2026-03-23214400_KurvCopper-MiningEnhancedIncomeETF_TF_TSRAnnual
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Kurv
Copper & Mining Enhanced Income ETF
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KCOP
(Principal U.S. Listing Exchange: CBOE) |
|
Annual
Shareholder Report | May
31, 2026 |
This
annual
shareholder report
contains important information about the Kurv
Copper & Mining Enhanced Income ETF (the “Fund”)
for the period of February
12, 2026 (inception date), to May
31, 2026. You
can find additional information about the Fund
at https://www.kurvinvest.com/etf/kcop.
You can also request this information by contacting us at (833)
955-5878.
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|
| |
|
Class
Name |
Costs
of a $10,000 investment |
Costs
paid as a percentage of a
$10,000 investment*,** |
|
Kurv
Copper & Mining Enhanced Income ETF |
$30 |
% |
| * |
Amount
shown reflects the expenses of the Fund from inception date through
May
31, 2026. Expenses would be higher if the Fund had
been in operation for the entire period of this
report. |
HOW
DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS
PERFORMANCE?
For
the period ended May 31, 2026, the Fund generated positive returns with
consistent monthly distributions. Option premiums
received from option strategies contributed negatively to total
return.
WHAT
FACTORS INFLUENCED PERFORMANCE
-
Performance of the copper and copper miner ETFs
-
Amount of premium received from option
strategies
The
Fund maintained long exposure to copper and copper miner ETFs via synthetic long
positions (long call options and short
put options both with the same strike) and in-the-money calls. The Fund employed
option strategies to receive premiums
to generate income while allowing upside price appreciation potential. The
remaining cash was invested in U.S. T-Bills
to generate additional income.
|
| |
|
Top
Contributors |
|
↑ |
Long
exposure to
copper |
|
| |
|
Top
Detractors |
|
↓ |
Long
exposure to copper
miners |
For
the period from inception date to May 31, 2026, the Fund’s performance was 2.71%
(NAV).
HOW
DID THE FUND PERFORM SINCE
INCEPTION?*
In
addition to the Fund’s performance, the tables in this section include
performance of a broad-based securities market index
(i.e., a regulatory index). The Fund’s regulatory index is the S&P 500 TR
Index. The Fund’s regulatory index is shown in
connection with certain regulatory requirements to provide a broad measure of
market performance.
The
$10,000
chart reflects a hypothetical $10,000
investment in the class of shares noted. The chart uses total return NAV
performance
and assumes reinvestment of dividends and capital gains. Fund expenses,
including management fees and interest
expense were deducted.
| Kurv
Copper & Mining Enhanced Income ETF |
PAGE
1 |
TSR-AR-500948831 |
CUMULATIVE
PERFORMANCE (Initial
Investment of $10,000)
THE
TABLE BELOW SHOWS THE AVERAGE TOTAL RETURNS OF THE FUND AND A REGULATORY INDEX
FOR THE
PERIOD ENDED MAY 31, 2026.
ANNUAL
AVERAGE TOTAL RETURN (%)
|
| |
|
|
Since
Inception
(02/12/2026) |
|
Kurv
Copper & Mining Enhanced Income ETF
NAV |
2.71 |
|
S&P
500 TR |
11.34 |
Visit
https://www.kurvinvest.com/etf/kcop
for more recent performance information.
| * |
The
Fund’s past performance is not a good predictor of how the Fund will
perform in the future.The
graph and table do not reflect the
deduction of taxes that a shareholder would pay on Fund distributions or
redemption of Fund shares. |
KEY
FUND STATISTICS (as
of May
31, 2026)
|
| |
|
Net
Assets |
$29,469,095 |
|
Number
of Holdings |
13 |
|
Net
Advisory Fee |
$48,160 |
|
Portfolio
Turnover |
0% |
|
30-Day
SEC Yield |
2.22% |
|
30-Day
SEC Yield Unsubsidized |
2.22% |
|
Distribution
Yield |
14.26% |
WHAT
DID THE FUND INVEST IN? (%
of Net Assets as of May
31, 2026)
|
| |
|
Security
Type |
(%) |
|
U.S.
Treasury Bills |
83.9% |
|
Purchased
Options |
19.8% |
|
Money
Market Funds |
1% |
|
Written
Options |
-4.5% |
|
Cash
& Other |
-0.2% |
|
| |
|
Top
10 Issuers |
(%) |
|
United
States Treasury Bill |
83.9% |
|
Global
X Copper Miners ETF |
10.8% |
|
United
States Copper ETF |
4.5% |
|
Fidelity
Government Portfolio |
1.0% |
For
additional information about the Fund; including its prospectus, financial
information, holdings and proxy information,
scan the QR code or visit https://www.kurvinvest.com/etf/kcop.
HOUSEHOLDING
To
reduce Fund expenses, only one copy of most shareholder documents may be mailed
to shareholders with multiple accounts
at the same address (Householding). If you would prefer that your Kurv
Investment Management Inc documents not
be householded, please contact Kurv
Investment Management Inc at (833)
955-5878, or contact your financial intermediary.
Your instructions will typically be effective within 30 days of receipt by
Kurv
Investment Management Inc or your
financial intermediary.
| Kurv
Copper & Mining Enhanced Income ETF |
PAGE
2 |
TSR-AR-500948831 |
10000102731000011134
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Kurv
Gold Enhanced Income ETF
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KGLD
(Principal U.S. Listing Exchange: Cboe) |
|
Annual
Shareholder Report | May
31, 2026 |
This
annual
shareholder report
contains important information about the Kurv
Gold Enhanced Income ETF (the “Fund”) for the period
of July
7, 2025 (inception date), to May
31, 2026. You
can find additional information about the Fund at https://www.kurvinvest.com/etf/kgld.
You can also request this information by contacting us at (833)
955-5878.
|
|
| |
|
Fund
Name |
Costs
of a $10,000 investment |
Costs
paid as a percentage of a
$10,000 investment*,** |
|
Kurv
Gold Enhanced Income ETF |
$119 |
% |
| * |
Amount
shown reflects the expenses of the Fund from inception date through
May
31, 2026. Expenses would be higher if the Fund had
been in operation for the entire period of this
report. |
HOW
DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS
PERFORMANCE?
For
the period ended May 31, 2026, the Fund generated positive returns with
consistent monthly distributions. Option premiums
received from option strategies contributed positively to total
return.
WHAT
FACTORS INFLUENCED PERFORMANCE
-
Performance of the gold ETFs
-
Amount of premium received from option
strategies
The
Fund maintained long exposure to gold ETFs via synthetic long positions
(long call options and short put options both with
the same strike) and in-the-money calls. The Fund employed option strategies to
receive premiums to generate income
while allowing upside price appreciation potential. The remaining cash was
invested in U.S. T-Bills to generate additional
income.
|
| |
|
Top
Contributors |
|
↑ |
Long
exposure to gold |
|
↑ |
Exposure
to certain option
positions |
For
the period from inception date to May 31, 2026, the Fund’s performance was
35.17% (NAV).
HOW
DID THE FUND PERFORM SINCE
INCEPTION?*
In
addition to the Fund’s performance, the tables in this section include
performance of a broad-based securities market index
(i.e., a regulatory index). The Fund’s regulatory index is the S&P 500 TR
Index. The Fund’s regulatory index is shown in
connection with certain regulatory requirements to provide a broad measure of
market performance.
The
$10,000
chart reflects a hypothetical $10,000
investment in the class of shares noted. The chart uses total return NAV
performance
and assumes reinvestment of dividends and capital gains. Fund expenses,
including management fees and interest
expense were deducted.
| Kurv
Gold Enhanced Income ETF |
PAGE
1 |
TSR-AR-500948872 |
CUMULATIVE
PERFORMANCE (Initial
Investment of $10,000)
THE
TABLE BELOW SHOWS THE AVERAGE TOTAL RETURNS OF THE FUND AND A REGULATORY INDEX
FOR THE
PERIOD ENDED MAY 31, 2026.
ANNUAL
AVERAGE TOTAL RETURN (%)
|
| |
|
|
Since
Inception
(07/07/2025) |
|
Kurv
Gold Enhanced Income ETF NAV |
35.17 |
|
S&P
500 TR |
22.98 |
Visit
https://www.kurvinvest.com/etf/kgld
for more recent performance information.
| * |
The
Fund’s past performance is not a good predictor of how the Fund will
perform in the future.The
graph and table do not reflect the
deduction of taxes that a shareholder would pay on Fund distributions or
redemption of Fund shares. |
KEY
FUND STATISTICS (as
of May
31, 2026)
|
| |
|
Net
Assets |
$101,043,491 |
|
Number
of Holdings |
12 |
|
Net
Advisory Fee |
$439,271 |
|
Portfolio
Turnover |
0% |
|
30-Day
SEC Yield |
2.48% |
|
30-Day
SEC Yield Unsubsidized |
2.48% |
|
Distribution
Yield |
15.52% |
WHAT
DID THE FUND INVEST IN? (%
of Net Assets as of May
31, 2026)
|
| |
|
Security
Type |
(%) |
|
U.S.
Treasury Bills |
89.3% |
|
Purchased
Options |
12.4% |
|
Money
Market Funds |
1.3% |
|
Written
Options |
-3.7% |
|
Cash
& Other |
0.7% |
|
| |
|
Top
10 Issuers |
(%) |
|
United
States Treasury Bill |
89.3% |
|
SPDR
Gold Shares |
5.6% |
|
iShares
Gold Trust |
3.2% |
|
Fidelity
Government Portfolio |
1.3% |
For
additional information about the Fund; including its prospectus, financial
information, holdings and proxy information,
scan the QR code or visit https://www.kurvinvest.com/etf/kgld.
HOUSEHOLDING
To
reduce Fund expenses, only one copy of most shareholder documents may be mailed
to shareholders with multiple accounts
at the same address (Householding). If you would prefer that your Kurv
Investment Management Inc documents not
be householded, please contact Kurv
Investment Management Inc at (833)
955-5878, or contact your financial intermediary.
Your instructions will typically be effective within 30 days of receipt by
Kurv
Investment Management Inc or your
financial intermediary.
| Kurv
Gold Enhanced Income ETF |
PAGE
2 |
TSR-AR-500948872 |
10000135171000012298
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Kurv
High Income ETF |
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KYLD
(Principal U.S. Listing Exchange: CBOE) |
|
Annual
Shareholder Report | May
31, 2026 |
This
annual
shareholder report
contains important information about the Kurv
High Income ETF (the “Fund”) for the period of October
30, 2025 (inception date), to May
31, 2026. You
can find additional information about the Fund at https://www.kurvinvest.com/etf/kyld.
You can also request this information by contacting us at (833)
955-5878.
|
|
| |
|
Fund
Name |
Costs
of a $10,000 investment |
Costs
paid as a percentage of a
$10,000 investment*,** |
|
Kurv
High Income ETF |
$67 |
% |
| * |
Amount
shown reflects the expenses of the Fund from inception date through
May
31, 2026. Expenses would be higher if the Fund had
been in operation for the entire period of this
report. |
HOW
DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS
PERFORMANCE?
For
the period ended May 31, 2026, the Fund generated positive returns with
consistent monthly distributions. Option premiums
received from option strategies contributed positively to total
return.
WHAT
FACTORS INFLUENCED PERFORMANCE
-
Security selection
-
Performance of high-growth stock and assets
-
Amount of premium received from writing out-of–the-money call
option
The
Fund invests in a portfolio of high-growth stocks and assets with high
implied volatility via both stock and synthetic long
positions (long call options and short put options both with the same strike).
The Fund employs option strategies to receive
premiums to generate income while allowing upside price appreciation potential.
The remaining cash was invested in
U.S. T-Bills to generate additional income.
|
| |
|
Top
Contributors |
|
↑ |
Long
exposure to semiconductor companies |
|
↑ |
Long
exposure to precious metals miners |
|
↑ |
Premiums
received from writing out-of-the money call
options |
|
| |
|
Top
Detractors |
|
↓ |
Exposure
to web3 companies |
For
the period from inception date to May 31, 2026, the Fund’s performance was 7.50%
(NAV).
HOW
DID THE FUND PERFORM SINCE
INCEPTION?*
In
addition to the Fund’s performance, the tables in this section include
performance of a broad-based securities market index
(i.e., a regulatory index). The Fund’s regulatory index is the S&P 500 TR
Index. The Fund’s regulatory index is shown in
connection with certain regulatory requirements to provide a broad measure of
market performance.
The
$10,000
chart reflects a hypothetical $10,000
investment in the class of shares noted. The chart uses total return NAV
performance
and assumes reinvestment of dividends and capital gains. Fund expenses,
including management fees and interest
expense were deducted.
| Kurv
High Income ETF |
PAGE
1 |
TSR-AR-500948849 |
CUMULATIVE
PERFORMANCE (Initial
Investment of $10,000)
THE
TABLE BELOW SHOWS THE AVERAGE TOTAL RETURNS OF THE FUND AND A REGULATORY INDEX
FOR THE
PERIOD ENDED MAY 31, 2026.
ANNUAL
AVERAGE TOTAL RETURN (%)
|
| |
|
|
Since
Inception
(10/30/2025) |
|
Kurv
High Income ETF NAV |
7.50 |
|
S&P
500 TR |
11.91 |
Visit
https://www.kurvinvest.com/etf/kyld
for more recent performance information.
| * |
The
Fund’s past performance is not a good predictor of how the Fund will
perform in the future.The
graph and table do not reflect the
deduction of taxes that a shareholder would pay on Fund distributions or
redemption of Fund shares. |
KEY
FUND STATISTICS (as
of May
31, 2026)
|
| |
|
Net
Assets |
$41,079,772 |
|
Number
of Holdings |
46 |
|
Net
Advisory Fee |
$164,903 |
|
Portfolio
Turnover |
12% |
|
30-Day
SEC Yield |
(0.05)% |
|
30-Day
SEC Yield Unsubsidized |
(0.20)% |
|
Distribution
Yield |
23.70% |
WHAT
DID THE FUND INVEST IN? (%
of Net Assets as of May
31, 2026)
Sector
Breakdown (% of net assets)
|
| |
|
Top
Sectors |
(%) |
|
Manufacturing
|
34.4% |
|
Cash
& Other |
31.4% |
|
Finance
and Insurance |
18.3% |
|
Information
|
6.7% |
|
Professional,
Scientific, and Technical Services
|
4.8% |
|
Utilities
|
4.3% |
|
| |
|
Top
10 Issuers |
(%) |
|
United
States Treasury Bill |
22.3% |
|
Global
X Silver Miners ETF |
6.5% |
|
VanEck
Gold Miners ETF |
5.8% |
|
Advanced
Micro Devices, Inc. |
5.7% |
|
Howmet
Aerospace, Inc. |
5.5% |
|
Fidelity
Government Portfolio |
5.4% |
|
Teradyne,
Inc. |
5.2% |
|
BWX
Technologies, Inc. |
4.9% |
|
AppLovin
Corp. |
4.8% |
|
Intel
Corp. |
4.6% |
For
additional information about the Fund; including its prospectus, financial
information, holdings and proxy information,
scan the QR code or visit https://www.kurvinvest.com/etf/kyld.
| Kurv
High Income ETF |
PAGE
2 |
TSR-AR-500948849 |
HOUSEHOLDING
To
reduce Fund expenses, only one copy of most shareholder documents may be mailed
to shareholders with multiple accounts
at the same address (Householding). If you would prefer that your Kurv
Investment Management Inc documents not
be householded, please contact Kurv
Investment Management Inc at (833)
955-5878, or contact your financial intermediary.
Your instructions will typically be effective within 30 days of receipt by
Kurv
Investment Management Inc or your
financial intermediary.
| Kurv
High Income ETF |
PAGE
3 |
TSR-AR-500948849 |
10000107501000011191
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|
Kurv
Silver Enhanced Income ETF
|
|
|
KSLV
(Principal U.S. Listing Exchange: Cboe) |
|
Annual
Shareholder Report | May
31, 2026 |
This
annual
shareholder report
contains important information about the Kurv
Silver Enhanced Income ETF (the “Fund”) for the period
of September
29, 2025 (inception date), to May
31, 2026. You
can find additional information about the Fund at https://www.kurvinvest.com/etf/kslv.
You can also request this information by contacting us at (833)
955-5878.
|
|
| |
|
Fund
Name |
Costs
of a $10,000 investment |
Costs
paid as a percentage of a
$10,000 investment*,** |
|
Kurv
Silver Enhanced Income ETF |
$88 |
% |
| * |
Amount
shown reflects the expenses of the Fund from inception date through
May
31, 2026. Expenses would be higher if the Fund had
been in operation for the entire period of this
report. |
HOW
DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS
PERFORMANCE?
For
the period ended May 31, 2026, the Fund generated positive returns with
consistent monthly distributions. Option premiums
received from option strategies contributed negatively to total
return.
WHAT
FACTORS INFLUENCED PERFORMANCE
-
Performance of the silver ETFs
-
Amount of premium received from option strategies
The
Fund maintained long exposure to silver ETFs via synthetic long positions
(long call options and short put options both with
the same strike) and in-the-money calls. The Fund employed option strategies to
receive premiums to generate income
while allowing upside price appreciation potential. The remaining cash was
invested in U.S. T-Bills to generate additional
income.
|
| |
|
Top
Contributors |
|
↑ |
Long
exposure to
silver |
|
| |
|
Top
Detractors |
|
↓ |
Exposure
to certain option
positions |
For
the period from inception date to May 31, 2026, the Fund’s performance was
54.86% (NAV).
