The YP Microsoft Fund is an actively managed exchange traded fund that seeks current income while maintaining the opportunity for exposure to the share price (i.e., the price returns) of the common stock of Microsoft Corporation (“MSFT” or the “Underlying Security), subject to potential limits on investment gains. The YP Microsoft Fund seeks to employ its investment strategy as it relates to MSFT in all market, economic, or other conditions. The YP Microsoft Fund uses a synthetic covered call strategy, an uncovered call or put writing strategy, or a synthetic covered call spread strategy to provide (1) income derived from options premiums and (2) exposure to the share price returns of MSFT, subject to a limit on potential share price returns on MSFT as a result of the nature of the options strategy it employs. To replicate the returns of the underlying stock, the Adviser will purchase at the money call options and sell put options with the same expiration date and the same strike price that may range from 1-12 months from expiry. The YP Microsoft Fund from time to time may also invest directly in shares of MSFT. In implementing the strategy, the Adviser actively manages the direct and synthetic long position of the YP Microsoft Fund, deciding among other things the pricing and expiry of the call and put options used. The combined exposure to MSFT shares created by synthetic long positions achieved through options and any direct investment in shares will not exceed 100% of the net assets of the YP Microsoft Fund. In addition, the Adviser makes active decisions for the YP Microsoft Fund regarding how to gain long exposure via long stock positions or synthetic long positions or a combination of both. Options contracts must be exercised or traded to close within a specified time frame before the options contract expires. To mitigate potential loss from MSFT’s share price, the YP Microsoft Fund may choose to sell (write) risk reversals instead of stand-alone call option contracts or buy out-of-the-money protective put options. Further, to gain price appreciation from MSFT’s share price, the YP Microsoft Fund may purchase call spreads. The YP Microsoft Fund may hold cash and cash equivalents and/or the underlying stock from time to time when there are disruptions in the options markets making it difficult or impractical to employ a covered call strategy to synthetically track the underlying stock. In such situations, the YP Microsoft Fund may better track the performance of the underlying stock by holding it directly until disruptions in the options markets cease. In addition to achieving a long position in MSFT stock, either synthetically or through purchasing shares, the YP Microsoft Fund will hold positions in MSFT options contracts as described below.

For more information, see sections “The YP Microsoft Fund’s Use of MSFT Option Contracts” and “Synthetic Call and Put Strategy” below.

An investment in the YP Microsoft Fund is not an investment in MSFT. The strategy employed to construct the YP Microsoft Fund’s portfolio is designed to generate income; however the YP Microsoft Fund may not fully participate in gains in MSFT’s stock price. The use of options in the YP Microsoft Fund’s strategy will limit any share price gains in MSFT but the YP Microsoft Fund remains subject to all potential share price losses in MSFT which may not be offset by income the YP Microsoft Fund receives. The performance of the YP Microsoft Fund’s shares may exceed, substantially track or trail the performance of MSFT because the options transactions that the YP Microsoft Fund enters may outperform or underperform the underlying stock’s performance.

MSFT Option Contracts

As part of the YP Microsoft Fund’s synthetic covered call strategy, the YP Microsoft Fund purchases and sells a combination of standardized exchange-traded and/or FLexible EXchange® (“FLEX”) call and put option contracts that are based on the value of the price returns of MSFT.

allow for customizable terms (e.g., the strike price can be negotiated). For more information on FLEX options, see “Additional Information about the YP Microsoft Fund – Exchange Traded Options Portfolio.”

All options contracts used by the YP Microsoft Fund are based on the value of MSFT, which gives the YP Microsoft Fund the right or obligation to receive or deliver shares of MSFT on the expiration date of the applicable option contract in exchange for the stated strike price, depending on whether the option contract is a call option or a put option, and whether the YP Microsoft Fund purchases or sells the option contract. The Adviser may actively manage the written and purchased call options prior to expiration to potentially capture gains and minimize losses for the YP Microsoft Fund due to the movement of MSFT.

Synthetic Call and Put Strategy

Cash and/or Synthetic Long Exposure

The YP Microsoft Fund may gain long exposure via purchasing MSFT shares or creating a synthetic long position. To achieve a synthetic long exposure to MSFT, the YP Microsoft Fund buys MSFT call options and, simultaneously, sells MSFT put options to try to replicate the price movements of MSFT. The combination of the long call options and sold put options seek to provide the YP Microsoft Fund with investment exposure equal to approximately 100% of MSFT for the duration of the applicable options exposure. The call options the YP Microsoft Fund buys and the put options it sells will be at the same strike price in the same amount and have the same expiration.

Covered Call Writing

As part of its strategy, the YP Microsoft Fund writes (sells) call option contracts on MSFT to generate income. If the YP Microsoft Fund gains long exposure synthetically, since the YP Microsoft Fund does not directly own MSFT, these written call options will be sold short (i.e., selling a position it does not currently own).

It is important to note that the sale of the MSFT call option contracts will limit the YP Microsoft Fund’s participation in the appreciation in MSFT’s stock price. If the stock price of MSFT increases, the above-referenced synthetic and/or holding the underlying stock directly would allow the YP Microsoft Fund to experience similar percentage gains. However, if MSFT’s stock price appreciates beyond the strike price of one or more of the sold (short) call option contracts, the YP Microsoft Fund will lose money on those short call positions, and the losses will, in turn, limit the upside return of the YP Microsoft Fund’s synthetic and long stock exposure. As a result, the YP Microsoft Fund’s overall strategy (i.e., the combination of the synthetic and/or long stock exposure to MSFT and the sold (short) MSFT call positions) will limit the YP Microsoft Fund’s participation in gains in the MSFT stock price beyond a certain point.

