Strategy. The Fund is an actively managed exchange-traded fund (ETF) that seeks to provide exposure to Tesla, Inc. (TSLA or the Underlying Security) through a structured convexity investment approach (a strategy designed to maximize upside). The Funds investment strategy is built to seek to capture potential gains in TSLA stock while using derivatives to potentially increase returns when TSLA stock performs well, allowing for greater return potential compared to a direct investment in TSLA stock. Under normal market conditions, approximately 80% of the Funds net assets will be allocated to a long position in the Underlying Security. The Funds investment sub-adviser, Azoria Capital, Inc. (the Sub-Adviser), determines how to obtain this exposure, which may be achieved directly through holding stock of … Show more… The Fund is an actively managed exchange-traded fund (ETF) that seeks to provide exposure to Tesla, Inc. (TSLA or the Underlying Security) through a structured convexity investment approach (a strategy designed to maximize upside). The Funds investment strategy is built to seek to capture potential gains in TSLA stock while using derivatives to potentially increase returns when TSLA stock performs well, allowing for greater return potential compared to a direct investment in TSLA stock. Under normal market conditions, approximately 80% of the Funds net assets will be allocated to a long position in the Underlying Security. The Funds investment sub-adviser, Azoria Capital, Inc. (the Sub-Adviser), determines how to obtain this exposure, which may be achieved directly through holding stock of the Underlying Security, and indirectly through holding total return swaps (agreements with financial institutions that provide the Fund with the returns of the Underlying Security without direct ownership) or through options contracts which reference the Underlying Security. To create this indirect (or synthetic ) exposure, the Fund may buy at-the-money (ATM) call options (contracts that allow the Fund to buy the Underlying Security at its current market price) while simultaneously selling an equal number of ATM put options (contracts that require the Fund to buy the Underlying Security at its current market price if exercised) or by buying deep in-the-money call options. This approach provides flexibility, allowing the Sub-Adviser to adjust exposure based on market conditions, liquidity constraints, or changes in the pricing of swap agreements. Up to 20% of the Funds net assets may be invested in out-of-the-money (OTM) call options (contracts that only gain value if the Underlying Securitys stock price rises above a certain level). The Sub-Adviser will select these options with the goal of capturing additional upside potential, generally targeting expirations ranging from one month to 24 months, with an expected average maturity of about six months. In making these selections, the Sub-Adviser will consider factors such as realized-implied volatility premia (the difference between expected and actual market volatility), the relative value of different option expiration dates, and key company or industry developments that could drive the Underlying Securitys stock price higher. By utilizing options contracts as part of its investment strategy, the Fund will have inherent economic leverage, which can magnify both potential gains and losses relative to a direct investment in the Underlying Security. As a result, the Fund may experience greater volatility and risk of loss than a fund that does not employ such leveraged exposure. Via this strategy, the Fund seeks to employ a structured approach to gaining exposure to the Underlying Security, balancing core stock exposure with strategically positioned options to seek to enhance potential returns. Additional Portfolio Attributes Under normal market conditions, the Fund will invest at least 80% of its net assets, including investment borrowings, in swap agreements and options contracts that provide economic exposure to the Underlying Security. The Fund will invest in U.S. Government securities, such as bills notes and bonds issued by the U.S. Treasury and money market funds as collateral for the Funds indirect exposure to the Underlying Security. The Fund is classified as non-diversified under the 1940 Act. Due to the Funds investment strategy, the Funds investment exposure is concentrated in (or substantially exposed to) the same industry as that assigned to TSLA. As of the date of the Prospectus, TSLA is assigned to the automobiles industry. Tesla, Inc. (TSLA) Tesla, Inc. is an operating company that designs develops, manufactures, leases and sells high performance fully electric vehicles, solar energy generation systems and energy storage products. Tesla, Inc. operates two segments: (i) automotive and (ii) energy generation and storage. The automotive segment includes the design, development, manufacturing, sales and leasing of electric vehicles as well as sales of automotive regulatory credits. The energy generation and storage segment includes the design, manufacture, installation, sales and leasing of solar energy generation and energy storage products and related services and sales of solar energy systems incentives. Tesla, Inc. is listed on The Nasdaq. Per Tesla, Inc.s most recent Form 10-K filing, the aggregate market value of voting stock held by non-affiliates of Tesla, Inc., as of June 28, 2024, was approximately $550.17 billion (based on the closing price for shares of Tesla, Inc.s common stock as reported by Nasdaq on June 28, 2024). Tesla, Inc. is registered under the Securities Exchange Act of 1934, as amended (the Exchange Act). Information provided to or filed with the SEC by Tesla, Inc. pursuant to the Exchange Act can be located by reference to SEC file number 001-34756 through the SECs website at www.sec.gov. In addition, information regarding Tesla, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. This document relates only to the securities offered hereby and does not relate to TSLA or other securities of Tesla, Inc. The Fund has derived all disclosures contained in this document regarding Tesla, Inc. from publicly available documents. None of the Fund, the Trust, the Adviser, or their respective affiliates has participated in the preparation of such publicly available offering documents or made any due diligence inquiry regarding such documents with respect to Tesla, Inc. None of the Fund, the Trust, the Adviser, or their respective affiliates makes any representation that such publicly available documents or any other publicly available information regarding Tesla, Inc. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of Tesla, Inc. (and therefore the price of Tesla, Inc. at the time we price the securities) have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning Tesla, Inc. could affect the value received with respect to the securities and therefore the value of the securities. None of the Fund, the Trust, the Adviser, the Sub-Adviser, or their respective affiliates makes any representation to you as to the performance of TSLA. NONE OF THE FUND, TRUST, ADVISER, OR SUB-ADVISER IS AFFILIATED WITH TESLA, INC. Show less