SPYT

About SPYT

TheFund is an actively managed exchange-traded fund (“ETF”) that primarily seeks to generate current income. The Fund’sstrategy involves holding shares of unaffiliated passively managed ETFs that seek to track the performance of the Index (“IndexETFs”) and selling daily credit call spreads on the Index. The Fund may also gain synthetic exposure to the Index by usingcall options that reference the Index or Index ETFs. Eachday, the Fund will sell Index call spreads, generally involving the sale of a call option at or near the money and the simultaneouspurchase of another call option at a higher strike price, to generate options premiums. In doing so, it will focus on optionswith near-term expiration. If the Index’s value rises above the upper strike price (the call spreads cap), the Fund willprofit from further upside appreciation in the value of the Index. AnnualDistribution Target TheFund’s options strategies are designed to seek net premiums of approximately 1.7% per month. The Fund has also establisheda target annual cash distribution level of approximately 20% of its net asset value (the “Annual 20% Target”). Thistarget reflects the Adviser’s expectations based on the options premiums the Fund seeks to generate and the annualized effectof those premiums. In practice, the Fund’s options strategies are designed to seek monthly distribution levels of roughly1.7%, which, when annualized, correspond to the Annual 20% Target. The Annual 20% Target is not a guarantee, nor does it representa 20% yield or a 20% total return. Actual distributions may be higher or lower depending on market conditions and the Fund’sresults. TheFund aims for consistent distribution levels, primarily relying on the options premiums generated from selling the call spreads.If the anticipated daily options premiums from these activities surpasses a set threshold, the Adviser may adjust the Fund’sstrategy to seek achieve the Annual 20% Target. Tothe extent the Fund’s returns fall short of the Annual 20% Target, distributions will reduce the Fund’s net assetvalue (NAV). Although stated as an annual target, distributions are paid more frequently, and any amount the Fund pays in excessof its earnings will reduce NAV. If the Fund’s NAV declines over time, the dollar amount of future distributions will alsodecrease. Distributions may include a significant portion classified as return of capital (“ROC”). ROC generally representsa return of a shareholder’s invested capital rather than traditional income such as dividends or interest. See the prospectussection titled “Additional Information About the Funds” for more information about option premiums and ROC. AdditionalFund Attributes Thisstrategy seeks to offer an “enhanced” yield compared to traditional option-based strategies by focusing on short-termoptions, which typically yield higher premiums than equivalent longer-term options. Inaddition to options trading, the Fund will hold cash or short-term U.S. Treasury securities. These securities serve a dual purpose:providing collateral for the options strategy and contributing to the Fund’s income generation. Dividendspaid by the Fund’s Index ETF holdings will contribute to the Fund’s income generation. TheFund’s options contracts will:    ● Generate options premiums.   ● Limit the Fund’s indirect participation in gains, if any, of the Index’s value. TheFund’s approach to Index option contracts entails selling daily Index credit call spreads. The Fund seeks to earn net optionspremiums, with an opportunity to gain from the time decay of options. TheFund intends to invest in cash-settled options, which means the holder of the option doesn’t receive securities when theoption is exercised or expires. Instead, any payments are made in cash. See the prospectus section titled “Additional InformationAbout the Funds” for more information about the Fund’s principal holdings, including its options holdings. TheFund is classified as “non-diversified” under the 1940 Act. Undernormal circumstances, the Fund will invest at least 80% of the value of its net assets, plus borrowings for investment purposes,in financial instruments and economic interests that provide exposure to the value of the Index. For purposes of compliance withthis investment policy, derivative contracts will be valued at their notional value. Aninvestment in the Fund is not an investment in the Index, nor is the Fund an investment in a traditional passively managed indexfund. TheFund’s strategy is subject to all potential losses if the Index loses value, which may not be offset by options premiumsreceived by the Fund. Additionalinformation regarding the Index is also set forth below. THEFUND, TRUST, AND ADVISER ARE NOT AFFILIATED WITH, NOR ENDORSED BY, THE INDEX. IndexOverview: The S&P 500 Index is a widely recognized benchmark index that tracks the performance of 500 of the largest U.S.-basedcompanies listed on the New York Stock Exchange or Nasdaq. These companies represent approximately 80% of the total U.S. equitiesmarket by capitalization, making it a large-cap index. TheS&P 500 is diversified across all sectors of the economy, including technology, healthcare, consumer discretionary, financials,industrials, and others. This distribution can vary over time as the market value of the sectors change. Regardingvolatility, the S&P 500, like all market indices, has experienced periods of significant daily price movements. Historicallynotable periods of volatility include the Black Monday crash in 1987, the dot-com bubble burst around 2000, the financial crisisof 2008, and the market reactions to the COVID-19 pandemic in early 2020. However, the specific degree of volatility can varyand is subject to change based on overall market conditions. Despite these periods of volatility, the Index has shown long-termgrowth over its history.