p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:12pt;"The Fund is an actively managed ETF that invests in option contracts designed to provide returns, at the expiration of the Fund’s option contracts, that are at a rate that is greater than the appreciation, if any, of the Underlying ETF following the point in which the Underlying ETF exceeds performance threshold levels established by the Fund. The Fund’s investment adviser is Innovator Capital Management, LLC (span class="Italic" style="font-style:italic;font-weight:normal;"“Innovator” /spanor thespan class="Italic" style="font-style:italic;font-weight:normal;" “Adviser”/span) and the Fund’s investment subspan class="nobreak"-adviser/span is Milliman Financial Risk Management LLC (span class="Italic" style="font-style:italic;font-weight:normal;"“Milliman” /spanor thespan class="Italic" style="font-style:italic;font-weight:normal;" “Sub/spanspan class="nobreak"span class="Italic" style="font-style:italic;font-weight:normal;"-Adviser/span/spanspan class="Italic" style="font-style:italic;font-weight:normal;"”/span). The Fund has adopted a policy pursuant to Rule 35dspan class="nobreak"-1/span under the 1940 Act to invest, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in investments that provide exposure to the Underlying ETF. To the extent the Underlying ETF is considered to be concentrated (span class="Italic" style="font-style:italic;font-weight:normal;"i.e./span, holds 25% or more of its total assets) in the securities of a particular industry or group of industries, the Fund will concentrate to approximately the same extent. As of the date of this prospectus, the Fund has significant exposure to the information technology sector. The Fund is classified as a “nonspan class="nobreak"-diversified/span company” under the Investment Company Act of 1940, as amended (the span class="Italic" style="font-style:italic;font-weight:normal;"“1940 Act”/span)./p p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:12pt;"The Fund seeks to achieve its investment objective by investing substantially all of its assets in a series of four, onespan class="nobreak"-year/span FLexible EXchangespan class="Superscript" style="vertical-align:super;font-size:58%;"®/span Options (span class="Italic" style="font-style:italic;font-weight:normal;"“FLEX Options”/span) packages with “laddered” expiration dates that reference the Underlying ETF (each, an span class="Italic" style="font-style:italic;font-weight:normal;"“Investment Package”/span and collectively, the span class="Italic" style="font-style:italic;font-weight:normal;"“Investment Packages”/span). The Fund may also invest directly in the Underlying ETF or the components thereof. “Laddering” is an investment technique that utilizes multiple options positions over multiple expiration dates. Each of the Fund’s Investment Packages will seek to provide the following returns for the Fund:/p p class="BL_m" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:36pt;margin-right:0;margin-top:12pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-18pt;widows:3;margin-top:12pt;"span class="bullet" style="font-family:Symbol, sans-serif;font-size:12pt;font-style:normal;font-weight:normal;"•/spanspan style="width: 18px;display: inline-block;"   /spanin the event the Underlying ETF’s share price increases in value at the conclusion of the term of the Investment Package, but at a level below 105% of the share price of the Underlying ETF at the time the FLEX Options were originally entered into (the span class="Italic" style="font-style:italic;font-weight:normal;"“Accelerated Threshold”/span) at the conclusion of the onespan class="nobreak"-year/span Investment Package term, the Investment Package will not participate in any of the gains experienced by the price return of the Underlying ETF. span class="Bold" style="font-style:normal;font-weight:bold;"The Fund will only experience gains with respect to an Investment Package if the Underlying ETF’s price return increases above the Accelerated Threshold at the end of the term of an Investment Package. If an Investment Package has not increased to a level above the Accelerated Threshold at the end of its one/spanspan class="nobreak"span class="Bold" style="font-style:normal;font-weight:bold;"-year/span/spanspan class="Bold" style="font-style:normal;font-weight:bold;" term, the Fund will not experience any increase in value with respect to such Investment Package, even if the share price of the Underlying ETF surpassed Accelerated Threshold at a point during such term before returning to a level below the Accelerated Threshold/span;/p p class="BL_m" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:36pt;margin-right:0;margin-top:12pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-18pt;widows:3;list-style-type:none;margin-top:12pt;"span class="bullet" style="font-family:Symbol, sans-serif;font-size:12pt;font-style:normal;font-weight:normal;"•span style="width: 16px;display: inline-block;" /span/spanin