span style="font-family:Arial;font-size:9.00pt;margin-left:0%;"Under normal market conditions, the Fund will pursue its investment objectives by investing in U.S. Treasury securities and utilizing an option strategy consisting of purchasing and writing (selling) U.S. exchange-traded call options, including Flexible Exchange options (/spanspan style="font-family:Arial;font-size:9.00pt;font-style:italic;"“FLEX Options”/spanspan style="font-family:Arial;font-size:9.00pt;"), on the iShares/spanspan style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;"®/spanspan style="font-family:Arial;font-size:9.00pt;" iBoxx/spanspan style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;"®/spanspan style="font-family:Arial;font-size:9.00pt;line-height:9.84pt;" /spanspan style="font-family:Arial;font-size:9.00pt;"$ High Yield Corporate Bond ETF (the /spanspan style="font-family:Arial;font-size:9.00pt;font-style:italic;"“Underlying ETF”/spanspan style="font-family:Arial;font-size:9.00pt;"). Under /spanspan style="font-family:Arial;font-size:9.00pt;margin-left:0%;"normal market conditions, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in investments that provide exposure to high yield securities or income producing securities. For purposes of compliance with this investment policy, derivative contracts will be valued at their notional value. The Fund’s investment sub-advisor is Vest /spanspan style="font-family:Arial;font-size:9.00pt;"Financial LLC (/spanspan style="font-family:Arial;font-size:9.00pt;font-style:italic;"“Vest”/spanspan style="font-family:Arial;font-size:9.00pt;" or the /spanspan style="font-family:Arial;font-size:9.00pt;font-style:italic;"“Sub-Advisor”/spanspan style="font-family:Arial;font-size:9.00pt;"). /spanspan style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;"In furtherance of its objectives, the Fund seeks to make distributions from the FLEX Option Discount (described below), U.S. Treasury securities and option premiums at an annual rate that is approximately 5.0% (before fees and expenses) over the /spanspan style="font-family:Arial;font-size:9.00pt;margin-left:0%;"current annual income yield of the Underlying ETF. The Fund also seeks a secondary objective of providing capital appreciation. The Underlying ETF trailing 12-month annual income yield as of January /spanspan style="font-family:Arial;font-size:9.00pt;"30, 2026 was 5.68%. However, that is not indicative /spanspan style="font-family:Arial;font-size:9.00pt;margin-left:0%;"of what the Underlying ETF annual income yield may be in the future. It is expected that the Fund will distribute income from premiums to shareholders on a monthly basis. /spanspan style="font-family:Arial;font-size:9.00pt;font-weight:bold;"While the Fund seeks to make distributions that are above the current annual /spanspan style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;"income yield of the Underlying ETF, there is no guarantee that the Fund’s distribution target will be achieved. The Advisor will periodically assess whether the Fund’s distribution target remains reasonable as market conditions change. The Fund does not seek to achieve any specific level of total return performance compared with the total return performance of the Underlying ETF. Capital appreciation on the securities held by the Fund may be less than the capital appreciation of the Underlying ETF, and the total return performance of the Fund may be less than the total return performance of the Underlying ETF. In the event the value of the Underlying ETF exceeds the strike price of the call options, the capital /spanspan style="font-family:Arial;font-size:9.00pt;font-weight:bold;"appreciation on such securities is expected to be less than the capital appreciation of the Underlying ETF. /spanspan style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;"The Fund seeks to provide long exposure to the Underlying ETF through the use of FLEX Options contracts that reference the Underlying ETF. FLEX Options are customized equity or index option contracts that trade on an exchange but provide investors with the ability to customize key contract terms like exercise prices, styles and expiration dates that are otherwise standardized in typical listed options contracts. /spanspan style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;"An investment in the Fund is not an investment in an index or in the securities /spanspan style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;"that make up the Underlying ETF. As such, the Fund only has synthetic exposure to the Underlying ETF. The Fund is subject /spanspan style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;"to all potential losses if the Underlying ETF loses value which may not be offset by the income received by the Fund. /spanspan style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;"The long portion of the Fund’s portfolio consists of synthetic exposure to the Underlying ETF, which measures the performance of the largest and most actively traded high yield bonds of U.S. companies. The FLEX Options will have an expiration date of one year or less and will be rolled to maintain exposure to the Underlying ETF. The Fund’s synthetic exposure to the return of the Underlying ETF is achieved through a possible combination of purchased call options and short-term U.S. Treasury securities, which together are intended to provide exposure to the Underlying ETF. Since the synthetic exposure of the Underlying ETF forgoes the income produced by the Underlying ETF, the FLEX Options are priced at a discount roughly equal to the annualized