The Fund is an actively managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by delivering participation in the price return of a broad international equity market index, while seeking to provide a measure of downside protection through a flexible, options-based investment strategy. The Fund does so through synthetic net long exposure in the underlying asset class(es) through call options that seek to provide limited participation in increases and decreases in the price returns of the underlying securities. The Fund’s portfolio securities are selected by the Fund’s sub-adviser, VistaShares Advisors LLC (the “Sub-Adviser”).

The Fund employs a flexible outcome strategy designed to provide investors with equity market exposure while incorporating a dynamic downside risk management overlay. Unlike traditional defined outcome strategies that seek to produce pre-determined outcomes over a fixed period, the Fund’s strategy is continuous and adaptive and does not rely on a single, fixed outcome period to achieve its investment objective.

Under normal market conditions, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in investments that provide exposure to the performance of a broad-based index of equity securities of companies in developed markets outside the United States and Canada (the “Index”), including investments that reference an underlying exchange-traded fund (the “Underlying ETF”). Initially, the Fund expects to obtain such exposure though the iShares MSCI EAFE ETF (“EFA”). The Sub-Adviser selects the Underlying ETF based on its ability to provide exposure to the developed international equity markets represented by the Index and may select a different Underlying ETF over time if it determines that a different ETF would provide substantially similar exposure to such markets and would be appropriate for implementing the Fund’s options strategy.

The Fund seeks to provide investors with:

To implement its investment strategy, the Fund utilizes a combination of:

Equity Exposure

The Fund obtains core exposure to the Underlying ETF either through direct investment or through derivative instruments designed to replicate such exposure. This component serves as the primary driver of returns and is intended to provide participation in the Underlying ETF’s price movements, before fees and expenses.

Options Overlay Strategy

The Fund invests in FLexible EXchange® Options (“FLEX Options”) and/or standard exchange-traded options that reference the Underlying ETF. Standardized exchange-traded options include standardized terms. FLEX Options are also exchange-traded, but they allow for customizable terms (e.g., the strike price can be negotiated). FLEX Options are guaranteed for settlement by the Options Clearing Corporation (“OCC”), a market clearinghouse that guarantees performance by counterparties to certain derivatives contracts.

The Fund uses a combination of purchased and sold call and put option contracts to construct a layered portfolio designed to achieve its investment objective.

The Adviser and Sub-Adviser will determine the appropriate mix, strike prices, and maturities of options based on factors including market volatility, interest rates, and the cost of protection.

Downside Protection Characteristics

The Fund seeks to provide a measure of downside protection, which may take one or more of the following forms:

Rolling and Laddered Structure

The Fund maintains a continuously managed portfolio of options positions with the same and/or staggered maturities. Because the Fund does not reset its strategy at the end of a defined outcome period, investors are not required to hold Shares for a specific duration to pursue the Fund’s investment objective.

Fund Rebalance

The Fund is a continuous investment vehicle and does not terminate or reset at predetermined intervals. The Fund generally rebalances options positions monthly as they approach expiration. At each rebalance, the Fund sells out-of-the-money put options and uses the premiums received, together with interest earned on its cash investments, to purchase approximately one-month, at-the-money call options on the Underlying ETF.

The Fund does not target a fixed percentage of upside exposure. Instead, the Fund seeks the amount of upside exposure that can be obtained with the option premiums and interest income available for that purpose. The number of call options purchased, and therefore the Fund’s resulting upside exposure, will vary based on the income available and prevailing call-option prices.

Collateral

In addition, the Fund will hold cash and/or short-term U.S. Treasury securities as for the Fund’s derivatives transactions.

Index Overview

The Index is a broad-based, widely recognized benchmark index that tracks the performance of large- and mid-capitalization companies across a broad universe of developed market countries outside the U.S. and Canada. The Index covers a substantial portion of the free float-adjusted market capitalization in each country represented.

None of the Fund, the Trust, the Adviser, the Sub-Adviser or their respective affiliates make any representation to you as to the performance of the Index.

THE FUND, TRUST, ADVISER, AND SUB-ADVISER ARE NOT AFFILIATED WITH, NOR ENDORSED BY, THE INDEX.

The Fund is an actively managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by delivering participation in the price return of a broad U.S. small cap equity market index, while seeking to provide a measure of downside protection through a flexible, options-based investment strategy. The Fund does so through synthetic net long exposure in the underlying asset class(es) through call options that seek to provide limited participation in increases and decreases in the price returns of the underlying securities. The Fund’s portfolio securities are selected by the Fund’s sub-adviser, VistaShares Advisors LLC (the “Sub-Adviser”).

The Fund employs a flexible outcome strategy designed to provide investors with equity market exposure while incorporating a dynamic downside risk management overlay. Unlike traditional defined outcome strategies that seek to produce pre-determined outcomes over a fixed period, the Fund’s strategy is continuous and adaptive and does not rely on a single, fixed outcome period to achieve its investment objective.