HOW
DID THE FUND PERFORM SINCE
INCEPTION?*
In
addition to the Fund’s performance, the tables in this section include
performance of a broad-based securities market index
(i.e., a regulatory index). The Fund’s regulatory index is the S&P 500 TR
Index. The Fund’s regulatory index is shown in
connection with certain regulatory requirements to provide a broad measure of
market performance.
The
$10,000
chart reflects a hypothetical $10,000
investment in the class of shares noted. The chart uses total return NAV
performance
and assumes reinvestment of dividends and capital gains. Fund expenses,
including management fees and interest
expense were deducted.
| Kurv
Silver Enhanced Income ETF |
PAGE
1 |
TSR-AR-500948864 |
CUMULATIVE
PERFORMANCE (Initial
Investment of $10,000)
THE
TABLE BELOW SHOWS THE AVERAGE TOTAL RETURNS OF THE FUND AND A REGULATORY INDEX
FOR THE
PERIOD ENDED MAY 31, 2026.
ANNUAL
AVERAGE TOTAL RETURN (%)
|
| |
|
|
Since
Inception
(09/29/2025) |
|
Kurv
Silver Enhanced Income ETF NAV |
54.86 |
|
S&P
500 TR |
14.70 |
Visit
https://www.kurvinvest.com/etf/kslv
for more recent performance information.
| * |
The
Fund’s past performance is not a good predictor of how the Fund will
perform in the future.The
graph and table do not reflect the
deduction of taxes that a shareholder would pay on Fund distributions or
redemption of Fund shares. |
KEY
FUND STATISTICS (as
of May
31, 2026)
|
| |
|
Net
Assets |
$106,928,733 |
|
Number
of Holdings |
13 |
|
Net
Advisory Fee |
$423,173 |
|
Portfolio
Turnover |
0% |
|
30-Day
SEC Yield |
2.23% |
|
30-Day
SEC Yield Unsubsidized |
2.23% |
|
Distribution
Yield |
26.67% |
WHAT
DID THE FUND INVEST IN? (%
of Net Assets as of May
31, 2026)
|
| |
|
Security
Type |
(%) |
|
U.S.
Treasury Bills |
82.4% |
|
Purchased
Options |
21.7% |
|
Money
Market Funds |
2.4% |
|
Written
Options |
-9.0% |
|
Cash
& Other |
2.5% |
|
| |
|
Top
10 Issuers |
(%) |
|
United
States Treasury Bill |
82.4% |
|
iShares
Silver Trust |
8.7% |
|
Abrdn
Physical Silver Shares ETF |
4.0% |
|
Fidelity
Government Portfolio |
2.4% |
For
additional information about the Fund; including its prospectus, financial
information, holdings and proxy information,
scan the QR code or visit https://www.kurvinvest.com/etf/kslv.
HOUSEHOLDING
To
reduce Fund expenses, only one copy of most shareholder documents may be mailed
to shareholders with multiple accounts
at the same address (Householding). If you would prefer that your Kurv
Investment Management Inc documents not
be householded, please contact Kurv
Investment Management Inc at (833)
955-5878, or contact your financial intermediary.
Your instructions will typically be effective within 30 days of receipt by
Kurv
Investment Management Inc or your
financial intermediary.
| Kurv
Silver Enhanced Income ETF |
PAGE
2 |
TSR-AR-500948864 |
10000154871000011470
|
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| |
|
|
Kurv
Technology Titans Select ETF
|
|
|
KQQQ
(Principal U.S. Listing Exchange: NASDAQ) |
|
Annual
Shareholder Report | May
31, 2026 |
This
annual
shareholder report
contains important information about the Kurv
Technology Titans Select ETF (the “Fund”) for the
fiscal year ended May
31, 2026. You
can find additional information about the Fund at https://www.kurvinvest.com/etf/kqqq.
You can also request this information by contacting us at (833)
955-5878.
|
|
| |
|
Fund
Name |
Costs
of a $10,000 investment |
Costs
paid as a percentage of a
$10,000 investment* |
|
Kurv
Technology Titans Select ETF |
$147 |
% |
HOW
DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS
PERFORMANCE?
For
the fiscal year ended May 31, 2026, the Fund generated positive returns with
consistent monthly distributions. Option premiums
received from option strategies contributed negatively to total
return.
WHAT
FACTORS INFLUENCED PERFORMANCE
-
Security selection
-
Performance of top tech stock
-
Amount of premium received from writing out-of–the-money call
option
The
Fund invests in a portfolio of top tech stocks via both stock and synthetic long
positions (long call options and short put
options both with the same strike). The Fund employes option strategties
to receive premiums to generate income while
allowing upside price appreciation potential. The remaining cash was invested in
U.S. T-Bills to generate additional income.
|
| |
|
Top
Contributors |
|
↑ |
Overweight
to semiconductor companies |
|
↑ |
Overweight
to non-Nasdaq listed technology
companies |
|
| |
|
Top
Detractors |
|
↓ |
Exposure
to certain option
postions |
For
the fiscal year ended May 31, 2026, the Fund’s performance was 46.38%
(NAV).
HOW
DID THE FUND PERFORM SINCE
INCEPTION?*
In
addition to the Fund’s performance, the tables in this section include
performance of: (i) abroad-based securities market index
(i.e., a regulatory index) and (ii) a supplemental index. The Fund’s regulatory
index is the S&P 500 TR Index. The Fund’s
regulatory index is shown in connection with certain regulatory requirements to
provide a broad measure of market performance.
The
$10,000
chart reflects a hypothetical $10,000
investment in the class of shares noted. The chart uses total return
NAV
performance and assumes reinvestment of dividends and capital gains. Fund
expenses, including management fees and
interest expense were deducted.
| Kurv
Technology Titans Select ETF |
PAGE
1 |
TSR-AR-500948302 |
CUMULATIVE
PERFORMANCE (Initial
Investment of $10,000)
THE
TABLE BELOW SHOWS THE AVERAGE TOTAL RETURNS OF THE FUND, A REGULATORY INDEX AND
SUPPLEMENTAL
INDEX FOR THE PERIOD ENDED MAY 31, 2026.
ANNUAL
AVERAGE TOTAL
RETURN (%)
|
|
| |
|
|
1
Year |
Since
Inception
(07/22/2024) |
|
Kurv
Technology Titans Select ETF NAV |
46.38 |
27.11 |
|
S&P
500 TR |
29.78 |
19.62 |
|
NASDAQ
100 Total Return Index |
43.09 |
26.64 |
Visit
https://www.kurvinvest.com/etf/kqqq
for more recent performance information.
| * |
The
Fund’s past performance is not a good predictor of how the Fund will
perform in the future.The
graph and table do not reflect the
deduction of taxes that a shareholder would pay on Fund distributions or
redemption of Fund shares. |
KEY
FUND STATISTICS (as
of May
31, 2026)
|
| |
|
Net
Assets |
$126,417,346 |
|
Number
of Holdings |
56 |
|
Net
Advisory Fee |
$585,226 |
|
Portfolio
Turnover |
35% |
|
30-Day
SEC Yield |
(0.11)% |
|
30-Day
SEC Yield Unsubsidized |
(0.18)% |
|
Distribution
Yield |
13.10% |
WHAT
DID THE FUND INVEST IN? (%
of Net Assets as of May
31, 2026)
|
| |
|
Security
Type |
(%) |
|
Common
Stocks |
71.8% |
|
U.S.
Treasury Bills |
14.1% |
|
Money
Market Funds |
5.3% |
|
Purchased
Options |
4.5% |
|
Exchange
Traded Funds |
1.3% |
|
Investments
Purchased with Proceeds from Securities
Lending |
0.1% |
|
Written
Options |
-1.5% |
|
Cash
& Other |
4.4% |
|
| |
|
Top
10 Issuers |
(%) |
|
United
States Treasury Bill |
14.1% |
|
Alphabet,
Inc. |
11.9% |
|
Amazon.com,
Inc. |
10.2% |
|
Broadcom,
Inc. |
7.5% |
|
Intel
Corp. |
6.4% |
|
Fidelity
Government Portfolio |
5.3% |
|
Apple,
Inc. |
5.1% |
|
Advanced
Micro Devices, Inc. |
4.7% |
|
Meta
Platforms, Inc. |
4.5% |
|
NVIDIA
Corp. |
3.5% |
For
additional information about the Fund; including its prospectus, financial
information, holdings and proxy information,
scan the QR code or visit https://www.kurvinvest.com/etf/kqqq.
| Kurv
Technology Titans Select ETF |
PAGE
2 |
TSR-AR-500948302 |
HOUSEHOLDING
To
reduce Fund expenses, only one copy of most shareholder documents may be mailed
to shareholders with multiple accounts
at the same address (Householding). If you would prefer that your Kurv
Investment Management Inc documents not
be householded, please contact Kurv
Investment Management Inc at (833)
955-5878, or contact your financial intermediary.
Your instructions will typically be effective within 30 days of receipt by
Kurv
Investment Management Inc or your
financial intermediary.
| Kurv
Technology Titans Select ETF |
PAGE
3 |
TSR-AR-500948302 |
100001066815624100001074713948100001083815508
|
|
| |
|
|
Kurv
Yield Premium Strategy Amazon (AMZN)
ETF |
|
|
AMZP
(Principal U.S. Listing Exchange: CBOE) |
|
Annual
Shareholder Report | May
31, 2026 |
This
annual
shareholder report
contains important information about the Kurv
Yield Premium Strategy Amazon (AMZN) ETF (the
“Fund”) for the fiscal year ended May
31, 2026. You
can find additional information about the Fund at https://www.kurvinvest.com/etf/amzp.
You can also request this information by contacting us at (833)
955-5878.
|
|
| |
|
Fund
Name |
Costs
of a $10,000 investment |
Costs
paid as a percentage of a
$10,000 investment* |
|
Kurv
Yield Premium Strategy Amazon (AMZN) ETF |
$120 |
% |
HOW
DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS
PERFORMANCE?
For
the fiscal year ended May
31, 2026, the Fund generated positive returns with consistent monthly
distributions. Option premiums
received from covered calls (short call position) contributed to total
return.
WHAT
FACTORS INFLUENCED PERFORMANCE
-
Performance of Amazon stock
-
Amount of premiums received from writing out-of-the-money call
options
The
Fund maintained long exposure to Amazon stock via synthetic long positions (long
call options and short put options both
with the same strike). The Fund wrote out-of-the-money call options, receiving
premiums to generate income while allowing
some upside price appreciation potential. The remaining cash was invested in
U.S. T-Bills to generate additional income.
|
| |
|
Top
Contributors |
|
↑ |
Long
exposure to Amazon Stock |
|
↑ |
Exposure
to certain option
postions |
For
the fiscal year ended May 31, 2026, the Fund’s performance was 32.93%
(NAV).
HOW
DID THE FUND PERFORM SINCE
INCEPTION?*
In
addition to the Fund’s performance, the tables in this section include
performance of a broad-based securities market index
(i.e., a regulatory index). The Fund’s regulatory index is the S&P 500 TR
Index. The Fund’s regulatory index is shown in
connection with certain regulatory requirements to provide a broad measure of
market performance.
The
$10,000
chart reflects a hypothetical $10,000
investment in the class of shares noted. The chart uses total return NAV
performance
and assumes reinvestment of dividends and capital gains. Fund expenses,
including management fees and interest
expense were deducted.
| Kurv
Yield Premium Strategy Amazon (AMZN) ETF |
PAGE
1 |
TSR-AR-500948401 |
CUMULATIVE
PERFORMANCE (Initial
Investment of $10,000)
THE
TABLE BELOW SHOWS THE AVERAGE TOTAL RETURNS OF THE FUND AND A REGULATORY INDEX
FOR THE
PERIOD ENDED MAY 31, 2026.
ANNUAL
AVERAGE TOTAL RETURN (%)
|
|
| |
|
|
1
Year |
Since
Inception
(10/30/2023) |
|
Kurv
Yield Premium Strategy Amazon (AMZN) ETF NAV
|
32.93 |
29.24 |
|
S&P
500 TR |
29.78 |
27.73 |
Visit
https://www.kurvinvest.com/etf/amzp
for more recent performance information.
| * |
The
Fund’s past performance is not a good predictor of how the Fund will
perform in the future.The
graph and table do not reflect the
deduction of taxes that a shareholder would pay on Fund distributions or
redemption of Fund shares. |
KEY
FUND STATISTICS (as
of May
31, 2026)
|
| |
|
Net
Assets |
$23,228,845 |
|
Number
of Holdings |
10 |
|
Net
Advisory Fee |
$157,158 |
|
Portfolio
Turnover |
0% |
|
30-Day
SEC Yield |
1.48% |
|
30-Day
SEC Yield Unsubsidized |
1.32% |
|
Distribution
Yield |
13.66% |
WHAT
DID THE FUND INVEST IN? (%
of Net Assets as of May
31, 2026)
|
| |
|
Security
Type |
(%) |
|
U.S.
Treasury Bills |
66.2% |
|
Money
Market Funds |
24.4% |
|
Purchased
Options |
16.9% |
|
Written
Options |
-6.8% |
|
Cash
& Other |
-0.7% |
|
| |
|
Top
10 Issuers |
(%) |
|
United
States Treasury Bill |
66.2% |
|
Fidelity
Government Portfolio |
24.4% |
|
Amazon.Com,
Inc. |
10.1% |
For
additional information about the Fund; including its prospectus, financial
information, holdings and proxy information,
scan the QR code or visit https://www.kurvinvest.com/etf/amzp.
HOUSEHOLDING
To
reduce Fund expenses, only one copy of most shareholder documents may be mailed
to shareholders with multiple accounts
at the same address (Householding). If you would prefer that your Kurv
Investment Management Inc documents not
be householded, please contact Kurv
Investment Management Inc at (833)
955-5878, or contact your financial intermediary.
Your instructions will typically be effective within 30 days of receipt by
Kurv
Investment Management Inc or your
financial intermediary.
| Kurv
Yield Premium Strategy Amazon (AMZN) ETF |
PAGE
2 |
TSR-AR-500948401 |
1000012910146091941510000127811451018831
|
|
| |
|
|
Kurv
Yield Premium Strategy Apple (AAPL) ETF
|
|
|
AAPY
(Principal U.S. Listing Exchange: CBOE) |
|
Annual
Shareholder Report | May
31, 2026 |
This
annual
shareholder report
contains important information about the Kurv
Yield Premium Strategy Apple (AAPL) ETF (the “Fund”)
for the fiscal year ended May
31, 2026. You
can find additional information about the Fund at https://www.kurvinvest.com/etf/aapy.
You can also request this information by contacting us at (833)
955-5878.
|
|
| |
|
Fund
Name |
Costs
of a $10,000 investment |
Costs
paid as a percentage of a
$10,000 investment* |
|
Kurv
Yield Premium Strategy Apple (AAPL) ETF |
$122 |
% |
HOW
DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS
PERFORMANCE?
For
the fiscal year ended May
31, 2026, the Fund generated positive returns with consistent monthly
distributions. Option premiums
received from option strategies contributed positively to total
return.
WHAT
FACTORS INFLUENCED PERFORMANCE
-
Performance of the Apple stock
-
Amount of premium received from option
strategies
The
Fund maintained long exposure to Apple stock via synthetic long positions (long
call options and short put options both
with the same strike) and in-the-money calls. The Fund employed option
strategies to receive premiums to generate income
while allowing upside price appreciation potential. The remaining cash was
invested in U.S. T-Bills to generate additional
income.
|
| |
|
Top
Contributors |
|
↑ |
Long
exposure to Apple Stock |
|
↑ |
Exposure
to certain option
postions |
For
the fiscal year ended May 31, 2026, the Fund’s performance was 46.16%
(NAV).
HOW
DID THE FUND PERFORM SINCE
INCEPTION?*
In
addition to the Fund’s performance, the tables in this section include
performance of a broad-based securities market index
(i.e., a regulatory index). The Fund’s regulatory index is the S&P 500 TR
Index. The Fund’s regulatory index is shown in
connection with certain regulatory requirements to provide a broad measure of
market performance.
The
$10,000
chart reflects a hypothetical $10,000
investment in the class of shares noted. The chart uses total return NAV
performance
and assumes reinvestment of dividends and capital gains. Fund expenses,
including management fees and interest
expense were deducted.
| Kurv
Yield Premium Strategy Apple (AAPL) ETF |
PAGE
1 |
TSR-AR-500948500 |
CUMULATIVE
PERFORMANCE (Initial
Investment of $10,000)
THE
TABLE BELOW SHOWS THE AVERAGE TOTAL RETURNS OF THE FUND AND A REGULATORY INDEX
FOR THE
PERIOD ENDED MAY 31, 2026.
ANNUAL
AVERAGE TOTAL RETURN (%)
|
|
| |
|
|
1
Year |
Since
Inception
(10/26/2023) |
|
Kurv
Yield Premium Strategy Apple (AAPL) ETF NAV
|
46.16 |
19.70 |
|
S&P
500 TR |
29.78 |
27.95 |
Visit
https://www.kurvinvest.com/etf/aapy
for more recent performance information.
| * |
The
Fund’s past performance is not a good predictor of how the Fund will
perform in the future.The
graph and table do not reflect the
deduction of taxes that a shareholder would pay on Fund distributions or
redemption of Fund shares. |
KEY
FUND STATISTICS (as
of May
31, 2026)
|
| |
|
Net
Assets |
$6,240,282 |
|
Number
of Holdings |
9 |
|
Net
Advisory Fee |
$48,748 |
|
Portfolio
Turnover |
0% |
|
30-Day
SEC Yield |
1.80% |
|
30-Day
SEC Yield Unsubsidized |
1.65% |
|
Distribution
Yield |
13.02% |
WHAT
DID THE FUND INVEST IN? (%
of Net Assets as of May
31, 2026)
|
| |
|
Security
Type |
(%) |
|
U.S.
