KURV
ETF TRUST
NOTES
TO THE FINANCIAL STATEMENTS
November 30, 2025 (Continued)
Gold
Risk (KGLD). The price of gold may be
volatile, and gold bullion-related Exchange Traded Products (“ETPs”), including
gold bullion-related exchange traded funds, and derivatives may be highly
sensitive to the price of gold. The price of gold bullion can be significantly
affected by international monetary and political developments such as currency
devaluation or revaluation, central bank movements, economic and social
conditions within a country, transactional or trade imbalances, or trade or
currency restrictions between countries. Physical gold bullion has sales
commission, storage, insurance and auditing expenses.
Silver
Risk (KSLV). The price of silver may be
volatile, and physical silver-related Exchange Traded Products (“ETPs”),
including physical silver-related exchange traded funds, and derivatives may be
highly sensitive to the price of silver. The price of physical silver can be
significantly affected by international monetary and political developments such
as currency devaluation or revaluation, central bank movements, economic and
social conditions within a country, transactional or trade imbalances, or trade
or currency restrictions between countries. physical silver has sales
commission, storage, insurance and auditing expenses.
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.
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.
Interest
Rate Risk. The risk that fixed income
securities and dividend paying equity securities will decline in value because
of an increase in interest rates; a fund with a longer average portfolio
duration will be more sensitive to changes in interest rates than a fund with a
shorter average portfolio duration.
Liquidity
Risk. Some securities held by the Fund,
including options contracts, may be difficult to sell or be illiquid,
particularly during times of market turmoil. This risk is greater for the Fund
as it will hold options contracts on a single security, and not a broader range
of options contracts. Markets for securities or financial instruments could be
disrupted by a number of events, including, but not limited to, an economic
crisis, natural disasters, epidemics/pandemics, new legislation or regulatory
changes inside or outside the United States. Illiquid securities may be
difficult to value, especially in changing or volatile markets. If the Fund is
forced to sell an illiquid security at an unfavorable time or price, the Fund
may be adversely impacted. Certain market conditions or restrictions, such as
market rules related to short sales, may prevent the Fund from limiting losses,
realizing gains or achieving a high correlation with the Underlying Security.
There is no assurance that a security that is deemed liquid when purchased will
continue to be liquid. Market illiquidity may cause losses for the Fund.
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.
Money
Market Instrument Risk. The Fund may use a
variety of money market instruments for cash management purposes, including
money market funds, depositary accounts and repurchase agreements. Repurchase
agreements are
