Strategy. The Fund is an actively managed exchange-traded fund (ETF) that primarily seeks to generate cash distributions from options premiums. The Funds strategy involves holding shares of unaffiliated passively managed ETFs that seek to track the performance of the Index (Index ETFs) and selling daily credit call spreads on the Index. The Fund may also gain synthetic exposure to the Index by using call options that reference the Index or Index ETFs. Each day, the Fund will sell Index call spreads, generally involving the sale of a call option at or near the money and the simultaneous purchase of another call option at a higher strike price, to generate options premiums. In doing so, it will focus on options with near-term … Show more… The Fund is an actively managed exchange-traded fund (ETF) that primarily seeks to generate cash distributions from options premiums. The Funds strategy involves holding shares of unaffiliated passively managed ETFs that seek to track the performance of the Index (Index ETFs) and selling daily credit call spreads on the Index. The Fund may also gain synthetic exposure to the Index by using call options that reference the Index or Index ETFs. Each day, the Fund will sell Index call spreads, generally involving the sale of a call option at or near the money and the simultaneous purchase of another call option at a higher strike price, to generate options premiums. In doing so, it will focus on options with near-term expiration. If the Indexs value rises above the upper strike price (the call spreads cap), the Fund will profit from further upside appreciation in the value of the Index. Synthetic Exposure to the Index Rather than purchasing shares of Index ETFs directly, the Fund creates synthetic exposure by combining long call options with short put options on the Index or Index ETFs. Together, these positions are designed to replicate the price movements of the Index, subject to limits on potential gains created by the sale (writing) of options. Alternatively, the Fund may also purchase deep in the money call options on the Index or Index ETFs which provides similar exposure for the Fund. This synthetic exposure generally provides the Fund with investment exposure equal to approximately 100% of the Index over the term of the contracts. Annual Distribution Target While the Fund seeks to provide weekly cash distributions, the Funds options strategies are designed to seek net premiums of approximately 2.5% per month. The Fund has also established a target annual cash distribution level of approximately 30% of its net asset value (the Annual 30% Target). This target reflects the Advisers expectations based on the options 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 2.5%, which, when annualized, correspond to the Annual 30% Target. The Annual 30% Target is not a guarantee, nor does it represent a 30% yield or a 30% total return . Actual distributions may be higher or lower depending on market conditions and the Funds results. The Fund aims for consistent distribution levels, primarily relying on the options premiums generated from selling the call spreads. If the anticipated daily options premiums from these activities surpasses a set threshold, the Adviser may adjust the Funds strategy to seek achieve the Annual 30% Target. To the extent the Funds returns fall short of the Annual 30% 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 . Additional Fund Attributes This strategy seeks to offer an enhanced yield compared to traditional option-based strategies by focusing on short-term options, which typically yield higher premiums than equivalent longer-term options. In addition to options trading, the Fund will hold cash or short-term U.S. Treasury securities. These securities serve a dual purpose: providing collateral for the options strategy and contributing to the Funds income generation. The Funds options contracts will: ? Generate options premiums. ? Limit the Funds indirect participation in gains, if any, of the Indexs value. The Funds approach to Index option contracts entails selling daily Index credit call spreads. The Fund seeks to earn net options premiums, with an opportunity to gain from the time decay of options. The Fund intends to invest in cash-settled options, which means the holder of the option doesnt receive securities when the option is exercised or expires. Instead, any payments are made in cash. See the prospectus section titled Additional Information About the Funds for more information about the Funds principal holdings, including its options holdings. The Fund is classified as non-diversified under the 1940 Act. Under normal circumstances, the Fund will invest at least 80% of the value of its net assets, plus borrowings for investment purposes, in financial instruments and economic interests that provide exposure to the value of the Index. For purposes of compliance with this investment policy, derivative contracts will be valued at their notional value. An investment in the Fund is not an investment in the Index, nor is the Fund an investment in a traditional passively managed index fund. The Funds strategy is subject to all potential losses if the Index loses value, which may not be offset by options premiums received by the Fund. Additional information regarding the Index is also set forth below. THE FUND, TRUST, AND ADVISER ARE NOT AFFILIATED WITH, NOR ENDORSED BY, THE INDEX. Index Overview: The Russell 2000 Index is a widely recognized benchmark index that tracks the performance of approximately 2000 small-cap companies in the United States. These are the smallest companies listed in the Russell 3000 Index, representing about 10% of that indexs total market capitalization. The Russell 2000 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 in 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. Show less