Treasury Bills |
84.9% |
|
Purchased
Options |
13.8% |
|
Money
Market Funds |
4.2% |
|
Written
Options |
-4.5% |
|
Cash
& Other |
1.6% |
|
| |
|
Top
10 Issuers |
(%) |
|
United
States Treasury Bill |
84.9% |
|
Apple,
Inc. |
9.3% |
|
Fidelity
Government Portfolio |
4.2% |
For
additional information about the Fund; including its prospectus, financial
information, holdings and proxy information,
scan the QR code or visit https://www.kurvinvest.com/etf/aapy.
HOUSEHOLDING
To
reduce Fund expenses, only one copy of most shareholder documents may be mailed
to shareholders with multiple accounts
at the same address (Householding). If you would prefer that your Kurv
Investment Management Inc documents not
be householded, please contact Kurv
Investment Management Inc at (833)
955-5878, or contact your financial intermediary.
Your instructions will typically be effective within 30 days of receipt by
Kurv
Investment Management Inc or your
financial intermediary.
| Kurv
Yield Premium Strategy Apple (AAPL) ETF |
PAGE
2 |
TSR-AR-500948500 |
1000010885109141595310000128741461518967
|
|
| |
|
|
Kurv
Yield Premium Strategy Google (GOOGL)
ETF |
|
|
GOOP
(Principal U.S. Listing Exchange: CBOE) |
|
Annual
Shareholder Report | May
31, 2026 |
This
annual
shareholder report
contains important information about the Kurv
Yield Premium Strategy Google (GOOGL) ETF (the
“Fund”) for the fiscal year ended May
31, 2026. You
can find additional information about the Fund at https://www.kurvinvest.com/etf/goop.
You can also request this information by contacting us at (833)
955-5878.
|
|
| |
|
Fund
Name |
Costs
of a $10,000 investment |
Costs
paid as a percentage of a
$10,000 investment* |
|
Kurv
Yield Premium Strategy Google (GOOGL) ETF |
$149 |
% |
HOW
DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS
PERFORMANCE?
For
the fiscal year ended May 31, 2026, the Fund generated positive returns with
consistent monthly distributions. Option premiums
received from option strategies contributed negatively to total
return.
WHAT
FACTORS INFLUENCED PERFORMANCE
-
Performance of the Google stock
-
Amount of premium received from option
strategies
The
Fund maintained long exposure to Google stock via synthetic long positions (long
call options and short put options both
with the same strike) and in-the-money calls. The Fund employed option
strategies to receive premiums to generate income
while allowing upside price appreciation potential. The remaining cash was
invested in U.S. T-Bills to generate additional
income.
|
| |
|
Top
Contributors |
|
↑ |
Long
exposure to Google
Stock |
|
| |
|
Top
Detractors |
|
↓ |
Exposure
to certain option
postions |
For
the fiscal year ended May 31, 2026, the Fund’s performance was 101.97%
(NAV).
HOW
DID THE FUND PERFORM SINCE
INCEPTION?*
In
addition to the Fund’s performance, the tables in this section include
performance of a broad-based securities market index
(i.e., a regulatory index). The Fund’s regulatory index is the S&P 500 TR
Index. The Fund’s regulatory index is shown in
connection with certain regulatory requirements to provide a broad measure of
market performance.
The
$10,000
chart reflects a hypothetical $10,000
investment in the class of shares noted. The chart uses total return NAV
performance
and assumes reinvestment of dividends and capital gains. Fund expenses,
including management fees and interest
expense were deducted.
| Kurv
Yield Premium Strategy Google (GOOGL) ETF |
PAGE
1 |
TSR-AR-500948609 |
CUMULATIVE
PERFORMANCE (Initial
Investment of $10,000)
THE
TABLE BELOW SHOWS THE AVERAGE TOTAL RETURNS OF THE FUND AND A REGULATORY INDEX
FOR THE
PERIOD ENDED MAY 31, 2026.
ANNUAL
AVERAGE TOTAL RETURN (%)
|
|
| |
|
|
1
Year |
Since
Inception
(10/30/2023) |
|
Kurv
Yield Premium Strategy Google (GOOGL) ETF NAV
|
101.97 |
44.22 |
|
S&P
500 TR |
29.78 |
27.73 |
Visit
https://www.kurvinvest.com/etf/goop
for more recent performance information.
| * |
The
Fund’s past performance is not a good predictor of how the Fund will
perform in the future.The
graph and table do not reflect the
deduction of taxes that a shareholder would pay on Fund distributions or
redemption of Fund shares. |
KEY
FUND STATISTICS (as
of May
31, 2026)
|
| |
|
Net
Assets |
$28,188,012 |
|
Number
of Holdings |
10 |
|
Net
Advisory Fee |
$152,877 |
|
Portfolio
Turnover |
0% |
|
30-Day
SEC Yield |
1.62% |
|
30-Day
SEC Yield Unsubsidized |
1.45% |
|
Distribution
Yield |
16.04% |
WHAT
DID THE FUND INVEST IN? (%
of Net Assets as of May
31, 2026)
|
| |
|
Security
Type |
(%) |
|
U.S.
Treasury Bills |
67.0% |
|
Money
Market Funds |
19.6% |
|
Purchased
Options |
16.3% |
|
Written
Options |
-7.0% |
|
Cash
& Other |
4.1% |
|
| |
|
Top
10 Issuers |
(%) |
|
United
States Treasury Bill |
67.0% |
|
Fidelity
Government Portfolio |
19.6% |
|
Alphabet,
Inc. |
9.3% |
For
additional information about the Fund; including its prospectus, financial
information, holdings and proxy information,
scan the QR code or visit https://www.kurvinvest.com/etf/goop.
HOUSEHOLDING
To
reduce Fund expenses, only one copy of most shareholder documents may be mailed
to shareholders with multiple accounts
at the same address (Householding). If you would prefer that your Kurv
Investment Management Inc documents not
be householded, please contact Kurv
Investment Management Inc at (833)
955-5878, or contact your financial intermediary.
Your instructions will typically be effective within 30 days of receipt by
Kurv
Investment Management Inc or your
financial intermediary.
| Kurv
Yield Premium Strategy Google (GOOGL) ETF |
PAGE
2 |
TSR-AR-500948609 |
1000013197127632577910000127811451018831
|
|
| |
|
|
Kurv
Yield Premium Strategy Microsoft (MSFT)
ETF |
|
|
MSFY
(Principal U.S. Listing Exchange: CBOE) |
|
Annual
Shareholder Report | May
31, 2026 |
This
annual
shareholder report
contains important information about the Kurv
Yield Premium Strategy Microsoft (MSFT) ETF (the
“Fund”) for the fiscal year ended May
31, 2026. You
can find additional information about the Fund at https://www.kurvinvest.com/etf/msfy.
You can also request this information by contacting us at (833)
955-5878.
|
|
| |
|
Fund
Name |
Costs
of a $10,000 investment |
Costs
paid as a percentage of a
$10,000 investment* |
|
Kurv
Yield Premium Strategy Microsoft (MSFT) ETF |
$104 |
% |
HOW
DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS
PERFORMANCE?
For
the fiscal year ended May 31, 2026, the Fund generated negative returns with
consistent monthly distributions. Option premiums
received from option strategies was neutral to total
return.
WHAT
FACTORS INFLUENCED PERFORMANCE
-
Performance of the Microsoft stock
-
Amount of premium received from option
strategies
The
Fund maintained long exposure to Microsoft stock via synthetic long positions
(long call options and short put options both
with the same strike) and in-the-money calls. The Fund employed option
strategies to receive premiums to generate income
while allowing upside price appreciation potential. The remaining cash was
invested in U.S. T-Bills to generate additional
income.
|
| |
|
Top
Contributors |
|
↑ |
Premiums
received from writing out-of-the money call
options |
|
| |
|
Top
Detractors |
|
↓ |
Long
exposure to Microsoft
Stock |
For
the fiscal year ended May 31, 2026, the Fund’s performance was -1.60%
(NAV).
HOW
DID THE FUND PERFORM SINCE
INCEPTION?*
In
addition to the Fund’s performance, the tables in this section include
performance of a broad-based securities market index
(i.e., a regulatory index). The Fund’s regulatory index is the S&P 500 TR
Index. The Fund’s regulatory index is shown in
connection with certain regulatory requirements to provide a broad measure of
market performance.
The
$10,000
chart reflects a hypothetical $10,000
investment in the class of shares noted. The chart uses total return NAV
performance
and assumes reinvestment of dividends and capital gains. Fund expenses,
including management fees and interest
expense were deducted.
| Kurv
Yield Premium Strategy Microsoft (MSFT) ETF |
PAGE
1 |
TSR-AR-500948708 |
CUMULATIVE
PERFORMANCE (Initial
Investment of $10,000)
THE
TABLE BELOW SHOWS THE AVERAGE TOTAL RETURNS OF THE FUND AND A REGULATORY INDEX
FOR THE
PERIOD ENDED MAY 31, 2026.
ANNUAL
AVERAGE TOTAL RETURN (%)
|
|
| |
|
|
1
Year |
Since
Inception
(10/30/2023) |
|
Kurv
Yield Premium Strategy Microsoft (MSFT) ETF NAV
|
-1.60 |
8.23 |
|
S&P
500 TR |
29.78 |
27.73 |
Visit
https://www.kurvinvest.com/etf/msfy
for more recent performance information.
| * |
The
Fund’s past performance is not a good predictor of how the Fund will
perform in the future.The
graph and table do not reflect the
deduction of taxes that a shareholder would pay on Fund distributions or
redemption of Fund shares. |
KEY
FUND STATISTICS (as
of May
31, 2026)
|
| |
|
Net
Assets |
$12,244,462 |
|
Number
of Holdings |
10 |
|
Net
Advisory Fee |
$71,934 |
|
Portfolio
Turnover |
0% |
|
30-Day
SEC Yield |
2.02% |
|
30-Day
SEC Yield Unsubsidized |
1.88% |
|
Distribution
Yield |
11.54% |
WHAT
DID THE FUND INVEST IN? (%
of Net Assets as of May
31, 2026)
|
| |
|
Security
Type |
(%) |
|
U.S.
Treasury Bills |
80.9% |
|
Purchased
Options |
19.8% |
|
Money
Market Funds |
1.0% |
|
Written
Options |
-0.9% |
|
Cash
& Other |
-0.8% |
|
| |
|
Top
10 Issuers |
(%) |
|
United
States Treasury Bill |
80.9% |
|
Microsoft
Corp. |
19.0% |
|
Fidelity
Government Portfolio |
1.0% |
For
additional information about the Fund; including its prospectus, financial
information, holdings and proxy information,
scan the QR code or visit https://www.kurvinvest.com/etf/msfy.
HOUSEHOLDING
To
reduce Fund expenses, only one copy of most shareholder documents may be mailed
to shareholders with multiple accounts
at the same address (Householding). If you would prefer that your Kurv
Investment Management Inc documents not
be householded, please contact Kurv
Investment Management Inc at (833)
955-5878, or contact your financial intermediary.
Your instructions will typically be effective within 30 days of receipt by
Kurv
Investment Management Inc or your
financial intermediary.
| Kurv
Yield Premium Strategy Microsoft (MSFT) ETF |
PAGE
2 |
TSR-AR-500948708 |
1000011781124691227010000127811451018831
|
|
| |
|
|
Kurv
Yield Premium Strategy Netflix (NFLX)
ETF |
|
|
NFLP
(Principal U.S. Listing Exchange: CBOE) |
|
Annual
Shareholder Report | May
31, 2026 |
This
annual
shareholder report
contains important information about the Kurv
Yield Premium Strategy Netflix (NFLX) ETF (the “Fund”)
for the fiscal year ended May
31, 2026. You
can find additional information about the Fund at https://www.kurvinvest.com/etf/nflp.
You can also request this information by contacting us at (833)
955-5878.
|
|
| |
|
Fund
Name |
Costs
of a $10,000 investment |
Costs
paid as a percentage of a
$10,000 investment* |
|
Kurv
Yield Premium Strategy Netflix (NFLX) ETF |
$83 |
% |
HOW
DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS
PERFORMANCE?
For
the fiscal year ended May 31, 2026, the Fund generated negative returns with
consistent monthly distributions. Option premiums
received from option strategies contributed negatively to total
return.
WHAT
FACTORS INFLUENCED PERFORMANCE
-
Performance of the Netflix stock
-
Amount of premium received from option
strategies
The
Fund maintained long exposure to Netflix stock via synthetic long positions
(long call options and short put options both
with the same strike) and in-the-money calls. The Fund employed option
strategies to receive premiums to generate income
while allowing upside price appreciation potential. The remaining cash was
invested in U.S. T-Bills to generate additional
income.
|
| |
|
Top
Contributors |
|
↑ |
Premiums
received from writing out-of-the money call
options |
|
| |
|
Top
Detractors |
|
↓ |
Long
exposure to Netflix
Stock |
For
the fiscal year ended May 31, 2026, the Fund’s performance was -33.22%
(NAV).
HOW
DID THE FUND PERFORM SINCE
INCEPTION?*
In
addition to the Fund’s performance, the tables in this section include
performance of a broad-based securities market index
(i.e., a regulatory index). The Fund’s regulatory index is the S&P 500 TR
Index. The Fund’s regulatory index is shown in
connection with certain regulatory requirements to provide a broad measure of
market performance.
The
$10,000
chart reflects a hypothetical $10,000
investment in the class of shares noted. The chart uses total return NAV
performance
and assumes reinvestment of dividends and capital gains. Fund expenses,
including management fees and interest
expense were deducted.
| Kurv
Yield Premium Strategy Netflix (NFLX) ETF |
PAGE
1 |
TSR-AR-500948807 |
CUMULATIVE
PERFORMANCE (Initial
Investment of $10,000)
THE
TABLE BELOW SHOWS THE AVERAGE TOTAL RETURNS OF THE FUND AND A REGULATORY INDEX
FOR THE
PERIOD ENDED MAY 31, 2026.
ANNUAL
AVERAGE TOTAL RETURN (%)
|
|
| |
|
|
1
Year |
Since
Inception
(10/26/2023) |
|
Kurv
Yield Premium Strategy Netflix (NFLX) ETF NAV
|
-33.22 |
16.44 |
|
S&P
500 TR |
29.78 |
27.95 |
Visit
https://www.kurvinvest.com/etf/nflp
for more recent performance information.
| * |
The
Fund’s past performance is not a good predictor of how the Fund will
perform in the future.The
graph and table do not reflect the
deduction of taxes that a shareholder would pay on Fund distributions or
redemption of Fund shares. |
KEY
FUND STATISTICS (as
of May
31, 2026)
|
| |
|
Net
Assets |
$5,997,585 |
|
Number
of Holdings |
9 |
|
Net
Advisory Fee |
$94,728 |
|
Portfolio
Turnover |
0% |
|
30-Day
SEC Yield |
2.76% |
|
30-Day
SEC Yield Unsubsidized |
2.59% |
|
Distribution
Yield |
15.90% |
WHAT
DID THE FUND INVEST IN? (%
of Net Assets as of May
31, 2026)
|
| |
|
Security
Type |
(%) |
|
U.S.
Treasury Bills |
104.7% |
|
Purchased
Options |
6.3% |
|
Money
Market Funds |
1.9% |
|
Written
Options |
-13.0% |
|
Cash
& Other |
0.1% |
|
| |
|
Top
10 Issuers |
(%) |
|
United
States Treasury Bill |
104.7% |
|
Fidelity
Government Portfolio |
1.9% |
|
Netflix,
Inc. |
-6.7% |
For
additional information about the Fund; including its prospectus, financial
information, holdings and proxy information,
scan the QR code or visit https://www.kurvinvest.com/etf/nflp.
HOUSEHOLDING
To
reduce Fund expenses, only one copy of most shareholder documents may be mailed
to shareholders with multiple accounts
at the same address (Householding). If you would prefer that your Kurv
Investment Management Inc documents not
be householded, please contact Kurv
Investment Management Inc at (833)
955-5878, or contact your financial intermediary.
Your instructions will typically be effective within 30 days of receipt by
Kurv
Investment Management Inc or your
financial intermediary.
| Kurv
Yield Premium Strategy Netflix (NFLX) ETF |
PAGE
2 |
TSR-AR-500948807 |
1000013857222381485110000128741461518967
|
|
| |
|
|
Kurv
Yield Premium Strategy Tesla (TSLA) ETF
|
|
|
TSLP
(Principal U.S. Listing Exchange: CBOE) |
|
Annual
Shareholder Report | May
31, 2026 |
This
annual
shareholder report
contains important information about the Kurv
Yield Premium Strategy Tesla (TSLA) ETF (the “Fund”)
for the fiscal year ended May
31, 2026. You
can find additional information about the Fund at https://www.kurvinvest.com/etf/tslp.
You can also request this information by contacting us at (833)
955-5878.
|
|
| |
|
Fund
Name |
Costs
of a $10,000 investment |
Costs
paid as a percentage of a
$10,000 investment* |
|
Kurv
Yield Premium Strategy Tesla (TSLA) ETF |
$132 |
% |
HOW
DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS
PERFORMANCE?
For
the fiscal year ended May 31, 2026, the Fund generated positive returns
with consistent monthly distributions. Option premiums
received from option strategies contributed negatively to total
return.
