# EDGAR Filing Document

**Accession Number:** 0001848758
**File Stem:** 0001839882-23-007901
**Filing Date:** 2023-3
**Character Count:** 35651
**Document Hash:** d6a026e208347311e699ded9006d4e6c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001839882-23-007901.hdr.sgml**: 20230329

**ACCESSION NUMBER**: 0001839882-23-007901

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20230329

**DATE AS OF CHANGE**: 20230329

**EFFECTIVENESS DATE**: 20230329

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SHP ETF Trust
- **CENTRAL INDEX KEY:** 0001848758
- **IRS NUMBER:** 861805230
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-253997
- **FILM NUMBER:** 23776308

**BUSINESS ADDRESS:**
- **STREET 1:** 2434 ELLIS STREET
- **STREET 2:** SUITE 804
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75204
- **BUSINESS PHONE:** 914.443.5008

**MAIL ADDRESS:**
- **STREET 1:** 2434 ELLIS STREET
- **STREET 2:** SUITE 804
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75204

## Series and Classes Contracts Data

### Kurv Dow (DOW) 1.75x Short Daily ETF (Series ID: S000077593)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000238081 | Kurv Dow (DOW) 1.75x Short Daily ETF | DDOW            |

![](ddow497k001.jpg)

**SUMMARY PROSPECTUS**

**March 24, 2023**

**Kurv Dow Chemical (DOW) 1.75x Short Daily ETF (Ticker: DDOW)**

Principal U.S. Listing Exchange for the Fund: Cboe BZX Exchange.

*Before you invest, you may want to review the Fund's prospectus and statement of additional information, which contain more information about the Fund and its risks. You can find the Fund's prospectus, statement of additional information and other information about the fund online at www.kurvinvest.com*. *You can also get this information at no cost by calling 888-393-5878. The current prospectus and statement of additional information, dated March 24, 2022, are incorporated by reference into this summary prospectus. Information about the Fund's net asset value per share, market price, premiums and discounts and bid-ask spreads can be found at www.kurvinvest.com.*

**The Securities and Exchange Commission ("SEC") has not approved or disapproved these securities or passed upon the adequacy of this Prospectus. Any representation to the contrary is a criminal offense.**

**KURV DOW CHEMICAL (DOW) 1.75X SHORT DAILY ETF (TICKER: DDOW) – SUMMARY**

**Important Information Regarding the Fund**

The Kurv Dow Chemical (DOW) 1.75x Short Daily ETF (the "Fund") seeks to replicate -1.75x times (-175%) the daily percentage change of the common shares of Dow Inc. ("Dow") (Fund ticker listed on Cboe: DDOW). Because the Fund aims to replicate the daily performance of Dow, it is very different from most other exchange-traded funds ("ETFs"). It is also riskier than alternatives that do not use leverage. The return for investors that invest for periods longer or shorter than a trading day should not be expected to be -175% the performance of Dow for the period. The return of the Fund for a period longer than a trading day will be the result of each trading day's compounded return over the period, which will very likely differ from -175% the return of Dow for that period. Longer holding periods, higher volatility of Dow and leverage increase the impact of compounding on an investor's returns. During periods of higher underlying stock volatility, the volatility of Dow may affect the Fund's return as much as, or more than, the return of Dow.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily inverse (-1.75x) investment results, understand the risks associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. For periods longer than a single day, the Fund will lose money if the Underlying Stock's performance is flat, and it is possible that the Fund will lose money even if the Underlying Stock's performance decreases over a period longer than a single day.**

**Investment Objective**

The Fund seeks to replicate -1.75x times (-175%), before fees and expenses, the performance of the Dow common stock while earning income from collateral posted in connection with the transactions to achieve the leverage.

**Fund Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund ("Shares"). **The fees are expressed as a percentage of the Fund's average daily net assets. 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<br> (expenses that you pay each year as a percentage of the value of your investment)

---

| | |
|:---|:---|
| Management Fee | 0.99% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses<sup>(1)</sup> | 0.25% |
| Total Annual Fund Operating Expenses<sup>(2)</sup> | 1.24% |
| Fee Waiver<sup>(3)</sup> | 0.09% |
| Total Annual Fund Operating Expenses after Fee Waiver and Reimbursement | 1.15% |

---

(1) Other Expenses are estimated
 for the Fund's initial fiscal year.

