Form 485BPOS Kurv ETF Trust

The Kurv Yield Premium Strategy Amazon (AMZN) ETF (the “YP Amazon Fund”) seeks to provide current income.

The YP Amazon Fund’s secondary investment objective is to seek exposure to the share price of the common stock of Amazon.com, Inc. (“AMZN” or “Amazon” or the “Underlying Security”), subject to a limit on potential investment gains.

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the YP Amazon Fund (“Shares”). Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)

This Example is intended to help you compare the cost of investing in the YP Amazon Fund with the cost of investing in mutual funds and other exchange traded funds.

The Example assumes that you invest $10,000 in the YP Amazon Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the YP Amazon Fund’s operating expenses remain the same (including the effect of the Operating Expenses Limitation Agreement through September 30, 2026). The figures shown would be the same whether or not you sold your Shares at the end of each period.

Although your actual costs may be higher or lower, based on these assumptions your costs would be:

The YP Amazon Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the YP Amazon Fund’s performance. For the fiscal year ended May 31, 2025, the YP Amazon Fund’s portfolio turnover rate, excluding in-kind transactions, was 0%.

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

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

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

AMZN Option Contracts

As part of the YP Amazon Fund’s synthetic covered call strategy, the YP Amazon 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 AMZN.

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 Amazon Fund - Exchange Traded Options Portfolio.”

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

Synthetic Call and Put Strategy

In seeking to achieve its investment objective, the YP Amazon 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 Amazon Fund’s strategies consists of the following elements, which are described in more detail below:

Cash and/or Synthetic Long Exposure

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

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

Call Spreads

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

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

Fund’s Return Profile vs AMZN

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

Fund Portfolio

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

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

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

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

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

There is no guarantee that the YP Amazon 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.

Amazon.com, Inc.

Amazon’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 AMAZON FUND, TRUST AND ADVISER ARE NOT AFFILIATED WITH AMAZON.COM, INC.

Due to the YP Amazon Fund’s investment strategy, the Fund’s investment exposure is concentrated in the same industry as that assigned to AMZN. As of the date of the Prospectus, AMZN is assigned to the internet retail industry.

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

YP Amazon Fund Risk.

Amazon Risk. Amazon faces risks associated with intense competition across different industries, including physical, e-commerce omnichannel retail, e-commerce services, web and infrastructure computing services, electronic devices, digital content, advertising, grocery, and transportation and logistics services; the expansion into new products, services, technologies and geographic regions; its international activities; the variability in the demand for its products and services; intellectual property rights; risks relating to successfully optimizing and operating its fulfilment network and data centers; data loss or other security breaches; maintaining key senior management personnel and the ability to hire and retain highly skilled and other key personnel; maintaining good supplier relationships, including content and technology licensors; the success of acquisitions or joint ventures or other investments; its rapidly evolving and expanding business model; and legal, regulatory and litigation issues.

Business Risks - To remain competitive and stimulate customer demand, Amazon must successfully manage frequent introductions and transitions of products and services. The company depends on component and product manufacturing and logistical services provided by outsourcing partners, many of which are located outside of the U.S.

Future operating results depend upon the company’s ability to obtain components in sufficient quantities on commercially reasonable terms. Amazon’s products and services may be affected from time to time by design and manufacturing defects that could materially adversely affect the Company’s business and result in harm to the company’s reputation. The company is exposed to the risk of write-downs on the value of its inventory and other assets, in addition to purchase commitment cancellation risk. The company relies on access to third-party intellectual property, which may not be available to the company on commercially reasonable terms or at all. The company’s future performance depends in part on support from third-party software developers. Failure to obtain or create digital content that appeals to the company’s customers, or to make such content available on commercially reasonable terms, could have a material adverse impact on the company’s business, results of operations and financial condition. The company’s success depends largely on the continued service and availability of highly skilled employees, including key personnel. The company depends on the performance of carriers, wholesalers, retailers and other resellers. The company’s business and reputation are impacted by information technology system failures and network disruptions. Losses or unauthorized access to or releases of confidential information, including personal information, could subject the company to significant reputational, financial, legal and operational consequences. Investment in new business strategies and acquisitions could disrupt the company’s ongoing business, present risks not originally contemplated and adversely affect the company’s business, reputation, results of operations and financial condition. The company’s retail stores have required and will continue to require a substantial investment and commitment of resources and are subject to numerous risks and uncertainties.

Legal and Regulatory Compliance Risks - Amazon’s business, results of operations and financial condition could be adversely impacted by unfavorable results of legal proceedings or government investigations. The company is subject to complex and changing laws and regulations worldwide, which exposes the company to potential liabilities, increased costs and other adverse effects on the company’s business. The technology industry, including, in some instances, the company, is subject to intense media, political and regulatory scrutiny, which exposes the company to increasing regulation, government investigations, legal actions and penalties. The company’s business is subject to a variety of U.S. and international laws, rules, policies and other obligations regarding data protection.

Financial Risks - Amazon expects its quarterly net sales and results of operations to fluctuate. Amazon’s financial performance is subject to risks associated with changes in the value of the U.S. dollar relative to local currencies. The company is exposed to credit risk and fluctuations in the values of its investment portfolio. The company is exposed to credit risk on its trade accounts receivable, vendor non-trade receivables and prepayments related to long-term supply agreements, and this risk is heightened during periods when economic conditions worsen. The company is subject to changes in tax rates, the adoption of new U.S. or international tax legislation and exposure to additional tax liabilities.

Active Management Risk. The YP Amazon Fund is actively managed, which means that investment decisions are made based on investment views. There is no guarantee that the investment views will produce the desired results or expected returns, which may cause the YP Amazon Fund to fail to meet its investment objective or to underperform its benchmark index or funds with similar investment objectives and strategies. Furthermore, active trading that can accompany active management may result in high portfolio turnover, which may have a negative impact on performance. Active trading may result in higher brokerage costs or mark-up charges, which are ultimately passed on to shareholders of the YP Amazon Fund. Active trading may also result in adverse tax consequences.

Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk. The YP Amazon Fund has a limited number of financial institutions that may act as Authorized Participants (“APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.

Call Strategy Risks. By writing covered call options in return for the receipt of premiums, the YP Amazon Fund will give up the opportunity to benefit from potential increases in the value of AMZN above the exercise prices of the written options, but will continue to bear the risk of declines in the value of AMZN. The premiums received from the options may not be sufficient to offset any losses sustained from the volatility of the underlying stock over time. In addition, the YP Amazon Fund’s ability to sell shares of the underlying stock will be limited while the option is in effect unless the YP Amazon Fund extinguishes the option position through the purchase of an offsetting identical option prior to the expiration of the written option.

The covered call strategy may be subject to imperfect matching or price correlation between the written options and the Underlying Fund, which could reduce the YP Amazon Fund’s returns. Exchanges may suspend the trading of options (for example due to volatile markets or if trading in the underlying stock is halted). If trading is suspended, the YP Amazon Fund may be unable to write or purchase options at times that may be desirable or advantageous to the Fund to do so. If the YP Amazon Fund is unable to extinguish the option position before exercise, the YP Amazon Fund may be required to deliver the corresponding shares of the underlying stock, resulting in increased transaction costs, tracking error, underinvestment, and potentially the realization of capital gains. Further, this could lead to re-purchasing shares of the underlying stock or selling the corresponding options at a less favorable price than the YP Amazon Fund might have received had the options been extinguished.

Additionally, the use of credit call spreads introduces further complexities and risks. While purchasing a higher-strike call option limits potential losses from the short call position, it also reduces the net premium received, which may result in lower overall returns compared to a stand-alone covered call strategy. If the price of AMZN rises rapidly, the call spread may still cap upside participation, leading to missed profit opportunities. Furthermore, market conditions, such as mispricing between near-the-money and further out-of-the-money options, may impact the effectiveness of the strategy, potentially resulting in lower-than-expected returns or increased losses. The relative pricing of options at different strike levels can vary due to volatility shifts, liquidity constraints, or other market dynamics, adding an additional layer of uncertainty to the YP Amazon Fund’s performance under this strategy.

Counterparty Risk. A counterparty (the other party to a transaction or an agreement or the party with whom the YP Amazon Fund executes transactions) to a transaction with the YP Amazon Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations.

Covered Call Option Writing Risk. By writing covered call options, in return for the receipt of premiums, the YP Amazon Fund will give up the opportunity to benefit from potential increases in the value of the AMZN above the exercise prices of such options, but will continue to bear the risk of declines in the value of the AMZN. The premiums received from the options may not be sufficient to offset any losses sustained from the volatility of the underlying stocks over time. In addition, the YP Amazon Fund’s ability to sell the securities underlying the options will be limited while the options are in effect unless the YP Amazon Fund cancels out the option positions through the purchase of offsetting identical options prior to the expiration of the written options. Exchanges may suspend the trading of options in volatile markets. If trading is suspended, the YP Amazon Fund may be unable to write options at times that may be desirable or advantageous to do so, which may increase the risk of tracking error.

Credit Risk. The risk that the YP Amazon Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a derivative contract, is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to meet its financial obligations.

Cybersecurity and Disaster Recovery Risks. In connection with the increased use of technologies such as the Internet and the dependence on computer systems to perform necessary business functions, the YP Amazon Fund is susceptible to operational, information security, and related risks due to the possibility of cyber-attacks or other incidents. Cyber incidents may result from deliberate attacks or unintentional events. Cyber-attacks include, but are not limited to, infection by computer viruses or other malicious software code, gaining unauthorized access to systems, networks, or devices that are used to service the YP Amazon Fund’s operations through hacking or other means for the purpose of misappropriating assets or sensitive information, corrupting data, or causing operational disruption. Cyber-attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks (which can make a website unavailable) on the YP Amazon Fund’s website. In addition, authorized persons could inadvertently or intentionally release confidential or proprietary information stored on the YP Amazon Fund’s systems.

Derivatives Risk. The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset or rate. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities.

Distribution Risk. As part of the YP Amazon Fund’s investment objective, the YP Amazon Fund seeks to provide current monthly income. There is no assurance that the YP Amazon Fund will make a distribution in any given month. If the YP Amazon Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next. Additionally, the monthly distributions, if any, may consist of returns of capital, which would decrease the YP Amazon Fund’s NAV and trading price over time. As a result, an investor may suffer significant losses to their investment.

Equity Risk. The net asset value of the YP Amazon Fund will fluctuate based on changes in the value of the U.S. equity securities held by the Fund. Equity prices can fall rapidly in response to developments affecting a specific company or industry, or to changing economic, political or market conditions.

Exchange Traded Fund Structure Risk. The YP Amazon Fund is structured as an exchange traded fund and as a result is subject to special risks, including:

Fixed Income Securities Risk. When the YP Amazon Fund invests in fixed income securities, the value of your investment in the YP Amazon Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the YP Amazon Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the YP Amazon Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the YP Amazon Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.

Interest Rate Risk. The risk that fixed income securities and dividend paying equity securities will decline in value because of an increase in interest rates; a fund with a longer average portfolio duration will be more sensitive to changes in interest rates than a fund with a shorter average portfolio duration.

Liquidity Risk. Some securities held by the YP Amazon Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil. This risk is greater for the YP Amazon Fund as it will hold options contracts on a single security, and not a broader range of options contracts. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, epidemics/pandemics, new legislation or regulatory changes inside or outside the United States. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the YP Amazon Fund is forced to sell an illiquid security at an unfavorable time or price, the YP Amazon Fund may be adversely impacted. Certain market conditions or restrictions, such as market rules related to short sales, may prevent the YP Amazon Fund from limiting losses, realizing gains or achieving a high correlation with AMZN. There is no assurance that a security that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the YP Amazon Fund.

Market and Geopolitical Risk. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the YP Amazon Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, tariffs, trade wars, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects.

Money Market Instrument Risk. The YP Amazon Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Repurchase agreements are contracts in which a seller of securities agrees to buy the securities back at a specified time and price. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments, including money market funds, may lose money through fees or other means.

NAV Erosion Risk Due to Distributions. When the YP Amazon Fund makes a distribution, the Fund’s NAV will typically drop by the amount of the distribution on the related ex-dividend date. The repeated payment of distributions by the YP Amazon Fund, if any, may significantly erode the Fund’s NAV and trading price over time. As a result, an investor may suffer significant losses to their investment in YP Amazon Fund shares.

New Adviser Risk. The Adviser has only recently commenced managing ETFs. ETFs and their advisers are subject to restrictions and limitations imposed by the Investment Company Act of 1940, as amended, and the Internal Revenue Code that do not apply to the adviser’s management of other types of individual and institutional accounts. As a result, investors do not have a long-term track record of managing a mutual fund from which to judge the Adviser and the Adviser may not achieve the intended result in managing the YP Amazon Fund.