WHAT
FACTORS INFLUENCED PERFORMANCE
-
Performance of the Tesla stock
-
Amount of premium received from option
strategies
The
Fund maintained long exposure to Tesla stock via synthetic long positions (long
call options and short put options both
with the same strike) and in-the-money calls. The Fund employed option
strategies to receive premiums to generate income
while allowing upside price appreciation potential. The remaining cash was
invested in U.S. T-Bills to generate additional
income.
|
| |
|
Top
Contributors |
|
↑ |
Long
exposure to Tesla
Stock |
|
| |
|
Top
Detractors |
|
↓ |
Exposure
to certain option
postions |
For
the fiscal year ended May 31, 2026, the Fund’s performance was 19.66%
(NAV).
HOW
DID THE FUND PERFORM SINCE
INCEPTION?*
In
addition to the Fund’s performance, the tables in this section include
performance of a broad-based securities market index
(i.e., a regulatory index). The Fund’s regulatory index is the S&P 500 TR
Index. The Fund’s regulatory index is shown in
connection with certain regulatory requirements to provide a broad measure of
market performance.
The
$10,000
chart reflects a hypothetical $10,000
investment in the class of shares noted. The chart uses total return NAV
performance
and assumes reinvestment of dividends and capital gains. Fund expenses,
including management fees and interest
expense were deducted.
| Kurv
Yield Premium Strategy Tesla (TSLA) ETF |
PAGE
1 |
TSR-AR-500948880 |
CUMULATIVE
PERFORMANCE (Initial
Investment of $10,000)
THE
TABLE BELOW SHOWS THE AVERAGE TOTAL RETURNS OF THE FUND AND A REGULATORY INDEX
FOR THE
PERIOD ENDED MAY 31, 2026.
ANNUAL
AVERAGE TOTAL RETURN (%)
|
|
| |
|
|
1
Year |
Since
Inception
(10/26/2023) |
|
Kurv
Yield Premium Strategy Tesla (TSLA) ETF NAV
|
19.66 |
23.45 |
|
S&P
500 TR |
29.78 |
27.95 |
Visit
https://www.kurvinvest.com/etf/tslp
for more recent performance information.
| * |
The
Fund’s past performance is not a good predictor of how the Fund will
perform in the future.The
graph and table do not reflect the
deduction of taxes that a shareholder would pay on Fund distributions or
redemption of Fund shares. |
KEY
FUND STATISTICS (as
of May
31, 2026)
|
| |
|
Net
Assets |
$23,771,860 |
|
Number
of Holdings |
10 |
|
Net
Advisory Fee |
$217,553 |
|
Portfolio
Turnover |
0% |
|
30-Day
SEC Yield |
1.79% |
|
30-Day
SEC Yield Unsubsidized |
1.64% |
|
Distribution
Yield |
20.28% |
WHAT
DID THE FUND INVEST IN? (%
of Net Assets as of May
31, 2026)
|
| |
|
Security
Type |
(%) |
|
U.S.
Treasury Bills |
75.1% |
|
Purchased
Options |
22.2% |
|
Money
Market Funds |
1.3% |
|
Written
Options |
-1.1% |
|
Cash
& Other |
2.5% |
|
| |
|
Top
10 Issuers |
(%) |
|
United
States Treasury Bill |
75.1% |
|
Tesla,
Inc. |
21.1% |
|
Fidelity
Government Portfolio |
1.3% |
For
additional information about the Fund; including its prospectus, financial
information, holdings and proxy information,
scan the QR code or visit https://www.kurvinvest.com/etf/tslp.
HOUSEHOLDING
To
reduce Fund expenses, only one copy of most shareholder documents may be mailed
to shareholders with multiple accounts
at the same address (Householding). If you would prefer that your Kurv
Investment Management Inc documents not
be householded, please contact Kurv
Investment Management Inc at (833)
955-5878, or contact your financial intermediary.
Your instructions will typically be effective within 30 days of receipt by
Kurv
Investment Management Inc or your
financial intermediary.
| Kurv
Yield Premium Strategy Tesla (TSLA) ETF |
PAGE
2 |
TSR-AR-500948880 |
100009228144441728410000128741461518967
(b) Not
applicable.
Item 2. Code of Ethics.
The registrant
has adopted a code of ethics that applies to the registrant’s principal
executive officer and principal financial officer. The registrant has not made
any substantive amendments to its code of ethics during the period covered by
this report. The registrant has not granted any waivers from any provisions of
the code of ethics during the period covered by this report.
A copy of the
registrant’s Code of Ethics is filed herewith.
Item 3. Audit Committee Financial
Expert.
The registrant’s
board of trustees has determined that there is at least one audit committee
financial expert serving on its audit committee. John Hyland is the “audit
committee financial expert” and is considered to be “independent” as each term
is defined in Item 3 of Form N-CSR.
Item 4. Principal Accountant Fees and
Services.
The registrant
has engaged its principal accountant to perform audit services, audit-related
services, tax services and other services during the past two fiscal years.
“Audit services” refer to performing an audit of the registrant’s annual
financial statements or services that are normally provided by the accountant in
connection with statutory and regulatory filings or engagements for those fiscal
years. “Audit-related services” refer to the assurance and related services by
the principal accountant that are reasonably related to the performance of the
audit. “Tax services” refer to professional services rendered by the principal
accountant for tax compliance, tax advice, and tax planning. “Other services”
refer to other services rendered by the Registrant’s principal accountant to the
Registrant other than those reported under the “audit services”, “audit-related
services”, and “tax services”. The following table details the aggregate fees
billed or expected to be billed for each of the last two fiscal years for audit
fees, audit-related fees, tax fees and other fees by the principal accountant
for Kurv Copper & Mining Enhanced Income ETF, Kurv Gold Enhanced Income ETF,
Kurv High Income ETF, Kurv Silver Enhanced Income ETF, Kurv Technology Titans
Select ETF, Kurv Yield Premium Strategy Amazon (AMZN) ETF, Kurv Yield Premium
Strategy Apple (AAPL) ETF, Kurv Yield Premium Strategy Google (GOOGL) ETF, Kurv
Yield Premium Strategy Microsoft (MSFT) ETF, Kurv Yield Premium Strategy Netflix
(NFLX) ETF, and Kurv Yield Premium Strategy Tesla (TSLA) ETF.
| |
FYE 5/31/26 |
FYE 5/31/25 |
| (a) Audit Fees |
$125,400 |
$79,800 |
| (b) Audit-Related
Fees |
None |
None |
| (c) Tax Fees |
$33,000 |
$21,000 |
| (d) All Other
Fees |
None |
None |
(e)(1) The audit
committee has adopted pre-approval policies and procedures that require the
audit committee to pre-approve all audit and non-audit services of the
registrant, including services provided to any entity affiliated with the
registrant.
(e)(2) One
hundred percent of the services described in Items 4(b) through 4(d) were
approved in accordance with the Audit Committee Pre-Approval Policy. As a
result, none of such services was approved pursuant to paragraph (c)(7)(i)(C) of
Rule 2-01 of Regulation S-X.
(f) N/A
(g) N/A
(h) The audit
committee of the board of trustees/directors has considered whether the
provision of non-audit services that were rendered to the registrant’s
investment adviser is compatible with maintaining the principal accountant’s
independence and has concluded that the provision of such non-audit services by
the accountant has not compromised the accountant’s independence.
(i) Not
applicable.
(j) Not
applicable.
Item 5. Audit Committee of Listed
Registrants.
(a) The
registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange
Act of 1934, (the “Act”) and has a separately-designated standing audit
committee established in accordance with Section 3(a)(58)(A) of the Act. The
independent members of the committee, consisting of the entire Board, are as
follows: John Hyland and Edward E. McRedmond.
(b) Not
applicable.
Item 6. Investments.
|
| (a) |
Schedule of Investments is included within the financial statements
filed under Item 7(a) of this Form. |
Item 7. Financial Statements and Financial
Highlights for Open-End Investment Companies.
(a) The
registrant’s Financial Statements are filed herewith.
Financial
Statements
May
31, 2026
|
|
|
|
|
|
|
|
|
Kurv
ETF Trust |
|
|
|
|
|
|
|
Kurv
Copper & Mining Enhanced Income ETF |
|
|
| KCOP
|
|
|
| Cboe
BZX Exchange, Inc. |
|
Kurv
Gold Enhanced Income ETF |
|
|
| KGLD
|
|
|
| Cboe
BZX Exchange, Inc. |
|
Kurv
High Income ETF |
|
|
| KYLD
|
|
|
| Cboe
BZX Exchange, Inc. |
|
Kurv
Silver Enhanced Income ETF |
|
|
| KSLV
|
|
|
| Cboe
BZX Exchange, Inc. |
|
Kurv
Technology Titans Select ETF |
|
|
| KQQQ
|
|
|
| NASDAQ
Stock Market, LLC |
|
Kurv
Yield Premium Strategy Amazon (AMZN) ETF |
|
|
| AMZP |
|
|
| Cboe
BZX Exchange, Inc. |
|
Kurv
Yield Premium Strategy Apple (AAPL) ETF |
|
|
| AAPY |
|
|
| Cboe
BZX Exchange, Inc. |
|
Kurv
Yield Premium Strategy Google (GOOGL) ETF |
|
|
| GOOP |
|
|
| Cboe
BZX Exchange, Inc. |
|
Kurv
Yield Premium Strategy Microsoft (MSFT) ETF |
|
|
| MSFY |
|
|
| Cboe
BZX Exchange, Inc. |
|
Kurv
Yield Premium Strategy Netflix (NFLX) ETF |
|
|
| NFLP |
|
|
| Cboe
BZX Exchange, Inc. |
|
Kurv
Yield Premium Strategy Tesla (TSLA) ETF |
|
|
| TSLP |
|
|
| Cboe
BZX Exchange, Inc. |
|
|
|
|
|
|
|
|
TABLE OF CONTENTS
Kurv
Copper & Mining Enhanced Income ETF
Schedule
of Investments
May 31, 2026
|
|
|
|
|
|
|
|
|
|
|
|
PURCHASED
OPTIONS - 19.8%(a)
|
|
|
|
|
|
|
|
|
|
|
Call
Options - 19.5%
|
|
|
|
|
|
|
|
|
|
|
Global
X Copper Miners ETF
|
|
|
|
|
|
|
|
|
|
|
Expiration:
09/18/2026; Exercise Price: $45.00 |
|
|
$3,895,788 |
|
|
442 |
|
|
$1,927,562 |
|
Expiration:
09/18/2026; Exercise Price: $81.00 |
|
|
13,776,282 |
|
|
1,563 |
|
|
2,139,513 |
|
United
States Copper ETF
|
|
|
|
|
|
|
|
|
|
|
Expiration:
07/17/2026; Exercise Price: $26.00 |
|
|
2,863,982 |
|
|
737 |
|
|
960,812 |
|
Expiration:
07/17/2026; Exercise Price: $38.00 |
|
|
12,376,910 |
|
|
3,185 |
|
|
707,293
|
|
Total
Call Options |
|
|
|
|
|
|
|
|
5,735,180
|
|
Put
Options - 0.3%
|
|
|
|
|
|
|
|
|
|
|
Global
X Copper Miners ETF, Expiration: 09/18/2026; Exercise Price: $74.00 |
|
|
2,203,500 |
|
|
250 |
|
|
84,250 |
|
United
States Copper ETF, Expiration: 07/17/2026; Exercise Price: $33.00 |
|
|
668,392 |
|
|
172 |
|
|
3,049
|
|
Total
Put Options |
|
|
|
|
|
|
|
|
87,299
|
|
TOTAL
PURCHASED OPTIONS
(Cost $4,606,865) |
|
|
|
|
|
|
|
|
5,822,479 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHORT-TERM
INVESTMENTS
|
|
|
|
|
|
|
|
|
|
|
U.S.
TREASURY BILLS - 83.9%(b)(c)
|
|
|
|
|
|
|
|
|
|
|
3.59%,
06/11/2026 |
|
|
|
|
|
$5,177,000 |
|
|
5,171,803 |
|
3.57%,
09/03/2026 |
|
|
|
|
|
9,816,000 |
|
|
9,724,157 |
|
3.56%,
12/24/2026 |
|
|
|
|
|
10,046,000 |
|
|
9,839,915
|
|
TOTAL
U.S. TREASURY BILLS
(Cost $24,744,261) |
|
|
|
|
|
|
|
|
24,735,875 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MONEY
MARKET FUNDS - 1.0%
|
|
|
|
|
|
|
|
|
|
|
Fidelity
Government Portfolio - Institutional Class, 3.49%(d) |
|
|
|
|
|
287,368 |
|
|
287,368
|
|
TOTAL
MONEY MARKET FUNDS
(Cost $287,368) |
|
|
|
|
|
|
|
|
287,368
|
|
TOTAL
INVESTMENTS - 104.7%
(Cost $29,638,494) |
|
|
|
|
|
|
|
|
$30,845,722
|
|
Liabilities
in Excess of Other Assets - (4.7)% |
|
|
|
|
|
|
|
|
(1,376,627) |
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
|
|
|
|
$29,469,095 |
|
|
|
|
|
|
|
|
|
|
|
Percentages
are stated as a percent of net assets.
|
(a)
|
100 shares per
contract.
|
|
(b)
|
The rate shown is the annualized yield as of
May 31, 2026. |
|
(c)
|
All or a portion of the security has been pledged
as collateral for written options. The fair value of assets committed as
collateral as of May 31, 2026 was $22,825,293 which represented 77.5%
of net assets. |
|
(d)
|
The rate shown represents the 7-day annualized
yield as of May 31, 2026.
|
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Kurv
Copper & Mining Enhanced Income ETF
Schedule
of Written Options
May 31, 2026
|
|
|
|
|
|
|
|
|
|
|
|
WRITTEN
OPTIONS - (4.5)%(a)
|
|
|
|
|
|
|
|
|
|
|
Call
Options - (0.2)%
|
|
|
|
|
|
|
|
|
|
|
Global
X Copper Miners ETF, Expiration: 06/12/2026; Exercise Price:
$96.00 |
|
|
$(4,407,000) |
|
|
(500) |
|
|
$(47,500) |
|
Put
Options - (4.3)%
|
|
|
|
|
|
|
|
|
|
|
Global
X Copper Miners ETF, Expiration: 09/18/2026; Exercise Price:
$81.00 |
|
|
(13,776,282) |
|
|
(1,563) |
|
|
(918,622) |
|
United
States Copper ETF, Expiration: 07/17/2026; Exercise Price: $38.00 |
|
|
(12,376,910) |
|
|
(3,185) |
|
|
(365,479) |
|
Total
Put Options |
|
|
|
|
|
|
|
|
(1,284,101) |
|
TOTAL
WRITTEN OPTIONS
(Premiums received $2,249,347) |
|
|
|
|
|
|
|
|
$(1,331,601) |
|
|
|
|
|
|
|
|
|
|
|
Percentages
are stated as a percent of net assets.
|
(a)
|
100 shares per contract.
|
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
KURV
GOLD ENHANCED INCOME ETF
SCHEDULE
OF INVESTMENTS
May 31, 2026
|
|
|
|
|
|
|
|
|
|
|
|
PURCHASED
OPTIONS - 12.4%(a)
|
|
|
|
|
|
|
|
|
|
|
Call
Options - 12.2%
|
|
|
|
|
|
|
|
|
|
|
iShares
Gold Trust, Expiration: 07/17/2026; Exercise Price: $65.00 |
|
|
$12,985,931 |
|
|
1,519 |
|
|
$3,191,222 |
|
SPDR
Gold Shares
|
|
|
|
|
|
|
|
|
|
|
Expiration:
06/18/2026; Exercise Price: $330.00 |
|
|
4,713,456 |
|
|
113 |
|
|
994,400 |
|
Expiration:
09/18/2026; Exercise Price: $300.00 |
|
|
13,598,112 |
|
|
326 |
|
|
3,969,829 |
|
Expiration:
09/18/2026; Exercise Price: $420.00 |
|
|
78,293,424 |
|
|
1,877 |
|
|
4,117,631
|
|
Total
Call Options |
|
|
|
|
|
|
|
|
12,273,082
|
|
Put
Options - 0.2%
|
|
|
|
|
|
|
|
|
|
|
SPDR
Gold Shares, Expiration: 09/18/2026; Exercise Price: $380.00 |
|
|
14,807,760 |
|
|
355 |
|
|
227,200
|
|
TOTAL
PURCHASED OPTIONS
(Cost $13,242,759) |
|
|
|
|
|
|
|
|
12,500,282 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHORT-TERM
INVESTMENTS
|
|
|
|
|
|
|
|
|
|
|
U.S.
