GIAX — Nicholas Global Equity and Income ETF

The Fund is an actively managed exchange-traded fund (“ETF”) that primarily seeks to generate current income. The Fund’sstrategy includes two components: (i) holding shares of unaffiliated passively managed ETFs that seek to provide exposure to a range of global equity securities (“Index ETFs”) and (ii) selling daily credit call spreads on equity securities or equity indices (“Call Spreads”). . The Fund may invest in individual securities (as described below) and may also hold U.S. Treasury securities.

The Fund’s daily credit call spread strategy consists of selling a call option and simultaneously buying another call option at a higher strike price to generate options premiums. The Fund’s investment approach is designed to generate options premiums by selling Call Spreads, which will be the primary driver of the Fund’s yield. ● Global Equity Component: The Fund will typically invest in broad-based, passively managed Index ETFs that seek to track the performance of particular equity market indices.

The indices may consist of U.S. market indices, indices concentrating on one or more developed and emerging markets outside of the U.S., or global indices (individually, an “Index,” and collectively, the “Indices”). The Fund may also invest in individual equity securities, including for the purpose of creating a representative sampling of individual securities that comprise a particular Index ETF, rather than investing directly in the Index ETF. ● Call Spreads Component: The Fund’s Call Spreads will generally be based on U.S.-listed equity securities (including American Depositary Receipts (“ADRs”)) and/or U.S. Indices due to the improved liquidity and pricing of these reference assets as compared to equity securities of non-U.S. equity securities and/or non-U.S. Indices. ● Put Spreads Component: The Fund’s Put Spreads (i.e., selling daily credit put spreads on equity securities or indices) will generally be based on U.S.-listed equity securities (including ADRs) and/or U.S. Indices due to the improved liquidity and pricing of these reference assets as compared to equity securities of non-U.S. equity securities and/or non-U.S. Indices.

While the Fund seeks to provide current income pursuant to its investment objective, a portion (sometimes significant) of the Fund’sdistributions may be classified as return of capital (“ROC”) for financial or tax reporting purposes. Generally speaking,ROC refers to the portion of a distribution from an investment that represents a return of the original investment (principal)rather than income or profit. Accordingly, such distributions do not necessarily reflect the Fund’s income or yield.

Seethe prospectus section titled “Additional Information About the Funds” for more information about option premiums and ROC. Global Equity Component The Fund’s Index ETF holdings (and representative samplings of individual securities) are designed to generally permit the Fund to participate in upside appreciation in global equity markets. However, this investment strategy also exposes the Fund to potential losses during downward movements in global equity markets.

Generally,the Fund will hold four to six Index ETFs (or representative samplings of four to six Index ETFs), approximately equally weighted.At least two of the Fund’s Index ETF holdings (or sets of representative samplings) will predominantly track the performance of foreign securities. If determined to be more cost-effective, rather than invest in one or more particular Index ETFs, the Fund may instead invest in a representative sampling of an Index ETF’s holdings (e.g., the top 10 to 15 individual companies then held by the relevant Index ETF).

If there are market or economic factors impacting any of one or more Index ETFs, the Adviser and/or the Fund’s sub-adviser,Nicholas Wealth, LLC (the “Sub-Adviser” or “Nicholas Wealth”), may decide to increase or decrease the Fund’s allocation to the impacted Index ETFs (or individual securities holdings when applicable). For example, if a particular global market shows strong momentum, the Adviser and/or Sub-Adviser may increase the allocation to that market. If interest rates were spiking, the allocation to another Index ETF might be reduced if it is more sensitive to rate changes.

In the case of a geopolitical event, exposure to a certain Index ETF (or representative sampling) may be reduced if it is more sensitive to external factors. The Fund may also invest in the equity securities of individual companies. The Sub-Adviser selects these investments based on its outlook of the broader economic and market environments and how it expects those conditions will impact earnings and revenue growth for a particular company, sector, or region.

The Sub-Adviser considers a broad global investment universe, including domestic U.S. and non-U.S. equity securities, including common stocks and depositary receipts (including American Depositary Receipts (“ADRs”)).Each company is evaluated for valuation, growth, quality and sentiment, including, among other factors, price momentum and trading volume. The Fund may invest across all market capitalizations and may invest in emerging markets companies.

The Fund’s overall portfolio allocation will include an allocation to one or more Index ETFs and/or individual securities holdings that, in the aggregate, hold both U.S. and foreign securities. Dividends paid by the Fund’s Index ETF holdings (and any individual security holdings) will contribute to the Fund’s income generation. Call Spreads Component The Fund will sell Call Spreads on one or more Indices and/or equity securities of individual companies to generate options premiums.The Fund expects to primarily sell Call Spreads on U.S. Indices and/or U.S. listed equity securities (including ADRs).