the event the Underlying ETF’s share price increases in value at the conclusion of the term of the Investment Package to a level above the Accelerated Threshold, the Investment Package seeks to provide investment returns that commence at the Accelerated Threshold and increase at a rate that is greater than the price return increases of the Underlying ETF (hereinafter, the span class="Italic" style="font-style:italic;font-weight:normal;"“Accelerated Return Rate”/span). span class="Bold" style="font-style:normal;font-weight:bold;"The Fund does not seek to provide a stated Accelerated Return Rate multiple (for example, two/spanspan class="nobreak"span class="Bold" style="font-style:normal;font-weight:bold;"-times/span/spanspan class="Bold" style="font-style:normal;font-weight:bold;" the price return of the /span/pp class="BL_m" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:36pt;margin-right:0;margin-top:12pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-18pt;widows:3;list-style-position:inside;list-style-type:none;text-indent:0;margin-top:12pt;"span class="Bold" style="font-style:normal;font-weight:bold;"Underlying ETF). While the Accelerated Threshold level (105%) is expected to remain constant for each Investment Package, the Accelerated Return Rate produced by a single Investment Package is calculated at the commencement of each one/spanspan class="nobreak"span class="Bold" style="font-style:normal;font-weight:bold;"-year/span/spanspan class="Bold" style="font-style:normal;font-weight:bold;" term for such Investment Package and will vary for each Investment Package and depend upon market conditions (including, but not limited to, volatility of the Underlying ETF), at the time of the execution of the Investment Package. The Accelerated Return Rate is provided prior to taking into account management fees and other fees; or/span/p p class="BL_m" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:36pt;margin-right:0;margin-top:12pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-18pt;widows:3;margin-top:12pt;"span class="bullet" style="font-family:Symbol, sans-serif;font-size:12pt;font-style:normal;font-weight:normal;"•/spanspan style="width: 18px;display: inline-block;"   /spanin the event the Underlying ETF’s share price decreases in value at the conclusion of the term of the Investment Package, such Investment Package seeks to provide investment returns that participate in Underlying ETF losses on a onespan class="nobreak"-to-one/span basis;/p p class="H5" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:12pt;"span class="Bold" style="font-style:normal;font-weight:bold;"The below hypothetical illustration is provided to illustrate the potential return profiles that a single Investment Package is designed to produce at the conclusion of the one-year period for such Investment Package. The hypothetical return profiles of an Investment Package represented below are not guaranteed. Please note that, to the extent an investor purchases Shares after an Investment Package has been entered into or sells before the end of an Investment Package, such investor’s returns relating to the Investment Package are likely to deviate from the below illustration. In addition, because an Investment Package will not participate in Underlying ETF gains until the point at which Underlying ETF meets the Acceleration Threshold, the one-year returns of an Investment Package may be less than the cumulative price returns experienced by the Underlying ETF even if the Underlying ETF has appreciated beyond the Accelerated Threshold. The hypothetical illustration below shows return profiles prior to taking into account management fees and other fees, the effect of which would lower the return profiles experienced by an investor./span/p p class="Text_flush_old" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;text-align:center;margin-top:8pt;"span class="Bold" style="font-style:normal;font-weight:bold;"img alt="" src="timage_001xusp.jpg" style="width:538.88px;max-width:100%;"//span/pp class="Text_flush_old" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:8pt;"span class="CharOverride-3" style="font-size:12pt;"The Fund will implement a laddered approach of investing designed to help offset the timing risks inherent in the purchase of FLEX Options that reference the Underlying ETF with a single reset date, as detailed above (/spanspan class="Italic" style="font-style:italic;font-weight:normal;font-size:12pt;"see “Investment Package Laddering”/spanspan class="CharOverride-3" style="font-size:12pt;"). The Fund intends to utilize laddered Investment Package to create more opportunities for the Fund to hold an Investment Package that is experiencing an Accelerated Return Rate and to avoid the risk of reinvesting a large portion of assets in an unfavorable market environment. /spanspan class="Bold" style="font-style:normal;font-weight:bold;font-size:12pt;"This laddered approach of investing in a one/spanspan class="nobreak"span