Non-Diversified Risk. The YP Amazon Fund is non-diversified. This means that the YP Amazon Fund, unlike a diversified fund, will have a larger portion of its assets exposed to the performance of a single stock than a diversified fund. Because a relatively high percentage of the YP Amazon Fund’s assets will be exposed to the performance of a single stock related to one economic sector, the Fund’s portfolio may be more susceptible to any single economic, or regulatory occurrence than the portfolio of a diversified fund.

Operational Risk. The YP Amazon Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the YP Amazon Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The YP Amazon Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the YP Amazon Fund’s ability to meet its investment objective. Although the YP Amazon Fund and Adviser seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.

Options Risk. There are risks associated with the sale and purchase of call and put options. As a seller (writer) of a put option, the YP Amazon Fund will tend to lose money if the value of the reference index or security falls below the strike price. As the seller (writer) of a call option, the YP Amazon Fund will tend to lose money if the value of the reference index or security rises above the strike price. As the buyer of a put or call option, the YP Amazon Fund risks losing the entire premium invested in the option if the YP Amazon Fund does not exercise the option.

Portfolio Turnover Risk. Due to its investment strategy, the YP Amazon Fund may buy and sell securities frequently. This may result in higher transaction costs and additional capital gains tax liabilities, which may affect the YP Amazon Fund’s performance.

Price Participation Risk. The YP Amazon Fund employs an investment strategy that includes the sale of call option contracts, which limits the degree to which the YP Amazon Fund will participate in increases in value experienced by AMZN over the call period. This means that if AMZN experiences an increase in value above the strike price of the sold call options during a call period, the YP Amazon Fund will likely not experience that increase to the same extent and may significantly underperform AMZN over the call period. Additionally, because the YP Amazon Fund is limited in the degree to which it will participate in increases in value experienced by AMZN over each call period, but has full exposure to any decreases in value experienced by AMZN over the call period, the NAV of the YP Amazon Fund may decrease over any given time period. The YP Amazon Fund’s NAV is dependent on the value of each options portfolio, which is based principally upon the performance of AMZN. The degree of participation in AMZN gains the YP Amazon Fund will experience will depend on prevailing market conditions, especially market volatility, at the time the YP Amazon Fund enters into the sold call option contracts and will vary from call period to call period. The value of the options contracts is affected by changes in the value and dividend rates of AMZN, changes in interest rates, changes in the actual or perceived volatility of AMZN and the remaining time to the options’ expiration, as well as trading conditions in the options market. As the price of AMZN changes and time moves towards the expiration of each call period, the value of the options contracts, and therefore the YP Amazon Fund’s NAV, will change. However, it is not expected for the YP Amazon Fund’s NAV to directly correlate on a day-to-day basis with the returns of AMZN. The amount of time remaining until the options contract’s expiration date affects the impact of the potential options contract income on the YP Amazon Fund’s NAV, which may not be in full effect until the expiration date of the Fund’s options contracts. Therefore, while changes in the price of the AMZN will result in changes to the YP Amazon Fund’s NAV, the YP Amazon Fund generally anticipates that the rate of change in the Fund’s NAV will be different than that experienced by AMZN. When an investor purchases and sells shares of the YP Amazon Fund, such purchases and sales may affect the investor’s performance in light of the Fund’s share price trailing, tracking or outperforming the underlying stock. For example, if an investor purchases shares or sells shares of the YP Amazon Fund immediately prior to, after or during the period the Adviser is entering in covered call transactions for the YP Amazon Fund may heighten the difference between the share price of that investor’s shares and the performance the underlying stock over the period the investor owns YP Amazon Fund shares.

Sector Risk. Sector risk is the possibility that securities within the same group of industries will decline in price due to sector-specific market or economic developments. If the YP Amazon Fund invests more heavily in a particular sector, the value of its shares may be especially sensitive to factors and economic risks that specifically affect that sector. As a result, the YP Amazon Fund’s share price may fluctuate more widely than the value of shares of a fund that invests in a broader range of industries.

Information Technology Sector Risk. The YP Amazon Fund may be sensitive to changes in, and its performance may depend to a greater extent on, the overall condition of the information technology sector. Information technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Information technology companies may have limited product lines, markets, financial resources or personnel. The products of information technology companies may face product obsolescence due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the information technology sector are heavily dependent on patent protection and the expiration of patents may adversely affect the profitability of these companies.

Single Issuer Risk. Issuer-specific attributes may cause an investment in the YP Amazon Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the YP Amazon Fund, which focuses on an individual security (AMZN), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole.

Tax Risk. The YP Amazon Fund invests in derivatives. The federal income tax treatment of a derivative may not be as favorable as a direct investment in an underlying asset. Derivatives may produce taxable income and taxable realized gain. Derivatives may adversely affect the timing, character and amount of income the YP Amazon Fund realizes from its investments. As a result, a larger portion of the YP Amazon Fund’s distributions may be treated as ordinary income rather than as capital gains. In addition, certain derivatives are subject to mark-to-market or straddle provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). If such provisions are applicable, there could be an increase (or decrease) in the amount of taxable dividends paid by the YP Amazon Fund.

The YP Amazon Fund intends to elect and to qualify each year to be treated as a RIC under Subchapter M of the Code. As a RIC, the YP Amazon Fund will not be subject to U.S. federal income tax on the portion of its net investment income and net capital gain that it distributes to Shareholders, provided that it satisfies certain requirements of the Code. If the YP Amazon Fund does not qualify as a RIC for any taxable year and certain relief provisions are not available, the YP Amazon Fund’s taxable income will be subject to tax at the YP Amazon Fund level and to a further tax at the shareholder level when such income is distributed. To comply with the asset diversification test applicable to a RIC, the YP Amazon Fund will attempt to ensure that the value of options it holds is never 25% of the total value of the YP Amazon Fund assets at the close of any quarter. If the YP Amazon Fund’s investments in options were to exceed 25% of the Fund’s total assets at the end of a tax quarter, the Fund, generally, has a grace period to cure such lack of compliance. If the YP Amazon Fund fails to timely cure, it may no longer be eligible to be treated as a RIC.

US Treasury Risk. U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The YP Amazon Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises.

Valuation Risk. The price the YP Amazon Fund could receive upon the sale of a security or other asset may differ from the Fund’s valuation of the security or other asset and from the value used by the Underlying Index, particularly for securities or other assets that trade in low volume or volatile markets or that are valued using a fair value methodology as a result of trade suspensions or for other reasons. In addition, the value of the securities or other assets in the YP Amazon Fund’s portfolio may change on days or during time periods when shareholders will not be able to purchase or sell the Fund’s shares. Authorized Participants who purchase or redeem the YP Amazon Fund shares on days when the YP Amazon Fund is holding fair-valued securities may receive fewer or more shares, or lower or higher redemption proceeds, than they would have received had the YP Amazon Fund not fair-valued securities or used a different valuation methodology. The YP Amazon Fund’s ability to value investments may be impacted by technological issues or errors by pricing services or other third-party service providers.

The following performance information provides some indication of the risks of investing in the YP Amazon Fund by showing changes in the Fund’s performance over time. The following bar chart shows the YP Amazon Fund’s annual returns. The table illustrates how the YP Amazon Fund’s average annual returns for the 1-year and since inception periods compare with those of a broad measure of market performance. Although past performance of the YP Amazon Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. Updated performance information will be available on the YP Amazon Fund’s website at www.kurvinvest.com.

Prior performance shown below is for the Predecessor YP Amazon Fund (the Kurv Yield Premium Strategy Amazon (AMZN) ETF, a former series of NEOS ETF Trust) for dates prior to November 18, 2024. The YP Amazon Fund has adopted the performance of the Predecessor YP Amazon Fund as a result of a reorganization in which the YP Amazon Fund has acquired all the assets and liabilities of the Predecessor YP Amazon Fund (the “Reorganization”). Prior to the Reorganization, the YP Amazon Fund was a newly formed “shell” fund with no assets and had not commenced operations.

The YP Amazon Fund’s year-to-date return as of the most recent calendar quarter ended June 30, 2025, was 1.24%.

During the period shown in the bar chart, the best performance for a quarter was 16.12% for the quarter ended December 31, 2024. The worst performance was -2.31% for the quarter ended September 30, 2024. 

After-tax returns are based on the highest historical individual federal marginal income tax rates, and do not reflect the impact of state and local taxes; actual after-tax returns depend on an individual investor’s tax situation and may differ from those shown. If you own shares of the YP Amazon Fund in a tax-deferred account, such as an individual retirement account or a 401(k) plan, this information is not applicable to your investment. A higher after-tax return results when a capital loss occurs upon redemption and translates into an assumed tax deduction that benefits the shareholder.

The S&P 500 Total Return Index is an unmanaged market capitalization weighted index of 500 of the largest capitalized U.S. domiciled companies. Index returns assume reinvestment of dividends. Investors may not invest in the indexes directly; unlike the Fund’s returns, the indexes do not reflect any fees or expenses.

The Kurv Yield Premium Strategy Google (GOOGL) ETF (the “YP Google Fund”) seeks to provide current income.

The YP Google Fund’s secondary investment objective is to seek exposure to the share price of the common stock of Alphabet Inc. (“GOOGL” or “Google” or the “Underlying Security”), subject to a limit on potential investment gains.

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the YP Google Fund (“Shares”). Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.

This Example is intended to help you compare the cost of investing in the YP Google Fund with the cost of investing in mutual funds and other exchange traded funds.

The Example assumes that you invest $10,000 in the YP Google Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the YP Google Fund’s operating expenses remain the same (including the effect of the Operating Expenses Limitation Agreement through September 30, 2026). The figures shown would be the same whether or not you sold your Shares at the end of each period.

Although your actual costs may be higher or lower, based on these assumptions your costs would be:

The YP Google Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the YP Google Fund’s performance. For the fiscal year ended May 31, 2025, the YP Google Fund’s portfolio turnover rate, excluding in-kind transactions, was 0%.

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

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

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

GOOGL Option Contracts

As part of the YP Google Fund’s synthetic covered call strategy, the YP Google 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 GOOGL.

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 Google Fund - Exchange Traded Options Portfolio.”

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

Synthetic Call and Put Strategy

In seeking to achieve its investment objective, the YP Google 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 Google Fund’s strategies consists of the following elements, which are described in more detail below:

Cash and/or Synthetic Long Exposure

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

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

Call Spreads

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

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

Fund’s Return Profile vs GOOGL

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

Fund Portfolio

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

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

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

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

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

There is no guarantee that the YP Google 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.

Alphabet Inc.

Alphabet Inc. is a collection of businesses - the largest of which are Google Services and Google Cloud. Google Services’ core products and platforms include ads, Android, Chrome, hardware, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube. Google Cloud is a company built in the cloud. Google offers infrastructure, security, data management, analytics and AI services. Google provides businesses with features like data migration, modern development environments, and machine learning tools to provide enterprise-ready cloud services, including Google Cloud Platform and Google Workspace. The YP Google Fund invests in Class A stock, which is the voting stock.

Google Cloud Platform enables developers to build, test, and deploy applications on its highly scalable and reliable infrastructure. Google Workspace collaboration tools include apps like Gmail, Docs, Drive, Calendar and Meet, which are designed with real-time collaboration and machine intelligence to help people work smarter. Google’s invests in emerging businesses at various stages of development, ranging from those in the R&D phase to those that are in the beginning stages of commercialization.

THE YP GOOGLE FUND, TRUST AND ADVISER ARE NOT AFFILIATED WITH ALPHABET INC.

Due to the YP Google Fund’s investment strategy, the YP Google Fund’s investment exposure is concentrated in the same industry as that assigned to GOOGL. As of the date of the Prospectus, GOOGL is assigned to the internet content and information industry.

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

Google Security Risk. Google generates a significant portion of its revenues from advertising, and reduced spending by advertisers, a loss of partners, or new and existing technologies that block ads online and/or affect its ability to customize ads could harm its business. Google’s ongoing investment in new businesses, products, services, and technologies is inherently risky, and could divert management attention and harm its financial condition and operating results.

Google’s revenue growth rate could decline over time. Its intellectual property rights are valuable, and any inability to protect them could reduce the value of its products, services, and brands as well as affect its ability to compete. Google’s business depends on strong brands, and failing to maintain and enhance its brands would hurt its ability to expand its base of users, advertisers, customers, content providers, and other partners.

Google faces a number of manufacturing and supply chain risks that could harm its financial condition, operating results, and prospects. Interruption to, interference with, or failure of its complex information technology and communications systems could hurt its ability to effectively provide its products and services, which could harm its reputation, financial condition, and operating results. In addition, problems with the design or implementation of its new global enterprise resource planning system could harm its business and operations. Google’s international operations expose it to additional risks that could harm its business, its financial condition, and operating results.

