Important Information:
Investing involves risk, including the loss of principal.
An investor should consider the investment objectives, risks, charges, and expenses of the Fund carefully before investing. To obtain a prospectus containing this and other information, please call 1-833-955-KURV (5878). Read the prospectus carefully before investing.
Fund Objective: The Fund seeks total return which exceeds that of its benchmark index consistent with prudent investment management. A secondary objective seeks to maximize risk-adjusted after tax current income.
An investment in the Fund entails risk, including the loss of principal. The Fund is not a complete investment program, and investors should review the risks associated with the Fund before investing. The Fund is an actively managed portfolio, and the portfolio managers will apply investment techniques and risk analyses that may not produce the desired result. There can be no guarantee that the Fund will meet its investment objective.
As an ETF, the Fund is exposed to the additional risks, including: (1) concentration risk associated with Authorized Participants, market makers, and liquidity providers. Such concentration could negatively impact liquidity; (2) costs and risks associated with frequent trading; (3) market prices may differ from the Fund’s net asset value; and (4) liquidity risk due to a potential lack of trading volume.
Fund Risks: The Fund seeks to exceed the total return of the S&P 500 Index by investing under normal circumstances in U.S. large cap equity exchanged traded funds (ETFs) as well as derivatives on U.S. large cap ETFs, backed by a portfolio of Fixed Income Instruments and Preferred Securities Instruments.
Distribution Risk and Return of Capital Risk: The Fund aims to provide monthly income, although there's no guarantee of distribution in any given month, and the distribution amounts may vary significantly. Monthly distributions may consist of a return of capital, which is a return of some or all of the money you invested in the Fund and may not represent the Fund's net profit.
Active Management Risk: The 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 Fund to fail to meet its investment objective or to underperform its benchmark index or funds with similar investment objectives and strategies.
Large Cap Securities Risk: The value of investments in larger companies may not rise as much as smaller companies, or larger companies may be unable to respond quickly to competitive challenges, such as changes in technology and consumer tastes.
Municipal Bond Risk: Municipal bonds are subject to the risk that litigation, legislation or other political events, local business or economic conditions, credit rating downgrades, or the bankruptcy of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest or otherwise affect the value of such securities.
Options and Derivatives Risk: The Fund’s use of derivatives, including options, may pose risks in addition to those associated with directly investing in securities. These risks include market risk, imperfect correlation with the underlying issuer, volatility risk, liquidity risk, valuation risk, and legal or regulatory constraints. The value of options may be highly sensitive to changes in volatility, time decay, interest rates, and market events.
New Fund Risk: The Fund is a new fund, with limited operating history.
The Fund’s adviser has contractually agreed to limit the Fund’s current operating expenses through October 31, 2026, so that the Total Annual Operating Expenses After Fee Waiver and Reimbursement (excluding: (i) any front-end or contingent deferred loads; (ii) brokerage fees and commissions, (iii) acquired fund fees and expenses; (iv) borrowing costs (such as interest and dividend expense on securities sold short); (v) taxes; and (vi) extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees, contractual indemnification of Fund service providers (other than the adviser)) will not exceed 0.99%, of average daily net assets (“Operating Expenses Limitation Agreement”). These fee waivers and expense reimbursements are subject to possible recoupment from the Fund within the three years after the fees have been waived or reimbursed, if such recoupment can be achieved within the lesser of the foregoing expense limits or the expense limits in place at the time of recoupment. This Operating Expenses Limitation Agreement may be terminated only by the Board of Trustees on 60 days’ written notice to the Fund’s adviser, Kurv Investment Management LLC.
30-Day Median Bid Ask Spread represents the typical trading cost of buying and selling a security, calculated by averaging its bid-ask spreads over the last 30 days.
Distribution Rate is the annual yield an investor would receive if the most recently declared distribution, which includes option premium, remained the same going forward. The Distribution Rate is calculated by multiplying an ETF’s Distribution per Share by 365 divided by the days in the most current month, and dividing the resulting amount by the ETF’s most recent NAV. The Distribution Rate represents a single distribution from the ETF and does not represent its total return. Distributions are not guaranteed.
30-day SEC Yield is based on a formula mandated by the Securities and Exchange Commission (SEC) that calculates a fund's hypothetical annualized income, as a percentage of its assets. A security's income, for the purposes of this calculation, is based on the current market yield to maturity (in the case of bonds) or projected dividend yield (for stocks) of the fund's holdings over a trailing 30-day period. This hypothetical income will differ (at times, significantly) from the fund's actual experience; as a result, income distributions from the fund may be higher or lower than implied by the SEC yield.
Unsubsidized 30-Day SEC Yield represents what a fund's 30-Day SEC Yield would have been had no fee waiver or expense reimbursement been in place over the period.
The Distribution Rate and 30-day SEC Yield is not indicative of future distributions, if any, on the ETFs. In particular, future distributions on any ETF may differ significantly from its Distribution Rate or 30-Day SEC Yield. You are not guaranteed a distribution under the ETFs. Distributions for the ETFs (if any) are variable and may vary significantly from month to month and may be zero. Accordingly, the Distribution Rate and 30-Day SEC Yield will change over time, and such change may be significant. The distribution may include a combination of ordinary dividends, capital gain, and return of investor capital, which may decrease a fund’s NAV and trading price over time. As a result, an investor may suffer significant losses to their investment. These distribution rates caused by unusually favorable market conditions may not be sustainable. Such conditions may not continue to exist and there should be no expectation that this performance may be repeated in the future.
Shares of ETFs are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Market returns are based upon the midpoint of the bid/ask spread at 4:00 p.m. Eastern time (when NAV is normally determined for most ETFs), and do not represent the returns you would receive if you traded shares at other times. Ordinary brokerage commissions may apply and will reduce returns.
Kurv U.S. Large Cap TaxOptimized ETF is distributed by Foreside Fund Services, LLC. Member FINRA/SIPC. Foreside Fund Services, LLC is not affiliated with Kurv Investment Management.