Under normal market conditions, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in investments that provide exposure to the performance of a broad-based index of small-capitalization U.S. equity securities (the “Index”), including investments that reference an underlying exchange-traded fund (the “Underlying ETF”). Initially, the Fund expects to obtain such exposure through the iShares Russell 2000 ETF (“IWM”). The Sub-Adviser selects the Underlying ETF based on its ability to provide exposure to the small-cap U.S. equity market represented by the Index and may select a different Underlying ETF over time if it determines that a different ETF would provide substantially similar exposure to such market and would be appropriate for implementing the Fund’s options strategy.

The Fund seeks to provide investors with:

To implement its investment strategy, the Fund utilizes a combination of:

Equity Exposure

The Fund obtains core exposure to the Underlying ETF either through direct investment or through derivative instruments designed to replicate such exposure. This component serves as the primary driver of returns and is intended to provide participation in the Underlying ETF’s price movements, before fees and expenses.

Options Overlay Strategy

The Fund invests in FLexible EXchange® Options (“FLEX Options”) and/or standard exchange-traded options that reference the Underlying ETF. Standardized exchange-traded options include standardized terms. FLEX Options are also exchange-traded, but they allow for customizable terms (e.g., the strike price can be negotiated). FLEX Options are guaranteed for settlement by the Options Clearing Corporation (“OCC”), a market clearinghouse that guarantees performance by counterparties to certain derivatives contracts.

The Fund uses a combination of purchased and sold call and put option contracts to construct a layered portfolio designed to achieve its investment objective.

The Adviser and Sub-Adviser will determine the appropriate mix, strike prices, and maturities of options based on factors including market volatility, interest rates, and the cost of protection.

Downside Protection Characteristics

The Fund seeks to provide a measure of downside protection, which may take one or more of the following forms:

Rolling and Laddered Structure

The Fund maintains a continuously managed portfolio of options positions with the same and/or staggered maturities. Because the Fund does not reset its strategy at the end of a defined outcome period, investors are not required to hold Shares for a specific duration to pursue the Fund’s investment objective.

Fund Rebalance

The Fund is a continuous investment vehicle and does not terminate or reset at predetermined intervals. The Fund generally rebalances options positions monthly as they approach expiration. At each rebalance, the Fund sells out-of-the-money put options and uses the premiums received, together with interest earned on its cash investments, to purchase approximately one-month, at-the-money call options on the Underlying ETF.

The Fund does not target a fixed percentage of upside exposure. Instead, the Fund seeks the amount of upside exposure that can be obtained with the option premiums and interest income available for that purpose. The number of call options purchased, and therefore the Fund’s resulting upside exposure, will vary based on the income available and prevailing call-option prices.

Collateral

In addition, the Fund will hold cash and/or short-term U.S. Treasury securities as for the Fund’s derivatives transactions.

Index Overview

The Index is a widely recognized benchmark index that tracks the performance of approximately 500 - 2,000 small-capitalization companies in the United States, representing a subset of a broader U.S. all-capitalization benchmark index and approximately 10% of that broader index’s total market capitalization.

The Index is diversified and includes companies from various sectors such as financial services, healthcare, technology, consumer discretionary, industrials, and others. The exact distribution can fluctuate over time due to market conditions.

In terms of volatility, the Index, being a small-cap index, tends to be more volatile than large-cap indices like the S&P 500 or the Nasdaq 100 indices. Small-cap stocks can be more sensitive to changes in the economic climate and can experience larger price swings. Notable periods of volatility have included the dot-com bubble burst in 2000, the financial crisis of 2008, and the market turmoil caused by the COVID-19 pandemic in 2020. However, as with any index, the specific level of volatility can change based on broader market conditions.

None of the Fund, the Trust, the Adviser, the Sub-Adviser or their respective affiliates make any representation to you as to the performance of the Index.

THE FUND, TRUST, ADVISER, AND SUB-ADVISER ARE NOT AFFILIATED WITH, NOR ENDORSED BY, THE INDEX.

 
The Fund is an actively managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by providing participation in the price returns of a diversified portfolio of equity market segments while seeking to provide a measure of downside protection through a flexible, options-based investment strategy. The Fund generally obtains its equity market exposure through investments in exchange-traded funds (each, an “Underlying ETF,” and collectively, the “Underlying ETFs”) and options that reference the Underlying ETFs or their underlying equity market indexes (the “Indexes”). The Fund’s portfolio is selected by VistaShares Advisors LLC (the “Sub-Adviser”).

