The Fund is an actively managed exchange-traded fund (“ETF”) that, under normal market conditions, seeks to achieve its investment objective by investing at least 80% of its total assets in cash or cash equivalent securities, such as U.S. Treasury securities and short duration fixed-income ETFs, and securities and financial instruments that provide exposure to TSLA. For purposes of compliance with this investment policy, derivative instruments (i.e., total return swaps and options contracts) will be valued at their notional value.

The Fund generally seeks to remain fully invested at all times in financial instruments that provide exposure to TSLA equal to the Fund’s NAV, without regard to market conditions, trends or direction. The Fund seeks to achieve its primary investment objective by generally investing in one or more total return swaps designed to replicate the performance of TSLA. Generally, a total return swap is an agreement between two parties, pursuant to which one pays (and the other receives) an amount equal to the total return (including, typically, income and capital gains distributions, principal prepayment or credit losses) of an underlying reference asset in exchange for a regular payment, at a floating rate, at a fixed rate, or the total rate of return on another financial instrument. The Fund does not seek to rebalance its portfolio each day. In order to maintain exposure to TSLA that approximates the Fund’s NAV, the Fund will adjust the notional exposure to the Fund’s derivative instruments in response to changes in net assets, for example, in response to newly issued Creation Units or decreases from Creation Unit redemptions.

The Fund seeks to achieve its secondary investment objective of current income through the use of a synthetic covered call strategy that provides daily income from the sale of call options. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security underlying the option at a specified exercise price. For physically settled options, the writer of an option has the obligation upon exercise of the option to deliver the underlying security upon payment of the exercise price (call) or to pay the exercise price upon delivery of the underlying security (put). For cash settled options, the writer of an option has the obligation upon exercise of the option to deliver cash equivalent to the difference between the strike price and the price of the underlying security. The Fund’s option writing strategy is a form of leveraged investing. The Fund is required to post collateral to ensure its performance to the option buyer when writing options.

On a daily basis, the Fund will generally sell call options with an expiration of one week or less. The Fund will, at market open, or shortly thereafter, on every business day, sell call options that utilize TSLA as the underlying reference asset with a strike price “at-the-money” or “out-of-the-money” of the market open price of TSLA. Then, immediately prior to or at market close, on each business day, the Fund will buy back the options to close its position. The income realized, if any, by the Fund will be the difference between the premium received from the Fund’s sold call option less the cost to purchase the call option at the close of trading for the day. The income generated by this strategy will be treated as short-term capital gains for federal income tax purposes. The Fund expects that it will generally sell call options with an underlying notional value of less than 25% of the Fund’s NAV, although the Fund may vary this exposure at its discretion.

In a traditional covered call strategy, an investor (such as the Fund) sells a call option on a security it already owns. The Fund generally expects to achieve its exposure to TSLA through total return swaps, although the Fund may invest up to 25% of its net assets in the common stock of TSLA. Because the Fund may not own the security underlying the option contract (i.e., the common stock of TSLA), the Fund’s strategy may be considered a “synthetic covered call strategy,” whereby the Fund seeks to synthetically replicate 100% of the price movements of TSLA through the use of derivative instruments.

Through its use of derivative instruments on TSLA or purchasing shares of TSLA directly, the Fund seeks to gain exposure to the price movements experienced by TSLA on a one-to-one basis. However, the Fund’s sale of call options to generate income will potentially limit the degree to which the Fund will participate in any gains on the notional amount of its short call exposure because the Fund will not participate in increases in value beyond the strike price of the option for that portion of the portfolio over the course of a business day. The Fund does not expect to maintain overnight exposure to sold call options, and the full NAV of the Fund’s portfolio will be exposed to movement of TSLA overnight until options are sold the following business day. This strategy effectively converts a portion of the daily potential upside return of TSLA into current income. Additionally, to the extent that TSLA lost value on a given day, such loss will be offset to some degree by the premiums earned by the Fund on its sold call options. As a result, the Fund’s overall strategy will limit the Fund’s participation in gains in the stock price of TSLA beyond a certain point.

To implement the covered call options strategy, the Fund may sell exchange-traded options, over-the-counter option contracts and/or FLexible EXchange® options (“FLEX Options”). Traditional exchange-traded options have standardized terms, the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. Over-the-counter options contracts are not guaranteed for settlement and are subject to counterparty risk. The ability to terminate over-the-counter option positions is more limited than with exchange-traded option positions because the predominant market is the issuing broker rather than an exchange and may involve the risk that broker-dealers participating in such transactions will not fulfill their obligations.

The Fund intends to make weekly distribution payments to shareholders. A portion of these weekly distributions will likely be characterized as return of capital. Return of capital represents a return of a portion of a Fund shareholder’s invested capital and is not the equivalent of dividend yield. Return of capital distributions will reduce an investor’s cost basis and may result in higher capital gains upon sale.

Due to the Fund’s investment strategy, the Fund’s investment exposure is concentrated in (or substantially exposed to) the same industry as that assigned to TSLA. As of the date of the Prospectus, TSLA is assigned to the electric and autonomous vehicle industry group.

The Fund is classified as “non-diversified” under the Investment Company Act of 1940 (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. There is no guarantee that the Fund will be successful in its attempt to pay weekly distributions or consistent exposure to TSLA. An investment in the Fund is not an investment in TSLA. The Fund’s strategy will not capture all potential gains if TSLA’s share price increases in value. The Fund’s strategy is subject to all potential losses if TSLA’s share price decreases in value, which may not be offset by premium income received by the Fund.

Additional Information on TSLA

Tesla, Inc. is an electric vehicle and energy generation and storage systems manufacturing company. As disclosed on its most recent Form 10-K filing dated December 31, 2025, TSLA’s automotive division currently manufactures five different consumer vehicles and is in early stage production for additional vehicles. Additionally, TSLA offers home or small commercial application energy storage products that it sells directly to consumers or though channel partners, as well as retrofit solar energy systems to customers and channel partners. TSLA also offers financial services, including automotive leasing and/or loan financing arrangements for its vehicles, automotive insurance, and energy generation and storage financing. Due to the Fund’s investment strategy, the Fund’s investment exposure is concentrated in (or substantially exposed to) the same industry as that assigned to TSLA.

Tesla, Inc. is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the SEC by Tesla, Inc. pursuant to the Exchange Act can be located by reference to the SEC file number 001-34756 through the SEC’s website at www.sec.gov. In addition, information regarding Tesla, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.

The Fund has derived all disclosures contained in this document regarding Tesla, Inc. from the publicly available documents described above. Neither the Fund, the Trust, the Adviser, the Sub-Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser, the Sub-Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding Tesla, Inc. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of TSLA have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Tesla, Inc. could affect the value of the Fund’s investments with respect to TSLA and therefore the value of the Fund. Lastly, neither the Fund, the Trust, the Adviser nor the Sub-Adviser, nor any of their respective affiliates, make any representations investors as to the performance of TSLA.