class="Bold" style="font-style:normal;font-weight:bold;font-size:12pt;"-year/span/spanspan class="Bold" style="font-style:normal;font-weight:bold;font-size:12pt;" Investment Package every three months will result in Fund investment performance that is very different than a fund investing in a single Investment Package./span/p p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:12pt;"The Fund’s NAV is dependent on the value of its portfolio, which consists of FLEX Options, and may also include shares of the Underlying ETF (or the components thereof). Although the value of the Underlying ETF’s share price is a significant component of the value of the Fund’s FLEX Options, the value of the Fund’s FLEX Options (and therefore, the Fund’s NAV) will not increase or decrease at the same rate as the Underlying ETF’s share price on a daily basis. The time remaining until those FLEX Options expire also affects their value. The degree of nonspan class="nobreak"-correlation/span between the value of the FLEX Options and the value of the Underlying ETF may be higher than if the FLEX Options utilized by the Fund had a shorter term. Further, the laddering of Investment Packages means that any one Investment Package does not constitute the entirety of the Fund’s return, which may increase the amount of nonspan class="nobreak"-correlation/span between the value of the Fund and the Underlying ETF. The Subspan class="nobreak"-Adviser/span generally anticipates that the Fund’s NAV will increase on days when the Underlying ETF’s share price increases and will decrease on days when the Underlying ETF’s share price decreases, but that the rate of such increase or decrease will be less than that experienced by the Underlying ETF. span class="Bold" style="font-style:normal;font-weight:bold;"The time at which an investor buys and sells their Shares will impact the return such investor will experience. If an investor purchases Shares after the FLEX Options for an Investment Package were entered into or does not stay invested in the Fund for the entire duration of an Investment Package, an investor may not participate in the Fund’s Accelerated Return Rate relating to such Investment Package, if any./span/p p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:12pt;"The Fund does not seek to provide investment outcomes on a daily or other shortspan class="nobreak"-term/span basis, which is an attribute of other types of exchangespan class="nobreak"-traded/span funds that provide a daily, multiple exposure to a reference index (span class="Italic" style="font-style:italic;font-weight:normal;"i.e./span, a “daily leveraged ETF”). In contrast, the Fund only seeks to provide investment returns that will increase at a greater rate of change than the Underlying ETF, after an initial level of no participation. span class="Bold" style="font-style:normal;font-weight:bold;"There is no guarantee the Fund will be successful in implementing its investment strategy./span/p p class="H3" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:12pt;font-style:italic;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:12pt;"span class="BoldItalic" style="font-style:italic;font-weight:bold;"Uncapped Accelerated Return Rate Opportunity/span/p p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:12pt;"The Fund seeks investment returns that have the potential for a higher rate of return than the Underlying ETF price performance return rate during periods in which the Underlying ETF achieves sustained positive performance. Each Investment Package is designed to provide, at the expiration of the onespan class="nobreak"-year/span term of the Investment Package, an Accelerated Return Rate that is based upon the performance of the Underlying ETF’s share price after the point at which the Underlying ETF exceeds the Accelerated Threshold. To the extent the Fund invests directly in the Underlying ETF (or the components thereof), it will also receive any dividend payments to the extent of such /pp class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:12pt;"investment. The Accelerated Return Rate sought by the Fund is contingent on the Underlying ETF achieving a performance threshold level at the conclusion of the term of an Investment Package. span class="Bold" style="font-style:normal;font-weight:bold;"There is no guarantee that the Fund will achieve this sought/spanspan class="nobreak"span class="Bold" style="font-style:normal;font-weight:bold;"-after/span/spanspan class="Bold" style="font-style:normal;font-weight:bold;" Accelerated Return Rate for the Investment Packages./span/p p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:12pt;"The Underlying ETF provides exposure to the Samp;P 500span class="Bold-Superscript" style="font-style:normal;font-weight:bold;vertical-align:super;font-size:58%;"®/span Index. The Samp;P 500span class="Bold-Superscript" style="font-style:normal;font-weight:bold;vertical-align:super;font-size:58%;"®/span Index includes approximately five hundred (500) selected companies, all of which are listed on national stock exchanges and spans over 24 separate industry groups. The Samp;P 500span class="Bold-Superscript" style="font-style:normal;font-weight:bold;vertical-align:super;font-size:58%;"®/span Index is a floatspan class="nobreak"-adjusted/span market capitalization weighted index, wherein constituents are added and removed on an asspan class="nobreak"-needed/span basis. The index is rebalanced quarterly in March, June, September and December. The Underlying ETF may use a representative sampling strategy (meaning it does not purchase all of the components of the index and may rather purchase a subset of such securities to seek to replicate the performance of the index) or a full replication strategy (meaning it does purchase all of the components of the index in approximately the same proportion as its weighting in the index to seek to replicate the performance of the index). To the extent the Fund invests in the Underlying ETF directly, the Adviser expects to waive a portion of its management fee in an amount that equals to any acquired fund fees and expenses the Fund incurs as a result of its investment in the Underlying ETF./p p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:12pt;"Because of the construction of each Investment Package, an Investment Package will not participate in the initial 5% of the gains of the share price of the Underlying ETF (measured from when the FLEX Options were entered into) and will achieve gains only to the extent the Underlying ETF price return surpasses the Accelerated Threshold, measured at the conclusion of the term for such Investment Package. span class="Bold" style="font-style:normal;font-weight:bold;"If an Investment Package has not increased to a level above the Accelerated Threshold at the end of its one/spanspan class="nobreak"span class="Bold" style="font-style:normal;font-weight:bold;"-year/span/spanspan class="Bold" style="font-style:normal;font-weight:bold;" term, the Fund will not experience any increase in value with respect to such Investment Package, even if the share price of the Underlying ETF surpassed Accelerated Threshold at a point during such term. The Fund will only experience gains with respect to an Investment Package if the Underlying ETF price return increases above the Accelerated Threshold at the end of the term of an Investment Package./span That notwithstanding, if the Fund invests directly in the Underlying ETF (or the components thereof), it will receive dividend payments to the extent of such investment./p p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:12pt;"span class="Bold" style="font-style:normal;font-weight:bold;"If an Investment Package has experienced any Accelerated Return Rate, the Investment Package may be subject to the possibility of losses that exceed any losses of the Underlying ETF for the remainder of the one/spanspan class="nobreak"span class="Bold" style="font-style:normal;font-weight:bold;"-year/span/spanspan class="Bold" style="font-style:normal;font-weight:bold;" term of the Investment Package. /spanAt the point in time in which the Underlying ETF were to experience an increase beyond the Accelerated Threshold, the Investment Package is subject to a rate of return that is greater than the rate of increase experienced by the Underlying ETF. If before the expiration of the Investment Package the Underlying ETF subsequently experienced a decrease in value, the value of the Investment Package would similarly be expected to decrease at a rate that is greater than the losses experienced by the Underlying ETF./p p class="H5" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:12pt;"span class="Bold" style="font-style:normal;font-weight:bold;"The returns with respect to an Investment Package may be lower than the price return of the Underlying ETF or an investment in a fund that does not utilize an Accelerated Threshold or Accelerated Return Rate. This is because the Fund will forgo any positive returns with respect to an Investment Package unless the Accelerated Threshold is surpassed at the expiration of the Investment Package. In this regard, the price return of the Underlying ETF may need to materially exceed the Accelerated Threshold before the Investment Package /span/pp class="H5" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:12pt;"span class="Bold" style="font-style:normal;font-weight:bold;"recoups these forgone returns with an Accelerated Return Rate. The returns that an investor receives with respect to an Investment Package may therefore be less than the price return of the Underlying ETF even if the Accelerated Threshold is exceeded at the expiration of the Investment Package./span/p p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:12pt;"Due to the Fund simultaneously investing in four separate Investment Packages with differing expiration dates, at any given time the Fund’s overall performance will differ from that of each individual Investment