Fund Summary

The Nicholas Fixed Income Alternative ETF (FIAX) Fund is an actively managed exchange-traded fund (“ETF”) that seeks to provide income using U.S. Treasury fixed income securities and a “defined risk option premium.” The Fund’s defined risk option premium strategy uses options on ETFs across multiple asset classes (e.g., equities, commodities, fixed income).

The Fund’s option positions will be comprised of vertical credit spreads* and vertical debit spreads that aim to capture a premium representing a combination of dividends and growth of the underlying assets.

Through the defined risk option premium strategy, two options transactions are paired together in order to create a “defined risk” trade that caps the maximum possible gains and losses from the outset.

*Vertical Credit Spread: Simultaneously buying and selling options with different strike prices establishes a spread position. When the option sold is more expensive than the option bought, a net credit results.

**The Fund will pay dividends to Shareholders monthly, with the ability to receive additional dividends based on options performance.