The Fund will focus on options with expirations of one month or less. This involves selling call options at a strike price at or near the money and buying call options above that strike price. The Fund’s options contracts will: ● Generate options premiums. ● Limit the Fund’s indirect participation in gains, if any, of the Indices’ or equity securities’ value.

That is, if a particular Index’s or equity security’s value increases, the Fund will miss out on the portion of the gain up to the strike price of the purchased call option; however, the Fund will participate in gains beyond the strike price of the purchased call option. Note that a missed gain on an Index or equity security increasing in value may exceed the value of options premiums received on the spread transaction. The Fund’s Call Spreads strategy is most likely to generate net options premiums when the reference Index or equity security is flat or decreasing.

Put Spreads Component The Fund will sell Put Spreads one or more Indices and/or equity securities of individual companies to generate options premiums.The Fund expects to primarily sell Put Spreads on U.S. Indices and/or U.S. listed stocks (including ADRs). The Fund will focus on options with expirations of one month or less. This involves selling put options at a strike price at or near the money and buying put options below that strike price. The Fund’s Put Spreads strategy is most likely to generate netoptions premiums when the reference Index or equity security is flat or increasing.

Treasuries The Fund will also hold cash or short-term U.S. Treasury securities. These securities serve a dual purpose: providing collateral for the Call Spreads Component and contributing to the Fund’s income generation. Why in vest in the Fund? ● The Fund seeks to generate weekly distributions, which is not dependent on the value of a particular Index, Indices or individual securities. ● The Fund seeks to participate in some of the potential gains experienced by increases in the value of (i) the Indices in which it then-currently invests via Index ETFs, and/or (ii) individual securities held by the Fund. ● Due to the nature of the Fund’s Call Spreads Component, the Fund will often not participate in a portion of the gains of an Index or individual security holdings and will instead generate options premiums.

That is, although the Fund will not fully participate in gains in the value of an Index or individual security, the Fund’s portfolio is designed to generate options premiums and benefit if its Index ETF holdings (and any individual security holdings) appreciate in value. An investment in the Fund is not an investment in any Index, nor is the Fund an investment in a traditional passively managed indexfund. The Fund’s strategy is subject to all potential losses if an Index or security in which it then-invests loses value, which may not be offset by the options premiums received by the Fund.

The Fund’s Use of Option Contracts The Fund’s approach to option contracts entails selling daily Call Spreads. The Fund will earn net options premiums, with an opportunity to gain from the time decay of options. Fund Portfolio The Fund’s portfolio is comprised mainly of: ● Shares of four to six passively-managed equity ETFs (or representative samplings of such ETFs) that track an Index. ● Individual equity securities. ● Sold call option contracts on U.S. Indices and/or individual equity securities, in each case, generally at or near the money. ● Bought call options contracts, on U.S. Indices and/or individual equity securities, in each case, with strike prices above the strike prices of the sold options. ● Limited holdings of U.S. Treasury Securities and Cash (typically, less than 10% of Fund assets) for collateral and income generation.

Nicholas Global Equity and Income ETF – Principal Holdings Portfolio Holdings (All options are based on the value of an Index) Investment Terms Expected Target Maturity Index ETF shares N/A N/A Shares of Individual Companies N/A N/A Sold call option contracts “at (or near)-the money” (i.e., the strike price is equal to or near the then-current price of the reference asset at the time of sale) Soldcall option contracts provide inverse exposure (i.e., when selling a call option, the Fund benefits if the reference asset goesdown) to the full extent of any increases in the value experienced by the reference asset minus the premium received.

While the positions will offset in terms of the reference assets, the notional values may not always fully offset. Typically, 1 day, but may extend to one-week expiration dates Bought call option contracts “out-the-money” (i.e., the strike price is above the then-current price of a reference asset at the time of sale). Bought call option contracts provide exposure to the full extent of any increases in the value experienced by the reference asset above the option’s strike price.

Typically, 1 day, but may extend to one-week expiration dates U.S Treasury Securities and Cash Multiple series of U.S. Treasury Bills supported by the full faith and credit of the U.S. government. They will also generate income. The Fund will generally hold US Treasuries to maturity. 6-month to 2-year maturities at the time of purchase. The Fund intends to invest in cash-settled options, which means the holder of the option doesn’t receive securities when the option is exercised or expires. Instead, any payments are made in cash. The Fund is classified as “non-diversified” under the 1940 Act.

The Fund’s investment strategy may result in high portfolio turnover. Under normal circumstances, the Fund will invest at least 80% of the value of its net assets, plus borrowings for investment purposes,in securities and financial instruments that provide exposure to global equity securities and/or that generate income.