When the YP Microsoft Fund engages in covered call writing with respect to MSFT, it receives cash from the buyer of the call option who in exchange for that cash obtains the right to purchase MSFT on or before the expiration date at a predetermined price called the strike price. Writing covered call options is also considered long short. The notional principal amount of written call options will not exceed the principal amount of the synthetic or long stock position in MSFT.

Call Spreads

The Fund may write (sell) call or put spreads rather than stand-alone call option contracts to seek increased participation in the potential appreciation of MSFT’s share price, while still generating net premium income. In a call option spread, the YP Microsoft Fund may sell (write) an out-of-the-money call option (above the current market price) while also purchasing another call option that is further out of the money.

Risk Reversals or Protective Collars

The YP Microsoft Fund may write (sell) risk reversals rather than stand-alone call option contracts to seek to limit loss from MSFT’s share price. The cost of this protection would be offset by the premiums earned from a written call option. In a risk reversal, the YP Microsoft Fund may sell (write) an out-of-the-money call option (above the current market price) call option while simultaneously purchasing an out-of-the-money put option.

Protective Put

The YP Microsoft Fund may purchase out-of-the-money protective put options to seek to limit loss from MSFT’s share price. The cost of protection may reduce the income generated in the portfolio.

Short-dated Fixed Income and Foreign Exchange Instruments

When writing options, the Fund is required to post collateral to assure its performance to the option buyer. The Fund will hold cash and cash-like instruments or high-quality short-term fixed income securities (collectively, “Collateral”). The Collateral may consist of (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) government securities issued by G-10 countries (Belgium, Canada, France, Germany, Italy, Japan, the Netherlands, Sweden, Switzerland, the United Kingdom, and the United States); (3) money market funds; (4) fixed income ETFs; and/or (5) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by companies that are rated investment grade or of comparable quality. The Adviser considers an unrated security to be of comparable quality to a security-rated investment grade if it believes it has a similar low risk of default. The Fund expects to invest in fixed income securities with low duration to minimize interest rate risk and the Fund’s exposure to foreign exchange to be less than 5% of its net assets. Kurv actively manages the Collateral held by the Fund with a view toward enhancing the Fund’s total return.

Fund’s Monthly Distributions

The YP Microsoft Fund seeks to provide monthly income in the form of distributions to shareholders. The YP Microsoft Fund seeks to generate such income which consists of two primary components, as follows:

To the extent the YP Microsoft Fund holds shares of MSFT directly, income may also be generated from dividend distributions.

Fund’s Return Profile vs MSFT

For the reasons stated above, the YP Microsoft Fund’s performance will differ from that of MSFT’s stock price. The performance differences will depend on, among other things, the price of MSFT, changes in the price of the MSFT options contracts the YP Microsoft Fund has purchased and sold, the extent to which MSFT owns shares directly and changes in the value of the fixed income securities in the portfolio.

Fund Portfolio

The YP Microsoft Fund’s principal holdings are described below:

The market value of the cash and fixed income securities held by the YP Microsoft Fund are expected to be between 50% and 100% of the YP Microsoft Fund’s net assets and the market value of the options package is expected to be between 0% and 50% of the YP Microsoft Fund’s net assets.

The YP Microsoft Fund has adopted a non-fundamental policy to have at least 80% of its investment exposure, under normal circumstances, to MSFT’s underlying stock and financial instruments with economic characteristics that provide exposure to the performance of MSFT.

The YP Microsoft Fund is classified as “non-diversified” under the Investment Company Act of 1940, as amended (the “1940 Act”).

The YP Microsoft Fund is a unique investment product that may not be suitable for all investors. An investor should consider investing in the YP Microsoft Fund if it, among other reasons, fully understands the risks inherent in an investment in the YP Microsoft Fund’s Shares. There is no guarantee that the YP Microsoft Fund, in the future will provide the opportunity for upside participation to the price exposure of underlying. There may be limits on upside participation to the price exposure of underlying under certain market conditions.

The YP Microsoft Fund employs an investment strategy that includes the sale of call option contracts, which limits the degree to which the YP Microsoft Fund will participate in increases in value experienced by MSFT over the call period. This means that if MSFT experiences an increase in value above the strike price of the sold call options during a call period, the YP Microsoft Fund will likely not experience that increase to the same extent and may significantly underperform MSFT over the call period.

There is no guarantee that the YP Microsoft Fund’s investment strategy will be properly implemented, and an investor may lose some or all of its investment. In addition, an investor may lose its investment even if the strategy is properly implemented.

Microsoft Corporation

Microsoft’s business, reputation, results of operations and financial condition, as well as the price of the company’s stock, can be affected by a number of factors, whether currently known or unknown, including those described below. When any one or more of these risks materialize from time to time, the company’s business, reputation, results of operations and financial condition, as well as the price of the company’s stock, can be materially and adversely affected.

THE YP MICROSOFT FUND, TRUST AND ADVISER ARE NOT AFFILIATED WITH MICROSOFT CORPORATION.

Due to the YP Microsoft Fund’s investment strategy, the YP Microsoft Fund’s investment exposure is concentrated in the same industry as that assigned to MSFT. As of the date of the Prospectus, MSFT is assigned to the software-infrastructure industry.

This Prospectus relates only to the YP Microsoft Fund shares offered hereby and is not a prospectus for the common stock or other securities of MSFT. The common stock of Microsoft Corporation (MSFT) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by MSFT pursuant to the Exchange Act can be located at the SEC’s website at www.sec.gov. In addition, information regarding MSFT may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.