TREASURY BILLS - 89.3%(b)(c)
|
|
|
|
|
|
|
|
|
|
|
3.55%,
06/11/2026 |
|
|
|
|
|
$16,900,000 |
|
|
16,883,035 |
|
3.45%,
09/03/2026 |
|
|
|
|
|
37,400,000 |
|
|
37,050,069 |
|
3.57%,
12/24/2026 |
|
|
|
|
|
37,050,000 |
|
|
36,289,950
|
|
TOTAL
U.S. TREASURY BILLS
(Cost $90,265,050) |
|
|
|
|
|
|
|
|
90,223,054 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MONEY
MARKET FUNDS - 1.3%
|
|
|
|
|
|
|
|
|
|
|
Fidelity
Government Portfolio - Institutional Class, 3.49%(d) |
|
|
|
|
|
1,334,941 |
|
|
1,334,941
|
|
TOTAL
MONEY MARKET FUNDS
(Cost $1,334,941) |
|
|
|
|
|
|
|
|
1,334,941
|
|
TOTAL
INVESTMENTS - 103.0%
(Cost $104,842,750) |
|
|
|
|
|
|
|
|
$104,058,277
|
|
Liabilities
in Excess of Other Assets - (3.0)% |
|
|
|
|
|
|
|
|
(3,014,786) |
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
|
|
|
|
$101,043,491 |
|
|
|
|
|
|
|
|
|
|
|
Percentages
are stated as a percent of net assets.
|
(a)
|
100 shares per
contract.
|
|
(b)
|
The rate shown is the annualized yield as of
May 31, 2026.
|
|
(c)
|
All or a portion of the security has been pledged
as collateral for written options. The fair value of assets committed as
collateral as of May 31, 2026 was $84,773,715 which represented 83.9%
of net assets.
|
|
(d)
|
The rate shown represents the 7-day annualized
yield as of May 31, 2026.
|
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Kurv
Gold Enhanced Income ETF
Schedule
of Written Options
May 31, 2026
|
|
|
|
|
|
|
|
|
|
|
|
WRITTEN
OPTIONS - (3.7)%(a)
|
|
|
|
|
|
|
|
|
|
|
Call
Options - (0.1)%
|
|
|
|
|
|
|
|
|
|
|
SPDR
Gold Shares, Expiration: 06/05/2026; Exercise Price: $429.00 |
|
|
$(10,845,120) |
|
|
(260) |
|
|
$(32,630) |
|
Put
Options - (3.6)%
|
|
|
|
|
|
|
|
|
|
|
SPDR
Gold Shares
|
|
|
|
|
|
|
|
|
|
|
Expiration:
06/05/2026; Exercise Price: $390.00 |
|
|
(6,882,480) |
|
|
(165) |
|
|
(4,950) |
|
Expiration:
09/18/2026; Exercise Price: $420.00 |
|
|
(78,293,424) |
|
|
(1,877) |
|
|
(3,652,454) |
|
Total
Put Options |
|
|
|
|
|
|
|
|
(3,657,404) |
|
TOTAL
WRITTEN OPTIONS
(Premiums received $4,551,316) |
|
|
|
|
|
|
|
|
$(3,690,034) |
|
|
|
|
|
|
|
|
|
|
|
Percentages
are stated as a percent of net assets.
|
(a)
|
100 shares per contract.
|
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
KURV
HIGH INCOME ETF
SCHEDULE
OF INVESTMENTS
May 31, 2026
|
|
|
|
|
|
|
|
|
COMMON
STOCKS - 53.1%
|
|
|
|
|
|
|
|
Advertising
Agencies - 4.9%
|
|
|
|
|
|
|
|
AppLovin
Corp. - Class A(a)(b)(c) |
|
|
3,276 |
|
|
$2,008,483
|
|
All
Other Publishers - 3.8%
|
|
|
|
|
|
|
|
Reddit,
Inc. - Class A(a)(b) |
|
|
8,918 |
|
|
1,569,568
|
|
Computing
Infrastructure Providers, Data Processing, Web Hosting, and Related
Services - 3.2%
|
|
|
|
|
|
|
|
Shopify,
Inc. - Class A(a)(b) |
|
|
10,920 |
|
|
1,296,313
|
|
Instrument
Manufacturing for Measuring and Testing Electricity and Electrical Signals
- 5.3%
|
|
|
|
|
|
|
|
Teradyne,
Inc.(b) |
|
|
5,824 |
|
|
2,179,982
|
|
Investment
Banking and Securities Intermediation - 3.5%
|
|
|
|
|
|
|
|
Robinhood
Markets, Inc. - Class A(a)(b) |
|
|
15,288 |
|
|
1,441,658
|
|
Other
Aluminum Rolling, Drawing, and Extruding - 5.5%
|
|
|
|
|
|
|
|
Howmet
Aerospace, Inc.(b) |
|
|
8,736 |
|
|
2,256,072
|
|
Other
Electric Power Generation - 4.3%
|
|
|
|
|
|
|
|
Vistra
Corp. |
|
|
11,102 |
|
|
1,778,874
|
|
Pharmaceutical
Preparation Manufacturing - 2.9%
|
|
|
|
|
|
|
|
Hims
& Hers Health, Inc.(a)(b)(d) |
|
|
46,046 |
|
|
1,204,103
|
|
Semiconductor
and Related Device Manufacturing - 14.7%
|
|
|
|
|
|
|
|
Advanced
Micro Devices, Inc.(a)(b) |
|
|
4,550 |
|
|
2,348,255 |
|
Broadcom,
Inc.(b) |
|
|
4,004 |
|
|
1,788,867 |
|
Intel
Corp.(a)(b) |
|
|
16,744 |
|
|
1,920,202
|
|
|
|
|
|
|
|
6,057,324
|
|
Turbine
and Turbine Generator Set Units Manufacturing - 5.0%
|
|
|
|
|
|
|
|
BWX
Technologies, Inc.(b) |
|
|
10,374 |
|
|
2,032,059
|
|
TOTAL
COMMON STOCKS
(Cost $18,858,340) |
|
|
|
|
|
21,824,436
|
|
EXCHANGE
TRADED FUNDS - 15.2%
|
|
|
|
|
|
|
|
Global
X Silver Miners ETF(b)(c) |
|
|
28,574 |
|
|
2,678,241 |
|
VanEck
Gold Miners ETF(b)(c)(d) |
|
|
26,936 |
|
|
2,410,503 |
|
Vanguard
FTSE Europe ETF |
|
|
12,740 |
|
|
1,133,987
|
|
TOTAL
EXCHANGE TRADED FUNDS
(Cost $5,755,695) |
|
|
|
|
|
6,222,731 |
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
KURV
HIGH INCOME ETF
SCHEDULE
OF INVESTMENTS
May 31, 2026 (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
PURCHASED
OPTIONS - 2.8%(e)
|
|
|
|
|
|
|
|
|
|
|
Call
Options - 2.8%
|
|
|
|
|
|
|
|
|
|
|
Applied
Materials, Inc., Expiration: 06/18/2026; Exercise Price:
$360.00 |
|
|
$1,530,204 |
|
|
34 |
|
|
$314,585 |
|
Bloom
Energy Corp., Expiration: 06/18/2026; Exercise Price:
$165.00 |
|
|
684,000 |
|
|
24 |
|
|
294,600 |
|
iShares
MSCI Emerging Markets ETF, Expiration: 06/18/2026;
Exercise
Price: $70.00 |
|
|
2,195,200 |
|
|
320 |
|
|
42,880 |
|
Micron
Technology, Inc., Expiration: 09/18/2026; Exercise Price:
$950.00 |
|
|
2,233,300 |
|
|
23 |
|
|
493,028
|
|
Total
Call Options |
|
|
|
|
|
|
|
|
1,145,093
|
|
Put
Options - 0.0%(f)
|
|
|
|
|
|
|
|
|
|
|
Invesco
QQQ Trust Series 1, Expiration: 06/18/2026; Exercise Price:
$665.00(b)(e)(f) |
|
|
11,074,650 |
|
|
150 |
|
|
17,175
|
|
TOTAL
PURCHASED OPTIONS
(Cost $941,514) |
|
|
|
|
|
|
|
|
1,162,268 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHORT-TERM
INVESTMENTS
|
|
|
|
|
|
|
|
|
|
|
U.S.
TREASURY BILLS - 22.3%(c)(g)
|
|
|
|
|
|
|
|
|
|
|
3.62%,
06/11/2026 |
|
|
|
|
|
$100,000 |
|
|
99,900 |
|
3.49%,
09/03/2026 |
|
|
|
|
|
4,200,000 |
|
|
4,160,703 |
|
3.58%,
12/24/2026 |
|
|
|
|
|
5,000,000 |
|
|
4,897,429
|
|
TOTAL
U.S. TREASURY BILLS
(Cost $9,162,125) |
|
|
|
|
|
|
|
|
9,158,032 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MONEY
MARKET FUNDS - 5.4%
|
|
|
|
|
|
|
|
|
|
|
Fidelity
Government Portfolio - Institutional Class, 3.49%(h) |
|
|
|
|
|
2,223,282 |
|
|
2,223,282
|
|
TOTAL
MONEY MARKET FUNDS
(Cost $2,223,282) |
|
|
|
|
|
|
|
|
2,223,282 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INVESTMENTS
PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 0.9%
|
|
|
|
|
|
|
|
|
|
|
Mount
Vernon Liquid Assets Portfolio, LLC, 3.74%(h) |
|
|
|
|
|
370,520 |
|
|
370,520
|
|
TOTAL
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
(Cost $370,520) |
|
|
|
|
|
|
|
|
370,520
|
|
TOTAL
INVESTMENTS - 99.7%
(Cost $37,311,476) |
|
|
|
|
|
|
|
|
$40,961,269
|
|
Other
Assets in Excess of Liabilities - 0.3% |
|
|
|
|
|
|
|
|
118,503
|
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
|
|
|
|
$41,079,772 |
|
|
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
KURV
HIGH INCOME ETF
SCHEDULE
OF INVESTMENTS
May 31, 2026 (Continued)
Percentages
are stated as a percent of net assets.
|
(a)
|
Non-income producing security.
|
|
(b)
|
Held in connection with written option contracts.
See Schedule of Written Options for further
information. |
|
(c)
|
All or a portion of the security has been pledged
as collateral for written options. The fair value of assets committed as
collateral as of May 31, 2026 was $12,793,504 which represented 31.1%
of net assets. |
|
(d)
|
All or a portion of this security is on loan as of
May 31, 2026. The fair value of these securities was
$372,560.
|
|
(e)
|
100 shares per
contract.
|
|
(f)
|
Represents less than 0.05% of net
assets.
|
|
(g)
|
The rate shown is the annualized yield as of
May 31, 2026.
|
|
(h)
|
The rate shown represents the 7-day annualized
yield as of May 31, 2026.
|
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Kurv
High Income ETF
Schedule
of Written Options
May 31, 2026
|
|
|
|
|
|
|
|
|
|
|
|
WRITTEN
OPTIONS - (2.5)%(a)
|
|
|
|
|
|
|
|
|
|
|
Call
Options - (1.4)%
|
|
|
|
|
|
|
|
|
|
|
Advanced
Micro Devices, Inc., Expiration: 06/12/2026; Exercise Price:
$600.00 |
|
|
$(1,445,080) |
|
|
(28) |
|
|
$(17,430) |
|
Applied
Materials, Inc., Expiration: 06/12/2026; Exercise Price:
$500.00 |
|
|
(1,530,204) |
|
|
(34) |
|
|
(16,830) |
|
AppLovin
Corp., Expiration: 06/12/2026; Exercise Price: $690.00 |
|
|
(1,961,888) |
|
|
(32) |
|
|
(33,600) |
|
Bloom
Energy Corp., Expiration: 06/12/2026; Exercise Price: $360.00 |
|
|
(684,000) |
|
|
(24) |
|
|
(13,320) |
|
Broadcom,
Inc., Expiration: 06/12/2026; Exercise Price: $500.00 |
|
|
(938,217) |
|
|
(21) |
|
|
(19,372) |
|
BWX
Technologies, Inc., Expiration: 06/18/2026; Exercise Price:
$230.00 |
|
|
(1,958,800) |
|
|
(100) |
|
|
(14,500) |
|
Global
X Silver Miners ETF, Expiration: 06/18/2026; Exercise Price:
$110.00 |
|
|
(2,586,948) |
|
|
(276) |
|
|
(17,250) |
|
Hims
& Hers Health, Inc., Expiration: 06/12/2026; Exercise Price:
$27.00 |
|
|
(1,202,900) |
|
|
(460) |
|
|
(59,570) |
|
Howmet
Aerospace, Inc., Expiration: 06/12/2026; Exercise Price:
$280.00 |
|
|
(2,169,300) |
|
|
(84) |
|
|
(12,180) |
|
Intel
Corp., Expiration: 06/12/2026; Exercise Price: $140.00 |
|
|
(1,720,200) |
|
|
(150) |
|
|
(23,775) |
|
Micron
Technology, Inc., Expiration: 06/12/2026; Exercise Price:
$1,100.00 |
|
|
(1,262,300) |
|
|
(13) |
|
|
(43,550) |
|
Reddit,
Inc., Expiration: 06/12/2026; Exercise Price: $180.00 |
|
|
(1,566,400) |
|
|
(89) |
|
|
(69,643) |
|
Robinhood
Markets, Inc., Expiration: 06/12/2026; Exercise Price:
$88.00 |
|
|
(1,423,930) |
|
|
(151) |
|
|
(132,125) |
|
Shopify,
Inc., Expiration: 06/12/2026; Exercise Price: $120.00 |
|
|
(1,293,939) |
|
|
(109) |
|
|
(51,503) |
|
Teradyne,
Inc., Expiration: 06/12/2026; Exercise Price: $420.00 |
|
|
(2,021,274) |
|
|
(54) |
|
|
(40,230) |
|
VanEck
Gold Miners ETF, Expiration: 06/12/2026; Exercise Price:
$95.00 |
|
|
(2,407,281) |
|
|
(269) |
|
|
(37,122) |
|
Total
Call Options |
|
|
|
|
|
|
|
|
(602,000) |
|
Put
Options - (1.1)%
|
|
|
|
|
|
|
|
|
|
|
Applied
Materials, Inc., Expiration: 06/18/2026; Exercise Price:
$360.00 |
|
|
(1,530,204) |
|
|
(34) |
|
|
(6,069) |
|
Bloom
Energy Corp., Expiration: 06/18/2026; Exercise Price: $165.00 |
|
|
(684,000) |
|
|
(24) |
|
|
(5,376) |
|
Invesco
QQQ Trust Series 1, Expiration: 06/18/2026; Exercise Price:
$625.00 |
|
|
(11,074,650) |
|
|
(150) |
|
|
(7,050) |
|
iShares
MSCI Emerging Markets ETF, Expiration: 06/18/2026; Exercise Price:
$58.00 |
|
|
(1,097,600) |
|
|
(160) |
|
|
(4,160) |
|
Micron
Technology, Inc., Expiration: 09/18/2026; Exercise Price:
$950.00 |
|
|
(2,233,300) |
|
|
(23) |
|
|
(415,656) |
|
Total
Put Options |
|
|
|
|
|
|
|
|
(438,311) |
|
TOTAL
WRITTEN OPTIONS
(Premiums received $1,260,470) |
|
|
|
|
|
|
|
|
$(1,040,311) |
|
|
|
|
|
|
|
|
|
|
|
Percentages
are stated as a percent of net assets.
|
(a)
|
100 shares per contract.
|
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
KURV
SILVER ENHANCED INCOME ETF
SCHEDULE
OF INVESTMENTS
May 31, 2026
|
|
|
|
|
|
|
|
|
|
|
|
PURCHASED
OPTIONS - 21.7%(a)
|
|
|
|
|
|
|
|
|
|
|
Call
Options - 21.0%
|
|
|
|
|
|
|
|
|
|
|
Abrdn
Physical Silver Shares ETF
|
|
|
|
|
|
|
|
|
|
|
Expiration:
09/18/2026; Exercise Price: $40.00 |
|
|
$14,932,320 |
|
|
2,080 |
|
|
$6,712,971 |
|
Expiration:
09/18/2026; Exercise Price: $81.00 |
|
|
20,797,563 |
|
|
2,897 |
|
|
1,397,223 |
|
iShares
Silver Trust
|
|
|
|
|
|
|
|
|
|
|
Expiration:
09/18/2026; Exercise Price: $42.00 |
|
|
19,767,869 |
|
|
2,893 |
|
|
7,796,722 |
|
Expiration:
09/18/2026; Exercise Price: $68.00 |
|
|
60,567,712 |
|
|
8,864 |
|
|
6,586,927
|
|
Total
Call Options |
|
|
|
|
|
|
|
|
22,493,843
|
|
Put
Options - 0.7%
|
|
|
|
|
|
|
|
|
|
|
iShares
Silver Trust, Expiration: 09/18/2026; Exercise Price:
$63.00 |
|
|
11,957,750 |
|
|
1,750 |
|
|
691,250
|
|
TOTAL
PURCHASED OPTIONS
(Cost $25,561,954) |
|
|
|
|
|
|
|
|
23,185,093 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHORT-TERM
INVESTMENTS
|
|
|
|
|
|
|
|
|
|
|
U.S.