(2) The cost of investing
 in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense
 that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing
 in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be
 1.75% of Fund assets for the fiscal year ending May 31, 2023.

(3) The Fund's
 adviser has contractually agreed to waive its fees and reimburse expenses of the Fund, at least until May 31, 2024, 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 1.15%, of average daily net assets. 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 agreement may be terminated only by the Board of Trustees on 60 days' written notice to the adviser.

**Example**

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

The Example assumes that you invest $10,000 in the 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 Fund's operating expenses remain the same. 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:

---

| | |
|:---|:---|
| **1 Year** | **3 Years** |
| $117 | $385 |

---

**Portfolio Turnover**

The 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 Fund's performance. The Fund does not have any portfolio turnover because it has not yet launched.

**Principal Investment Strategies**

The Fund is an actively managed exchange traded fund that attempts to replicate -1.75x times (-175%) the daily percentage change of the common shares of Dow by entering into a swap agreement on the Dow common stock. The Fund aims to achieve this replication for a single day. The Fund itself only replicates the daily leveraged return of Dow. A "single day" is defined as being calculated "*from the close of regular trading on one trading day to the close on the next trading day*."

The Fund will enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on Dow. The gross return to be exchanged or "swapped" between the parties is calculated with respect to a "notional amount," e.g., the return on or change in value of a particular dollar amount representing the underlying stock, which is Dow.

In order to achieve its investment objective, the Fund will enter into swap agreements. At the end of each trading day, it is expected that the swap notional exposure against the Underlying Stock will be approximately equal to -1.75x times the Fund's net asset value.

To achieve a swap notional exposure equal -1.75x times the Fund's net asset value at the end of each trading day, the adviser will adjust the swap notional exposure daily by sending orders to the swap provider(s) for execution at close. Such transactions will result in trading fees to be paid by the Fund.

As a secondary strategy, the Fund seeks to earn income by investing in fixed-income securities including the following securities that will serve as margin or collateral or otherwise support the swaps positions: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as short-term bonds, commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality and/or (5) mortgage-related securities, including agency and non-agency mortgages, and "to be announced" or "TBA" mortgage-backed securities contracts. The Fund may also invest up to 25% of its assets in Dow.

Dow Inc. was incorporated on August 30, 2018, under Delaware law, to serve as a holding company for The Dow Chemical Company and its consolidated subsidiaries. Dow conducts its worldwide operations through six global businesses which are organized as follows: packaging and specialty plastics, industrial intermediates and infrastructure and performance materials and coatings. Dow's portfolio of plastics, industrial intermediates, coatings and silicones businesses make up a broad range of differentiated, science-based products and solutions for its customers in packaging, infrastructure, mobility and consumer applications.

The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have the inverse performance of the Underlying Stock.

The Fund expects to use Cowen Financial Products LLC as its initial swap counterparty.

**Because of daily rebalancing and the compounding of each day's return over time, the return of the Fund for periods longer than a single day will be the result of each day's returns compounded over the period, which will very likely differ from -175% of the return of the Dow Stock over the same period. The Fund will lose money if the Dow Stock's performance is flat over time, and as a result of daily rebalancing, the Dow Stock's volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Dow Stock's performance decreases over a period longer than a single day.**

**THE FUND, SHP ETF TRUST, AND KURV INVESTMENT MANAGEMENT LLC ARE NOT AFFILIATED WITH DOW.** 

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

**PRINCIPAL RISKS OF INVESTING IN THE FUND**

As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund's NAV and performance.

*Effects of Compounding and Market Volatility Risk*: The Fund seeks to replicate the leveraged daily returns of Dow and the Fund's performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is very likely to differ from Dow's performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aims to replicate leverage daily returns. For a Fund aiming to seeking a leveraged return, if adverse daily performance of Dow reduces the amount of a shareholder's investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder's investment had already been reduced by the prior adverse performance. Equally, however, if favorable daily performance of Dow increases the amount of a shareholder's investment, the dollar amount lost due to future adverse performance will increase because the shareholder's investment has increased.

The effect of compounding become pronounced as Dow volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of Dow during shareholder's holding period of an investment in the Fund.

The chart below provides examples of how Dow volatility could affect the Fund's performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Dow Stock volatility; b) Dow Stock's performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) Dow Stock's dividends. The chart below illustrates the impact of two principal factors – Dow Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Dow Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Dow volatility, compounding will cause results for periods longer than a trading day to vary from the performance of Dow.