People access the Internet through a variety of platforms and devices that continue to evolve with the advancement of technology and user preferences. If manufacturers and users do not widely adopt versions of Google’s products and services developed for these interfaces, its business could be harmed.

Data privacy and security concerns relating to Google’s technology and its practices could damage its reputation, cause it to incur significant liability, and deter current and potential users or customers from using its products and services. Software bugs or defects, security breaches, and attacks on Google’s systems could result in the improper disclosure and use of user data and interference with its users’ and customers’ ability to use its products and services, harming its business operations and reputation.

Google’s ongoing investments in safety, security, and content review will likely continue to identify abuse of its platforms and misuse of user data. Problematic content on its platforms, including low-quality user-generated content, web spam, content farms, and other violations of its guidelines could affect the quality of its services, which could damage its reputation and deter its current and potential users from using its products and services.

Google’s business depends on continued and unimpeded access to the Internet by it and its users. Internet access providers may be able to restrict, block, degrade, or charge for access to certain of its products and services, which could lead to additional expenses and the loss of users and advertisers.

Google faces increased regulatory scrutiny as well as changes in regulatory conditions, laws, and policies governing a wide range of topics that may negatively affect its business. A variety of new and existing laws and/or interpretations could harm its business. It is subject to claims, suits, government investigations, other proceedings, and consent decrees that may harm its business, financial condition, and operating results. It may be subject to legal liability associated with providing online services or content. Privacy and data protection regulations are complex and rapidly evolving areas. Any failure or alleged failure to comply with these laws could harm its business, reputation, financial condition, and operating results. Google faces, and may continue to face, intellectual property and other claims that could be costly to defend, result in significant damage awards or other costs (including indemnification awards), and limit its ability to use certain technologies in the future.

Active Management Risk. The YP Google Fund is actively managed, which means that investment decisions are made based on investment views. There is no guarantee that the investment views will produce the desired results or expected returns, which may cause the YP Google Fund to fail to meet its investment objective or to underperform its benchmark index or funds with similar investment objectives and strategies. Furthermore, active trading that can accompany active management may result in high portfolio turnover, which may have a negative impact on performance. Active trading may result in higher brokerage costs or mark-up charges, which are ultimately passed on to shareholders of the YP Google Fund. Active trading may also result in adverse tax consequences.

Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk. The YP Google Fund has a limited number of financial institutions that may act as Authorized Participants (“APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.

Call Strategy Risks. By writing covered call options in return for the receipt of premiums, the YP Google Fund will give up the opportunity to benefit from potential increases in the value of GOOGL above the exercise prices of the written options, but will continue to bear the risk of declines in the value of GOOGL. The premiums received from the options may not be sufficient to offset any losses sustained from the volatility of the underlying stock over time. In addition, the YP Google Fund’s ability to sell shares of the underlying stock will be limited while the option is in effect unless the YP Google Fund extinguishes the option position through the purchase of an offsetting identical option prior to the expiration of the written option.

The covered call strategy may be subject to imperfect matching or price correlation between the written options and the Underlying Fund, which could reduce the YP Google Fund’s returns. Exchanges may suspend the trading of options (for example due to volatile markets or if trading in the underlying stock is halted). If trading is suspended, the YP Google Fund may be unable to write or purchase options at times that may be desirable or advantageous to the YP Google Fund to do so. If the YP Google Fund is unable to extinguish the option position before exercise, the YP Google Fund may be required to deliver the corresponding shares of the underlying stock, resulting in increased transaction costs, tracking error, underinvestment, and potentially the realization of capital gains. Further, this could lead to re-purchasing shares of the underlying stock or selling the corresponding options at a less favorable price than the YP Google Fund might have received had the options been extinguished.

Additionally, the use of credit call spreads introduces further complexities and risks. While purchasing a higher-strike call option limits potential losses from the short call position, it also reduces the net premium received, which may result in lower overall returns compared to a stand-alone covered call strategy. If the price of GOOGL rises rapidly, the call spread may still cap upside participation, leading to missed profit opportunities. Furthermore, market conditions, such as mispricing between near-the-money and further out-of-the-money options, may impact the effectiveness of the strategy, potentially resulting in lower-than-expected returns or increased losses. The relative pricing of options at different strike levels can vary due to volatility shifts, liquidity constraints, or other market dynamics, adding an additional layer of uncertainty to the YP Google Fund’s performance under this strategy.

Counterparty Risk. A counterparty (the other party to a transaction or an agreement or the party with whom the YP Google Fund executes transactions) to a transaction with the YP Google Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations.

Covered Call Option Writing Risk. By writing covered call options, in return for the receipt of premiums, the YP Google Fund will give up the opportunity to benefit from potential increases in the value of the GOOGL above the exercise prices of such options, but will continue to bear the risk of declines in the value of the GOOGL. The premiums received from the options may not be sufficient to offset any losses sustained from the volatility of the underlying stocks over time. In addition, the YP Google Fund’s ability to sell the securities underlying the options will be limited while the options are in effect unless the YP Google Fund cancels out the option positions through the purchase of offsetting identical options prior to the expiration of the written options. Exchanges may suspend the trading of options in volatile markets. If trading is suspended, the YP Google Fund may be unable to write options at times that may be desirable or advantageous to do so, which may increase the risk of tracking error.

Credit Risk. The risk that the YP Google Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a derivative contract, is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to meet its financial obligations.

Cybersecurity and Disaster Recovery Risks. In connection with the increased use of technologies such as the Internet and the dependence on computer systems to perform necessary business functions, the YP Google Fund is susceptible to operational, information security, and related risks due to the possibility of cyber-attacks or other incidents. Cyber incidents may result from deliberate attacks or unintentional events. Cyber-attacks include, but are not limited to, infection by computer viruses or other malicious software code, gaining unauthorized access to systems, networks, or devices that are used to service the YP Google Fund’s operations through hacking or other means for the purpose of misappropriating assets or sensitive information, corrupting data, or causing operational disruption. Cyber-attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks (which can make a website unavailable) on the YP Google Fund’s website. In addition, authorized persons could inadvertently or intentionally release confidential or proprietary information stored on the YP Google Fund’s systems.

Derivatives Risk. The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset or rate. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities.

Distribution Risk. As part of the YP Google Fund’s investment objective, the YP Google Fund seeks to provide current monthly income. There is no assurance that the YP Google Fund will make a distribution in any given month. If the YP Google Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next. Additionally, the monthly distributions, if any, may consist of returns of capital, which would decrease the YP Google Fund’s NAV and trading price over time. As a result, an investor may suffer significant losses to their investment.

Equity Risk. The net asset value of the YP Google Fund will fluctuate based on changes in the value of the U.S. equity securities held by the YP Google Fund. Equity prices can fall rapidly in response to developments affecting a specific company or industry, or to changing economic, political or market conditions.

Exchange Traded Fund Structure Risk. The YP Google Fund is structured as an exchange traded fund and as a result is subject to special risks, including:

Fixed Income Securities Risk. When the YP Google Fund invests in fixed income securities, the value of your investment in the YP Google Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the YP Google Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the YP Google Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the YP Google Fund, possibly causing the YP Google Fund’s share price and total return to be reduced and fluctuate more than other types of investments.

Interest Rate Risk. The risk that fixed income securities and dividend paying equity securities will decline in value because of an increase in interest rates; a fund with a longer average portfolio duration will be more sensitive to changes in interest rates than a fund with a shorter average portfolio duration.

Liquidity Risk. Some securities held by the YP Google Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil. This risk is greater for the YP Google Fund as it will hold options contracts on a single security, and not a broader range of options contracts. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, epidemics/pandemics, new legislation or regulatory changes inside or outside the United States. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the YP Google Fund is forced to sell an illiquid security at an unfavorable time or price, the YP Google Fund may be adversely impacted. Certain market conditions or restrictions, such as market rules related to short sales, may prevent the YP Google Fund from limiting losses, realizing gains or achieving a high correlation with GOOGL. There is no assurance that a security that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the YP Google Fund.

Market and Geopolitical Risk. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the YP Google Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, tariffs, trade wars, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects.

Money Market Instrument Risk. The YP Google Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Repurchase agreements are contracts in which a seller of securities agrees to buy the securities back at a specified time and price. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments, including money market funds, may lose money through fees or other means.

NAV Erosion Risk Due to Distributions. When the YP Google Fund makes a distribution, the YP Google Fund’s NAV will typically drop by the amount of the distribution on the related ex-dividend date. The repeated payment of distributions by the YP Google Fund, if any, may significantly erode the YP Google Fund’s NAV and trading price over time. As a result, an investor may suffer significant losses to their investment in the YP Google Fund shares.

New Adviser Risk. The Adviser has only recently commenced managing ETFs. ETFs and their advisers are subject to restrictions and limitations imposed by the Investment Company Act of 1940, as amended, and the Internal Revenue Code that do not apply to the adviser’s management of other types of individual and institutional accounts. As a result, investors do not have a long-term track record of managing a mutual fund from which to judge the Adviser and the Adviser may not achieve the intended result in managing the YP Google Fund.

Non-Diversified Risk. The YP Google Fund is non-diversified. This means that the YP Google Fund, unlike a diversified fund, will have a larger portion of its assets exposed to the performance of a single stock than a diversified fund. Because a relatively high percentage of the YP Google Fund’s assets will be exposed to the performance of a single stock related to one economic sector, the YP Google Fund’s portfolio may be more susceptible to any single economic, or regulatory occurrence than the portfolio of a diversified fund.

Operational Risk. The YP Google Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the YP Google Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The YP Google Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the YP Google Fund’s ability to meet its investment objective. Although the YP Google Fund and Adviser seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.

Options Risk. There are risks associated with the sale and purchase of call and put options. As a seller (writer) of a put option, the YP Google Fund will tend to lose money if the value of the reference index or security falls below the strike price. As the seller (writer) of a call option, the YP Google Fund will tend to lose money if the value of the reference index or security rises above the strike price. As the buyer of a put or call option, the YP Google Fund risks losing the entire premium invested in the option if the YP Google Fund does not exercise the option.

Portfolio Turnover Risk. Due to its investment strategy, the YP Google Fund may buy and sell securities frequently. This may result in higher transaction costs and additional capital gains tax liabilities, which may affect the YP Google Fund’s performance.

Price Participation Risk. The YP Google Fund employs an investment strategy that includes the sale of call option contracts, which limits the degree to which the YP Google Fund will participate in increases in value experienced by GOOGL over the call period. This means that if GOOGL experiences an increase in value above the strike price of the sold call options during a call period, the YP Google Fund will likely not experience that increase to the same extent and may significantly underperform GOOGL over the call period. Additionally, because the YP Google Fund is limited in the degree to which it will participate in increases in value experienced by GOOGL over each call period, but has full exposure to any decreases in value experienced by GOOGL over the call period, the NAV of the YP Google Fund may decrease over any given time period. The YP Google Fund’s NAV is dependent on the value of each options portfolio, which is based principally upon the performance of GOOGL. The degree of participation in GOOGL gains the YP Google Fund will experience will depend on prevailing market conditions, especially market volatility, at the time the YP Google Fund enters into the sold call option contracts and will vary from call period to call period. The value of the options contracts is affected by changes in the value and dividend rates of GOOGL, changes in interest rates, changes in the actual or perceived volatility of GOOGL and the remaining time to the options’ expiration, as well as trading conditions in the options market. As the price of GOOGL changes and time moves towards the expiration of each call period, the value of the options contracts, and therefore the YP Google Fund’s NAV, will change. However, it is not expected for the YP Google Fund’s NAV to directly correlate on a day-to-day basis with the returns of GOOGL. The amount of time remaining until the options contract’s expiration date affects the impact of the potential options contract income on the YP Google Fund’s NAV, which may not be in full effect until the expiration date of the YP Google Fund’s options contracts. Therefore, while changes in the price of the GOOGL will result in changes to the YP Google Fund’s NAV, the YP Google Fund generally anticipates that the rate of change in the YP Google Fund’s NAV will be different than that experienced by GOOGL. When an investor purchases and sells shares of the YP Google Fund, such purchases and sales may affect the investor’s performance in light of the YP Google Fund’s share price trailing, tracking or outperforming the underlying stock. For example, if an investor purchases shares or sells shares of the YP Google Fund immediately prior to, after or during the period the Adviser is entering in covered call transactions for the YP Google Fund may heighten the difference between the share price of that investor’s shares and the performance the underlying stock over the period the investor owns the YP Google Fund shares.

