Strategy. The Fund is an actively managed exchange-traded fund (ETF) that seeks (i) to generate cash distributions based on a targeted annual cash distribution level of 12% (the Annual 12% Target), and (ii) capital appreciation. The Funds strategy involves: (1) constructing a portfolio of equity securities of the Big 50 Companies (each, an Underlying Security) (the Equity Strategy) and (2) the use of options strategies designed to generate premiums (the Options Strategies), which involve using options contracts on Underlying Securities. Additionally, the Fund will maintain a minor allocation to cash, money market funds or U.S. Treasuries, not exceeding ten percent of its total assets. Equity Strategy The Adviser selects the Big 50 Companies for the Funds investments. Each Big 50 Company … Show more… The Fund is an actively managed exchange-traded fund (ETF) that seeks (i) to generate cash distributions based on a targeted annual cash distribution level of 12% (the Annual 12% Target), and (ii) capital appreciation. The Funds strategy involves: (1) constructing a portfolio of equity securities of the Big 50 Companies (each, an Underlying Security) (the Equity Strategy) and (2) the use of options strategies designed to generate premiums (the Options Strategies), which involve using options contracts on Underlying Securities. Additionally, the Fund will maintain a minor allocation to cash, money market funds or U.S. Treasuries, not exceeding ten percent of its total assets. Equity Strategy The Adviser selects the Big 50 Companies for the Funds investments. Each Big 50 Company must be domiciled or headquartered in the United States and, in the Advisers opinion, have sufficient liquidity in its options contracts to effectively implement its Options Strategies. The Adviser evaluates both the market capitalization of potential companies and the liquidity of their options contracts. The Funds portfolio generally weights the equity securities of the Big 50 Companies based on market capitalization, with adjustments made to ensure the largest companies don't represent outsized exposures for the Fund. The Adviser will also evaluate price level and implied volatility (i.e., a measure of how much the market believes the price of a stock or other underlying asset will move in the future) when selecting companies for investment and will monitor for these factors when determining whether to select new companies or remove existing companies from the portfolio. The Funds portfolio will generally be comprised of fifty companies. As noted above, the Adviser may exclude U.S. companies that meet the market capitalization criteria if their options contracts lack sufficient liquidity. Dividends, if any, paid by the Funds portfolio holdings will contribute to the Funds income generation. Due to market movements, a company that qualifies as a Big 50 Company at the time of purchase may subsequently cease to qualify. The Funds portfolio will typically be rebalanced quarterly to maintain exposure to the current set of Big 50 Companies. The Fund will, under normal circumstances, invest in Underlying Securities directly. However, from time to time, the Fund may invest in Underlying Securities synthetically for tactical reasons or to comply with regulatory requirements. To invest synthetically, the Fund will use options contracts on Underlying Securities (considered indirect or synthetic long holdings of the Underlying Securities) to gain exposure to the share price performance of the Underlying Securities. Options Strategies Seeking Premiums Separately, the Fund employs various options strategies focused on generating premiums. Generally speaking, the Fund sells (writes) options on some or all of the Underlying Securities, receiving premiums from counterparties that pay for the right to buy or sell at a set price. These premiums are an important driver of the Funds distributions. On a monthly basis, the Adviser uses one or more options strategies to seek to generate net premiums (i.e., option premiums received, less option premiums paid) with a target of approximately 1% per month. Actual results may vary and are not guaranteed. Receipt of an option premium does not always represent income; depending on the outcome of the overall options transaction. Premium levels are influenced by market conditions, particularly volatility, and the Adviser may adjust the Funds options strategies depending on the outlook for the Underlying Securities. While option selling may provide premium opportunities, it may also limit upside gains or increase downside risk. The Funds options strategies are applied consistently, whether the Underlying Security is held directly or through synthetic exposure. The options strategy most frequently utilized by the Fund is called a covered call spread, which is a type of selling credit spread. The Fund uses covered call spreads to earn premium by selling a call option while buying another at a higher strike, with both profit and loss capped. See the prospectus section titled Additional Information About the Funds for a list of the options strategies that the Fund may utilize, together with a description of each options strategy. Annual 12% Target Distribution As discussed above, the Funds options strategies are designed to seek net premiums of approximately 1% per month. The Fund has also established a target annual cash distribution level of approximately 12% of its net asset value (the Annual 12% Target). This target reflects the Advisers expectations based on the premiums the Fund seeks to generate and the annualized effect of those premiums. In practice, the Funds options strategies are designed to seek monthly distribution levels of roughly 1%, which, when annualized, correspond to the Annual 12% Target. The Annual 12% Target is not a guarantee, nor does it represent a 12% yield or a 12% total return. Actual distributions may be higher or lower depending on market conditions and the Funds results. To the extent the Funds returns fall short of the Annual 12% Target, distributions will reduce the Funds net asset value (NAV). Although stated as an annual target, distributions are paid more frequently, and any amount the Fund pays in excess of its earnings will reduce NAV. If the Funds NAV declines over time, the dollar amount of future distributions will also decrease. Distributions may include a significant portion classified as return of capital (ROC). ROC generally represents a return of a shareholders invested capital rather than traditional income such as dividends or interest. See the prospectus section titled Additional Information About the Funds for more information about option premiums and ROC. The Fund seeks to pay distributions on a monthly or more frequent basis, but there is no assurance the Fund will achieve the Annual 12% Target in any year. Treasuries In addition, the Fund will hold cash or short-term U.S. Treasury securities. These securities serve a dual purpose: providing collateral for the Options Strategies and contributing to the Funds income generation. Fund Attributes The Fund is classified as non-diversified under the 1940 Act. The Funds investment strategy is expected to result in high portfolio turnover on an annual basis. Under normal circumstances, the Fund will invest at least 80% of the value of its assets, plus borrowings for investment purposes, in the U.S.-listed equity securities of Big 50 Companies and options contracts on the Big 50 Companies. For purposes of the foregoing, the Fund defines a Big 50 Company as one of the 50 largest U.S. companies (in terms of market capitalization) that: (i) have equity securities listed in the U.S.; (ii) are either domiciled or headquartered in the U.S.; and (iii) whose U.S.-listed equity securities have options contracts that are sufficiently liquid as determined by the Adviser. As of October 31, 2025, the Fund was concentrated (i.e., it held more than 25% of its total assets) in the information technology sector. There is no guarantee that the Funds investment strategy will be properly implemented, and an investor may lose some or all of its investment. Show less