As shown in the chart below, the Fund would be expected to lose 17.1% if Dow provided no return over a one-year period during which Dow experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if Dow's return is flat. **For instance, if Dow's annualized volatility is 100%, the Fund would be expected to lose 95.0% of its value, even if the cumulative Dow Stock return for the year was 0%.** Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than -175% of the performance of Dow Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -175% of the performance of the Dow Stock. The Fund's actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**One Year** | &nbsp;&nbsp;**-175% One Year** | &nbsp;&nbsp;**Volatility** | &nbsp;&nbsp;**Volatility** | &nbsp;&nbsp;**Volatility** | &nbsp;&nbsp;**Volatility** | &nbsp;&nbsp;**Volatility** |
| &nbsp;&nbsp;**Return** | &nbsp;&nbsp;**Return** | &nbsp;&nbsp;**10%** | &nbsp;&nbsp;**25%** | &nbsp;&nbsp;**50%** | &nbsp;&nbsp;**75%** | &nbsp;&nbsp;**100%** |
| &nbsp;&nbsp;-60% | &nbsp;&nbsp;105% | &nbsp;&nbsp;385.2% | &nbsp;&nbsp;327.6% | &nbsp;&nbsp;172.4% | &nbsp;&nbsp;28.4% | &nbsp;&nbsp;-55.2% |
| &nbsp;&nbsp;-50% | &nbsp;&nbsp;88% | &nbsp;&nbsp;228.4% | &nbsp;&nbsp;189.4% | &nbsp;&nbsp;84.3% | &nbsp;&nbsp;-13.1% | &nbsp;&nbsp;-69.7% |
| &nbsp;&nbsp;-40% | &nbsp;&nbsp;70% | &nbsp;&nbsp;138.7% | &nbsp;&nbsp;110.3% | &nbsp;&nbsp;34.0% | &nbsp;&nbsp;-36.8% | &nbsp;&nbsp;-78.0% |
| &nbsp;&nbsp;-30% | &nbsp;&nbsp;53% | &nbsp;&nbsp;82.2% | &nbsp;&nbsp;60.6% | &nbsp;&nbsp;2.3% | &nbsp;&nbsp;-51.8% | &nbsp;&nbsp;-83.2% |
| &nbsp;&nbsp;-20% | &nbsp;&nbsp;35% | &nbsp;&nbsp;44.3% | &nbsp;&nbsp;27.1% | &nbsp;&nbsp;-19.0% | &nbsp;&nbsp;-61.8% | &nbsp;&nbsp;-86.7% |
| &nbsp;&nbsp;-10% | &nbsp;&nbsp;18% | &nbsp;&nbsp;17.4% | &nbsp;&nbsp;3.5% | &nbsp;&nbsp;-34.1% | &nbsp;&nbsp;-68.9% | &nbsp;&nbsp;-89.2% |
| &nbsp;&nbsp;0% | &nbsp;&nbsp;0% | &nbsp;&nbsp;-2.4% | &nbsp;&nbsp;-14.0% | &nbsp;&nbsp;-45.2% | &nbsp;&nbsp;-74.2% | &nbsp;&nbsp;-91.0% |
| &nbsp;&nbsp;10% | &nbsp;&nbsp;-18% | &nbsp;&nbsp;-17.4% | &nbsp;&nbsp;-27.2% | &nbsp;&nbsp;-53.6% | &nbsp;&nbsp;-78.1% | &nbsp;&nbsp;-92.4% |
| &nbsp;&nbsp;20% | &nbsp;&nbsp;-35% | &nbsp;&nbsp;-29.0% | &nbsp;&nbsp;-37.5% | &nbsp;&nbsp;-60.2% | &nbsp;&nbsp;-81.2% | &nbsp;&nbsp;-93.4% |
| &nbsp;&nbsp;30% | &nbsp;&nbsp;-53% | &nbsp;&nbsp;-38.3% | &nbsp;&nbsp;-45.6% | &nbsp;&nbsp;-65.4% | &nbsp;&nbsp;-83.7% | &nbsp;&nbsp;-94.3% |
| &nbsp;&nbsp;40% | &nbsp;&nbsp;-70% | &nbsp;&nbsp;-45.8% | &nbsp;&nbsp;-52.3% | &nbsp;&nbsp;-69.6% | &nbsp;&nbsp;-85.7% | &nbsp;&nbsp;-95.0% |
| &nbsp;&nbsp;50% | &nbsp;&nbsp;-88% | &nbsp;&nbsp;-52.0% | &nbsp;&nbsp;-57.7% | &nbsp;&nbsp;-73.0% | &nbsp;&nbsp;-87.3% | &nbsp;&nbsp;-95.6% |
| &nbsp;&nbsp;60% | &nbsp;&nbsp;-105% | &nbsp;&nbsp;-57.1% | &nbsp;&nbsp;-62.2% | &nbsp;&nbsp;-75.9% | &nbsp;&nbsp;-88.7% | &nbsp;&nbsp;-96.0% |