The Fund employs a flexible outcome strategy designed to provide investors with equity market exposure while incorporating a dynamic downside risk management overlay. Unlike traditional defined outcome strategies that seek to produce predetermined outcomes over a fixed period, the Fund’s strategy is continuous and adaptive and does not rely on a single, fixed outcome period to achieve its investment objective.

Under normal market conditions, the Fund will invest at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities and investments that provide exposure to equity securities (collectively, “Equity Investments”). Equity Investments may include Underlying ETFs that invest principally in equity securities and derivative instruments that provide economic exposure to such Underlying ETFs or to equity market indexes. The Fund’s 80% investment policy is non-fundamental and may be changed upon at least 60 days’ prior written notice to shareholders.

For asset-allocation purposes, the Sub-Adviser may refer to Equity Investments as “growth investments” because they provide exposure to growth-oriented asset classes—namely, equity securities—as distinguished from defensive or income-oriented asset classes such as fixed-income securities and cash equivalents. In this context, “growth” is an asset-class designation and does not refer to companies selected based on earnings growth, valuation multiples, or other characteristics associated with a growth style of equity investing.

Initially, the Fund expects to obtain exposure to four equity market segments through the following types of Underlying ETFs:

The Fund initially expects to allocate approximately 25% of its equity exposure to each of the four equity market segments and to rebalance periodically toward an equal-weighted allocation. The Sub-Adviser may deviate from equal weighting based on market conditions, liquidity, options availability and pricing, or other portfolio-management considerations.

The Sub-Adviser reviews the Underlying ETFs on an ongoing basis, but no less frequently than monthly. The Fund may invest in different Underlying ETFs over time. In determining whether to retain or replace an Underlying ETF, the Sub-Adviser considers whether the Underlying ETF continues to provide efficient and liquid exposure to the applicable equity asset class and geographic market, as well as its diversification, liquidity, and the availability and pricing of related options. The Fund expects to obtain exposure to non-U.S. issuers, including issuers in developed and emerging markets, through investments in, or options that reference, U.S.-listed Underlying ETFs that provide exposure to such issuers.

The composition of the Fund’s options overlay is related to the Fund’s allocation among the Underlying ETFs. In constructing the overlay, the Sub-Adviser considers the Fund’s exposure to each Underlying ETF and may adjust the reference assets, relative notional amounts, strike prices, and expiration dates of the Fund’s options positions based on the Fund’s portfolio composition and prevailing market conditions.

The Fund seeks to provide investors with:

To implement its investment strategy, the Fund utilizes a combination of:

Equity Exposure

The Fund obtains core exposure to the Underlying ETFs either through direct investment or through derivative instruments designed to replicate such exposure. This component serves as the primary driver of returns and is intended to provide participation in the Underlying ETFs’ price movements, before fees and expenses.

Options Overlay Strategy

The Fund invests in FLexible EXchange® Options (“FLEX Options”) and/or standard exchange-traded options that reference the Underlying ETFs. Standardized exchange-traded options include standardized terms. FLEX Options are also exchange-traded, but they allow for customizable terms (e.g., the strike price can be negotiated). FLEX Options are guaranteed for settlement by the Options Clearing Corporation (“OCC”), a market clearinghouse that guarantees performance by counterparties to certain derivatives contracts.

The Fund’s portfolio composition determines the Underlying ETFs that serve as the reference assets for its options positions. The Sub-Adviser selects and sizes the options positions based on the Fund’s corresponding exposures to the Underlying ETFs and prevailing options-market conditions.

The Fund uses a combination of purchased and sold call and put option contracts to construct a layered portfolio designed to achieve its investment objective.

The Adviser and Sub-Adviser will determine the appropriate mix of equity indexes, strike prices, and maturities of options based on factors including market volatility, interest rates, and the cost of protection.

Downside Protection Characteristics

The Fund seeks to provide a measure of downside protection, which may take one or more of the following forms:

Rolling and Laddered Structure

The Fund maintains a continuously managed portfolio of options positions with the same and/or staggered maturities. Because the Fund does not reset its strategy at the end of a defined outcome period, investors are not required to hold Shares for a specific duration to pursue the Fund’s investment objective.

Fund Rebalance

The Fund is a continuous investment vehicle and does not terminate or reset at predetermined intervals. The Fund generally rebalances options positions monthly as they approach expiration. At each rebalance, the Fund sells out-of-the-money put options and uses the premiums received, together with interest earned on its cash investments, to purchase approximately one-month, at-the-money call options on the Underlying ETF.

The Fund does not target a fixed percentage of upside exposure. Instead, the Fund seeks the amount of upside exposure that can be obtained with the option premiums and interest income available for that purpose. The number of call options purchased, and therefore the Fund’s resulting upside exposure, will vary based on the income available and prevailing call-option prices.

Collateral

In addition, the Fund will hold cash and/or short-term U.S. Treasury securities as for the Fund’s derivatives transactions.

