The Fund is an actively managed exchange-traded fund (“ETF”) that seeks to provide exposure to the price returns of select U.S. listed equity securities. Secondarily, the Fund seeks to provide current income. The Fund’s strategy involves two components: (1) purchasing a portfolio of equity securities either directly, or “synthetically” by using options to gain exposure to one or more equity securities (each, an “Underlying Security”) (the “Equity Strategy”); and (2) generating income through an options portfolio (the “Options Strategies”), each as described below. The Fund’s strategies are overseen by the Adviser and the Fund’s sub-adviser, Nest Egg ETFs, LLC (“Nest Egg” or the “Sub-Adviser”). Nest Egg selects the equity securities for the Fund’s Equity Strategy, and the Adviser is responsible for implementing the Fund’s options holdings for both the Equity Strategy and the Options Strategies, with occasional input from Nest Egg. The Fund may also purchase out-of-the-money long call options, which may be uncovered, on companies that the Sub-Adviser believes may have potential for near term price appreciation. Companies are selected based on the same approach used by the Sub-Adviser to select the Fund’s equity portfolio.

Additionally, the Fund will maintain a minor allocation to cash or U.S. Treasuries overseen by the Adviser, not exceeding ten percent of its total assets.

Equity Strategy

The Fund invests in equity securities selected by Nest Egg either directly or indirectly (synthetically). The Fund seeks to replicate the share price movements of Underlying Securities through a combination of direct ownership and options contracts. When the Fund invests synthetically in an Underlying Security, the options will generate income; however, they will also initially cap the Fund’s participation in potential gains experienced by that Underlying Security. Through the use of long call options (described in Options Strategies below), the Fund can regain exposure beyond this cap, capturing additional upside potential in the Underlying Security’s price movements without directly owning it.

Nest Egg identifies the companies in which the Fund will invest (directly and/or synthetically). Nest Egg first screens a universe of U.S. listed large-capitalization companies using a quantitative approach. This process takes into account various financial metrics, such as market capitalization, market share, projected revenue growth, earnings per share growth, price to equity ratio, profit margin, and capital expenditures. Through this quantitative process, Nest Egg identifies 25 companies eligible for further consideration.

Nest Egg then conducts a qualitative analysis of these 25 companies to identify, in its view, the best investment opportunities. This qualitative analysis considers various factors such as a company’s overall business model, its competitive and economic advantages versus industry peers, its industry positioning, its innovation and research and development, its brand strength and reputation, and its management team. Based on this qualitative evaluation, certain companies may be removed from consideration. As a result, Nest Egg typically selects between 10 and 25 companies for inclusion in the Fund’s Equity Strategy portfolio. Nest Egg reallocates this portfolio quarterly, with each company receiving an allocation based on its investment conviction. However, the portfolio is consistently monitored, and companies can be added, removed, or replaced at any time.

The Fund’s allocation is determined through a proprietary methodology that emphasizes earnings growth as a key factor. The portfolio management team employs a dynamic approach, incorporating various financial and market-based metrics to evaluate companies’ earnings potential. While earnings growth serves as a primary input, other qualitative and quantitative factors also influence the weighting of individual holdings. To reflect the highest conviction investments, companies that demonstrate the strongest combination of earnings growth and fundamental strength may receive the largest allocations. This strategy allows the management team to adjust allocations as market conditions evolve, ensuring the Fund remains aligned with its investment objective while capitalizing on emerging opportunities.

Equities Direct Holdings

The Fund will invest directly in the Underlying Securities selected by Nest Egg (by purchasing their shares).

Equities Indirect (Synthetic) Exposure

The Fund will also seek indirect, synthetic exposure to the Underlying Securities (selected by Nest Egg) through options contracts (implemented by the Adviser). Via this synthetic approach, the Fund obtains indirect investment exposure approximately equal to 100% of an Underlying Security’s value during the options period, while also generating premium income.

From time to time the Fund may seek to increase indirect investment exposure to an Underlying Security without necessarily generating additional premium income. In seeking to do so, the Fund will purchase a long call option while at the same time selling a put option, each on the Underlying Security.

Options Strategies

The Fund uses options strategies to seek to (i) benefit from potential upside in the value of the Underlying Securities, and (ii) generate income, and the Fund will use out-of-the-money (OTM) calls and OTM call spreads. The Adviser selects particular options contracts based on market conditions. The Fund will generally use out-of-the-money calls when there is a general consensus of mildly to highly bullish market conditions to capture more potential upside.

Out-of-the-Money (OTM) Call Spreads – Income Generation, Dampens Upside Capture

For the Underlying Securities the Fund holds directly (not synthetically), the Fund will use OTM call spreads. The Fund will sell OTM call spreads on the Underlying Securities with the strike prices typically set above the current share price of the Underlying Security. This strategy allows the Fund to generate premium income while defining and limiting the potential downside risk in the event of an upward price movement beyond the sold call’s strike price.

When used in combination with owning the Underlying Security, OTM call spreads can provide the Fund with an efficient income-generating mechanism while still maintaining the potential for upside capture above the bought call’s strike.

Out-of-the Money (OTM) Calls – Potential Upside Capture

For the Underlying Securities the Fund holds synthetically (not directly), the Fund will use OTM call options. The Fund will acquire OTM call options on the Underlying Securities, with strike prices set above the strike price of the put sold on the Underlying Security. The Fund will use this strategy to seek to benefit from potential upside movement in an Underlying Security beyond the call option’s strike price. However, the call options may expire worthless if the Underlying Security’s price fails to exceed the strike price, resulting in a loss of the premium paid for the options.

Options and Option Spreads – Hedging

At the discretion of the Adviser and Sub-Adviser, the Fund will opportunistically use long put options on an equity index (e.g., the NASDAQ Composite Index, S&P 500 Index, etc.) and/or Underlying Securities held either directly or indirectly (i.e., synthetically) by the Fund to seek to protect against significant market downturns. Put options are designed to increase in value when the underlying reference asset experiences moderate to major declines. The Fund’s long put options strategy is intended to help reduce potential losses in a declining market. In a flat or rising market, the Fund will likely experience a drag on performance due to the cost of maintaining this hedge. The Fund may exercise its long put options should they appreciate during significant market declines.

Additionally, rather than using stand-alone put option contracts, the Fund may opportunistically purchase call or put spreads, commonly known as “debit spreads” and/or write (sell) call or put spreads, commonly known as “credit spreads” on an equity index (e.g., S&P 500 Index, NASDAQ Composite Index, etc.) and/or Underlying Securities held either directly or indirectly (i.e., synthetically) by the Fund. The Fund will generally seek to use such transactions for hedging purposes or to offset margin requirements. In addition, the Fund may “leg into” spreads by entering a spread in stages, starting with an initial position and later adding the second leg. For example, the Fund may use debit spreads instead of covering a worthless call. In this case, the Fund would enter a call spread with a lower strike call, thereby increasing the Fund’s potential for gains while maintaining the cost efficiency of the position.

When paired with selling ITM puts (as part of the synthetic exposure), the Fund then regains exposure to upside price movements in the Underlying Securities, although the premium paid for these call options offsets some of the intrinsic premium from the sold put options.

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 Fund’s income generation.

Why invest in the Fund?

Portfolio Characteristics

The Fund is classified as “non-diversified” under the 1940 Act.

The Fund’s investment strategy is expected to result in high portfolio turnover on an annual basis.