Package. It is possible that while one Investment Package is delivering an Accelerated Return Rate (because the price of the Underlying ETF has risen above the Accelerated Threshold) the others may remain either within its Accelerated Threshold or may even be delivering negative returns. span class="Bold" style="font-style:normal;font-weight:bold;"Additionally, depending on when an investor purchases Shares, certain of the Investment Packages may be within the Accelerated Threshold or may be above the Accelerated Threshold. Subsequent price movements of the Underlying ETF could cause the investment returns for such investor that may be different than the Fund’s investment strategy./span/p p class="H3" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:12pt;font-style:italic;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:12pt;"span class="BoldItalic" style="font-style:italic;font-weight:bold;"Investment Packages/span/p p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:12pt;"An option contract gives the purchaser of the option, in exchange for the premium paid, the right to purchase (for a call option) or sell (for a put option) the underlying asset at a specified price (the “strike price”) on a specified date (the “expiration date”). The Fund utilizes FLEX Options to pursue its investment objective. FLEX Options are customizable exchangespan class="nobreak"-traded/span option contracts guaranteed for settlement by the Options Clearing Corporation (the span class="Italic" style="font-style:italic;font-weight:normal;"“OCC”/span). The OCC guarantees performance by each of the counterparties to the FLEX Options, becoming the “buyer for every seller and the seller for every buyer,” protecting clearing members and options traders from counterparty risk./p p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:12pt;"The Investment Packages will consist of purchased and sold call option contracts and have staggered expiration dates that are three months apart. Each Investment Package will consist of multiple purchased call options with specified strike prices as well as a sold call option, the premium for which will help fund the Fund’s purchased call options. After the expiration date of an Investment Package, the Fund will enter into new FLEX Options contracts with an expiration date of one year. The composition of the Investment Package is dependent on market conditions at this time, including, but not limited to, volatility. span class="Bold" style="font-style:normal;font-weight:bold;"The Investment Packages are designed to produce investment outcomes at the expiration of the FLEX Options contracts only and not for any different period of time./span Each Investment Package will be comprised of the following:/p p class="BL_m" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:36pt;margin-right:0;margin-top:12pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-18pt;widows:3;list-style-type:none;margin-top:12pt;"span class="bullet" style="font-family:Symbol, sans-serif;font-size:12pt;font-style:normal;font-weight:normal;"•/spanspan style="width: 18px;display: inline-block;"   /spanan “inspan class="nobreak"-the-money/span” (span class="Italic" style="font-style:italic;font-weight:normal;"i.e./span, the strike price is less than the current price of the reference asset) purchased call FLEX Option contract that provides exposure to the price return of the Underlying ETF. This inspan class="nobreak"-the-money/span call FLEX Option seeks to provide investment returns that match the performance of the share price of the Underlying ETF. Alternatively, the Fund may purchase shares of the Underlying ETF directly, or the components thereof, to obtain this exposure;/pp class="BL_m" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:36pt;margin-right:0;margin-top:12pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-18pt;widows:3;list-style-type:none;margin-top:12pt;"span class="bullet" style="font-family:Symbol, sans-serif;font-size:12pt;font-style:normal;font-weight:normal;"•/spanspan style="width: 18px;display: inline-block;"   /spanan “atspan class="nobreak"-the-money/span” (span class="Italic" style="font-style:italic;font-weight:normal;"i.e./span, the strike price is at the current price of the reference asset) sold call FLEX Option contract, which helps pay the premium of the Investment Package’s purchased call FLEX Options. The sold call option will effectively decrease the potential Accelerated Return Rate to the extent the Underlying ETF share price appreciates in value above the Accelerated Threshold by the FLEX Options expiration date;/p p class="BL_m" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:36pt;margin-right:0;margin-top:12pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-18pt;widows:3;margin-top:12pt;"span class="bullet" style="font-family:Symbol, sans-serif;font-size:12pt;font-style:normal;font-weight:normal;"•/spanspan style="width: 18px;display: inline-block;"   /spanat least one “outspan