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Disclosures 

Investors should carefully consider the Fund’s investment objectives, risk factors, charges and expenses before investing. This and additional information can be found in the Fund’s prospectus and summary prospectus, which may be obtained by visiting TappAlphaFunds.com or by calling (844) 403-2888. Read the prospectus and summary prospectus carefully before investing. 

An investment in the Fund is subject to risks, including the possible loss of the principal amount invested. 

The Fund and adviser are new, and the ETF has only recently commenced operations. This Fund may not be suitable for all investors. The equity securities in which the Fund invests will generally be those of companies with large market capitalizations. Exchange-Traded Funds (ETFs) trade like stocks, are subject to investment risk, and will fluctuate in market value. Transactions in shares of ETFs will result in brokerage commissions, which will reduce returns. There is no assurance that the investment process will consistently lead to successful investing. 

As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected. 

TappAlpha TSPY is distributed by Foreside Fund Services, LLC. 

The Fund is structured as an ETF and as a result, is subject to special risks. Shares are bought and sold at market price (closing price), not net asset value (NAV), and are not individually redeemed from the Fund. Market price returns are based on the midpoint of the bid/ask spread at 4:00 p.m. Eastern Time (when NAV is normally determined) and do not represent the return you would receive if you traded at other times. 

The SPDR^® S&P 500^® ETF Trust. The SPDR^® S&P 500^® ETF Trust seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of the S&P 500^® Index (the “Index”). 

The S&P 500^® Index. The S&P 500^® Index is a widely recognized benchmark index that tracks the performance of 500 of the largest U.S.- based companies listed on the New York Stock Exchange or Nasdaq. These companies represent approximately 80% of the total U.S. equities market by capitalization, making it a large-cap index. The S&P 500^® Index includes 500 selected companies, all of which are listed on national stock exchanges and spans a broad range of major sectors. The five largest sectors in the Index as of December 29, 2023 were information technology, financials, healthcare, consumer discretionary and industrials. This distribution can vary over time as the market value of these sectors change. Regarding volatility, the S&P 500^® Index, like all market indices, has experienced periods of significant daily price movements. However, the specific degree of volatility can vary and is subject to change based on overall market conditions. Despite these periods of volatility, the Index has shown long-term growth over its history. It is not possible to invest directly in an index. 

Options Risk: The Fund invests in options contracts, which are financial derivatives that derive their value from an underlying asset such as stocks, indices, or commodities. Options trading involves significant risks, including the potential for substantial losses and the risk of losing the entire investment. 

Risks on daily covered call strategy (0DTE): Due to the short time until their expiration, 0DTE options are more sensitive to sudden price movements and market volatility than options with more time until expiration. Because of this, the timing of trades utilizing 0DTE options becomes more critical. Even a slight delay in the execution of 0DTE trades can significantly impact the outcome of the trade. 0DTE options may also suffer from low liquidity, making it more difficult for the Fund to enter into its positions each morning at desired prices. The bid-ask spreads on 0DTE options can be wider than with traditional options, increasing the Fund’s transaction costs and negatively affecting its returns. 

^*"Fintech-powered" refers to the use of advanced financial technologies to enhance, enable, and deliver our financial products and services. Tech-enabled services and businesses use technology to improve efficiency and innovation. They can include a combination of human expertise and technology to streamline processes, increase accuracy, and provide new insights. 

The tax rules governing options are complex, change frequently and depend on the individual taxpayer’s situation. Some tax protected accounts such as Traditional or Roth IRA’s may have tax benefits for the strategy employed by TSPY. Investors are responsible for consulting their own tax advisor as to the tax consequences associated with TSPY 

Definitions 

1. Risk-Adjusted Returns: 

Definition: This measures the return on an investment relative to the amount of risk taken. It adjusts the performance of an asset to account for the risk involved, giving investors a clearer picture of its potential profitability. A common metric used to calculate this is the Sharpe Ratio, which divides excess return by the standard deviation of returns to assess risk.

2. Strike (Price): 

Definition: In options trading, the strike price is the predetermined price at which the holder of the option can buy (for a call option) or sell (for a put option) the underlying asset. It’s a crucial component in determining whether an option will be exercised. 

3. Premium: 

Definition: The premium is the price paid by the buyer of an options contract to the seller (writer). It represents the compensation the seller receives for taking on the obligation to fulfill the contract, either buying or selling the underlying asset at the strike price if exercised. 

4. Market Volatility: 

Definition: Market volatility refers to the extent of fluctuations in the prices of securities or assets over time. It indicates the level of uncertainty or risk related to the changes in the asset’s value. 

• Measurement: Volatility can be measured using standard deviation, which captures the dispersion of returns from the mean, or beta, which measures the volatility of an asset relative to the market or a benchmark index. 

5. Natural Time Decay (Theta Decay): 

Definition: Theta represents the time decay of options. As the expiration date of an options contract approaches, the option’s value tends to decrease, especially for out-of-the-money options. This is because the probability of the option expiring profitably diminishes over time. 

6. Overnight Risk: 

Definition: This is the risk that an asset’s price will change due to events that occur when markets are closed, such as economic news, earnings reports, or geopolitical events. Investors are unable to trade during these hours, so they may face unexpected price movements when the market reopens. 

7. Delta: 

Definition: Delta measures how much the price of an option will move in relation to the movement of the underlying asset. For example, a delta of 0.5 indicates that for every $1 change in the price of the underlying asset, the option’s price will move by $0.50. Delta also reflects the probability of an option expiring in the money. 

8. Covered Options:

Definition: Covered options involve holding a position in the underlying asset while simultaneously selling an options contract. For example, in a covered call, an investor holds shares of a stock and sells a call option against those shares, aiming to generate income from the option premium. 

9. CBOE (Chicago Board Options Exchange): 

Definition: The CBOE is one of the largest options exchanges in the world. It provides a marketplace for trading options on various financial instruments, including equities, indexes, and exchange-traded funds (ETFs). It’s well-known for products like the VIX Index, which measures market volatility. 

10. NASDAQ-100: 

Definition: The NASDAQ-100 is a stock market index that comprises the 100 largest non-financial companies listed on the NASDAQ stock exchange. The index includes leading technology, consumer services, and healthcare companies like Apple, Microsoft, and Amazon, making it a widely followed barometer of tech-sector performance. 

11. Russell (Russell Indexes): 

Definition: Russell Indexes are a family of stock indexes managed by FTSE Russell. The most popular is the Russell 2000, which tracks the performance of 2,000 small-cap companies. The Russell 1000 focuses on large-cap stocks, and together, they represent the performance of a broad spectrum of U.S. equities.