-the-money call option (above the current market price) while also purchasing a another call option that is further out of the money. Similarly, in a put option spread, the Space Fund may sell (write) an out-of-the-money put option (below the current market price) while purchasing a further out-of-the-money put option. Risk Reversals or Protective Collars The Space Fund may write (sell) risk reversals rather than stand-alone call option contracts to seek to limit loss from of an underlying security or instrument’s share price. The cost of this protection would be offset by the premiums earned from a written call option. In a risk reversal, the Space Fund may sell (write) an out-of-the-money call option (above the current market price) call option while simultaneously purchasing an out-of-the-money put option. Protective Puts The Space Fund may purchase out-of-the-money protective put options to seek to limit loss from its underlying ETF share price. The cost of protection may reduce the income generated in the portfolio. Call Purchases The Space Fund may purchase call options to seek to gain price appreciation from its underlying ETF share price. The cost of the purchase may reduce the income generated in the portfolio. The Space Fund intends to utilize traditional exchange-traded option contracts and/or Flexible EXchange® Options (“FLEX Options”). Traditional exchange-traded options have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed option contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed option contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical option contract. FLEX Options are also guaranteed for settlement by the OCC. Option contracts can either be “American” style or “European” style. The Space Fund generally utilizes European style option contracts, which may only be exercised by the holder of the option contract on the expiration date of such option contract and settled in cash. As derivatives tracking Space ETFs may be purchased with a fraction of the assets that would be needed to purchase the ETF securities directly for the equivalent amount of exposure, the remainder of the Space Fund’s assets may be invested in Fixed Income and Preferred Securities Instruments. Kurv actively manages the Fixed Income and Preferred Securities Instruments held by the Space Fund with a view toward enhancing the Space Fund’s total return. The Space Fund primarily invests in U.S. dollar-denominated investment grade debt securities, rated Baa or higher by Moody’s Investors Service, Inc. (“Moody’s”), or equivalently rated by Standard & Poor’s Ratings Services (“S&P”) or Fitch Ratings, 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. The Space Fund may invest, without limitation, in U.S. dollar-denominated securities and instruments of foreign issuers as well as in other G10 currencies on a hedged basis. The Space 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 in space infrastructure-related ETFs, equity securities or derivatives, may be invested in Fixed Income Instruments and Preferred Securities Instruments. The Space Fund may also enter into reverse repurchase agreements. The Space 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. The Space Fund may invest in mortgage or asset-backed securities, including to-be-announced transactions. The Space Fund may purchase and sell securities on a when-issued, delayed delivery or forward commitment basis. The Space Fund may, without limitation, seek to obtain market exposure to the securities in which it primarily invests by entering into a series of purchase and sale contracts or by using other investment techniques (such as buy backs or dollar rolls). With respect to the Space Fund’s fixed income investments, the Space 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 Space 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 the Space Fund’s fixed income investments, the Space 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). The Space Fund will normally limit its foreign currency exposure (from non-U.S. dollar-denominated securities or currencies) to 10% of its total assets. The Space Fund may also invest up to 15% of its total assets in Preferred Securities Instruments. The Space Fund is non-diversified. Under normal circumstances, the Space Fund invests at least 80% of its net assets plus any borrowings for investment purposes in the securities of Space Companies or Space Company ETFs, or derivative instruments relating to the securities of Space Companies or Space Company ETFs. The Space Fund may not achieve its investment objective and there is a risk that you could lose all of your money invested in the Space Fund. Space Companies Risk: Companies in the space industry may face high research and development costs, intense competition, rapid technological change, and evolving regulation (including export controls, sanctions, licensing, and national-security/telecommunications rules) that could limit market access or render products obsolete. Results and reputations may be significantly affected by launch failures, mission anomalies, schedule delays, capacity constraints, rising costs, and defaults by launch providers or key suppliers. Many depend on a small number of customers and milestone-based, long-duration contracts; cancellations, budget cuts, changes in procurement policies, or delays in customer acceptance and revenue recognition may materially reduce revenues. These companies rely heavily on intellectual property, spectrum licenses, and orbital slots, which may be difficult to obtain, protect, or retain. Concentrated and specialized global supply chains—together with inflation, trade restrictions, or geopolitical events—may disrupt production and deployment. Many such businesses may not achieve profitability, may require additional capital, and may exhibit significant share price volatility. 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. Industry Concentration Risk: Because the Space Fund’s assets will be concentrated in an industry or group of industries, the Space Fund is subject to loss due to adverse occurrences that may affect that industry or group of industries. <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--AerospaceAndDefenseIndustryRiskMember_ze6scWXL1Pu2"></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: 31.5pt"></td><td style="width: 18pt">●</td><td style="text-align: justify">Aerospace and Defense Industry Risk. The aerospace and defense industries can be significantly affected by government regulation and spending policies because companies involved in these sectors rely, to a significant extent, on government demand for their products and services. The financial condition of companies in these industries are heavily influenced by government defense spending, which may be reduced in efforts to control government budgets. The aerospace industry in particular has recently been affected by adverse economic conditions and consolidation within the industry.