The Fund is an actively managed exchange-traded fund (“ETF”) that invests at least 80% of its net assets (plus any borrowings for investment purposes) in select securities that the Adviser characterizes as “Meme Stocks”. A Meme Stock is a stock that gains popularity among retail investors through social media. The popularity of Meme Stocks is generally based on internet memes shared among traders, on platforms such as Reddit’s r/wallstreetbets. Investors in such stocks are often young and inexperienced investors. As a result of their popularity, Meme Stocks often trade at prices that are above their estimated value – as based on fundamental analysis – and are known for being extremely speculative and volatile.

The Adviser employs a two-part process to identify potential Meme Stocks:

Social Media & Retail Sentiment Monitoring

Volatility & Options Market Analysis

The Fund will generally hold between 15 and 30 Meme Stocks at any given time. The Meme Stocks may include companies of any market capitalization and from any industry sector, but will primarily be U.S.-listed operating companies. The Fund may also hold shares of ETFs or other exchange-traded products that have significant holdings in meme stocks (as determined by the Adviser) as deemed appropriate by the Adviser. The Fund will gain exposure to its Meme Stocks either through direct holdings or synthetically, depending on cost and liquidity considerations.

The Fund will seek to keep its overall exposure to its selected Meme Stocks roughly equal to the full value of the Fund’s assets. While meme stock exposure may be volatile, the Adviser employs ongoing monitoring of options markets and sentiment flows to dynamically adjust position sizes and mitigate outsized risks.

In addition, the Fund may obtain exposure to the Meme Stocks with exchange-traded call options, including deep in-the-money call options. The Fund may invest in exchange-traded call options on specific securities as a means of gaining exposure to those securities without purchasing them outright. A call option gives the Fund the right, but not the obligation, to buy the underlying security at a predetermined price (the “strike price”) within a set timeframe. The Fund may utilize deep in-the-money call options, which have strike prices significantly below the current market price of the underlying security. These options tend to have high sensitivity to changes in the underlying security’s price and may closely mirror the performance of directly owning the security, while requiring less capital to establish the position. This approach can provide capital efficiency and flexibility; however, it also involves risks, including potential losses if the underlying security declines in value, limited liquidity in certain option contracts, and the possibility that the options may expire worthless if not managed properly.

Finally, the Fund may obtain exposure to a meme stock through synthetic long positions constructed using long call and short put options on a meme stock with the same strike price and expiration date. To achieve a synthetic long exposure to a meme stock, the Fund will buy a meme stock call options and, simultaneously, sell a meme stock put options to try to replicate the price movements of a meme stock. The call options purchased by the Fund and the put options sold by the Fund will generally have one-month to one-year terms and strike prices that are approximately equal to the then-current share price of a meme stock at the time the contracts are purchased and sold, respectively.

By using this strategy, the Fund may achieve similar investment outcomes with potentially greater capital efficiency. However, synthetic long positions are subject to the risks associated with both call and put options, including the potential for significant losses if the price of a meme stock declines. Additionally, the Fund may be exposed to counterparty risk, liquidity risk, and the possibility that the options may not perform as expected in certain market conditions. These positions may be established using both standardized listed options and FLexible EXchange® Options (“FLEX Options”). FLEX Options are customized options contracts that trade on an exchange but provide investors with the ability to customize key contract terms like strike price, style and expiration date while achieving price discovery in competitive, transparent auctions markets and avoiding the counterparty exposure of over-the-counter (OTC) options positions. Like traditional exchange-traded options, FLEX Options are guaranteed for settlement by the OCC, a market clearinghouse that guarantees performance by counterparties to certain derivatives contracts. The FLEX Options are listed on the Chicago Board Options Exchange.

The Fund seeks to generate income for shareholders by employing a put credit spread strategy on each Meme Stock. Under this strategy, the Fund will sell put options that are near-the-money (i.e., with strike prices close to the current market price of the underlying security) to collect premiums and generate income, while simultaneously purchasing out-of-the-money put options (i.e., with lower strike prices further below the current market price) to hedge against significant downside risk. This results in a net credit to the Fund at initiation, with the maximum profit realized if the underlying security’s price remains above the higher strike price at expiration, allowing both options to expire worthless and the Fund being able to keep all the premiums received. The Fund’s Adviser will select options based on factors such as implied volatility, time to expiration, and overall market conditions, aiming to balance income generation with risk management, though there is no assurance that the strategy will achieve its objectives or avoid losses. The Fund intends to implement and roll these spreads on a recurring basis. Net premiums received are intended to support the Fund’s income generation objectives.

The Fund intends to make weekly distribution payments to shareholders.

The Fund is classified as non-diversified under the Investment Company Act of 1940, as amended (the “1940 Act”). There is no guarantee that the Fund’s investment strategy will be properly implemented, and an investor may lose some or all of its investment.