---

Dow's annualized historical volatility rate for the three year period ended December 31, 2022 was 37.2%. The Dow Stock's highest volatility rate for any one calendar year for the two year period was 50.9% and volatility for a shorter period of time may have been substantially higher. The Dow Stock's annualized performance for the three year ended December 31, 2022 was 3.8% (including reinvestment of eventual dividends). Historical volatility and performance are not indications of what the Dow Stock's volatility and performance will be in the future. The volatility of instruments that reflect the value of Dow, such as swaps, may differ from the volatility of the Dow Stock.

*Leverage Risk.* The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of Dow Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily gain in the Dow Stock, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the Dow Stock gains more than 57%. Leverage will also have the effect of magnifying any differences in the Fund performance's correlation with the Dow Stock.

Due to the limited availability of necessary investments or financial instruments, the Fund could, among other things, as a defensive measure, limit or suspend creations or redemptions of Creation Units until the Adviser determines that the requisite exposure to the Dow Stock is obtainable. During the period that creation or redemptions are affected, the Fund's shares could trade at a significant premium or discount to their net asset value or the bid-ask spread of the Fund's shares could widen significantly. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and increased transaction and other costs and make greater taxable distributions to shareholders of the Fund.

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

*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.

*Dow Security Risk.* Dow has climate change-related risks and uncertainties, legal or regulatory responses to climate change and failure to meet the company's climate change commitments could negatively impact the company's results of operations, financial condition and/or reputation. Market conditions could reduce the company's flexibility to respond to changing business conditions or fund capital needs. Dow operates in a global, competitive environment which gives rise to operating and market risk exposure. Increased obligations and expenses related to the company's defined benefit pension plans and other postretirement benefit plans could negatively impact its financial condition and results of operations. Earnings generated by the Company's products vary based in part on the balance of supply relative to demand within the industry.

The costs of complying with evolving regulatory requirements could negatively impact Dow's financial results. Actual or alleged violations of environmental laws or permit requirements could result in restrictions or prohibitions on plant operations, substantial civil or criminal sanctions, as well as the assessment of strict liability and/or joint and several liability.

Increased concerns regarding the safe use of chemicals and plastics in commerce and their potential impact on the environment has resulted in more restrictive regulations and could lead to new regulations for Dow. The company is party to a number of claims and lawsuits arising out of the normal course of business with respect to product liability, patent infringement, employment matters, governmental tax and regulation disputes, contract and commercial litigation, and other actions. Increased concerns regarding plastic waste in the environment, consumers selectively reducing their consumption of plastic products, a lack of plastic waste collection and recycling infrastructure, or new or more restrictive regulations and rules related to plastic waste could reduce demand for the company's plastic products and could negatively impact the company's financial results.

Dow is subject to the risk of loss of its trade secrets, know-how or other sensitive business information or disruption of operations could negatively impact its financial results. An impairment of goodwill could negatively impact the company's financial results. Availability of purchased feedstock and energy, and the volatility of these costs, impact Dow's operating costs and add variability to earnings. Also, Dow confronts risks related to achieving the anticipated benefits of Dow's separation from DowDuPont, the chemical conglomerate which was split into three separate companies in 2019.

*Equity Risk.* The net asset value of the 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 Fund is structured as an exchange traded fund and as a result is subject to special risks, including:

● The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a "bid-ask spread" charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.

● In times of market stress, market makers may step away from their role market making in shares of exchange traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund's NAV.

● In stressed market conditions, the market for the Fund's shares may become less liquid in response to the deteriorating liquidity of the Fund's portfolio. This adverse effect on the liquidity of the Fund's shares may, in turn, lead to differences between the market value of the Fund's shares and the Fund's NAV.

● An active trading market for the Fund's shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund's shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund's shares.