Sector Risk. Sector risk is the possibility that securities within the same group of industries will decline in price due to sector-specific market or economic developments. If the YP Google Fund invests more heavily in a particular sector, the value of its shares may be especially sensitive to factors and economic risks that specifically affect that sector. As a result, the YP Google Fund’s share price may fluctuate more widely than the value of shares of a fund that invests in a broader range of industries.

Information Technology Sector Risk. The YP Google Fund may be sensitive to changes in, and its performance may depend to a greater extent on, the overall condition of the information technology sector. Information technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Information technology companies may have limited product lines, markets, financial resources or personnel. The products of information technology companies may face product obsolescence due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the information technology sector are heavily dependent on patent protection and the expiration of patents may adversely affect the profitability of these companies.

Single Issuer Risk. Issuer-specific attributes may cause an investment in the YP Google Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the YP Google Fund, which focuses on an individual security (GOOGL), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole.

Tax Risk. The YP Google Fund invests in derivatives. The federal income tax treatment of a derivative may not be as favorable as a direct investment in an underlying asset. Derivatives may produce taxable income and taxable realized gain. Derivatives may adversely affect the timing, character and amount of income the YP Google Fund realizes from its investments. As a result, a larger portion of the YP Google Fund’s distributions may be treated as ordinary income rather than as capital gains. In addition, certain derivatives are subject to mark-to-market or straddle provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). If such provisions are applicable, there could be an increase (or decrease) in the amount of taxable dividends paid by the YP Google Fund.

The YP Google Fund intends to elect and to qualify each year to be treated as a RIC under Subchapter M of the Code. As a RIC, the YP Google Fund will not be subject to U.S. federal income tax on the portion of its net investment income and net capital gain that it distributes to Shareholders, provided that it satisfies certain requirements of the Code. If the YP Google Fund does not qualify as a RIC for any taxable year and certain relief provisions are not available, the YP Google Fund’s taxable income will be subject to tax at the YP Google Fund level and to a further tax at the shareholder level when such income is distributed. To comply with the asset diversification test applicable to a RIC, the YP Google Fund will attempt to ensure that the value of options it holds is never 25% of the total value of Fund assets at the close of any quarter. If the YP Google Fund’s investments in options were to exceed 25% of the YP Google Fund’s total assets at the end of a tax quarter, the YP Google Fund, generally, has a grace period to cure such lack of compliance. If the YP Google Fund fails to timely cure, it may no longer be eligible to be treated as a RIC.

US Treasury Risk. U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The YP Google Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises.

Valuation Risk. The price the YP Google Fund could receive upon the sale of a security or other asset may differ from the YP Google Fund’s valuation of the security or other asset and from the value used by the Underlying Index, particularly for securities or other assets that trade in low volume or volatile markets or that are valued using a fair value methodology as a result of trade suspensions or for other reasons. In addition, the value of the securities or other assets in the YP Google Fund’s portfolio may change on days or during time periods when shareholders will not be able to purchase or sell the YP Google Fund’s shares. Authorized Participants who purchase or redeem the YP Google Fund shares on days when the YP Google Fund is holding fair-valued securities may receive fewer or more shares, or lower or higher redemption proceeds, than they would have received had the YP Google Fund not fair-valued securities or used a different valuation methodology. The YP Google Fund’s ability to value investments may be impacted by technological issues or errors by pricing services or other third-party service providers.

The following performance information provides some indication of the risks of investing in the YP Google Fund by showing changes in the Fund’s performance over time. The following bar chart shows the YP Google Fund’s annual returns. The table illustrates how the YP Google Fund’s average annual returns for the 1-year and since inception periods compare with those of a broad measure of market performance. Although past performance of the YP Google Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. Updated performance information will be available on the YP Google Fund’s website at www.kurvinvest.com.

Prior performance shown below is for the Predecessor YP Google Fund (the Kurv Yield Premium Strategy Google (GOOGL) ETF) for dates prior to November 18, 2024. The YP Google Fund has adopted the performance of the Predecessor YP Google Fund as a result of a reorganization in which the YP Google Fund has acquired all the assets and liabilities of the Predecessor YP Google Fund (the “Reorganization”). Prior to the Reorganization, the YP Google Fund was a newly formed “shell” fund with no assets and had not commenced operations.

The YP Google Fund’s year-to-date return as of the most recent calendar quarter ended June 30, 2025, was -7.19%.

During the period shown in the bar chart, the best performance for a quarter was 18.00% for the quarter ended June 30, 2024. The worst performance was -7.33% for the quarter ended September 30, 2024.

After-tax returns are based on the highest historical individual federal marginal income tax rates, and do not reflect the impact of state and local taxes; actual after-tax returns depend on an individual investor’s tax situation and may differ from those shown. If you own shares of the YP Google Fund in a tax-deferred account, such as an individual retirement account or a 401(k) plan, this information is not applicable to your investment. A higher after-tax return results when a capital loss occurs upon redemption and translates into an assumed tax deduction that benefits the shareholder.

The S&P 500 Total Return Index is an unmanaged market capitalization weighted index of 500 of the largest capitalized U.S. domiciled companies. Index returns assume reinvestment of dividends. Investors may not invest in the indexes directly; unlike the Fund’s returns, the indexes do not reflect any fees or expenses.

The Kurv Yield Premium Strategy Microsoft (MSFT) ETF (the “YP Microsoft Fund”) seeks to provide current income.

The YP Microsoft Fund’s secondary investment objective is to seek exposure to the share price of the common stock of Microsoft Corporation (“MSFT” or “Microsoft” or the “Underlying Security”), subject to a limit on potential investment gains.

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the YP Microsoft Fund (“Shares”). Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)

This Example is intended to help you compare the cost of investing in the YP Microsoft Fund with the cost of investing in mutual funds and other exchange traded funds.

The Example assumes that you invest $10,000 in the YP Microsoft Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the YP Microsoft Fund’s operating expenses remain the same (including the effect of the Operating Expenses Limitation Agreement through September 30, 2026). The figures shown would be the same whether or not you sold your Shares at the end of each period.

Although your actual costs may be higher or lower, based on these assumptions your costs would be:

The YP Microsoft Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the YP Microsoft Fund’s performance. For the fiscal year ended May 31, 2025, the YP Microsoft Fund’s portfolio turnover rate, excluding in-kind transactions, was 0%.

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.

Microsoft Risk. Microsoft’s business can be impacted by political events, trade and other international disputes, war, terrorism, natural disasters, public health issues, industrial accidents and other business interruptions.

Global markets for Microsoft’s products and services are highly competitive and subject to rapid technological change, and the company may be unable to compete effectively in these markets.

Business Risks - To remain competitive and stimulate customer demand, Microsoft must successfully manage frequent introductions and transitions of products and services. The company depends on component and product manufacturing and logistical services provided by outsourcing partners, many of which are located outside of the U.S.

Future operating results depend upon the company’s ability to obtain components in sufficient quantities on commercially reasonable terms. Microsoft’s products and services may be affected from time to time by design and manufacturing defects that could materially adversely affect the Company’s business and result in harm to the company’s reputation. The company is exposed to the risk of write-downs on the value of its inventory and other assets, in addition to purchase commitment cancellation risk. The company relies on access to third-party intellectual property, which may not be available to the company on commercially reasonable terms or at all. The company’s future performance depends in part on support from third-party software developers. Failure to obtain or create digital content that appeals to the company’s customers, or to make such content available on commercially reasonable terms, could have a material adverse impact on the company’s business, results of operations and financial condition. The company’s success depends largely on the continued service and availability of highly skilled employees, including key personnel. The company depends on the performance of carriers, wholesalers, retailers and other resellers. The company’s business and reputation are impacted by information technology system failures and network disruptions. Losses or unauthorized access to or releases of confidential information, including personal information, could subject the company to significant reputational, financial, legal and operational consequences. Investment in new business strategies and acquisitions could disrupt the company’s ongoing business, present risks not originally contemplated and adversely affect the company’s business, reputation, results of operations and financial condition. The company’s retail stores have required and will continue to require a substantial investment and commitment of resources and are subject to numerous risks and uncertainties.

Legal and Regulatory Compliance Risks - Microsoft’s business, results of operations and financial condition could be adversely impacted by unfavorable results of legal proceedings or government investigations. The company is subject to complex and changing laws and regulations worldwide, which exposes the company to potential liabilities, increased costs and other adverse effects on the company’s business. The technology industry, including, in some instances, the company, is subject to intense media, political and regulatory scrutiny, which exposes the company to increasing regulation, government investigations, legal actions and penalties. The company’s business is subject to a variety of U.S. and international laws, rules, policies and other obligations regarding data protection.

Financial Risks - Microsoft expects its quarterly net sales and results of operations to fluctuate. The Company’s financial performance is subject to risks associated with changes in the value of the U.S. dollar relative to local currencies. The company is exposed to credit risk and fluctuations in the values of its investment portfolio. The company is exposed to credit risk on its trade accounts receivable, vendor non-trade receivables and prepayments related to long-term supply agreements, and this risk is heightened during periods when economic conditions worsen. The company is subject to changes in tax rates, the adoption of new U.S. or international tax legislation and exposure to additional tax liabilities.

Active Management Risk. The YP Microsoft Fund is actively managed, which means that investment decisions are made based on investment views. There is no guarantee that the investment views will produce the desired results or expected returns, which may cause the YP Microsoft Fund to fail to meet its investment objective or to underperform its benchmark index or funds with similar investment objectives and strategies. Furthermore, active trading that can accompany active management may result in high portfolio turnover, which may have a negative impact on performance. Active trading may result in higher brokerage costs or mark-up charges, which are ultimately passed on to shareholders of the YP Microsoft Fund. Active trading may also result in adverse tax consequences.

Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk. The YP Microsoft Fund has a limited number of financial institutions that may act as Authorized Participants (“APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.

Call Strategy Risks. By writing covered call options in return for the receipt of premiums, the YP Microsoft Fund will give up the opportunity to benefit from potential increases in the value of MSFT above the exercise prices of the written options, but will continue to bear the risk of declines in the value of MSFT. The premiums received from the options may not be sufficient to offset any losses sustained from the volatility of the underlying stock over time. In addition, the YP Microsoft Fund’s ability to sell shares of the underlying stock will be limited while the option is in effect unless the YP Microsoft Fund extinguishes the option position through the purchase of an offsetting identical option prior to the expiration of the written option.

The covered call strategy may be subject to imperfect matching or price correlation between the written options and the Underlying Fund, which could reduce the YP Microsoft Fund’s returns. Exchanges may suspend the trading of options (for example due to volatile markets or if trading in the underlying stock is halted). If trading is suspended, the YP Microsoft Fund may be unable to write or purchase options at times that may be desirable or advantageous to the YP Microsoft Fund to do so. If the YP Microsoft Fund is unable to extinguish the option position before exercise, the YP Microsoft Fund may be required to deliver the corresponding shares of the underlying stock, resulting in increased transaction costs, tracking error, underinvestment, and potentially the realization of capital gains. Further, this could lead to re-purchasing shares of the underlying stock or selling the corresponding options at a less favorable price than the YP Microsoft Fund might have received had the options been extinguished.

Additionally, the use of credit call spreads introduces further complexities and risks. While purchasing a higher-strike call option limits potential losses from the short call position, it also reduces the net premium received, which may result in lower overall returns compared to a stand-alone covered call strategy. If the price of MSFT rises rapidly, the call spread may still cap upside participation, leading to missed profit opportunities. Furthermore, market conditions, such as mispricing between near-the-money and further out-of-the-money options, may impact the effectiveness of the strategy, potentially resulting in lower-than-expected returns or increased losses. The relative pricing of options at different strike levels can vary due to volatility shifts, liquidity constraints, or other market dynamics, adding an additional layer of uncertainty to the YP Microsoft Fund’s performance under this strategy.

Counterparty Risk. A counterparty (the other party to a transaction or an agreement or the party with whom the YP Microsoft Fund executes transactions) to a transaction with the YP Microsoft Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations.

Covered Call Option Writing Risk. By writing covered call options, in return for the receipt of premiums, the YP Microsoft Fund will give up the opportunity to benefit from potential increases in the value of the MSFT above the exercise prices of such options, but will continue to bear the risk of declines in the value of the MSFT. The premiums received from the options may not be sufficient to offset any losses sustained from the volatility of the underlying stocks over time. In addition, the YP Microsoft Fund’s ability to sell the securities underlying the options will be limited while the options are in effect unless the YP Microsoft Fund cancels out the option positions through the purchase of offsetting identical options prior to the expiration of the written options. Exchanges may suspend the trading of options in volatile markets. If trading is suspended, the YP Microsoft Fund may be unable to write options at times that may be desirable or advantageous to do so, which may increase the risk of tracking error.

Credit Risk. The risk that the YP Microsoft Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a derivative contract, is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to meet its financial obligations.