</td></tr></table> Sector Focus Risk: The Space 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 Space Fund anticipates that it may be subject to some or all of the risks described below. <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--AviationSectorRiskMember_z1F3vZNxbdg3"></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: 31.5pt"></td><td style="width: 18pt">●</td><td style="text-align: justify">Aviation Sector Risk. Risks associated with aviation industry include, but are not limited to, risks related to commercial aircraft, the leasing of aircraft by commercial airlines and the commercial aviation industry generally, as well as with respect to any one aircraft or type of aircraft, the particular maintenance and operating history for the aircraft or its components, the model and type of aircraft, the jurisdiction of registration and regulatory risk. In addition to the foregoing, market events such as economic declines and recessions, geopolitical conflicts and the occurrence or threat of pandemics, terrorism or war can have a material adverse effect on the aviation industry generally, especially when such market events cause material declines in travel, increases in costs or future uncertainty for airlines, aircraft or the commercial aviation industry generally.</td></tr></table> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--TechnologySectorRiskMember_zzorXBb43OY6"></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: 31.5pt"></td><td style="width: 18pt">●</td><td style="text-align: justify">Technology Sector Risk. The market prices of technology-related securities tend to exhibit a greater degree of market risk and sharp price fluctuations than other types of securities. These securities may fall in and out of favor with investors rapidly, which may cause sudden selling and dramatically lower market prices. Technology securities may be affected by intense competition, obsolescence of existing technology, general economic conditions and government regulation and may have limited product lines, markets, financial resources or personnel. Technology companies may experience dramatic and often unpredictable changes in growth rates and competition for qualified personnel. These companies are also heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely impact a company’s profitability. A small number of companies represent a large portion of the technology industry. In addition, a rising interest rate environment tends to negatively affect technology companies, those technology companies seeking to finance expansion would have increased borrowing costs, which may negatively impact earnings. Technology companies having high market valuations may appear less attractive to investors, which may cause sharp decreases in their market prices.</td></tr></table> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--TelecommunicationsSectorRiskMember_zLzdQYj81kBi"></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: 31.5pt"></td><td style="width: 18pt">●</td><td style="text-align: justify">Telecommunications Sector Risk. The telecommunications sector is subject to extensive government regulation. The costs of complying with governmental regulations, delays or failure to receive required regulatory approvals or the enactment of new adverse regulatory requirements may adversely affect the business of the telecommunications companies. The telecommunications sector can also be significantly affected by intense competition, including competition with alternative technologies such as wireless communications, product compatibility, consumer preferences, rapid obsolescence and research and development of new 16 products. Other risks include those related to regulatory changes, such as the uncertainties resulting from such companies’ diversification into new domestic and international businesses, as well as agreements by any such companies linking future rate increases to inflation or other factors not directly related to the actual operating profits of the otherwise. </td></tr></table> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--RisksOfInvestingInOtherInvestmentCompaniesMember_zYkqWMOPjLb2" 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 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. 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 Space 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 Space Fund. The Space Fund’s use of derivatives or other similar investments may result in losses to the Space Fund, a reduction in the Space 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 Space Fund could suffer significant losses on these contracts and the value of an investor’s investment in the Space 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 Space 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 Space 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 Space Fund’s ability to invest in derivatives, limit the Space 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 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. 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 Space Fund has invested in, the Space 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 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. Currency Risk: the risk that foreign (non-U.S.) currencies will change in value relative to the U.S. dollar and affect the Space 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. 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_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--CommonStocksMember_zHS8AWxmLt51"></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_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--PreferredSecuritiesMember_zCqWShK1vsLc"></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> 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: <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketPriceVarianceRiskMember_zaexDJyHxyVd"></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: 31.5pt"></td><td style="width: 18pt">●</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_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantRiskMember_z8R6LiWzCx04"></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: 31.5pt"></td><td style="width: 18pt">●</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 exchange traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Space Fund’s NAV.