yield of the Underlying ETF (the /spanspan style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;"“FLEX Option Discount”/spanspan style="color:#000000;font-family:Arial;font-size:9.00pt;"). The FLEX Option Discount will accrete to par over /spanspan style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;"the course of the option period, meaning as the FLEX Options approach their expiration date and the U.S. Treasury securities approach their maturity date, the value of the FLEX Options and U.S. Treasury securities will increase until it converges with its par value, which is the amount ultimately paid to the Fund. The FLEX Option Discount will permit the Fund to purchase a laddered portfolio of short-term U.S. Treasury securities, the income from which will be distributed to investors throughout /spanspan style="color:#000000;font-family:Arial;font-size:9.00pt;"the year. /spanspan style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;"The Fund seeks to reach its income target of 5.0% (before fees amp; expenses) over the Underlying ETF annual income yield from purchasing U.S. Treasury securities using cash roughly equal to the FLEX Option Discount and the premiums collected by selling weekly call options on the Underlying ETF. A premium is the income received by an investor who sells an option contract to another party. When the Fund sells a call option on the Underlying ETF (as discussed below), the option is “uncovered” (/spanspan style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;"i.e.,/spanspan style="color:#000000;font-family:Arial;font-size:9.00pt;" the Fund does not own the underlying security), therefore the Fund may be required to acquire shares of the Underlying ETF in order to satisfy its obligation on the call option, which could result in additional costs to the Fund. /spanspan style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;"The call options sold by the Fund on the Underlying ETF are anticipated to be either cash settled and/or physically settled European style FLEX Options or physically settled American style exchange-traded options. The European style FLEX Options are exercisable at the strike price only on the FLEX Option expiration date, and in the event the purchaser exercises these call options, the Fund is obligated to either deliver a cash payment based upon the difference between the Underlying ETF’s value and the strike price or deliver shares of the Underlying ETF at the strike price. The physically settled American style exchange-traded options are exercisable any time prior to the expiration date, and in the event the purchaser exercises these call options, the Fund is obligated to deliver shares of the Underlying ETF at the strike price. In the event the Underlying ETF declines in value, the call options may end up worthless and the Fund as the writer (seller) of the call options retains the premium. /spanspan style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;"The Fund’s partial call selling strategy seeks to convert a portion of the growth potential of the Fund into current income. Each week, the Fund compares the FLEX Option Discount on the synthetic exposure to the Underlying ETF against the Fund’s distribution target and looks to bridge that difference with the premiums that come from selling call options. By combining premiums collected from the sale of call options with the discount from the purchased deep in-the-money call options, the Fund seeks to increase total income for investors while still participating in some of the growth potential from the Underlying ETF. The call options written by the Fund will generally have expirations of approximately one week, and will be typically written “at-the-money.” An at-the-money call option has a strike price that is approximately equal to the price of reference asset at the time the call option is sold. The Fund’s strategy may involve frequently buying and selling portfolio securities. For additional /spanspan style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;"information on the Fund's portfolio holdings, including investment terms, investment functions and the expected target /spanspan style="color:#000000;font-family:Arial;font-size:9.00pt;"maturity for each component, see "Additional Information on the Fund's Investment Objectives and Strategies.” /spanspan style="color:#000000;font-family:Arial;font-size:9.00pt;"The Fund is classified as “non-diversified” under the Investment Company Act of 1940 (the /spanspan style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;"“1940 Act”/spanspan style="color:#000000;font-family:Arial;font-size:9.00pt;"). /spanspan style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;"The Underlying ETF /spanspan style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;"The Underlying ETF is an exchange-traded fund that seeks to track the investment results of an index composed of U.S. dollar-denominated, high yield corporate bonds. BlackRock Fund Advisors serves as the Underlying ETF’s investment adviser. /spanspan style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;"The summary information below regarding the Underlying ETF comes from its filings with the SEC. You are urged to refer to the SEC filings made by the Underlying ETF and to other publicly available information (/spanspan style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;"e.g., /spanspan style="color:#000000;font-family:Arial;font-size:9.00pt;"the Underlying ETF’s annual reports) to obtain an understanding of the Underlying ETF’s business and financial prospects. /spanspan