Cybersecurity and Disaster Recovery Risks. In connection with the increased use of technologies such as the Internet and the dependence on computer systems to perform necessary business functions, the YP Microsoft Fund is susceptible to operational, information security, and related risks due to the possibility of cyber-attacks or other incidents. Cyber incidents may result from deliberate attacks or unintentional events. Cyber-attacks include, but are not limited to, infection by computer viruses or other malicious software code, gaining unauthorized access to systems, networks, or devices that are used to service the YP Microsoft Fund’s operations through hacking or other means for the purpose of misappropriating assets or sensitive information, corrupting data, or causing operational disruption. Cyber-attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks (which can make a website unavailable) on the YP Microsoft Fund’s website. In addition, authorized persons could inadvertently or intentionally release confidential or proprietary information stored on the YP Microsoft Fund’s systems.

Derivatives Risk. The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset or rate. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities.

Distribution Risk. As part of the YP Microsoft Fund’s investment objective, the YP Microsoft Fund seeks to provide current monthly income. There is no assurance that the YP Microsoft Fund will make a distribution in any given month. If the YP Microsoft Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next. Additionally, the monthly distributions, if any, may consist of returns of capital, which would decrease the YP Microsoft Fund’s NAV and trading price over time. As a result, an investor may suffer significant losses to their investment.

Equity Risk. The net asset value of the YP Microsoft Fund will fluctuate based on changes in the value of the U.S. equity securities held by the YP Microsoft Fund. Equity prices can fall rapidly in response to developments affecting a specific company or industry, or to changing economic, political or market conditions.

Exchange Traded Fund Structure Risk. The YP Microsoft Fund is structured as an exchange traded fund and as a result is subject to special risks, including:

Fixed Income Securities Risk. When the YP Microsoft Fund invests in fixed income securities, the value of your investment in the YP Microsoft Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the YP Microsoft Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the YP Microsoft Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the YP Microsoft Fund, possibly causing the YP Microsoft Fund’s share price and total return to be reduced and fluctuate more than other types of investments.

Interest Rate Risk. The risk that fixed income securities and dividend paying equity securities will decline in value because of an increase in interest rates; a fund with a longer average portfolio duration will be more sensitive to changes in interest rates than a fund with a shorter average portfolio duration.

Liquidity Risk. Some securities held by the YP Microsoft Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil. This risk is greater for the YP Microsoft Fund as it will hold options contracts on a single security, and not a broader range of options contracts. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, epidemics/pandemics, new legislation or regulatory changes inside or outside the United States. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the YP Microsoft Fund is forced to sell an illiquid security at an unfavorable time or price, the YP Microsoft Fund may be adversely impacted. Certain market conditions or restrictions, such as market rules related to short sales, may prevent the YP Microsoft Fund from limiting losses, realizing gains or achieving a high correlation with MSFT. There is no assurance that a security that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the YP Microsoft Fund.

Market and Geopolitical Risk. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the YP Microsoft Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, tariffs, trade wars, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects.

Money Market Instrument Risk. The YP Microsoft Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Repurchase agreements are contracts in which a seller of securities agrees to buy the securities back at a specified time and price. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments, including money market funds, may lose money through fees or other means.

NAV Erosion Risk Due to Distributions. When the YP Microsoft Fund makes a distribution, the YP Microsoft Fund’s NAV will typically drop by the amount of the distribution on the related ex-dividend date. The repeated payment of distributions by the YP Microsoft Fund, if any, may significantly erode the YP Microsoft Fund’s NAV and trading price over time. As a result, an investor may suffer significant losses to their investment in the YP Microsoft Fund shares.

New Adviser Risk. The Adviser has only recently commenced managing ETFs. ETFs and their advisers are subject to restrictions and limitations imposed by the Investment Company Act of 1940, as amended, and the Internal Revenue Code that do not apply to the adviser’s management of other types of individual and institutional accounts. As a result, investors do not have a long-term track record of managing a mutual fund from which to judge the Adviser and the Adviser may not achieve the intended result in managing the YP Microsoft Fund.

Non-Diversified Risk. The YP Microsoft Fund is non-diversified. This means that the YP Microsoft Fund, unlike a diversified fund, will have a larger portion of its assets exposed to the performance of a single stock than a diversified fund. Because a relatively high percentage of the YP Microsoft Fund’s assets will be exposed to the performance of a single stock related to one economic sector, the YP Microsoft Fund’s portfolio may be more susceptible to any single economic, or regulatory occurrence than the portfolio of a diversified fund.

Operational Risk. The YP Microsoft Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the YP Microsoft Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The YP Microsoft Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the YP Microsoft Fund’s ability to meet its investment objective. Although the YP Microsoft Fund and Adviser seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.

Options Risk. There are risks associated with the sale and purchase of call and put options. As a seller (writer) of a put option, the YP Microsoft Fund will tend to lose money if the value of the reference index or security falls below the strike price. As the seller (writer) of a call option, the YP Microsoft Fund will tend to lose money if the value of the reference index or security rises above the strike price. As the buyer of a put or call option, the YP Microsoft Fund risks losing the entire premium invested in the option if the YP Microsoft Fund does not exercise the option.

Portfolio Turnover Risk. Due to its investment strategy, the YP Microsoft Fund may buy and sell securities frequently. This may result in higher transaction costs and additional capital gains tax liabilities, which may affect the YP Microsoft Fund’s performance.

Price Participation Risk. 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. Additionally, because the YP Microsoft Fund is limited in the degree to which it will participate in increases in value experienced by MSFT over each call period, but has full exposure to any decreases in value experienced by MSFT over the call period, the NAV of the YP Microsoft Fund may decrease over any given time period. The YP Microsoft Fund’s NAV is dependent on the value of each options portfolio, which is based principally upon the performance of MSFT. The degree of participation in MSFT gains the YP Microsoft Fund will experience will depend on prevailing market conditions, especially market volatility, at the time the YP Microsoft Fund enters into the sold call option contracts and will vary from call period to call period. The value of the options contracts is affected by changes in the value and dividend rates of MSFT, changes in interest rates, changes in the actual or perceived volatility of MSFT and the remaining time to the options’ expiration, as well as trading conditions in the options market. As the price of MSFT changes and time moves towards the expiration of each call period, the value of the options contracts, and therefore the YP Microsoft Fund’s NAV, will change. However, it is not expected for the YP Microsoft Fund’s NAV to directly correlate on a day-to-day basis with the returns of MSFT. The amount of time remaining until the options contract’s expiration date affects the impact of the potential options contract income on the YP Microsoft Fund’s NAV, which may not be in full effect until the expiration date of the YP Microsoft Fund’s options contracts. Therefore, while changes in the price of the MSFT will result in changes to the YP Microsoft Fund’s NAV, the YP Microsoft Fund generally anticipates that the rate of change in the YP Microsoft Fund’s NAV will be different than that experienced by MSFT. When an investor purchases and sells shares of the YP Microsoft Fund, such purchases and sales may affect the investor’s performance in light of the YP Microsoft Fund’s share price trailing, tracking or outperforming the underlying stock. For example, if an investor purchases shares or sells shares of the YP Microsoft Fund immediately prior to, after or during the period the Adviser is entering in covered call transactions for the YP Microsoft Fund may heighten the difference between the share price of that investor’s shares and the performance the underlying stock over the period the investor owns Fund shares.

Sector Risk. Sector risk is the possibility that securities within the same group of industries will decline in price due to sector-specific market or economic developments. If the YP Microsoft Fund invests more heavily in a particular sector, the value of its shares may be especially sensitive to factors and economic risks that specifically affect that sector. As a result, the YP Microsoft Fund’s share price may fluctuate more widely than the value of shares of a fund that invests in a broader range of industries.

Information Technology Sector Risk. The YP Microsoft Fund may be sensitive to changes in, and its performance may depend to a greater extent on, the overall condition of the information technology sector. Information technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Information technology companies may have limited product lines, markets, financial resources or personnel. The products of information technology companies may face product obsolescence due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the information technology sector are heavily dependent on patent protection and the expiration of patents may adversely affect the profitability of these companies.

Single Issuer Risk. Issuer-specific attributes may cause an investment in the YP Microsoft Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the YP Microsoft Fund, which focuses on an individual security (MSFT), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole.

Tax Risk. The YP Microsoft Fund invests in derivatives. The federal income tax treatment of a derivative may not be as favorable as a direct investment in an underlying asset. Derivatives may produce taxable income and taxable realized gain. Derivatives may adversely affect the timing, character and amount of income the YP Microsoft Fund realizes from its investments. As a result, a larger portion of the YP Microsoft Fund’s distributions may be treated as ordinary income rather than as capital gains. In addition, certain derivatives are subject to mark-to-market or straddle provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). If such provisions are applicable, there could be an increase (or decrease) in the amount of taxable dividends paid by the YP Microsoft Fund.

The YP Microsoft Fund intends to elect and to qualify each year to be treated as a RIC under Subchapter M of the Code. As a RIC, the YP Microsoft Fund will not be subject to U.S. federal income tax on the portion of its net investment income and net capital gain that it distributes to Shareholders, provided that it satisfies certain requirements of the Code. If the YP Microsoft Fund does not qualify as a RIC for any taxable year and certain relief provisions are not available, the YP Microsoft Fund’s taxable income will be subject to tax at the YP Microsoft Fund level and to a further tax at the shareholder level when such income is distributed. To comply with the asset diversification test applicable to a RIC, the YP Microsoft Fund will attempt to ensure that the value of options it holds is never 25% of the total value of the YP Microsoft Fund assets at the close of any quarter. If the YP Microsoft Fund’s investments in options were to exceed 25% of the YP Microsoft Fund’s total assets at the end of a tax quarter, the YP Microsoft Fund, generally, has a grace period to cure such lack of compliance. If the YP Microsoft Fund fails to timely cure, it may no longer be eligible to be treated as a RIC.

US Treasury Risk. U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The YP Microsoft Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises.

Valuation Risk. The price the YP Microsoft Fund could receive upon the sale of a security or other asset may differ from the YP Microsoft Fund’s valuation of the security or other asset and from the value used by the Underlying Index, particularly for securities or other assets that trade in low volume or volatile markets or that are valued using a fair value methodology as a result of trade suspensions or for other reasons. In addition, the value of the securities or other assets in the YP Microsoft Fund’s portfolio may change on days or during time periods when shareholders will not be able to purchase or sell the YP Microsoft Fund’s shares. Authorized Participants who purchase or redeem the YP Microsoft Fund shares on days when the YP Microsoft Fund is holding fair-valued securities may receive fewer or more shares, or lower or higher redemption proceeds, than they would have received had the YP Microsoft Fund not fair-valued securities or used a different valuation methodology. The YP Microsoft Fund’s ability to value investments may be impacted by technological issues or errors by pricing services or other third-party service providers.

The following performance information provides some indication of the risks of investing in the YP Microsoft Fund by showing changes in the Fund’s performance over time. The following bar chart shows the YP Microsoft Fund’s annual returns. The table illustrates how the YP Microsoft Fund’s average annual returns for the 1-year and since inception periods compare with those of a broad measure of market performance. Although past performance of the YP Microsoft Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. Updated performance information will be available on the YP Microsoft Fund’s website at www.kurvinvest.com.

Prior performance shown below is for the Predecessor YP Microsoft Fund (the Kurv Yield Premium Strategy Microsoft (MSFT) ETF for dates prior to November 18, 2024. The YP Microsoft Fund has adopted the performance of the Predecessor YP Microsoft Fund as a result of a reorganization in which the YP Microsoft Fund has acquired all the assets and liabilities of the Predecessor YP Microsoft Fund (the “Reorganization”). Prior to the Reorganization, the YP Microsoft Fund was a newly formed “shell” fund with no assets and had not commenced operations.

The YP Microsoft Fund’s year-to-date return as of the most recent calendar quarter ended June 30, 2025, was 12.49%.

During the period shown in the bar chart, the best performance for a quarter was 10.97% for the quarter ended March 31, 2024. The worst performance was -3.47% for the quarter ended September 30, 2024. 

After-tax returns are based on the highest historical individual federal marginal income tax rates, and do not reflect the impact of state and local taxes; actual after-tax returns depend on an individual investor’s tax situation and may differ from those shown. If you own shares of the YP Microsoft Fund in a tax-deferred account, such as an individual retirement account or a 401(k) plan, this information is not applicable to your investment. A higher after-tax return results when a capital loss occurs upon redemption and translates into an assumed tax deduction that benefits the shareholder.

The S&P 500 Total Return Index is an unmanaged market capitalization weighted index of 500 of the largest capitalized U.S. domiciled companies. Index returns assume reinvestment of dividends. Investors may not invest in the indexes directly; unlike the Fund’s returns, the indexes do not reflect any fees or expenses.