The Fund is an actively managed exchange-traded fund (“ETF”) that seeks to provide current income, with a target annual distribution rate of 5% to 8%, paid on a monthly basis, while seeking to provide capital appreciation with a measure of downside protection through a flexible, options-based investment strategy. The Fund’s portfolio securities are selected by the Fund’s sub-adviser, VistaShares Advisors LLC (the “Sub-Adviser”).

The Fund employs an income-oriented buffer strategy designed to generate consistent monthly distributions while providing exposure to high income sectors with partial protection against market declines.

Under normal market conditions, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in investments that provide exposure to the performance of a portfolio of underlying exchange-traded funds (the “Underlying ETFs”) that track sectors of the market the provide significant income such as utilities, real estate and high yield bonds. The Fund expects to obtain exposure to securities of non-U.S. issuers, including issuers in developed and emerging markets, through options that reference U.S.-listed Underlying ETFs that invest in or otherwise provide exposure to such issuers.

The Fund seeks to provide investors with:

To implement its investment strategy, the Fund utilizes a combination of:

Income Generation Strategy

The Fund seeks to generate income primarily through an options-based premium generation strategy, which may include:

The premiums received from these option positions are intended to support the Fund’s monthly income distributions. The Fund’s target distribution rate of 5% to 8% is not guaranteed and may vary based on market conditions, including volatility levels and the premiums available in the options market.

The Fund invests in FLexible EXchange® Options (“FLEX Options”) and/or standard exchange-traded options that reference the Underlying ETF. Standardized exchange-traded options include standardized terms. FLEX Options are also exchange-traded, but they allow for customizable terms (e.g., the strike price can be negotiated). FLEX Options are guaranteed for settlement by the Options Clearing Corporation (“OCC”), a market clearinghouse that guarantees performance by counterparties to certain derivatives contracts.

The Fund uses a combination of purchased and sold call and put option contracts to construct a layered portfolio designed to achieve its investment objective.

The target distribution level is not a guarantee, nor does it represent a yield or total return. It is distinct from the Fund’s SEC yield, which reflects the Fund’s income based on standardized calculations and may be significantly lower than the target distribution level. Actual distributions may be higher or lower than the target distribution level depending on market conditions and the Fund’s results.

Downside Protection (Buffer) Strategy

The Fund seeks to provide a buffer against a portion of losses in the Underlying ETFs through the use of purchased put options and/or structured option spreads. The buffer strategy may be applied to all or a portion of the Fund’s portfolio.

Under current market conditions, the Fund initially seeks, after fees and expenses, to offset 100% of the first 8% of losses in the applicable Underlying ETFs during each monthly period and to experience approximately 50% of any additional losses during that period. The buffer is intended to reduce, but not eliminate, the impact of negative returns of the Underlying ETFs.

The level and duration of the buffer are not fixed. The Sub-Adviser may adjust the amount of the buffer, the Fund’s participation in losses exceeding the buffer, and the applicable period based on market conditions and the cost of protection. The intended protection applies over the applicable options period and may not be fully available to shareholders who purchase Shares after that period begins.

There is no guarantee that the Fund will be successful in providing buffered returns.

Portfolio Construction

The Fund’s portfolio consists of three primary components:

The Fund actively manages the balance between income generation and downside protection based on prevailing market conditions.

Upside Participation

Because the Fund generates income through the sale of options, the Fund’s partial participation in the upside performance of the Underlying ETFs may be limited. In periods of strong market appreciation, the Fund is expected to underperform the Underlying ETFs due to:

The Fund intends to make monthly distributions to shareholders derived from:

Distributions may exceed the Fund’s net investment income and may include return of capital. Although stated as an annualized target, distributions are paid more frequently, and any amount the Fund pays in excess of its earnings will reduce NAV. If the Fund’s NAV declines over time, the dollar amount of future distributions will also decrease. Distributions may include a significant portion classified as ROC. ROC generally represents a return of a shareholder’s invested capital rather than traditional income such as dividends or interest. See the prospectus section titled “Additional Information About the Fund” for more information about option premiums and ROC.

Fund Rebalance

The Fund is a continuous investment vehicle and does not terminate or reset at predetermined intervals. The Fund generally rebalances options positions monthly as they approach expiration. At each rebalance, the Fund sells out-of-the-money put options and uses the premiums received, together with interest earned on its cash investments, to purchase approximately one-month, at-the-money call options on the Underlying ETF.

The Fund does not target a fixed percentage of upside exposure. Instead, the Fund seeks the amount of upside exposure that can be obtained with the option premiums and interest income available for that purpose. The number of call options purchased, and therefore the Fund’s resulting upside exposure, will vary based on the income available and prevailing call-option prices.

Collateral

In addition, the Fund will hold cash and/or short-term U.S. Treasury securities as for the Fund’s derivatives transactions.