style="font-family:Arial;font-size:9.00pt;margin-left:0%;"The following description of the Underlying ETF’s principal investment strategies was taken directly from the Underlying ETF’s prospectus, dated June /spanspan style="font-family:Arial;font-size:9.00pt;"27, 2025,/spanspan style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;" /spanspan style="font-family:Arial;font-size:9.00pt;"as amended (“/spanspan style="font-family:Arial;font-size:9.00pt;font-style:italic;"HYG/spanspan style="font-family:Arial;font-size:9.00pt;"” refers to the Underlying ETF; other defined terms have been modified). /spanspan style="font-family:Arial;font-size:9.00pt;margin-left:0.00%;"HYG seeks to track the investment results of the Markit iBoxx/spanspan style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;"®/spanspan style="font-family:Arial;font-size:9.00pt;" USD Liquid High Yield Index (the “/spanspan style="font-family:Arial;font-size:9.00pt;font-style:italic;"Underlying Index/spanspan style="font-family:Arial;font-size:9.00pt;"”), which /spanspan style="font-family:Arial;font-size:9.00pt;margin-left:0.00%;"is a rules-based index consisting of U.S. dollar-denominated, high yield (as determined by Markit Indices Limited (the “/spanspan style="font-family:Arial;font-size:9.00pt;font-style:italic;"Index Provider/spanspan style="font-family:Arial;font-size:9.00pt;"” or “/spanspan style="font-family:Arial;font-size:9.00pt;font-style:italic;"Markit/spanspan style="font-family:Arial;font-size:9.00pt;"”)) corporate bonds for sale in the U.S. The Underlying Index is designed to provide a broad /spanspan style="font-family:Arial;font-size:9.00pt;margin-left:0.00%;"representation of the U.S. dollar denominated liquid high yield corporate bond market. The Underlying Index is a modified market-value weighted index with a cap on each issuer of 3%. There is no limit to the number of issues in the Underlying Index. As of February /spanspan style="font-family:Arial;font-size:9.00pt;"28, 2025, the Underlying Index included approximately 1,226 constituents. As of February 28, 2025, a significant portion of the Underlying Index is represented by securities of companies in the consumer goods and services industry or sector. The components of the Underlying Index are likely to change over time. /spanspan style="font-family:Arial;font-size:9.00pt;margin-left:0.00%;"Bonds in the Underlying Index are selected from the universe of eligible bonds in the Markit iBoxx USD Corporate Bond Index using defined rules. As of the date of this prospectus, the bonds eligible for inclusion in the Underlying Index include U.S. dollar-denominated high yield corporate bonds that: (i) are issued by companies domiciled in countries classified as developed markets by Markit; (ii) have an average rating of sub-investment grade (ratings from Fitch Ratings, Inc. (“/spanspan style="font-family:Arial;font-size:9.00pt;font-style:italic;"Fitch/spanspan style="font-family:Arial;font-size:9.00pt;"”), /spanspan style="font-family:Arial;font-size:9.00pt;margin-left:0.00%;"Moody’s Investors Service, Inc. (“/spanspan style="font-family:Arial;font-size:9.00pt;font-style:italic;"Moody’s/spanspan style="font-family:Arial;font-size:9.00pt;"”) or Standard amp; Poor’s/spanspan style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;"®/spanspan style="font-family:Arial;font-size:9.00pt;" Global Ratings, a subsidiary of Samp;P Global (“/spanspan style="font-family:Arial;font-size:9.00pt;font-style:italic;"Samp;P Global /spanspan style="font-family:Arial;font-size:9.00pt;font-style:italic;margin-left:0.00%;"Ratings/spanspan style="font-family:Arial;font-size:9.00pt;"”) are considered; if more than one agency provides a rating, the average rating is attached to the bond); (iii) are /spanspan style="font-family:Arial;font-size:9.00pt;margin-left:0.00%;"from issuers with at least $1 billion outstanding face value; (iv) have at least $400 million of outstanding face value; (v)/spanspan style="font-family:Arial;font-size:9.00pt;" have /spanspan style="font-family:Arial;font-size:9.00pt;margin-left:0.00%;"an original maturity date of less than 15 years; (vi) have at least one year to maturity; and (vii) have at least one year and /spanspan style="font-family:Arial;font-size:9.00pt;"6 months to maturity for new index insertions… /spanspan style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.00%;"HYG will invest at least 80% of its assets in the component securities of the Underlying Index, and HYG will invest at least 90% of its assets in fixed income securities of the types included in the Underlying Index that BFA believes will help HYG track the Underlying Index. HYG will invest no more than 10% of its assets in futures, options and swaps contracts that BFA believes will help HYG track the Underlying Index as well as in fixed income securities other than the types included in the Underlying Index, but which BFA believes will help HYG track the Underlying Index. Cash and cash equivalent investments associated with a derivative position will be treated as part of that position for the purposes of calculating the percentage of investments included in the Underlying Index. HYG seeks to track the investment results of the Underlying /spanspan style="color:#000000;font-family:Arial;font-size:9.00pt;"Index before fees and expenses of HYG. /spanspan style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.00%;"HYG may lend securities representing up to one-third of the value of HYG’s total assets (including the value of any collateral /spanspan style="color:#000000;font-family:Arial;font-size:9.00pt;"received)./span