</td></tr></table> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesMember_zsqEmabl4O2i"></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: 31.5pt"></td><td style="width: 18pt">●</td><td style="text-align: justify">Trading Issues: In stressed market conditions, the market for the Space Fund’s shares may become less liquid in response to the deteriorating liquidity of the Space Fund’s portfolio. This adverse effect on the liquidity of the Space Fund’s shares may, in turn, lead to differences between the market value of the Space Fund’s shares and the Space Fund’s NAV.</td></tr></table> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--AbsenceOfActiveTradingMarketRiskMember_ztpqnu6kZLM2"></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: 31.5pt"></td><td style="width: 18pt">●</td><td style="text-align: justify">Absence of Active Trading Market Risk: An active trading market for the Space Fund’s 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 Space Fund’s 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 Space Fund’s shares.</td></tr></table> FLEX Options Risk: The Space Fund may use FLEX Options issued and guaranteed for settlement by the OCC. The Space 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 Space 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 Space 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 Space Fund, to the extent market participants are not willing or able to enter into FLEX Option transactions with Space Fund at prices that reflect the market price of the Shares of the Space Fund, the Space Fund’s NAV and, in turn the share price of the Space Fund, could be negatively impacted. The FLEX Option approaches its expiration date, its value typically increasingly moves with the value of the Space ETF. However, prior to such date, the value of the FLEX Options does not increase or decrease at the same rate as the Space ETF’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 Space 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 Space ETF’s share price, changes in interest rates and the remaining time to until the FLEX Options expire. 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. 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. Leveraging Risk: the risk that certain transactions of the Space 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 Space 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 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. 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 Space Fund and may cause Kurv to restrict or prohibit participation in certain investments. There is no guarantee that the investment objective of the Space Fund will be achieved. 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. <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--MortgageRelatedAndOtherAssetBackedSecuritiesRiskMember_zrWJ1C5zF7u3" 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 Space 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 Space Fund’s guidelines), which generally carry higher levels of the foregoing risks. 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. <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_z9KPvy6lQbbh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #323232">Non-Diversification Risk: The Space 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. 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 Space 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 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. Performance: Because the Space Fund has not yet launched, the performance section is omitted. When such information is included, this section will provide some indication of the risks of investing in the Space Fund by showing changes in the Space Fund’s performance history from year to year and showing how the Space Fund’s average annual total returns compare with those of a broad measure of market performance. Although past performance of the Space Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Space Fund. Updated performance information will be available on the Space Fund’s website at www.kurvinvest.com. Because the Space Fund has not yet launched, the performance section is omitted. When such information is included, this section will provide some indication of the risks of investing in the Space Fund by showing changes in the Space Fund’s performance history from year to year and showing how the Space Fund’s average annual total returns compare with those of a broad measure of market performance. Although past performance of the Space Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Space Fund. www.kurvinvest.com Other Expenses are estimated for the Energy Fund’s initial fiscal year.Acquired Fund Fees and Expenses are estimated to be under 0.005% of Fund assets. The Energy Fund’s adviser has contractually agreed to waive its fees and reimburse expenses of the Energy Fund 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 the Energy Fund’s officers and Trustees, contractual indemnification of the Energy Fund service providers (other than the adviser)) will not exceed 0.75%, of average daily net assets (“Operating Expense Limitation Agreement”). These fee waivers and expense reimbursements are subject to possible recoupment from the Energy 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 on 60 days’ written notice to the Energy Fund’s adviser, Kurv Investment Management LLC (“Kurv”). Other Expenses are estimated for the Nuclear Fund’s initial fiscal year.Acquired Fund Fees and Expenses are estimated to be under 0.005% of Fund assets. The Nuclear Fund’s adviser has contractually agreed to waive its fees and reimburse expenses of the Nuclear Fund until June 30, 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 the Nuclear Fund’s officers and Trustees, contractual indemnification of the Nuclear Fund service providers (other than the adviser)) will not exceed 0.75%, of average daily net assets (“Operating Expense Limitation Agreement”). These fee waivers and expense reimbursements are subject to possible recoupment from the Nuclear 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 on 60 days’ written notice to the Nuclear Fund’s adviser, Kurv Investment Management LLC (“Kurv”). Other Expenses are estimated for the Space Fund’s initial fiscal year.Acquired Fund Fees and Expenses are estimated to be under 0.005% of Fund assets. The Space Fund’s adviser has contractually agreed to waive its fees and reimburse expenses of the Space Fund until June 30, 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 the Space Fund’s officers and Trustees, contractual indemnification of the Space Fund service providers (other than the adviser)) will not exceed 0.75%, of average daily net assets (“Operating Expense Limitation Agreement”). These fee waivers and expense reimbursements are subject to possible recoupment from the Space 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 on 60 days’ written notice to the Space Fund’s adviser, Kurv Investment Management LLC (“Kurv”).