The Kurv Yield Premium Strategy Netflix (NFLX) ETF (the “YP Netflix Fund”) seeks to provide current income.

The YP Netflix Fund’s secondary investment objective is to seek exposure to the share price of the common stock of Netflix Inc. (“NFLX” or “Netflix” or the “Underlying Security”), subject to a limit on potential investment gains.

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the YP Netflix Fund (“Shares”). Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.

This Example is intended to help you compare the cost of investing in the YP Netflix Fund with the cost of investing in mutual funds and other exchange traded funds.

The Example assumes that you invest $10,000 in the YP Netflix Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the YP Netflix Fund’s operating expenses remain the same (including the effect of the Operating Expenses Limitation Agreement through September 30, 2026). The figures shown would be the same whether or not you sold your Shares at the end of each period.

Although your actual costs may be higher or lower, based on these assumptions your costs would be: 

The YP Netflix Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the YP Netflix Fund’s performance. For the fiscal year ended May 31, 2025, the Fund’s portfolio turnover rate, excluding in-kind transactions, was 0%.

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.

Netflix Risk. Netflix, Inc. faces risks related to maintaining and expanding membership for its streaming services; competition in the entertainment video market; unforeseen costs or liability in connection with content that is acquired, produced, licensed and/or distributed through its service; the ability to manage change and growth in its business; costs and challenges associated with strategic acquisitions and investments; regulatory changes and legal issues; protecting its intellectual property; consumer data privacy issues; and network operators handling and changing data access.

Active Management Risk. The YP Netflix Fund is actively managed, which means that investment decisions are made based on investment views. There is no guarantee that the investment views will produce the desired results or expected returns, which may cause the YP Netflix Fund to fail to meet its investment objective or to underperform its benchmark index or funds with similar investment objectives and strategies. Furthermore, active trading that can accompany active management may result in high portfolio turnover, which may have a negative impact on performance. Active trading may result in higher brokerage costs or mark-up charges, which are ultimately passed on to shareholders of the YP Netflix Fund. Active trading may also result in adverse tax consequences.

Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk. The YP Netflix Fund has a limited number of financial institutions that may act as Authorized Participants (“APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.

Call Strategy Risks. By writing covered call options in return for the receipt of premiums, the YP Netflix Fund will give up the opportunity to benefit from potential increases in the value of NFLX above the exercise prices of the written options, but will continue to bear the risk of declines in the value of NFLX. The premiums received from the options may not be sufficient to offset any losses sustained from the volatility of the underlying stock over time. In addition, the YP Netflix Fund’s ability to sell shares of the underlying stock will be limited while the option is in effect unless the YP Netflix Fund extinguishes the option position through the purchase of an offsetting identical option prior to the expiration of the written option.

The covered call strategy may be subject to imperfect matching or price correlation between the written options and the Underlying Fund, which could reduce the YP Netflix Fund’s returns. Exchanges may suspend the trading of options (for example due to volatile markets or if trading in the underlying stock is halted). If trading is suspended, the YP Netflix Fund may be unable to write or purchase options at times that may be desirable or advantageous to the YP Netflix Fund to do so. If the YP Netflix Fund is unable to extinguish the option position before exercise, the YP Netflix Fund may be required to deliver the corresponding shares of the underlying stock, resulting in increased transaction costs, tracking error, underinvestment, and potentially the realization of capital gains. Further, this could lead to re-purchasing shares of the underlying stock or selling the corresponding options at a less favorable price than the YP Netflix Fund might have received had the options been extinguished.

Additionally, the use of credit call spreads introduces further complexities and risks. While purchasing a higher-strike call option limits potential losses from the short call position, it also reduces the net premium received, which may result in lower overall returns compared to a stand-alone covered call strategy. If the price of NFLX rises rapidly, the call spread may still cap upside participation, leading to missed profit opportunities. Furthermore, market conditions, such as mispricing between near-the-money and further out-of-the-money options, may impact the effectiveness of the strategy, potentially resulting in lower-than-expected returns or increased losses. The relative pricing of options at different strike levels can vary due to volatility shifts, liquidity constraints, or other market dynamics, adding an additional layer of uncertainty to the YP Netflix Fund’s performance under this strategy.

Counterparty Risk. A counterparty (the other party to a transaction or an agreement or the party with whom the YP Netflix Fund executes transactions) to a transaction with the YP Netflix Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations.

Covered Call Option Writing Risk. By writing covered call options, in return for the receipt of premiums, the YP Netflix Fund will give up the opportunity to benefit from potential increases in the value of the NFLX above the exercise prices of such options, but will continue to bear the risk of declines in the value of the NFLX. The premiums received from the options may not be sufficient to offset any losses sustained from the volatility of the underlying stocks over time. In addition, the YP Netflix Fund’s ability to sell the securities underlying the options will be limited while the options are in effect unless the YP Netflix Fund cancels out the option positions through the purchase of offsetting identical options prior to the expiration of the written options. Exchanges may suspend the trading of options in volatile markets. If trading is suspended, the YP Netflix Fund may be unable to write options at times that may be desirable or advantageous to do so, which may increase the risk of tracking error.

Credit Risk. The risk that the YP Netflix Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a derivative contract, is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to meet its financial obligations.

Cybersecurity and Disaster Recovery Risks. In connection with the increased use of technologies such as the Internet and the dependence on computer systems to perform necessary business functions, the YP Netflix Fund is susceptible to operational, information security, and related risks due to the possibility of cyber-attacks or other incidents. Cyber incidents may result from deliberate attacks or unintentional events. Cyber-attacks include, but are not limited to, infection by computer viruses or other malicious software code, gaining unauthorized access to systems, networks, or devices that are used to service the YP Netflix Fund’s operations through hacking or other means for the purpose of misappropriating assets or sensitive information, corrupting data, or causing operational disruption. Cyber-attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks (which can make a website unavailable) on the YP Netflix Fund’s website. In addition, authorized persons could inadvertently or intentionally release confidential or proprietary information stored on the YP Netflix Fund’s systems.

Derivatives Risk. The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset or rate. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities.

Distribution Risk. As part of the YP Netflix Fund’s investment objective, the YP Netflix Fund seeks to provide current monthly income. There is no assurance that the YP Netflix Fund will make a distribution in any given month. If the YP Netflix Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next. Additionally, the monthly distributions, if any, may consist of returns of capital, which would decrease the YP Netflix Fund’s NAV and trading price over time. As a result, an investor may suffer significant losses to their investment.

Equity Risk. The net asset value of the YP Netflix Fund will fluctuate based on changes in the value of the U.S. equity securities held by the YP Netflix Fund. Equity prices can fall rapidly in response to developments affecting a specific company or industry, or to changing economic, political or market conditions.

Exchange Traded Fund Structure Risk. The YP Netflix Fund is structured as an exchange traded fund and as a result is subject to special risks, including:

Fixed Income Securities Risk. When the YP Netflix Fund invests in fixed income securities, the value of your investment in the YP Netflix Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the YP Netflix Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the YP Netflix Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the YP Netflix Fund, possibly causing the YP Netflix Fund’s share price and total return to be reduced and fluctuate more than other types of investments.

Interest Rate Risk. The risk that fixed income securities and dividend paying equity securities will decline in value because of an increase in interest rates; a fund with a longer average portfolio duration will be more sensitive to changes in interest rates than a fund with a shorter average portfolio duration.

Liquidity Risk. Some securities held by the YP Netflix Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil. This risk is greater for the YP Netflix Fund as it will hold options contracts on a single security, and not a broader range of options contracts. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, epidemics/pandemics, new legislation or regulatory changes inside or outside the United States. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the YP Netflix Fund is forced to sell an illiquid security at an unfavorable time or price, the YP Netflix Fund may be adversely impacted. Certain market conditions or restrictions, such as market rules related to short sales, may prevent the YP Netflix Fund from limiting losses, realizing gains or achieving a high correlation with NFLX. There is no assurance that a security that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the YP Netflix Fund.

Market and Geopolitical Risk. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the YP Netflix Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, tariffs, trade wars, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects.

Money Market Instrument Risk. The YP Netflix Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Repurchase agreements are contracts in which a seller of securities agrees to buy the securities back at a specified time and price. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments, including money market funds, may lose money through fees or other means.

NAV Erosion Risk Due to Distributions. When the YP Netflix Fund makes a distribution, the YP Netflix Fund’s NAV will typically drop by the amount of the distribution on the related ex-dividend date. The repeated payment of distributions by the YP Netflix Fund, if any, may significantly erode the YP Netflix Fund’s NAV and trading price over time. As a result, an investor may suffer significant losses to their investment in the YP Netflix Fund shares.

New Adviser Risk. The Adviser has only recently commenced managing ETFs. ETFs and their advisers are subject to restrictions and limitations imposed by the Investment Company Act of 1940, as amended, and the Internal Revenue Code that do not apply to the adviser’s management of other types of individual and institutional accounts. As a result, investors do not have a long-term track record of managing a mutual fund from which to judge the Adviser and the Adviser may not achieve the intended result in managing the YP Netflix Fund.

Non-Diversified Risk. The YP Netflix Fund is non-diversified. This means that the YP Netflix Fund, unlike a diversified fund, will have a larger portion of its assets exposed to the performance of a single stock than a diversified fund. Because a relatively high percentage of the YP Netflix Fund’s assets will be exposed to the performance of a single stock related to one economic sector, the YP Netflix Fund’s portfolio may be more susceptible to any single economic, or regulatory occurrence than the portfolio of a diversified fund.

Operational Risk. The YP Netflix Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the YP Netflix Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The YP Netflix Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the YP Netflix Fund’s ability to meet its investment objective. Although the YP Netflix Fund and Adviser seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.

Options Risk. There are risks associated with the sale and purchase of call and put options. As a seller (writer) of a put option, the YP Netflix Fund will tend to lose money if the value of the reference index or security falls below the strike price. As the seller (writer) of a call option, the YP Netflix Fund will tend to lose money if the value of the reference index or security rises above the strike price. As the buyer of a put or call option, the YP Netflix Fund risks losing the entire premium invested in the option if the YP Netflix Fund does not exercise the option.

Portfolio Turnover Risk. Due to its investment strategy, the YP Netflix Fund may buy and sell securities frequently. This may result in higher transaction costs and additional capital gains tax liabilities, which may affect the YP Netflix Fund’s performance.

Price Participation Risk. 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. Additionally, because the YP Netflix Fund is limited in the degree to which it will participate in increases in value experienced by NFLX over each call period, but has full exposure to any decreases in value experienced by NFLX over the call period, the NAV of the YP Netflix Fund may decrease over any given time period. The YP Netflix Fund’s NAV is dependent on the value of each options portfolio, which is based principally upon the performance of NFLX. The degree of participation in NFLX gains the YP Netflix Fund will experience will depend on prevailing market conditions, especially market volatility, at the time the YP Netflix Fund enters into the sold call option contracts and will vary from call period to call period. The value of the options contracts is affected by changes in the value and dividend rates of NFLX, changes in interest rates, changes in the actual or perceived volatility of NFLX and the remaining time to the options’ expiration, as well as trading conditions in the options market. As the price of NFLX changes and time moves towards the expiration of each call period, the value of the options contracts, and therefore the YP Netflix Fund’s NAV, will change. However, it is not expected for the YP Netflix Fund’s NAV to directly correlate on a day-to-day basis with the returns of NFLX. The amount of time remaining until the options contract’s expiration date affects the impact of the potential options contract income on the YP Netflix Fund’s NAV, which may not be in full effect until the expiration date of the YP Netflix Fund’s options contracts. Therefore, while changes in the price of the NFLX will result in changes to the YP Netflix Fund’s NAV, the YP Netflix Fund generally anticipates that the rate of change in the YP Netflix Fund’s NAV will be different than that experienced by NFLX. When an investor purchases and sells shares of the YP Netflix Fund, such purchases and sales may affect the investor’s performance in light of the YP Netflix Fund’s share price trailing, tracking or outperforming the underlying stock. For example, if an investor purchases shares or sells shares of the YP Netflix Fund immediately prior to, after or during the period the Adviser is entering in covered call transactions for the YP Netflix Fund may heighten the difference between the share price of that investor’s shares and the performance the underlying stock over the period the investor owns Fund shares.

Sector Risk. Sector risk is the possibility that securities within the same group of industries will decline in price due to sector-specific market or economic developments. If the YP Netflix Fund invests more heavily in a particular sector, the value of its shares may be especially sensitive to factors and economic risks that specifically affect that sector. As a result, the YP Netflix Fund’s share price may fluctuate more widely than the value of shares of a fund that invests in a broader range of industries.