TREASURY BILLS - 82.4%(b)(c)
|
|
|
|
|
|
|
|
|
|
|
3.56%,
06/11/2026 |
|
|
|
|
|
$24,580,000 |
|
|
24,555,324 |
|
3.46%,
09/03/2026 |
|
|
|
|
|
38,937,000 |
|
|
38,572,688 |
|
3.60%,
12/24/2026 |
|
|
|
|
|
25,510,000 |
|
|
24,986,684
|
|
TOTAL
U.S. TREASURY BILLS
(Cost $88,145,876) |
|
|
|
|
|
|
|
|
88,114,696 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MONEY
MARKET FUNDS - 2.4%
|
|
|
|
|
|
|
|
|
|
|
Fidelity
Government Portfolio - Institutional Class, 3.49%(d) |
|
|
|
|
|
2,594,757 |
|
|
2,594,757
|
|
TOTAL
MONEY MARKET FUNDS
(Cost $2,594,757) |
|
|
|
|
|
|
|
|
2,594,757
|
|
TOTAL
INVESTMENTS - 106.5%
(Cost $116,302,587) |
|
|
|
|
|
|
|
|
$113,894,546 |
|
Liabilities
in Excess of Other Assets - (6.5)% |
|
|
|
|
|
|
|
|
(6,965,813) |
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
|
|
|
|
$106,928,733 |
|
|
|
|
|
|
|
|
|
|
|
Percentages
are stated as a percent of net assets.
|
(a)
|
100 shares per
contract.
|
|
(b)
|
The rate shown is the annualized yield as of
May 31, 2026.
|
|
(c)
|
All or a portion of the security has been pledged
as collateral for written options. The fair value of assets committed as
collateral as of May 31, 2026 was $81,130,901 which represented 75.9%
of net assets.
|
|
(d)
|
The rate shown represents the 7-day annualized
yield as of May 31, 2026.
|
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Kurv
Silver Enhanced Income ETF
Schedule
of Written Options
May 31, 2026
|
|
|
|
|
|
|
|
|
|
|
|
WRITTEN
OPTIONS - (9.0)%(a)
|
|
|
|
|
|
|
|
|
|
|
Call
Options - (0.1)%
|
|
|
|
|
|
|
|
|
|
|
iShares
Silver Trust, Expiration: 06/12/2026; Exercise Price: $77.00 |
|
|
$(12,641,050) |
|
|
(1,850) |
|
|
$(57,350) |
|
Put
Options - (8.9)%
|
|
|
|
|
|
|
|
|
|
|
Abrdn
Physical Silver Shares ETF, Expiration: 09/18/2026; Exercise Price:
$81.00 |
|
|
(20,797,563) |
|
|
(2,897) |
|
|
(3,823,374) |
|
iShares
Silver Trust
|
|
|
|
|
|
|
|
|
|
|
Expiration:
06/12/2026; Exercise Price: $62.00 |
|
|
(4,988,090) |
|
|
(730) |
|
|
(24,090) |
|
Expiration:
09/18/2026; Exercise Price: $68.00 |
|
|
(60,567,712) |
|
|
(8,864) |
|
|
(5,669,148) |
|
Total
Put Options |
|
|
|
|
|
|
|
|
(9,516,612) |
|
TOTAL
WRITTEN OPTIONS
(Premiums received $11,640,483) |
|
|
|
|
|
|
|
|
$(9,573,962) |
|
|
|
|
|
|
|
|
|
|
|
Percentages
are stated as a percent of net assets.
|
(a)
|
100 shares per contract.
|
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
KURV
TECHNOLOGY TITANS SELECT ETF
SCHEDULE
OF INVESTMENTS
May 31, 2026
|
|
|
|
|
|
|
|
|
|
|
|
COMMON
STOCKS - 71.8%
|
|
|
|
|
|
|
|
|
|
|
Aerospace
Product and Parts Manufacturing - 1.9%
|
|
|
|
|
|
|
|
|
|
|
RTX
Corp. |
|
|
|
|
|
13,266 |
|
|
$2,383,370
|
|
Business
Support Services - 2.1%
|
|
|
|
|
|
|
|
|
|
|
Uber
Technologies, Inc.(a)(b) |
|
|
|
|
|
38,592 |
|
|
2,716,877
|
|
Communications
Equipment Manufacturing - 4.2%
|
|
|
|
|
|
|
|
|
|
|
Apple,
Inc.(c) |
|
|
|
|
|
17,058 |
|
|
5,323,119
|
|
Computer
and Peripheral Equipment Manufacturing - 3.9%
|
|
|
|
|
|
|
|
|
|
|
Cisco
Systems, Inc.(b) |
|
|
|
|
|
18,492 |
|
|
2,226,806 |
|
International
Business Machines Corp.(b) |
|
|
|
|
|
9,246 |
|
|
2,753,459
|
|
|
|
|
|
|
|
|
|
|
4,980,265
|
|
Computer
Systems Design and Related Services - 11.8%
|
|
|
|
|
|
|
|
|
|
|
Alphabet,
Inc. - Class A(b)(c) |
|
|
|
|
|
39,396 |
|
|
14,983,875
|
|
Media
Streaming Distribution Services, Social Networks, and Other Media Networks
and Content Providers - 4.9%
|
|
|
|
|
|
|
|
|
|
|
Netflix,
Inc.(a)(b) |
|
|
|
|
|
46,632 |
|
|
4,011,285 |
|
Spotify
Technology SA(a)(b)(c) |
|
|
|
|
|
4,422 |
|
|
2,200,741
|
|
|
|
|
|
|
|
|
|
|
6,212,026
|
|
Motor
Vehicle Manufacturing - 3.1%
|
|
|
|
|
|
|
|
|
|
|
Tesla,
Inc.(a)(b)(c) |
|
|
|
|
|
8,947 |
|
|
3,899,013
|
|
Other
Miscellaneous Retailers - 10.2%
|
|
|
|
|
|
|
|
|
|
|
Amazon.com,
Inc.(a)(b)(c) |
|
|
|
|
|
47,436 |
|
|
12,838,079
|
|
Semiconductor
and Related Device Manufacturing - 23.6%
|
|
|
|
|
|
|
|
|
|
|
Advanced
Micro Devices, Inc.(a)(c) |
|
|
|
|
|
11,658 |
|
|
6,016,694 |
|
Applied
Materials, Inc. |
|
|
|
|
|
7,236 |
|
|
3,256,634 |
|
Broadcom,
Inc.(b)(c) |
|
|
|
|
|
19,878 |
|
|
8,880,894 |
|
Intel
Corp.(a)(c) |
|
|
|
|
|
70,350 |
|
|
8,067,738 |
|
NVIDIA
Corp.(b)(c) |
|
|
|
|
|
16,886 |
|
|
3,565,310
|
|
|
|
|
|
|
|
|
|
|
29,787,270
|
|
Software
Publishers - 1.6%
|
|
|
|
|
|
|
|
|
|
|
Microsoft
Corp.(b)(c) |
|
|
|
|
|
4,422 |
|
|
1,990,961
|
|
Web
Search Portals, Libraries, Archives, and Other Information
Services
- 4.5%
|
|
|
|
|
|
|
|
|
|
|
Meta
Platforms, Inc. - Class A(b)(c) |
|
|
|
|
|
8,968 |
|
|
5,672,350
|
|
TOTAL
COMMON STOCKS
(Cost $71,003,067) |
|
|
|
|
|
|
|
|
90,787,205 |
|
|
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
KURV
TECHNOLOGY TITANS SELECT ETF
SCHEDULE
OF INVESTMENTS
May 31, 2026 (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
PURCHASED
OPTIONS - 4.5%(d)
|
|
|
|
|
|
|
|
|
|
|
Call
Options - 3.9%
|
|
|
|
|
|
|
|
|
|
|
Apple,
Inc., Expiration: 06/18/2026; Exercise Price: $265.00 |
|
|
$7,427,028 |
|
|
238 |
|
|
$1,140,344 |
|
Broadcom,
Inc., Expiration: 06/18/2026; Exercise Price: $175.00 |
|
|
938,217 |
|
|
21 |
|
|
572,722 |
|
Micron
Technology, Inc., Expiration: 09/18/2026; Exercise Price: $950.00 |
|
|
7,282,500 |
|
|
75 |
|
|
1,607,700 |
|
Microsoft
Corp., Expiration: 06/18/2026; Exercise Price: $410.00 |
|
|
8,059,296 |
|
|
179 |
|
|
755,473 |
|
NVIDIA
Corp., Expiration: 06/18/2026; Exercise Price: $186.00 |
|
|
6,481,998 |
|
|
307 |
|
|
817,151
|
|
Total
Call Options |
|
|
|
|
|
|
|
|
4,893,390
|
|
Put
Options - 0.6%
|
|
|
|
|
|
|
|
|
|
|
Alphabet,
Inc., Expiration: 06/18/2026; Exercise Price: $365.00 |
|
|
1,597,428 |
|
|
42 |
|
|
17,850 |
|
Amazon.com,
Inc., Expiration: 06/18/2026; Exercise Price: $255.00 |
|
|
1,217,880 |
|
|
45 |
|
|
8,798 |
|
Apple,
Inc., Expiration: 09/18/2026; Exercise Price: $280.00 |
|
|
1,248,240 |
|
|
40 |
|
|
20,700 |
|
Broadcom,
Inc., Expiration: 06/18/2026; Exercise Price: $370.00 |
|
|
982,894 |
|
|
22 |
|
|
7,150 |
|
Intel
Corp., Expiration: 09/18/2026; Exercise Price: $90.00 |
|
|
2,064,240 |
|
|
180 |
|
|
142,200 |
|
Invesco
QQQ Trust Series 1, Expiration: 09/18/2026; Exercise Price:
$690.00 |
|
|
22,149,300 |
|
|
300 |
|
|
523,500 |
|
Meta
Platforms, Inc., Expiration: 06/18/2026; Exercise Price:
$560.00 |
|
|
569,259 |
|
|
9 |
|
|
1,147 |
|
Micron
Technology, Inc., Expiration: 09/18/2026; Exercise Price: $600.00 |
|
|
1,165,200 |
|
|
12 |
|
|
45,540 |
|
Microsoft
Corp., Expiration: 09/18/2026; Exercise Price: $370.00 |
|
|
1,035,552 |
|
|
23 |
|
|
12,995 |
|
NVIDIA
Corp., Expiration: 09/18/2026; Exercise Price: $180.00 |
|
|
992,358 |
|
|
47 |
|
|
33,370
|
|
Total
Put Options |
|
|
|
|
|
|
|
|
813,250
|
|
TOTAL
PURCHASED OPTIONS
(Cost $4,383,461) |
|
|
|
|
|
|
|
|
5,706,640 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EXCHANGE
TRADED FUNDS - 1.3%(e)
|
|
|
|
|
|
|
|
|
|
|
Kurv
Yield Premium Strategy Google (GOOGL) ETF(f) |
|
|
|
|
|
15,779 |
|
|
695,854 |
|
Kurv
Yield Premium Strategy Tesla (TSLA) ETF |
|
|
|
|
|
45,884 |
|
|
933,771
|
|
TOTAL
EXCHANGE TRADED FUNDS
(Cost $1,461,757) |
|
|
|
|
|
|
|
|
1,629,625 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHORT-TERM
INVESTMENTS
|
|
|
|
|
|
|
|
|
|
|
U.S.
TREASURY BILLS - 14.1%(b)(g)
|
|
|
|
|
|
|
|
|
|
|
3.58%,
06/11/2026 |
|
|
|
|
|
$5,000,000 |
|
|
4,994,980 |
|
3.38%,
09/03/2026 |
|
|
|
|
|
6,100,000 |
|
|
6,042,926 |
|
3.60%,
12/24/2026 |
|
|
|
|
|
7,000,000 |
|
|
6,856,401
|
|
TOTAL
U.S. TREASURY BILLS
(Cost $17,901,568) |
|
|
|
|
|
|
|
|
17,894,307 |
|
|
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
KURV
TECHNOLOGY TITANS SELECT ETF
SCHEDULE
OF INVESTMENTS
May 31, 2026 (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
MONEY
MARKET FUNDS - 5.3%
|
|
|
|
|
|
|
|
|
|
|
Fidelity
Government Portfolio - Institutional Class, 3.49%(h) |
|
|
|
|
|
6,654,025 |
|
|
$6,654,025
|
|
TOTAL
MONEY MARKET FUNDS
(Cost $6,654,025) |
|
|
|
|
|
|
|
|
6,654,025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INVESTMENTS
PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 0.1%
|
|
|
|
|
|
|
|
|
|
|
Mount
Vernon Liquid Assets Portfolio, LLC, 3.74%(h) |
|
|
|
|
|
69,750 |
|
|
69,750
|
|
TOTAL
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
(Cost $69,750) |
|
|
|
|
|
|
|
|
69,750
|
|
TOTAL
INVESTMENTS - 97.1%
(Cost $101,473,628) |
|
|
|
|
|
|
|
|
$122,741,552
|
|
Other
Assets in Excess of Liabilities - 2.9% |
|
|
|
|
|
|
|
|
3,675,794
|
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
|
|
|
|
$126,417,346 |
|
|
|
|
|
|
|
|
|
|
|
Percentages
are stated as a percent of net assets.
|
(a)
|
Non-income producing security.
|
|
(b)
|
All or a portion of the security has been pledged
as collateral for written options. The fair value of assets committed as
collateral as of May 31, 2026 was $50,299,069 which represented 39.8%
of net assets. |
|
(c)
|
Held in connection with written option contracts.
See Schedule of Written Options for further
information. |
|
(d)
|
100 shares per
contract. |
|
(e)
|
Affiliated security as defined by the Investment
Company Act of 1940. See Note 5. |
|
(f)
|
All or a portion of this security is on loan as of
May 31, 2026. The fair value of these securities was
$66,150. |
|
(g)
|
The rate shown is the annualized yield as of
May 31, 2026. |
|
(h)
|
The rate shown represents the 7-day annualized
yield as of May 31, 2026.
|
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Kurv
Technology Titans Select ETF
Schedule
of Written Options
May 31, 2026
|
|
|
|
|
|
|
|
|
|
|
|
WRITTEN
OPTIONS - (1.5)%(a)
|
|
|
|
|
|
|
|
|
|
|
Call
Options - (0.2)%
|
|
|
|
|
|
|
|
|
|
|
Advanced
Micro Devices, Inc., Expiration: 06/12/2026; Exercise Price: $600.00 |
|
|
$(3,096,600) |
|
|
(60) |
|
|
$(37,350) |
|
Alphabet,
Inc., Expiration: 06/05/2026; Exercise Price: $415.00 |
|
|
(6,846,120) |
|
|
(180) |
|
|
(5,490) |
|
Amazon.com,
Inc., Expiration: 06/05/2026; Exercise Price: $285.00 |
|
|
(6,224,720) |
|
|
(230) |
|
|
(15,180) |
|
Apple,
Inc., Expiration: 06/12/2026; Exercise Price: $335.00 |
|
|
(6,241,200) |
|
|
(200) |
|
|
(7,400) |
|
Broadcom,
Inc., Expiration: 06/05/2026; Exercise Price: $505.00 |
|
|
(2,680,620) |
|
|
(60) |
|
|
(37,500) |
|
Intel
Corp., Expiration: 06/05/2026; Exercise Price: $131.00 |
|
|
(6,192,720) |
|
|
(540) |
|
|
(69,930) |
|
Meta
Platforms, Inc., Expiration: 06/12/2026; Exercise Price:
$680.00 |
|
|
(2,530,040) |
|
|
(40) |
|
|
(13,800) |
|
Micron
Technology, Inc., Expiration: 06/05/2026; Exercise Price: $1,100.00 |
|
|
(3,398,500) |
|
|
(35) |
|
|
(56,962) |
|
Microsoft
Corp., Expiration: 06/12/2026; Exercise Price: $475.00 |
|
|
(4,952,640) |
|
|
(110) |
|
|
(36,300) |
|
NVIDIA
Corp., Expiration: 06/12/2026; Exercise Price: $240.00 |
|
|
(4,222,800) |
|
|
(200) |
|
|
(14,900) |
|
Spotify
Technology SA, Expiration: 06/05/2026; Exercise Price: $550.00 |
|
|
(2,090,256) |
|
|
(42) |
|
|
(4,326) |
|
Tesla,
Inc., Expiration: 06/05/2026; Exercise Price: $480.00 |
|
|
(1,873,897) |
|
|
(43) |
|
|
(3,569) |
|
Total
Call Options |
|
|
|
|
|
|
|
|
(302,707) |
|
Put
Options - (1.3)%
|
|
|
|
|
|
|
|
|
|
|
Apple,
Inc., Expiration: 06/18/2026; Exercise Price: $265.00 |
|
|
(7,427,028) |
|
|
(238) |
|
|
(5,905) |
|
Invesco
QQQ Trust Series 1, Expiration: 09/18/2026; Exercise Price:
$620.00 |
|
|
(22,149,300) |
|
|
(300) |
|
|
(211,500) |
|
Micron
Technology, Inc., Expiration: 09/18/2026; Exercise Price: $950.00 |
|
|
(7,282,500) |
|
|
(75) |
|
|
(1,355,400) |
|
Microsoft
Corp., Expiration: 06/18/2026; Exercise Price: $410.00 |
|
|
(8,059,296) |
|
|
(179) |
|
|
(30,874) |
|
NVIDIA
Corp., Expiration: 06/18/2026; Exercise Price: $186.00 |
|
|
(6,481,998) |
|
|
(307) |
|
|
(36,668) |
|
Total
Put Options |
|
|
|
|
|
|
|
|
(1,640,347) |
|
TOTAL
WRITTEN OPTIONS
(Premiums received $3,380,808) |
|
|
|
|
|
|
|
|
$(1,943,054) |
|
|
|
|
|
|
|
|
|
|
|
Percentages
are stated as a percent of net assets.
|
(a)
|
100 shares per contract.
|
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
KURV
YIELD PREMIUM STRATEGY AMAZON (AMZN) ETF
SCHEDULE
OF INVESTMENTS
May 31, 2026
|
|
|
|
|
|
|
|
|
|
|
|
PURCHASED
OPTIONS - 16.9%(a)
|
|
|
|
|
|
|
|
|
|
|
Call
Options - 16.4%
|
|
|
|
|
|
|
|
|
|
|
Amazon.Com,
Inc.
|
|
|
|
|
|
|
|
|
|
|
Expiration:
09/18/2026; Exercise Price: $190.00 |
|
|
$6,251,784 |
|
|
231 |
|
|
$1,951,169 |
|
Expiration:
09/18/2026; Exercise Price: $270.00 |
|
|
22,192,480 |
|
|
820 |
|
|
1,847,370
|
|
Total
Call Options |
|
|
|
|
|
|
|
|
3,798,539
|
|
Put
Options - 0.5%
|
|
|
|
|
|
|
|
|
|
|
Amazon.Com,
Inc., Expiration: 09/18/2026; Exercise Price: $240.00 |
|
|
4,655,008 |
|
|
172 |
|
|
127,968
|
|
TOTAL PURCHASED OPTIONS
(Cost $3,565,326) |
|
|
|
|
|
|
|
|
3,926,507 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHORT-TERM
INVESTMENTS
|
|
|
|
|
|
|
|
|
|
|
U.S.
