The YP Netflix 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 Netflix Inc. (“NFLX” or the “Underlying Security), subject to potential limits on investment gains. The YP Netflix Fund seeks to employ its investment strategy as it relates to NFLX in all market, economic, or other conditions. The YP Netflix Fund uses a synthetic covered call strategy, an uncovered call or put writing strategy, or a synthetic covered call spread strategy to provide (I) income derived from options premiums and (2) exposure to the share price returns of NFLX, subject to a limit on potential share price returns on NFLX 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 Netflix Fund from time to time may also invest directly in shares of NFLX. In implementing the strategy, the Adviser actively manages the direct and synthetic long position of the YP Netflix Fund, deciding among other things the pricing and expiry of the call and put options used. The combined exposure to NFLX 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 Netflix Fund. ln addition, the Adviser makes active decisions for the YP Netflix 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 NFLX’s share price, the YP Netflix 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 NFLX’s share price, the YP Netflix Fund may purchase call spreads. The YP Netflix 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 Netflix 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 NFLX stock, either synthetically or through purchasing shares, the YP Netflix Fund will hold positions in NFLX options contracts as described below.

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

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

NFLX Option Contracts

As part of the YP Netflix Fund’s synthetic covered call strategy, the YP Netflix 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 NFLX.

Standardized exchange-traded options include standardized terms. FLEX options are also exchange-traded, but they allow for customizable terms (e.g., the strike price can be negotiated). For more information on FLEX options, see “Additional Information about the YP Netflix Fund-Exchange Traded Options Portfolio.”

All options contracts used by the YP Netflix Fund are based on the value of NFLX, which gives the YP Netflix Fund the right or obligation to receive or deliver shares of NFLX 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 Netflix 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 Netflix Fund due to the movement of NFLX.

Synthetic Call and Put Strategy

In seeking to achieve its investment objective, the YP Netflix Fund implements a “synthetic call and put” strategy using either stock and/or the standardized exchange-traded and/or FLEX options described above. The YP Netflix Fund’s strategies consists of the following elements, which are described in more detail below:

Cash and/or Synthetic Long Exposure

The YP Netflix Fund may gain long exposure via purchasing NFLX shares or creating a synthetic long position. To achieve a synthetic long exposure to NFLX, the YP Netflix Fund buys NFLX call options and, simultaneously, sells NFLX put options to try to replicate the price movements of NFLX. The combination of the long call options and sold put options seek to provide the YP Netflix Fund with investment exposure equal to approximately 100% of NFLX for the duration of the applicable options exposure. The call options the YP Netflix 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 Netflix Fund writes (sells) call option contracts on NFLX to generate income. If the YP Netflix Fund gains long exposure synthetically, since the YP Netflix Fund does not directly own NFLX, 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 NFLX call option contracts will limit the YP Netflix Fund’s participation in the appreciation in NFLX’s stock price. If the stock price of NFLX increases, the above-referenced synthetic and/or holding the underlying stock directly would allow the YP Netflix Fund to experience similar percentage gains. However, if NFLX’s stock price appreciates beyond the strike price of one or more of the sold (short) call option contracts, the YP Netflix Fund will lose money on those short call positions, and the losses will, in turn, limit the upside return of the YP Netflix Fund’s synthetic and long stock exposure. As a result, the YP Netflix Fund’s overall strategy (i.e., the combination of the synthetic and/or long stock exposure to NFLX and the sold (short) NFLX call positions) will limit the YP Netflix Fund’s participation in gains in the NFLX stock price beyond a certain point.

When the YP Netflix Fund engages in covered call writing with respect to NFLX, it receives cash from the buyer of the call option who in exchange for that cash obtains the right to purchase NFLX 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 NFLX.

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 NFLX’s share price, while still generating net premium income. In a call option spread, the YP Netflix 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 Netflix Fund may write (sell) risk reversals rather than stand-alone call option contracts to seek to limit loss from NFLX’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 Netflix 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 Amazon Fund may purchase out-of-the-money protective put options to seek to limit loss from NFLX’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 Netflix Fund seeks to provide monthly income in the form of distributions to shareholders. The YP Netflix Fund seeks to generate such income which consists of two primary components, as follows:

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

Fund’s Return Profile vs NFLX

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

Fund Portfolio

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

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

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

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

The YP Netflix Fund is a unique investment product that may not be suitable for all investors. An investor should consider investing in the YP Netflix Fund if it, among other reasons, fully understands the risks inherent in an investment in the YP Netflix Fund’s Shares. There is no guarantee that the YP Netflix 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 Netflix Fund employs an investment strategy that includes the sale of call option contracts, which limits the degree to which the YP Netflix Fund will participate in increases in value experienced by NFLX over the call period. This means that if NFLX experiences an increase in value above the strike price of the sold call options during a call period, the YP Netflix Fund will likely not experience that increase to the same extent and may significantly underperform NFLX over the call period.

There is no guarantee that the YP Netflix 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.

Netflix Inc.

Netflix’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 NETFLIX FUND, TRUST AND ADVISER ARE NOT AFFILIATED WITH NETFLIX INC.

Due to the YP Netflix Fund’s investment strategy, the YP Netflix Fund’s investment exposure is concentrated in the same industry as that assigned to NFLX. As of the date of the Prospectus, NFLX is assigned to the entertainment industry.

This Prospectus relates only to the YP Netflix Fund shares offered hereby and is not a prospectus for the common stock or other securities of NFLX. The common stock of Netflix Inc. (NFLX) 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 NFLX pursuant to the Exchange Act can be located at the SEC’s website at www.sec.gov. ln addition, information regarding NFLX may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.