Entertainment Sector Risk. The entertainment industry is intensely competitive and subject to rapid change. Through new and existing distribution channels, consumers have increasing options to access entertainment video. The various economic models underlying these channels include subscription, transactional, ad-supported and piracy-based models. All of these have the potential to capture meaningful segments of the entertainment video market. Traditional providers of entertainment video, including broadcasters and cable network operators, as well as internet based e-commerce or entertainment video providers are increasing their streaming video offerings. Several of these competitors have long operating histories, large customer bases, strong brand recognition, exclusive rights to certain content, large content libraries, and significant financial, marketing and other resources. In addition, the adoption or modification of laws or regulations also may affect companies in the entertainment industry.

Single Issuer Risk. Issuer-specific attributes may cause an investment in the YP Netflix Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the YP Netflix Fund, which focuses on an individual security (NFLX), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole.

Tax Risk. The YP Netflix Fund invests in derivatives. The federal income tax treatment of a derivative may not be as favorable as a direct investment in an underlying asset. Derivatives may produce taxable income and taxable realized gain. Derivatives may adversely affect the timing, character and amount of income the YP Netflix Fund realizes from its investments. As a result, a larger portion of the YP Netflix Fund’s distributions may be treated as ordinary income rather than as capital gains. In addition, certain derivatives are subject to mark-to-market or straddle provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). If such provisions are applicable, there could be an increase (or decrease) in the amount of taxable dividends paid by the YP Netflix Fund.

The YP Netflix Fund intends to elect and to qualify each year to be treated as a RIC under Subchapter M of the Code. As a RIC, the YP Netflix Fund will not be subject to U.S. federal income tax on the portion of its net investment income and net capital gain that it distributes to Shareholders, provided that it satisfies certain requirements of the Code. If the YP Netflix Fund does not qualify as a RIC for any taxable year and certain relief provisions are not available, the YP Netflix Fund’s taxable income will be subject to tax at the YP Netflix Fund level and to a further tax at the shareholder level when such income is distributed. To comply with the asset diversification test applicable to a RIC, the YP Netflix Fund will attempt to ensure that the value of options it holds is never 25% of the total value of Fund assets at the close of any quarter. If the YP Netflix Fund’s investments in options were to exceed 25% of the YP Netflix Fund’s total assets at the end of a tax quarter, the YP Netflix Fund, generally, has a grace period to cure such lack of compliance. If the YP Netflix Fund fails to timely cure, it may no longer be eligible to be treated as a RIC.

US Treasury Risk. U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The YP Netflix Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises.

Valuation Risk. The price the YP Netflix Fund could receive upon the sale of a security or other asset may differ from the YP Netflix Fund’s valuation of the security or other asset and from the value used by the Underlying Index, particularly for securities or other assets that trade in low volume or volatile markets or that are valued using a fair value methodology as a result of trade suspensions or for other reasons. In addition, the value of the securities or other assets in the YP Netflix Fund’s portfolio may change on days or during time periods when shareholders will not be able to purchase or sell the YP Netflix Fund’s shares. Authorized Participants who purchase or redeem the YP Netflix Fund shares on days when the YP Netflix Fund is holding fair-valued securities may receive fewer or more shares, or lower or higher redemption proceeds, than they would have received had the YP Netflix Fund not fair-valued securities or used a different valuation methodology. The YP Netflix Fund’s ability to value investments may be impacted by technological issues or errors by pricing services or other third-party service providers.

The following performance information provides some indication of the risks of investing in the YP Netflix Fund by showing changes in the Fund’s performance over time. The following bar chart shows the YP Netflix Fund’s annual returns. The table illustrates how the YP Netflix Fund’s average annual returns for the 1-year and since inception periods compare with those of a broad measure of market performance. Although past performance of the YP Netflix Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. Updated performance information will be available on the YP Netflix Fund’s website at www.kurvinvest.com.

Prior performance shown below is for the Predecessor YP Netflix Fund (the Kurv Yield Premium Strategy Netflix (NFLX) ETF for dates prior to November 18, 2024. The YP Netflix Fund has adopted the performance of the Predecessor YP Netflix Fund as a result of a reorganization in which the YP Netflix Fund has acquired all the assets and liabilities of the Predecessor YP Netflix Fund (the “Reorganization”). Prior to the Reorganization, the YP Netflix Fund was a newly formed “shell” fund with no assets and had not commenced operations.

The YP Netflix Fund’s year-to-date return as of the most recent calendar quarter ended June 30, 2025, was 37.81%.

During the period shown in the bar chart, the best performance for a quarter was 19.03% for the quarter ended March 31, 2024. The worst performance was 3.22% for the quarter ended September 30, 2024.

After-tax returns are based on the highest historical individual federal marginal income tax rates, and do not reflect the impact of state and local taxes; actual after-tax returns depend on an individual investor’s tax situation and may differ from those shown. If you own shares of the YP Netflix Fund in a tax-deferred account, such as an individual retirement account or a 401(k) plan, this information is not applicable to your investment. A higher after-tax return results when a capital loss occurs upon redemption and translates into an assumed tax deduction that benefits the shareholder.

The S&P 500 Total Return Index is an unmanaged market capitalization weighted index of 500 of the largest capitalized U.S. domiciled companies. Index returns assume reinvestment of dividends. Investors may not invest in the indexes directly; unlike the Fund’s returns, the indexes do not reflect any fees or expenses.

The Kurv Yield Premium Strategy Tesla (TSLA) ETF (the “YP Tesla Fund”) seeks to provide current income.

The YP Tesla Fund’s secondary investment objective is to seek exposure to the share price of the common stock of Tesla Inc. (“TSLA” or “Tesla” or the “Underlying Security”), subject to a limit on potential investment gains.

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the YP Tesla Fund (“Shares”). Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.

This Example is intended to help you compare the cost of investing in the YP Tesla Fund with the cost of investing in mutual funds and other exchange traded funds.

The Example assumes that you invest $10,000 in the YP Tesla Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the YP Tesla Fund’s operating expenses remain the same (including the effect of the Operating Expenses Limitation Agreement through September 30, 2026). The figures shown would be the same whether or not you sold your Shares at the end of each period.

Although your actual costs may be higher or lower, based on these assumptions your costs would be:

The YP Tesla Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the YP Tesla Fund’s performance. For the fiscal period year ended May 31, 2025, the Fund’s portfolio turnover rate, excluding in-kind transactions, was 96%.

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

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

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

TSLA Option Contracts

As part of the YP Tesla Fund’s synthetic covered call strategy, the YP Tesla 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 TSLA.

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 Tesla Fund - Exchange Traded Options Portfolio.”

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

Synthetic Call and Put Strategy

In seeking to achieve its investment objective, the YP Tesla 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 Tesla Fund’s strategies consists of the following elements, which are described in more detail below:

Cash and/or Synthetic Long Exposure

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

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

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

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

Fund’s Return Profile vs TSLA

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

Fund Portfolio

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

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

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

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

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

There is no guarantee that the YP Tesla 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.

Tesla Inc.

Tesla’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 TESLA FUND, TRUST AND ADVISER ARE NOT AFFILIATED WITH TESLA INC.

Due to the YP Tesla Fund’s investment strategy, the YP Tesla Fund’s investment exposure is concentrated in the same industry as that assigned to TSLA. As of the date of the Prospectus, TSLA is assigned to the auto manufacturers industry.

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

Tesla Risk. Tesla faces risks related to its operations including, among others, risks related to electric vehicle and lithium-ion battery cell production or factory construction delays; issues with manufacturing lithium-ion cells or other components for its electric vehicles; uncontrollable manufacturing costs or supply delays or labor shortages; the ability to expand its international operations; its delivery and installation capabilities and servicing and vehicle charging networks; its ability to accurately project and effectively manage growth; consumer demand for electric vehicles; strong competition for products and services; product liability claims; and the ability to attract, hire and retain key employees or qualified personnel. Importantly, Tesla, Inc. is highly dependent on the services of Elon Musk, its Chief Executive Officer, and any actual or anticipated large transactions in Tesla’s common stock by Mr. Musk may cause the stock price to decline. The trading price of Tesla’s common stock historically has been and is likely to continue to be volatile. Additionally, a large proportion of Tesla’s common stock has been historically and may in the future be traded by short sellers which may put pressure on the supply and demand for its common stock, further influencing volatility in its market price. Tesla, Inc. is a highly dynamic company, and its operations, including its products and services, may change.

Active Management Risk. The YP Tesla Fund is actively managed, which means that investment decisions are made based on investment views. There is no guarantee that the investment views will produce the desired results or expected returns, which may cause the YP Tesla Fund to fail to meet its investment objective or to underperform its benchmark index or funds with similar investment objectives and strategies. Furthermore, active trading that can accompany active management may result in high portfolio turnover, which may have a negative impact on performance. Active trading may result in higher brokerage costs or mark-up charges, which are ultimately passed on to shareholders of the YP Tesla Fund. Active trading may also result in adverse tax consequences.

Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk. The YP Tesla Fund has a limited number of financial institutions that may act as Authorized Participants (“APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.

Call Strategy Risks. By writing covered call options in return for the receipt of premiums, the YP Tesla Fund will give up the opportunity to benefit from potential increases in the value of TSLA above the exercise prices of the written options, but will continue to bear the risk of declines in the value of TSLA. The premiums received from the options may not be sufficient to offset any losses sustained from the volatility of the underlying stock over time. In addition, the YP Tesla Fund’s ability to sell shares of the underlying stock will be limited while the option is in effect unless the YP Tesla Fund extinguishes the option position through the purchase of an offsetting identical option prior to the expiration of the written option.

The covered call strategy may be subject to imperfect matching or price correlation between the written options and the Underlying Fund, which could reduce the YP Tesla Fund’s returns. Exchanges may suspend the trading of options (for example due to volatile markets or if trading in the underlying stock is halted). If trading is suspended, the YP Tesla Fund may be unable to write or purchase options at times that may be desirable or advantageous to the YP Tesla Fund to do so. If the YP Tesla Fund is unable to extinguish the option position before exercise, the YP Tesla Fund may be required to deliver the corresponding shares of the underlying stock, resulting in increased transaction costs, tracking error, underinvestment, and potentially the realization of capital gains. Further, this could lead to re-purchasing shares of the underlying stock or selling the corresponding options at a less favorable price than the YP Tesla Fund might have received had the options been extinguished.

Additionally, the use of credit call spreads introduces further complexities and risks. While purchasing a higher-strike call option limits potential losses from the short call position, it also reduces the net premium received, which may result in lower overall returns compared to a stand-alone covered call strategy. If the price of TSLA rises rapidly, the call spread may still cap upside participation, leading to missed profit opportunities. Furthermore, market conditions, such as mispricing between near-the-money and further out-of-the-money options, may impact the effectiveness of the strategy, potentially resulting in lower-than-expected returns or increased losses. The relative pricing of options at different strike levels can vary due to volatility shifts, liquidity constraints, or other market dynamics, adding an additional layer of uncertainty to the YP Tesla Fund’s performance under this strategy.

Counterparty Risk. A counterparty (the other party to a transaction or an agreement or the party with whom the YP Tesla Fund executes transactions) to a transaction with the YP Tesla Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations.

Covered Call Option Writing Risk. By writing covered call options, in return for the receipt of premiums, the YP Tesla Fund will give up the opportunity to benefit from potential increases in the value of the TSLA above the exercise prices of such options, but will continue to bear the risk of declines in the value of the TSLA. The premiums received from the options may not be sufficient to offset any losses sustained from the volatility of the underlying stocks over time. In addition, the YP Tesla Fund’s ability to sell the securities underlying the options will be limited while the options are in effect unless the YP Tesla Fund cancels out the option positions through the purchase of offsetting identical options prior to the expiration of the written options. Exchanges may suspend the trading of options in volatile markets. If trading is suspended, the YP Tesla Fund may be unable to write options at times that may be desirable or advantageous to do so, which may increase the risk of tracking error.

Credit Risk. The risk that the YP Tesla Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a derivative contract, is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to meet its financial obligations.

Cybersecurity and Disaster Recovery Risks. In connection with the increased use of technologies such as the Internet and the dependence on computer systems to perform necessary business functions, the YP Tesla Fund is susceptible to operational, information security, and related risks due to the possibility of cyber-attacks or other incidents. Cyber incidents may result from deliberate attacks or unintentional events. Cyber-attacks include, but are not limited to, infection by computer viruses or other malicious software code, gaining unauthorized access to systems, networks, or devices that are used to service the YP Tesla Fund’s operations through hacking or other means for the purpose of misappropriating assets or sensitive information, corrupting data, or causing operational disruption. Cyber-attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks (which can make a website unavailable) on the YP Tesla Fund’s website. In addition, authorized persons could inadvertently or intentionally release confidential or proprietary information stored on the YP Tesla Fund’s systems.