TREASURY BILLS - 66.2%(b)(c)
|
|
|
|
|
|
|
|
|
|
|
3.59%,
06/11/2026 |
|
|
|
|
|
$5,500,000 |
|
|
5,494,478 |
|
3.40%,
09/03/2026 |
|
|
|
|
|
7,800,000 |
|
|
7,727,020 |
|
3.62%,
12/24/2026 |
|
|
|
|
|
2,200,000 |
|
|
2,154,869
|
|
TOTAL
U.S. TREASURY BILLS
(Cost $15,382,579) |
|
|
|
|
|
|
|
|
15,376,367 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MONEY
MARKET FUNDS - 24.4%
|
|
|
|
|
|
|
|
|
|
|
Fidelity
Government Portfolio - Institutional Class, 3.49%(d) |
|
|
|
|
|
5,670,844 |
|
|
5,670,844
|
|
TOTAL
MONEY MARKET FUNDS
(Cost $5,670,844) |
|
|
|
|
|
|
|
|
5,670,844
|
|
TOTAL
INVESTMENTS - 107.5%
(Cost $24,618,749) |
|
|
|
|
|
|
|
|
$24,973,718
|
|
Liabilities
in Excess of Other Assets - (7.5)% |
|
|
|
|
|
|
|
|
(1,744,873) |
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
|
|
|
|
$23,228,845 |
|
|
|
|
|
|
|
|
|
|
|
Percentages
are stated as a percent of net assets.
|
(a)
|
100 shares per
contract.
|
|
(b)
|
The rate shown is the annualized yield as of
May 31, 2026.
|
|
(c)
|
All or a portion of the security has been pledged
as collateral for written options. The fair value of assets committed as
collateral as of May 31, 2026 was $15,376,367 which represented 66.2%
of net assets.
|
|
(d)
|
The rate shown represents the 7-day annualized
yield as of May 31, 2026.
|
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
KURV
YIELD PREMIUM STRATEGY AMAZON (AMZN) ETF
SCHEDULE
OF WRITTEN OPTIONS
May 31, 2026
|
|
|
|
|
|
|
|
|
|
|
|
WRITTEN
OPTIONS - (6.8)%(a)
|
|
|
|
|
|
|
|
|
|
|
Call
Options - (0.3)%
|
|
|
|
|
|
|
|
|
|
|
Amazon.Com,
Inc.
|
|
|
|
|
|
|
|
|
|
|
Expiration:
06/12/2026; Exercise Price: $290.00 |
|
|
$(2,327,504) |
|
|
(86) |
|
|
$(9,202) |
|
Expiration:
06/18/2026; Exercise Price: $280.00 |
|
|
(4,709,136) |
|
|
(174) |
|
|
(72,558) |
|
Total
Call Options |
|
|
|
|
|
|
|
|
(81,760) |
|
Put
Options - (6.5)%
|
|
|
|
|
|
|
|
|
|
|
Amazon.Com,
Inc., Expiration: 09/18/2026; Exercise Price: $270.00 |
|
|
(22,192,480) |
|
|
(820) |
|
|
(1,503,618) |
|
TOTAL
WRITTEN OPTIONS
(Premiums received $1,755,485) |
|
|
|
|
|
|
|
|
$(1,585,378) |
|
|
|
|
|
|
|
|
|
|
|
Percentages
are stated as a percent of net assets.
|
(a)
|
100 shares per contract.
|
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
KURV
YIELD PREMIUM STRATEGY APPLE (AAPL) ETF
SCHEDULE
OF INVESTMENTS
May 31, 2026
|
|
|
|
|
|
|
|
|
|
|
|
PURCHASED
OPTIONS - 13.8%(a)
|
|
|
|
|
|
|
|
|
|
|
Call
Options - 13.5%
|
|
|
|
|
|
|
|
|
|
|
Apple,
Inc.
|
|
|
|
|
|
|
|
|
|
|
Expiration:
09/18/2026; Exercise Price: $220.00 |
|
|
$1,560,300 |
|
|
50 |
|
|
$476,300 |
|
Expiration:
09/18/2026; Exercise Price: $310.00 |
|
|
5,897,934 |
|
|
189 |
|
|
366,875
|
|
Total
Call Options |
|
|
|
|
|
|
|
|
843,175
|
|
Put
Options - 0.3%
|
|
|
|
|
|
|
|
|
|
|
Apple,
Inc., Expiration: 09/18/2026; Exercise Price: $265.00 |
|
|
1,560,300 |
|
|
50 |
|
|
15,434
|
|
TOTAL PURCHASED OPTIONS
(Cost $822,660) |
|
|
|
|
|
|
|
|
858,609 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHORT-TERM
INVESTMENTS
|
|
|
|
|
|
|
|
|
|
|
U.S.
TREASURY BILLS - 84.9%(b)(c)
|
|
|
|
|
|
|
|
|
|
|
3.58%,
06/11/2026 |
|
|
|
|
|
$2,200,000 |
|
|
2,197,791 |
|
3.41%,
09/03/2026 |
|
|
|
|
|
1,300,000 |
|
|
1,287,837 |
|
3.61%,
12/24/2026 |
|
|
|
|
|
1,850,000 |
|
|
1,812,049
|
|
TOTAL
U.S. TREASURY BILLS
(Cost $5,299,303) |
|
|
|
|
|
|
|
|
5,297,677 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MONEY
MARKET FUNDS - 4.2%
|
|
|
|
|
|
|
|
|
|
|
Fidelity
Government Portfolio - Institutional Class, 3.49%(d) |
|
|
|
|
|
262,789 |
|
|
262,789
|
|
TOTAL
MONEY MARKET FUNDS
(Cost $262,789) |
|
|
|
|
|
|
|
|
262,789
|
|
TOTAL
INVESTMENTS - 102.9%
(Cost $6,384,752) |
|
|
|
|
|
|
|
|
$6,419,075
|
|
Liabilities
in Excess of Other Assets - (2.9)% |
|
|
|
|
|
|
|
|
(178,793) |
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
|
|
|
|
$6,240,282 |
|
|
|
|
|
|
|
|
|
|
|
Percentages
are stated as a percent of net assets.
|
(a)
|
100 shares per
contract.
|
|
(b)
|
The rate shown is the annualized yield as of
May 31, 2026.
|
|
(c)
|
All or a portion of the security has been pledged
as collateral for written options. The fair value of assets committed as
collateral as of May 31, 2026 was $4,514,055 which represented 72.3%
of net assets.
|
|
(d)
|
The rate shown represents the 7-day annualized
yield as of May 31, 2026.
|
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
KURV
YIELD PREMIUM STRATEGY APPLE (AAPL) ETF
SCHEDULE
OF WRITTEN OPTIONS
May 31, 2026
|
|
|
|
|
|
|
|
|
|
|
|
WRITTEN
OPTIONS - (4.5)%(a)
|
|
|
|
|
|
|
|
|
|
|
Call
Options - (0.3)%
|
|
|
|
|
|
|
|
|
|
|
Apple,
Inc., Expiration: 06/18/2026; Exercise Price: $320.00 |
|
|
$(1,560,300) |
|
|
(50) |
|
|
$(18,700) |
|
Put
Options - (4.2)%
|
|
|
|
|
|
|
|
|
|
|
Apple,
Inc., Expiration: 09/18/2026; Exercise Price: $310.00 |
|
|
(5,897,934) |
|
|
(189) |
|
|
(260,372) |
|
TOTAL
WRITTEN OPTIONS
(Premiums received $305,009) |
|
|
|
|
|
|
|
|
$(279,072) |
|
|
|
|
|
|
|
|
|
|
|
Percentages
are stated as a percent of net assets.
|
(a)
|
100 shares per contract.
|
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
KURV
YIELD PREMIUM STRATEGY GOOGLE (GOOGL) ETF
SCHEDULE
OF INVESTMENTS
May 31, 2026
|
|
|
|
|
|
|
|
|
|
|
|
PURCHASED
OPTIONS - 16.3%(a)
|
|
|
|
|
|
|
|
|
|
|
Call
Options - 15.8%
|
|
|
|
|
|
|
|
|
|
|
Alphabet,
Inc.
|
|
|
|
|
|
|
|
|
|
|
Expiration:
06/12/2026; Exercise Price: $405.00 |
|
|
$4,031,604 |
|
|
106 |
|
|
$20,034 |
|
Expiration:
09/18/2026; Exercise Price: $250.00 |
|
|
6,922,188 |
|
|
182 |
|
|
2,451,260 |
|
Expiration:
09/18/2026; Exercise Price: $385.00 |
|
|
26,129,358 |
|
|
687 |
|
|
1,979,247
|
|
Total
Call Options |
|
|
|
|
|
|
|
|
4,450,541
|
|
Put
Options - 0.5%
|
|
|
|
|
|
|
|
|
|
|
Alphabet,
Inc., Expiration: 09/18/2026; Exercise Price: $340.00 |
|
|
5,324,760 |
|
|
140 |
|
|
155,540
|
|
TOTAL PURCHASED OPTIONS
(Cost $5,157,847) |
|
|
|
|
|
|
|
|
4,606,081 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHORT-TERM
INVESTMENTS
|
|
|
|
|
|
|
|
|
|
|
U.S.
TREASURY BILLS - 67.0%(b)(c)
|
|
|
|
|
|
|
|
|
|
|
3.59%,
06/11/2026 |
|
|
|
|
|
$5,700,000 |
|
|
5,694,278 |
|
3.40%,
09/03/2026 |
|
|
|
|
|
7,000,000 |
|
|
6,934,505 |
|
3.61%,
12/24/2026 |
|
|
|
|
|
6,400,000 |
|
|
6,268,709
|
|
TOTAL
U.S. TREASURY BILLS
(Cost $18,905,083) |
|
|
|
|
|
|
|
|
18,897,492 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MONEY
MARKET FUNDS - 19.6%
|
|
|
|
|
|
|
|
|
|
|
Fidelity
Government Portfolio - Institutional Class, 3.49%(d) |
|
|
|
|
|
5,515,866 |
|
|
5,515,866
|
|
TOTAL
MONEY MARKET FUNDS
(Cost $5,515,866) |
|
|
|
|
|
|
|
|
5,515,866
|
|
TOTAL
INVESTMENTS - 102.9%
(Cost $29,578,796) |
|
|
|
|
|
|
|
|
$29,019,439
|
|
Liabilities
in Excess of Other Assets - (2.9)% |
|
|
|
|
|
|
|
|
(831,427) |
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
|
|
|
|
$28,188,012 |
|
|
|
|
|
|
|
|
|
|
|
Percentages
are stated as a percent of net assets.
|
(a)
|
100 shares per
contract.
|
|
(b)
|
The rate shown is the annualized yield as of
May 31, 2026.
|
|
(c)
|
All or a portion of the security has been pledged
as collateral for written options. The fair value of assets committed as
collateral as of May 31, 2026 was $18,309,600 which represented 65%
of net assets.
|
|
(d)
|
The rate shown represents the 7-day annualized
yield as of May 31, 2026.
|
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
KURV
YIELD PREMIUM STRATEGY GOOGLE (GOOGL) ETF
SCHEDULE
OF WRITTEN OPTIONS
May 31, 2026
|
|
|
|
|
|
|
|
|
|
|
|
WRITTEN
OPTIONS - (7.0)%(a)
|
|
|
|
|
|
|
|
|
|
|
Call
Options - (0.0)%(b)
|
|
|
|
|
|
|
|
|
|
|
Alphabet,
Inc., Expiration: 06/18/2026; Exercise Price: $425.00 |
|
|
$(3,955,536) |
|
|
(104) |
|
|
$(11,410) |
|
Put
Options - (7.0)%
|
|
|
|
|
|
|
|
|
|
|
Alphabet,
Inc., Expiration: 09/18/2026; Exercise Price: $385.00 |
|
|
(26,129,358) |
|
|
(687) |
|
|
(1,963,446) |
|
TOTAL
WRITTEN OPTIONS
(Premiums received $1,870,461) |
|
|
|
|
|
|
|
|
$(1,974,856) |
|
|
|
|
|
|
|
|
|
|
|
Percentages
are stated as a percent of net assets.
|
(a)
|
100 shares per
contract.
|
|
(b)
|
Represents less than 0.05% of net assets.
|
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
KURV
YIELD PREMIUM STRATEGY MICROSOFT (MSFT) ETF
SCHEDULE
OF INVESTMENTS
May 31, 2026
|
|
|
|
|
|
|
|
|
|
|
|
PURCHASED
OPTIONS - 19.8%(a)
|
|
|
|
|
|
|
|
|
|
|
Call
Options - 19.4%
|
|
|
|
|
|
|
|
|
|
|
Microsoft
Corp.
|
|
|
|
|
|
|
|
|
|
|
Expiration:
06/18/2026; Exercise Price: $280.00 |
|
|
$3,511,872 |
|
|
78 |
|
|
$1,327,686 |
|
Expiration:
06/18/2026; Exercise Price: $410.00 |
|
|
11,210,976 |
|
|
249 |
|
|
1,050,910
|
|
Total
Call Options |
|
|
|
|
|
|
|
|
2,378,596
|
|
Put
Options - 0.4%
|
|
|
|
|
|
|
|
|
|
|
Microsoft
Corp., Expiration: 09/18/2026; Exercise Price: $395.00 |
|
|
2,431,296 |
|
|
54 |
|
|
52,002
|
|
TOTAL PURCHASED OPTIONS
(Cost $1,713,633) |
|
|
|
|
|
|
|
|
2,430,598 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHORT-TERM
INVESTMENTS
|
|
|
|
|
|
|
|
|
|
|
U.S.
TREASURY BILLS - 80.9%(b)(c)
|
|
|
|
|
|
|
|
|
|
|
3.58%,
06/11/2026 |
|
|
|
|
|
$3,400,000 |
|
|
3,396,587 |
|
3.40%,
09/03/2026 |
|
|
|
|
|
4,000,000 |
|
|
3,962,574 |
|
3.54%,
12/24/2026 |
|
|
|
|
|
2,600,000 |
|
|
2,546,663
|
|
TOTAL
U.S. TREASURY BILLS
(Cost $9,910,591) |
|
|
|
|
|
|
|
|
9,905,824 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MONEY
MARKET FUNDS - 1.0%
|
|
|
|
|
|
|
|
|
|
|
Fidelity
Government Portfolio - Institutional Class, 3.49%(c)(d) |
|
|
|
|
|
118,194 |
|
|
118,194
|
|
TOTAL
MONEY MARKET FUNDS
(Cost $118,194) |
|
|
|
|
|
|
|
|
118,194
|
|
TOTAL
INVESTMENTS - 101.7%
(Cost $11,742,418) |
|
|
|
|
|
|
|
|
$12,454,616
|
|
Liabilities
in Excess of Other Assets - (1.7)% |
|
|
|
|
|
|
|
|
(210,154) |
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
|
|
|
|
$12,244,462 |
|
|
|
|
|
|
|
|
|
|
|
Percentages
are stated as a percent of net assets.
|
(a)
|
100 shares per
contract.
|
|
(b)
|
The rate shown is the annualized yield as of
May 31, 2026.
|
|
(c)
|
All or a portion of the security has been pledged
as collateral for written options. The fair value of assets committed as
collateral as of May 31, 2026 was $9,905,824 which represented 80.9%
of net assets.
|
|
(d)
|
The rate shown represents the 7-day annualized
yield as of May 31, 2026.
|
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
KURV
YIELD PREMIUM STRATEGY MICROSOFT (MSFT) ETF
SCHEDULE
OF WRITTEN OPTIONS
May 31, 2026
|
|
|
|
|
|
|
|
|
|
|
|
WRITTEN
OPTIONS - (0.9)%(a)
|
|
|
|
|
|
|
|
|
|
|
Call
Options - (0.5)%
|
|
|
|
|
|
|
|
|
|
|
Microsoft
Corp.
|
|
|
|
|
|
|
|
|
|
|
Expiration:
06/12/2026; Exercise Price: $470.00 |
|
|
$(1,215,648) |
|
|
(27) |
|
|
$(11,178) |
|
Expiration:
06/18/2026; Exercise Price: $450.00 |
|
|
(1,845,984) |
|
|
(41) |
|
|
(54,817) |
|
Total
Call Options |
|
|
|
|
|
|
|
|
(65,995) |
|
Put
Options - (0.4)%
|
|
|
|
|
|
|
|
|
|
|
Microsoft
Corp., Expiration: 06/18/2026; Exercise Price: $410.00 |
|
|
(11,210,976) |
|
|
(249) |
|
|
(42,948) |
|
TOTAL
WRITTEN OPTIONS
(Premiums received $698,777) |
|
|
|
|
|
|
|
|
$(108,943) |
|
|
|
|
|
|
|
|
|
|
|
Percentages
are stated as a percent of net assets.
|
(a)
|
100 shares per contract.
|
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
KURV
YIELD PREMIUM STRATEGY NETFLIX (NFLX) ETF
SCHEDULE
OF INVESTMENTS
May 31, 2026
|
|
|
|
|
|
|
|
|
|
|
|
PURCHASED
OPTIONS - 6.3%(a)
|
|
|
|
|
|
|
|
|
|
|
Call
Options - 5.9%
|
|
|
|
|
|
|
|
|
|
|
Netflix,
Inc.
|
|
|
|
|
|
|
|
|
|
|
Expiration:
06/18/2026; Exercise Price: $48.00 |
|
|
$739,772 |
|
|
86 |
|
|
$328,282 |
|
Expiration:
06/18/2026; Exercise Price: $96.00 |
|
|
6,589,132 |
|
|
766 |
|
|
26,672
|
|
Total
Call Options |
|
|
|
|
|
|
|
|
354,954
|
|
Put
Options - 0.4%
|
|
|
|
|
|
|
|
|
|
|
Netflix,
Inc., Expiration: 06/18/2026; Exercise Price: $84.00 |
|
|
1,341,912 |
|
|
156 |
|
|
22,275
|
|
TOTAL PURCHASED OPTIONS
(Cost $801,297) |
|
|
|
|
|
|
|
|
377,229 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHORT-TERM
INVESTMENTS
|
|
|
|
|
|
|
|
|
|
|
U.S.
