The Fund is an actively managed ETF. The Fund seeks to achieve its investment objectives by employing a covered call strategy using a combination of the (i) S&P 500^® Index ("SPX"), (ii) Nasdaq-100 Index^® ("NDX^®"), and (iii) Russell 2000^® Index ("RTY") as the reference assets. However, the Fund has no set target allocation among the indexes; the respective weighting exposure to each of the indexes, for both the long exposure and sold call options, is actively managed based on the adviser's quantitative framework. The framework incorporates multiple factors, including, each index's implied volatility versus its historical implied or realized volatility, index implied correlation, options liquidity, and expected risk-adjusted return. This strategy seeks to provide both (1) current income on a weekly basis and (2) exposure to the price return of the indexes listed above. The Fund has adopted a non-fundamental investment policy that, under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in the constituents of the S&P 500^® Index, Nasdaq-100 Index^®, and/or (iii) Russell 2000^® Index and/or instruments linked to the constituents of these indexes. The Fund defines an investment in these indexes and their constituents to include ETFs that track an index as well as instruments that have economic characteristics substantially similar to an investment in the constituents of an index.

As a substitute for holding the constituents of an index or holding an index-tracking ETF, the Fund may use deep in-the-money call options. A purchased call option is intended to offer so-called "synthetic" long exposure to an index. In a traditional covered call strategy, an investor sells a call option on a security it already owns. However, the Fund may derive its long exposure to the price return of an index through the use of options contracts that use the index or an index-tracking ETF as the reference asset. This variation in the Fund's strategy is commonly referred to as a "synthetic covered call strategy." Deep in-the-money refers to the fact that at the time the Fund purchases such call option, the value of the reference index or ETF is already well above the strike price of the call option. This means that the Fund expects to exercise or monetize the call option and experience a gain equal to the difference between the strike price and the value of the reference index or ETF. These gains will generally provide exposure to the returns of the relevant index. As of the date of this prospectus, the Fund expects to execute its strategy primarily using this synthetic approach.

The S&P 500^® Index is composed of large capitalization U.S. issuers. As of January 31, 2026, it had an average capitalization of $123 billion and was focused in the information technology sector which represented approximately 33% of the index. The Nasdaq-100 Index^® is composed of the largest domestic and international non-financial companies listed on The Nasdaq Stock Market^® based on market capitalization. As of January 31, 2026, it had an average capitalization of approximately $50 billion and was focused in the technology sector which represented over 60% of the index. The Russell 2000^® Index is composed of small capitalization U.S. issuers. As of January 31, 2026, it had an average capitalization of $5 billion and was not focused in any sector. The Fund primarily seeks exposure to the indexes by purchasing the component securities of SPX, NDX^®, RTY or by purchasing other investments (including other ETFs) that have economic characteristics that are substantially identical to the economic characteristics of such component securities; and also writes (sells) call options that correspond to the indexes.

The Fund's sold (written) call options will generally have very short times to expiration, such as zero days to expiration or one day to expiration. Zero days to expiration options are generally known as "0DTE" options. To execute this element of the Fund's strategy the Fund generally sells out-of-the-money 0DTE call options on the indexes that will expire at the end of the day. One day to expiration options are generally known as "1-DTE" options. To execute the one day to expiration element of the Fund's strategy the Fund generally sells out-of-the-money 1-DTE call options on the indexes that will expire at the end of the following business day.

Capturing the premiums (the amount paid to the Fund by the option buyer) is the primary means by which the Fund intends to generate current income. However, the sale of these call options to generate income will limit the Fund's ability to participate in increases in value of an index beyond a certain point. For example, if the value of the S&P 500^® Index increases, the Fund's long exposure to the index will allow the Fund to participate in those gains. However, if the index appreciates in value beyond the strike price of the written call option contracts that the Fund has sold to generate income, the Fund will lose money on those written call positions. These potential losses limit the upside return of the Fund's long exposure. This call option writing strategy effectively converts a portion of the potential upside return growth of the indexes into current income. For example, if the Fund sold S&P 500^® Index call options that were 1% out-of-the-money and the index experienced a gain of 2%, the Fund would only experience a gain of 1%. This is because while its long index call options would produce a gain of 2%, this gain would be offset by the 1% loss it experienced from its sold index call options. The Fund does not seek to sell call options at a particular strike price.

The Fund only transacts in options contracts that are listed for trading on regulated U.S. exchanges. To implement its strategy the Fund transacts in exchange-traded options contracts and/or FLexible Exchange^® options ("FLEX Options") that utilize one of the indexes, or investments that have substantially identical economic characteristics as the indexes, as the reference asset. Exchange-traded options have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-traded options contracts are guaranteed for settlement by the Options Clearing Corporation ("OCC"). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date. FLEX Options are also guaranteed for settlement by the OCC. The options utilized by the Fund are index options and are therefore cash-settled "European" style options. European style options can only be exercised at expiration whereas an "American" style option can be exercised at any time prior to expiration.

Because the Fund's strategy may not consume all its assets, the Fund may invests in short-term U.S. Treasury securities, money market funds or an ETF that holds short-term U.S. Treasury securities.

The Fund intends to make weekly distribution payments to shareholders. A significant portion of the distributions may be characterized as a return of capital. The Fund is classified as "non-diversified" under the Investment Company Act of 1940 (the "1940 Act").

Additionally, as related to the options portfolio, the Fund may seek tax efficient returns by utilizing index options that qualify as "Section 1256 Contracts" under the Internal Revenue Code and related rules. A Section 1256 Contract a type of derivative that receives special tax treatment: (i) regulated futures contract, (ii) foreign currency contract, (iii) nonequity option, (iv) dealer equity option, or (v) dealer securities futures contract. If the Section 1256 Contracts produce a capital gain or loss, such gain or loss is treated as 60% long term and 40% short term. This favorable tax treatment applies regardless of how long the contracts were held. This treatment also applies if such options are held at year end as they will be deemed as if they were sold at fair market value on the last business day of the tax year. The Fund may seek to take advantage of tax loss harvesting opportunities on its options positions. This can be accomplished by taking investment losses from certain options positions to offset realized taxable gains.