Derivatives Risk. The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset or rate. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities.

Distribution Risk. As part of the YP Tesla Fund’s investment objective, the YP Tesla Fund seeks to provide current monthly income. There is no assurance that the YP Tesla Fund will make a distribution in any given month. If the YP Tesla Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next. Additionally, the monthly distributions, if any, may consist of returns of capital, which would decrease the YP Tesla Fund’s NAV and trading price over time. As a result, an investor may suffer significant losses to their investment.

Equity Risk. The net asset value of the YP Tesla Fund will fluctuate based on changes in the value of the U.S. equity securities held by the YP Tesla Fund. Equity prices can fall rapidly in response to developments affecting a specific company or industry, or to changing economic, political or market conditions.

Exchange Traded Fund Structure Risk. The YP Tesla Fund is structured as an exchange traded fund and as a result is subject to special risks, including:

Fixed Income Securities Risk. When the YP Tesla Fund invests in fixed income securities, the value of your investment in the YP Tesla Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the YP Tesla Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the YP Tesla Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the YP Tesla Fund, possibly causing the YP Tesla Fund’s share price and total return to be reduced and fluctuate more than other types of investments.

Interest Rate Risk. The risk that fixed income securities and dividend paying equity securities will decline in value because of an increase in interest rates; a fund with a longer average portfolio duration will be more sensitive to changes in interest rates than a fund with a shorter average portfolio duration.

Liquidity Risk. Some securities held by the YP Tesla Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil. This risk is greater for the YP Tesla Fund as it will hold options contracts on a single security, and not a broader range of options contracts. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, epidemics/pandemics, new legislation or regulatory changes inside or outside the United States. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the YP Tesla Fund is forced to sell an illiquid security at an unfavorable time or price, the YP Tesla Fund may be adversely impacted. Certain market conditions or restrictions, such as market rules related to short sales, may prevent the YP Tesla Fund from limiting losses, realizing gains or achieving a high correlation with TSLA. There is no assurance that a security that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the YP Tesla Fund.

Market and Geopolitical Risk. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the YP Tesla Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, tariffs, trade wars, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects.

Money Market Instrument Risk. The YP Tesla Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Repurchase agreements are contracts in which a seller of securities agrees to buy the securities back at a specified time and price. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments, including money market funds, may lose money through fees or other means.

NAV Erosion Risk Due to Distributions. When the YP Tesla Fund makes a distribution, the YP Tesla Fund’s NAV will typically drop by the amount of the distribution on the related ex-dividend date. The repeated payment of distributions by the YP Tesla Fund, if any, may significantly erode the YP Tesla Fund’s NAV and trading price over time. As a result, an investor may suffer significant losses to their investment in the YP Tesla Fund shares.

New Adviser Risk. The Adviser has only recently commenced managing ETFs. ETFs and their advisers are subject to restrictions and limitations imposed by the Investment Company Act of 1940, as amended, and the Internal Revenue Code that do not apply to the adviser’s management of other types of individual and institutional accounts. As a result, investors do not have a long-term track record of managing a mutual fund from which to judge the Adviser and the Adviser may not achieve the intended result in managing the YP Tesla Fund.

Non-Diversified Risk. The YP Tesla Fund is non-diversified. This means that the YP Tesla Fund, unlike a diversified fund, will have a larger portion of its assets exposed to the performance of a single stock than a diversified fund. Because a relatively high percentage of the YP Tesla Fund’s assets will be exposed to the performance of a single stock related to one economic sector, the YP Tesla Fund’s portfolio may be more susceptible to any single economic, or regulatory occurrence than the portfolio of a diversified fund.

Operational Risk. The YP Tesla Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the YP Tesla Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The YP Tesla Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the YP Tesla Fund’s ability to meet its investment objective. Although the YP Tesla Fund and Adviser seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.

Options Risk. There are risks associated with the sale and purchase of call and put options. As a seller (writer) of a put option, the YP Tesla Fund will tend to lose money if the value of the reference index or security falls below the strike price. As the seller (writer) of a call option, the YP Tesla Fund will tend to lose money if the value of the reference index or security rises above the strike price. As the buyer of a put or call option, the YP Tesla Fund risks losing the entire premium invested in the option if the YP Tesla Fund does not exercise the option.

Portfolio Turnover Risk. Due to its investment strategy, the YP Tesla Fund may buy and sell securities frequently. This may result in higher transaction costs and additional capital gains tax liabilities, which may affect the YP Tesla Fund’s performance.

Price Participation Risk. The YP Tesla Fund employs an investment strategy that includes the sale of call option contracts, which limits the degree to which the YP Tesla Fund will participate in increases in value experienced by TSLA over the call period. This means that if TSLA experiences an increase in value above the strike price of the sold call options during a call period, the YP Tesla Fund will likely not experience that increase to the same extent and may significantly underperform TSLA over the call period. Additionally, because the YP Tesla Fund is limited in the degree to which it will participate in increases in value experienced by TSLA over each call period, but has full exposure to any decreases in value experienced by TSLA over the call period, the NAV of the YP Tesla Fund may decrease over any given time period. The YP Tesla Fund’s NAV is dependent on the value of each options portfolio, which is based principally upon the performance of TSLA. The degree of participation in TSLA gains the YP Tesla Fund will experience will depend on prevailing market conditions, especially market volatility, at the time the YP Tesla Fund enters into the sold call option contracts and will vary from call period to call period. The value of the options contracts is affected by changes in the value and dividend rates of TSLA, changes in interest rates, changes in the actual or perceived volatility of TSLA and the remaining time to the options’ expiration, as well as trading conditions in the options market. As the price of TSLA changes and time moves towards the expiration of each call period, the value of the options contracts, and therefore the YP Tesla Fund’s NAV, will change. However, it is not expected for the YP Tesla Fund’s NAV to directly correlate on a day-to-day basis with the returns of TSLA. The amount of time remaining until the options contract’s expiration date affects the impact of the potential options contract income on the YP Tesla Fund’s NAV, which may not be in full effect until the expiration date of the YP Tesla Fund’s options contracts. Therefore, while changes in the price of the TSLA will result in changes to the YP Tesla Fund’s NAV, the YP Tesla Fund generally anticipates that the rate of change in the YP Tesla Fund’s NAV will be different than that experienced by TSLA. When an investor purchases and sells shares of the YP Tesla Fund, such purchases and sales may affect the investor’s performance in light of the YP Tesla Fund’s share price trailing, tracking or outperforming the underlying stock. For example, if an investor purchases shares or sells shares of the YP Tesla Fund immediately prior to, after or during the period the Adviser is entering in covered call transactions for the YP Tesla Fund may heighten the difference between the share price of that investor’s shares and the performance the underlying stock over the period the investor owns the YP Tesla Fund shares.

Sector Risk. Sector risk is the possibility that securities within the same group of industries will decline in price due to sector-specific market or economic developments. If the YP Tesla Fund invests more heavily in a particular sector, the value of its shares may be especially sensitive to factors and economic risks that specifically affect that sector. As a result, the YP Tesla Fund’s share price may fluctuate more widely than the value of shares of a fund that invests in a broader range of industries.

Automotive Company Risk. The performance of the Underlying Stock, and consequently the YP Tesla Fund’s performance, is subject to risks of the automotive sector. The automotive sector industry can be highly cyclical, and companies in the industry may suffer periodic operating losses. Automotive companies can be significantly affected by labor relations and fluctuating component prices. Developments in automotive technologies (e.g., autonomous vehicle technologies) may require significant capital expenditures that may not generate profits for several years, if ever. Automotive companies may be significantly subject to government policies and regulations regarding imports and exports of automotive products. Governmental policies affecting the automotive industry, such as taxes, tariffs, duties, subsidies, and import and export restrictions on automotive products can influence industry profitability. In addition, such companies must comply with environmental laws and regulations, for which there may be severe consequences for non-compliance. While most of the major automotive manufacturers are large companies, certain others may be non-diversified in both product line and customer base and may be more vulnerable to certain events that may negatively impact the automotive industry.

Single Issuer Risk. Issuer-specific attributes may cause an investment in the YP Tesla Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the YP Tesla Fund, which focuses on an individual security (TSLA), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole.

Tax Risk. The YP Tesla Fund invests in derivatives. The federal income tax treatment of a derivative may not be as favorable as a direct investment in an underlying asset. Derivatives may produce taxable income and taxable realized gain. Derivatives may adversely affect the timing, character and amount of income the YP Tesla Fund realizes from its investments. As a result, a larger portion of the YP Tesla Fund’s distributions may be treated as ordinary income rather than as capital gains. In addition, certain derivatives are subject to mark-to-market or straddle provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). If such provisions are applicable, there could be an increase (or decrease) in the amount of taxable dividends paid by the YP Tesla Fund.

The YP Tesla Fund intends to elect and to qualify each year to be treated as a RIC under Subchapter M of the Code. As a RIC, the YP Tesla Fund will not be subject to U.S. federal income tax on the portion of its net investment income and net capital gain that it distributes to Shareholders, provided that it satisfies certain requirements of the Code. If the YP Tesla Fund does not qualify as a RIC for any taxable year and certain relief provisions are not available, the YP Tesla Fund’s taxable income will be subject to tax at the YP Tesla Fund level and to a further tax at the shareholder level when such income is distributed. To comply with the asset diversification test applicable to a RIC, the YP Tesla Fund will attempt to ensure that the value of options it holds is never 25% of the total value of the YP Tesla Fund assets at the close of any quarter. If the YP Tesla Fund’s investments in options were to exceed 25% of the YP Tesla Fund’s total assets at the end of a tax quarter, the YP Tesla Fund, generally, has a grace period to cure such lack of compliance. If the YP Tesla Fund fails to timely cure, it may no longer be eligible to be treated as a RIC.

US Treasury Risk. U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The YP Tesla Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises.

Valuation Risk. The price the YP Tesla Fund could receive upon the sale of a security or other asset may differ from the YP Tesla Fund’s valuation of the security or other asset and from the value used by the Underlying Index, particularly for securities or other assets that trade in low volume or volatile markets or that are valued using a fair value methodology as a result of trade suspensions or for other reasons. In addition, the value of the securities or other assets in the YP Tesla Fund’s portfolio may change on days or during time periods when shareholders will not be able to purchase or sell the YP Tesla Fund’s shares. Authorized Participants who purchase or redeem the YP Tesla Fund shares on days when the YP Tesla Fund is holding fair-valued securities may receive fewer or more shares, or lower or higher redemption proceeds, than they would have received had the YP Tesla Fund not fair-valued securities or used a different valuation methodology. The YP Tesla Fund’s ability to value investments may be impacted by technological issues or errors by pricing services or other third-party service providers.

The following performance information provides some indication of the risks of investing in the YP Tesla Fund by showing changes in the Fund’s performance over time. The following bar chart shows the YP Tesla Fund’s annual returns. The table illustrates how the YP Tesla Fund’s average annual returns for the 1-year and since inception periods compare with those of a broad measure of market performance. Although past performance of the YP Tesla Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. Updated performance information will be available on the YP Tesla Fund’s website at www.kurvinvest.com.

Prior performance shown below is for the Predecessor YP Tesla Fund (the Kurv Yield Premium Strategy Tesla (TSLA) ETF for dates prior to November 18, 2024. The YP Tesla Fund has adopted the performance of the Predecessor YP Tesla Fund as a result of a reorganization in which the YP Tesla Fund has acquired all the assets and liabilities of the Predecessor YP Tesla Fund (the “Reorganization”). Prior to the Reorganization, the YP Tesla Fund was a newly formed “shell” fund with no assets and had not commenced operations.

The YP Tesla Fund’s year-to-date return as of the most recent calendar quarter ended June 30, 2025, was -18.39%.

During the period shown in the bar chart, the best performance for a quarter was 35.81% for the quarter ended December 31, 2024. The worst performance was -25.46% for the quarter ended March 31, 2024. 

After-tax returns are based on the highest historical individual federal marginal income tax rates, and do not reflect the impact of state and local taxes; actual after-tax returns depend on an individual investor’s tax situation and may differ from those shown. If you own shares of the YP Tesla Fund in a tax-deferred account, such as an individual retirement account or a 401(k) plan, this information is not applicable to your investment. A higher after-tax return results when a capital loss occurs upon redemption and translates into an assumed tax deduction that benefits the shareholder.

The S&P 500 Total Return Index is an unmanaged market capitalization weighted index of 500 of the largest capitalized U.S. domiciled companies. Index returns assume reinvestment of dividends. Investors may not invest in the indexes directly; unlike the Fund’s returns, the indexes do not reflect any fees or expenses.