class="nobreak"-of-the-money/span” (span class="Italic" style="font-style:italic;font-weight:normal;"i.e./span, the strike price is above the current price of the reference asset) purchased call FLEX Option contract that provides exposure to the price return of the Underlying ETF beyond the strike price. The number of additional purchased outspan class="nobreak"-of-the-money/span call FLEX Options and the strike prices available creates the Accelerated Return Rate opportunity above the Accelerated Threshold and will be dependent on market conditions at the time of purchase. The more purchased outspan class="nobreak"-of-the-money/span call FLEX Options the Fund is able to purchase, the higher the Fund’s rate of return above the Underlying ETF after the Accelerated Threshold./p p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:12pt;"The amount of time remaining until the FLEX Option contract’s expiration date affects the impact of the Accelerated Return Rate on the Fund’s NAV, which may not be in full effect until the expiration date of the Fund’s options contracts. While changes in the price of the Underlying ETF will result in changes to the Fund’s NAV, the Subspan class="nobreak"-Adviser/span generally anticipates that the rate of change in the Fund’s NAV will be less than that experienced by the Underlying ETF and, if in effect, the Accelerated Return Rate, until the expiration date of the options contracts. In order for the Fund to provide an Accelerated Return Rate for a given Investment Package period, the Underlying ETF must increase in value above the Accelerated Threshold at the conclusion of the onespan class="nobreak"-year/span expiration date of such Investment Package. If the Underlying ETF increases above the Accelerated Threshold during the onespan class="nobreak"-year/span period but fails to remain above the Accelerated Threshold at the conclusion of the term, the Investment Package will not deliver, and therefore the Fund will not experience, in any positive returns with respect to that Investment Package./p p class="H3" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:12pt;font-style:italic;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:12pt;"span class="BoldItalic" style="font-style:italic;font-weight:bold;"Investment Package Laddering/span/p p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:12pt;"The Fund will seek to “ladder” the Fund’s Investment Packages. “Laddering” is an investment technique that utilizes multiple option contract positions and multiple expiration dates, to avoid the risk of reinvesting a large portion of assets in an unfavorable market environment. The laddered approach of investing in a onespan class="nobreak"-year/span Investment Package every three months is designed to help offset the timing risks inherent in the purchase of FLEX Options that reference the Underlying ETF with a single reset date./p p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:12pt;"span class="Bold" style="font-style:normal;font-weight:bold;"There can be no guarantee that the Fund will be successful in implementing its investment strategy to provide the Accelerated Return Rate during market conditions where the Underlying ETF is increasing in value above the Accelerated Threshold. /spanBecause the Fund ladders its Investment Packages in threespan class="nobreak"-month/span increments, the Fund’s returns are likely to be different than the returns the Fund would produce if a single Investment Package were used. The Fund uses four Investment Packages with laddered expiration dates, different strike prices and differing initial values of the Underlying ETF, and therefore price movements of the Underlying ETF are likely to result in price movements of differing magnitude for each Investment Package /pp class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:12pt;"held by the Fund. This means that each Investment Package may experience different Accelerated Returns Rate potential after the Accelerated Threshold, and some Investment Packages may not yet experience Accelerated Return Rates while others do./p p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:12pt;"Every three months, one Investment Package concludes its onespan class="nobreak"-year/span reset period, and subsequently “rolls” into another onespan class="nobreak"-year/span reset period, refreshing its Accelerated Threshold and Accelerated Return Rate for another twelve months. This process repeats every three months, with the Fund participating in a rolling set of Accelerated Return Rate opportunities. In order for the Investment Packages to create the “laddered” approach, the initial reset period for the four Investment Packages will be for three months, six months, nine months and onespan class="nobreak"-year/span, respectively. After the initial reset period for each Investment Package concludes, each Investment Package will reset to a onespan class="nobreak"-year/span period that are staggered every three months./p