*Fixed Income Securities Risk.* When the Fund invests in fixed income securities, the value of your investment in the 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 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 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 Fund, possibly causing the Fund's share price and total return to be reduced and fluctuate more than other types of investments.

*Management Risk.* The Adviser's judgments about the attractiveness, value and potential appreciation of particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results.

*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 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, 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.

*Materials Sector Risk.* Issuers in the materials sector may be adversely affected by commodity price volatility, exchange rates, import controls, increased competition, depletion of resources, technical progress, labor relations and government regulations, among other factors. Issuers in the materials sector may be liable for environmental damage and product liability claims. Production of materials may exceed demand as a result of market imbalances or economic downturns, leading to poor investment returns.

*Mortgage-Related Securities Risk.* The Fund may invest in mortgage-related and asset backed securities. Mortgage-related securities are interests in pools of residential or commercial mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. Pools of mortgage loans are assembled as securities for sale to investors by various governmental, government-related and private organizations. A Fund also may invest in debt securities which are secured with collateral consisting of mortgage-related securities.

The 2008 financial downturn, particularly the increase in delinquencies and defaults on residential mortgages, falling home prices, and unemployment, adversely affected the market for mortgage-related securities. In addition, various market and governmental actions may impair the ability to foreclose on or exercise other remedies against underlying mortgage holders, or may reduce the amount received upon foreclosure. These factors have caused certain mortgage-related securities to experience lower valuations and reduced liquidity. There is also no assurance that the U.S. government will take action to support the mortgage-related securities industry, as it has in the past, should the economy experience another downturn. Further, future government actions may significantly alter the manner in which the mortgage-related securities market functions. Each of these factors could ultimately increase the risk that the Fund could realize losses on mortgage-related securities.

*New Fund Risk*. The Funds are new funds, with no operating history, which may result in additional risks for investors in the Funds. There can be no assurance that these Funds will grow to or maintain an economically viable size, in which case the Board of Trustees may determine to liquidate the Funds. While shareholder interests will be the paramount consideration, the timing of any liquidation may not be favorable to certain individual shareholders.

*Non-Diversified Risk.* The Fund's portfolio focuses on the Dow Stock and will be subject to greater potential for volatility than a diversified fund.

*Swap Risk.* Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund's losses.

*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 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.

**Performance:** 

Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually.

**Investment Adviser:** Kurv Investment Management LLC

**Sub-Adviser:** Neos Investment Management LLC

**Portfolio Managers:** Garrett Paolella (since inception),Troy Cates (since inception) and Ryan Houlton (since inception), each of whom is employed by the Sub-Adviser, serve as portfolio managers for the Fund.

**Purchase and Sale of Fund Shares:** The Fund is an ETF. Individual Shares of the Fund may only be bought and sold in the secondary market (i.e., on a national securities exchange) through a broker-dealer at a market price. Because ETF shares trade at market prices rather than at NAV, Shares may trade at a price greater than NAV (at a premium), at NAV or less than NAV (at a discount). An investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase Shares of the Fund (bid) and the lowest price a seller is willing to accept for Shares of the Fund (ask) when buying or selling Shares in the secondary market (the "bid-ask spread"). The bid-ask spread varies over time for Shares based on trading volume and market liquidity, and is generally lower if the Fund's Shares have more trading volume and market liquidity and higher if the Fund's Shares have little trading volume and market liquidity. Recent information regarding the Fund, including its NAV, market price, premiums and discounts, and bid/ask spreads, is available on the Fund's website at www.kurvinvest.com.

**Tax Information:** The Fund's distributions will be taxable to you, generally as ordinary income unless you are invested through a tax-advantaged arrangement, such as a 401(k) plan, IRA or other tax-advantaged account; in such cases, you may be subject to tax when assets are withdrawn from such tax-advantaged arrangement. A sale of Shares may result in capital gain or loss.

**Payments to Broker-Dealers and Other Financial Intermediaries:** If you purchase Shares of the Fund through a broker-dealer or other financial intermediary (such as a bank) (an "Intermediary"), the Adviser and/or its related companies may pay the Intermediary for the sale of Shares and related services. These payments may create a conflict of interest by influencing the Intermediary and your salesperson to recommend the Fund over another investment. Any such arrangements do not result in increased Fund expenses. Ask your salesperson or visit the Intermediary's website for more information.

Investment Company Act file no. 811-23645.