TREASURY BILLS - 104.7%(b)(c)
|
|
|
|
|
|
|
|
|
|
|
3.59%,
06/11/2026 |
|
|
|
|
|
$2,200,000 |
|
|
2,197,792 |
|
3.40%,
09/03/2026 |
|
|
|
|
|
1,800,000 |
|
|
1,783,158 |
|
3.59%,
12/24/2026 |
|
|
|
|
|
2,350,000 |
|
|
2,301,792
|
|
TOTAL
U.S. TREASURY BILLS
(Cost $6,285,257) |
|
|
|
|
|
|
|
|
6,282,742 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MONEY
MARKET FUNDS - 1.9%
|
|
|
|
|
|
|
|
|
|
|
Fidelity
Government Portfolio - Institutional Class, 3.49%(c)(d) |
|
|
|
|
|
114,158 |
|
|
114,158
|
|
TOTAL
MONEY MARKET FUNDS
(Cost $114,158) |
|
|
|
|
|
|
|
|
114,158
|
|
TOTAL
INVESTMENTS - 112.9%
(Cost $7,200,712) |
|
|
|
|
|
|
|
|
$6,774,129
|
|
Liabilities
in Excess of Other Assets - (12.9)% |
|
|
|
|
|
|
|
|
(776,544) |
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
|
|
|
|
$5,997,585 |
|
|
|
|
|
|
|
|
|
|
|
Percentages
are stated as a percent of net assets.
|
(a)
|
100 shares per
contract.
|
|
(b)
|
The rate shown is the annualized yield as of
May 31, 2026.
|
|
(c)
|
All or a portion of the security has been pledged
as collateral for written options. The fair value of assets committed as
collateral as of May 31, 2026 was $6,282,742 which represented 104.8%
of net assets.
|
|
(d)
|
The rate shown represents the 7-day annualized
yield as of May 31, 2026.
|
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Kurv
Yield Premium Strategy Netflix (NFLX) ETF
Schedule
of Written Options
May 31, 2026
|
|
|
|
|
|
|
|
|
|
|
|
WRITTEN
OPTIONS - (13.0)%(a)
|
|
|
|
|
|
|
|
|
|
|
Call
Options - (0.1)%
|
|
|
|
|
|
|
|
|
|
|
Netflix,
Inc., Expiration: 06/12/2026; Exercise Price: $92.00 |
|
|
$(1,797,818) |
|
|
(209) |
|
|
$(7,315) |
|
Put
Options - (12.9)%
|
|
|
|
|
|
|
|
|
|
|
Netflix,
Inc., Expiration: 06/18/2026; Exercise Price: $96.00 |
|
|
(6,589,132) |
|
|
(766) |
|
|
(771,278) |
|
TOTAL
WRITTEN OPTIONS
(Premiums received $527,608) |
|
|
|
|
|
|
|
|
$(778,593) |
|
|
|
|
|
|
|
|
|
|
|
Percentages
are stated as a percent of net assets.
|
(a)
|
100 shares per contract.
|
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
KURV
YIELD PREMIUM STRATEGY TESLA (TSLA) ETF
SCHEDULE
OF INVESTMENTS
May 31, 2026
|
|
|
|
|
|
|
|
|
|
|
|
PURCHASED
OPTIONS - 22.2%(a)
|
|
|
|
|
|
|
|
|
|
|
Call
Options - 21.6%
|
|
|
|
|
|
|
|
|
|
|
Tesla,
Inc.
|
|
|
|
|
|
|
|
|
|
|
Expiration:
06/18/2026; Exercise Price: $250.00 |
|
|
$5,970,323 |
|
|
137 |
|
|
$2,553,132 |
|
Expiration:
06/18/2026; Exercise Price: $390.00 |
|
|
22,617,501 |
|
|
519 |
|
|
2,594,481
|
|
Total
Call Options |
|
|
|
|
|
|
|
|
5,147,613
|
|
Put
Options - 0.6%
|
|
|
|
|
|
|
|
|
|
|
Tesla,
Inc., Expiration: 09/18/2026; Exercise Price: $370.00 |
|
|
3,573,478 |
|
|
82 |
|
|
132,676
|
|
TOTAL PURCHASED OPTIONS
(Cost $4,613,112) |
|
|
|
|
|
|
|
|
5,280,289 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHORT-TERM
INVESTMENTS
|
|
|
|
|
|
|
|
|
|
|
U.S.
TREASURY BILLS - 75.1%(b)(c)
|
|
|
|
|
|
|
|
|
|
|
3.58%,
06/11/2026 |
|
|
|
|
|
$8,100,000 |
|
|
8,091,868 |
|
3.39%,
09/03/2026 |
|
|
|
|
|
5,200,000 |
|
|
5,151,347 |
|
3.60%,
12/24/2026 |
|
|
|
|
|
4,700,000 |
|
|
4,603,583
|
|
TOTAL
U.S. TREASURY BILLS
(Cost $17,852,955) |
|
|
|
|
|
|
|
|
17,846,798 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MONEY
MARKET FUNDS - 1.3%
|
|
|
|
|
|
|
|
|
|
|
Fidelity
Government Portfolio - Institutional Class, 3.49%(d) |
|
|
|
|
|
304,703 |
|
|
304,703
|
|
TOTAL
MONEY MARKET FUNDS
(Cost $304,703) |
|
|
|
|
|
|
|
|
304,703
|
|
TOTAL
INVESTMENTS - 98.6%
(Cost $22,770,770) |
|
|
|
|
|
|
|
|
$23,431,790
|
|
Other
Assets in Excess of Liabilities - 1.4% |
|
|
|
|
|
|
|
|
340,070
|
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
|
|
|
|
$23,771,860 |
|
|
|
|
|
|
|
|
|
|
|
Percentages
are stated as a percent of net assets.
|
(a)
|
100 shares per
contract.
|
|
(b)
|
The rate shown is the annualized yield as of
May 31, 2026.
|
|
(c)
|
All or a portion of the security has been pledged
as collateral for written options. The fair value of assets committed as
collateral as of May 31, 2026 was $17,846,798 which represented 75.1%
of net assets.
|
|
(d)
|
The rate shown represents the 7-day annualized
yield as of May 31, 2026.
|
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Kurv
Yield Premium Strategy Tesla (TSLA) ETF
Schedule
of Written Options
May 31, 2026
|
|
|
|
|
|
|
|
|
|
|
|
WRITTEN
OPTIONS - (1.1)%(a)
|
|
|
|
|
|
|
|
|
|
|
Call
Options - (0.5)%
|
|
|
|
|
|
|
|
|
|
|
Tesla,
Inc.
|
|
|
|
|
|
|
|
|
|
|
Expiration:
06/12/2026; Exercise Price: $470.00 |
|
|
$(2,353,266) |
|
|
(54) |
|
|
$(23,760) |
|
Expiration:
06/18/2026; Exercise Price: $465.00 |
|
|
(4,750,111) |
|
|
(109) |
|
|
(82,198) |
|
Total
Call Options |
|
|
|
|
|
|
|
|
(105,958) |
|
Put
Options - (0.6)%
|
|
|
|
|
|
|
|
|
|
|
Tesla,
Inc., Expiration: 06/18/2026; Exercise Price: $390.00 |
|
|
(22,617,501) |
|
|
(519) |
|
|
(147,396) |
|
TOTAL
WRITTEN OPTIONS
(Premiums received $1,681,616) |
|
|
|
|
|
|
|
|
$(253,354) |
|
|
|
|
|
|
|
|
|
|
|
Percentages
are stated as a percent of net assets.
|
(a)
|
100 shares per contract.
|
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
KURV
ETF TRUST
STATEMENTS
OF ASSETS AND LIABILITIES
May 31, 2026
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments
in unaffiliated securities, at value |
|
|
$
30,845,722 |
|
|
$
104,058,277 |
|
|
$
40,961,269 |
|
|
$113,894,546 |
|
|
$121,111,927 |
|
Investments
in affiliated securities, at value |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1,629,625 |
|
Deposits
at broker for option contracts |
|
|
— |
|
|
750,632 |
|
|
— |
|
|
2,500,787 |
|
|
1,186,757 |
|
Receivable
for investments sold |
|
|
63,637 |
|
|
— |
|
|
2,267,290 |
|
|
181,747 |
|
|
5,607,304 |
|
Dividends
receivable |
|
|
1,302 |
|
|
5,741 |
|
|
12,330 |
|
|
8,162 |
|
|
40,518 |
|
Interest
receivable |
|
|
— |
|
|
262 |
|
|
— |
|
|
5,758 |
|
|
— |
|
Security
lending income receivable |
|
|
— |
|
|
— |
|
|
124 |
|
|
— |
|
|
182
|
|
Total
assets |
|
|
30,910,661 |
|
|
104,814,912 |
|
|
43,241,013 |
|
|
116,591,000 |
|
|
129,576,313
|
|
LIABILITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Written
option, at value |
|
|
1,331,601 |
|
|
3,690,034 |
|
|
1,040,311 |
|
|
9,573,962 |
|
|
1,943,054 |
|
Due
to broker |
|
|
— |
|
|
— |
|
|
5,885 |
|
|
— |
|
|
— |
|
Payable
for investments purchased |
|
|
87,566 |
|
|
— |
|
|
707,365 |
|
|
1,550 |
|
|
1,027,649 |
|
Payable
for unitary advisor fee |
|
|
22,399 |
|
|
79,854 |
|
|
33,117 |
|
|
86,755 |
|
|
92,114 |
|
Interest
payable |
|
|
— |
|
|
1,533 |
|
|
4,043 |
|
|
— |
|
|
26,400 |
|
Payable
upon return of securities loaned |
|
|
— |
|
|
— |
|
|
370,520 |
|
|
— |
|
|
69,750
|
|
Total
liabilities |
|
|
1,441,566 |
|
|
3,771,421 |
|
|
2,161,241 |
|
|
9,662,267 |
|
|
3,158,967
|
|
NET
ASSETS |
|
|
$
29,469,095 |
|
|
$
101,043,491 |
|
|
$
41,079,772 |
|
|
$
106,928,733 |
|
|
$
126,417,346 |
|
Net
Assets Consists of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Paid-in
capital |
|
|
$27,815,100 |
|
|
$101,085,670 |
|
|
$40,722,776 |
|
|
$106,961,949 |
|
|
$109,124,860
|
|
Total
distributable earnings/(accumulated losses) |
|
|
1,653,995 |
|
|
(42,179) |
|
|
356,996 |
|
|
(33,216) |
|
|
17,292,486
|
|
Total
net assets |
|
|
$
29,469,095 |
|
|
$
101,043,491 |
|
|
$
41,079,772 |
|
|
$
106,928,733 |
|
|
$
126,417,346 |
|
Net
assets |
|
|
$
29,469,095 |
|
|
$
101,043,491 |
|
|
$
41,079,772 |
|
|
$
106,928,733 |
|
|
$
126,417,346 |
|
Shares
issued and outstanding (unlimited shares authorized without par
value) |
|
|
1,190,000 |
|
|
3,330,000 |
|
|
1,820,000 |
|
|
3,230,000 |
|
|
4,020,000 |
|
Net
asset value per share |
|
|
$24.76 |
|
|
$30.34 |
|
|
$22.57 |
|
|
$33.10 |
|
|
$31.45 |
|
Cost:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments
in unaffiliated securities, at cost |
|
|
$
29,638,494 |
|
|
$
104,842,750 |
|
|
$37,311,476 |
|
|
$116,302,587 |
|
|
$100,011,871 |
|
Investments
in affiliated securities, at cost |
|
|
$— |
|
|
$— |
|
|
$— |
|
|
$— |
|
|
$1,461,757 |
|
Proceeds:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Written
options premium received |
|
|
$2,249,347 |
|
|
$4,551,316 |
|
|
$1,260,470 |
|
|
$11,640,483 |
|
|
$3,380,808 |
|
LOANED SECURITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
at
value (included in investments) |
|
|
$— |
|
|
$— |
|
|
$372,560 |
|
|
$— |
|
|
$66,150 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
KURV
ETF TRUST
STATEMENTS
OF ASSETS AND LIABILITIES
May 31, 2026 (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments,
at value |
|
|
$
24,973,718 |
|
|
$6,419,075 |
|
|
$
29,019,439 |
|
|
$
12,454,616 |
|
|
$6,774,129 |
|
Deposits
at broker for option contracts |
|
|
6 |
|
|
8 |
|
|
6 |
|
|
20 |
|
|
10 |
|
Receivable
for investments sold |
|
|
22,499 |
|
|
133,340 |
|
|
136,500 |
|
|
12,242 |
|
|
6,996 |
|
Dividends
receivable |
|
|
2,962 |
|
|
442 |
|
|
4,076 |
|
|
443 |
|
|
457 |
|
Receivable
for fund shares sold |
|
|
— |
|
|
— |
|
|
1,321,353 |
|
|
— |
|
|
—
|
|
Total
assets |
|
|
24,999,185 |
|
|
6,552,865 |
|
|
30,481,374 |
|
|
12,467,321 |
|
|
6,781,592
|
|
LIABILITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Written
option, at value |
|
|
1,585,378 |
|
|
279,072 |
|
|
1,974,856 |
|
|
108,943 |
|
|
778,593 |
|
Payable
for investments purchased |
|
|
165,225 |
|
|
28,519 |
|
|
295,504 |
|
|
104,433 |
|
|
— |
|
Payable
to Adviser |
|
|
19,737 |
|
|
4,992 |
|
|
23,002 |
|
|
9,483 |
|
|
5,414
|
|
Total
liabilities |
|
|
1,770,340 |
|
|
312,583 |
|
|
2,293,362 |
|
|
222,859 |
|
|
784,007
|
|
NET
ASSETS |
|
|
$
23,228,845 |
|
|
$6,240,282 |
|
|
$
28,188,012 |
|
|
$
12,244,462 |
|
|
$5,997,585
|
|
Net
Assets Consists of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Paid-in
capital |
|
|
$24,632,376 |
|
|
$7,289,733 |
|
|
$31,412,572 |
|
|
$12,912,723 |
|
|
$8,754,395 |
|
Total
accumulated losses |
|
|
(1,403,531) |
|
|
(1,049,451) |
|
|
(3,224,560) |
|
|
(668,261) |
|
|
(2,756,810) |
|
Total
net assets |
|
|
$
23,228,845 |
|
|
$6,240,282 |
|
|
$
28,188,012 |
|
|
$
12,244,462 |
|
|
$5,997,585
|
|
Net
assets |
|
|
$
23,228,845 |
|
|
$6,240,282 |
|
|
$
28,188,012 |
|
|
$
12,244,462 |
|
|
$5,997,585 |
|
Shares
issued and outstanding (unlimited shares authorized without par
value) |
|
|
770,000 |
|
|
230,000 |
|
|
640,000 |
|
|
600,000 |
|
|
270,000 |
|
Net
asset value per share |
|
|
$30.17 |
|
|
$27.13 |
|
|
$44.04 |
|
|
$20.41 |
|
|
$22.21 |
|
Cost:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments,
at cost |
|
|
$
24,618,749 |
|
|
$6,384,752 |
|
|
$
29,578,796 |
|
|
$11,742,418 |
|
|
$7,200,712 |
|
Proceeds:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Written
options premium received |
|
|
$1,755,485 |
|
|
$305,009 |
|
|
$1,870,461 |
|
|
$698,777 |
|
|
$527,608 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
KURV
ETF TRUST
STATEMENTS
OF ASSETS AND LIABILITIES
May 31, 2026 (Continued)
|
|
|
|
|
|
ASSETS:
|
|
|
|
|
Investments,
at value |
|
|
$
23,431,790 |
|
Deposits
at broker for option contracts |
|
|
3,004 |
|
Receivable
for investments sold |
|
|
993,285 |
|
Dividends
receivable |
|
|
962
|
|
Total
assets |
|
|
24,429,041
|
|
LIABILITIES:
|
|
|
|
|
Written
option, at value |
|
|
253,354 |
|
Payable
for investments purchased |
|
|
384,732 |
|
Payable
to Adviser |
|
|
19,095
|
|
Total
liabilities |
|
|
657,181
|
|
NET
ASSETS |
|
|
$
23,771,860 |
|
Net
Assets Consists of:
|
|
|
|
|
Paid-in
capital |
|
|
$27,361,715
|
|
Total
accumulated losses |
|
|
(3,589,855) |
|
Total
net assets |
|
|
$
23,771,860 |
|
Net
assets |
|
|
$
23,771,860 |
|
Shares
issued and outstanding (unlimited shares authorized without par
value) |
|
|
1,170,000 |
|
Net
asset value per share |
|
|
$20.32 |
|
Cost:
|
|
|
|
|
Investments,
at cost |
|
|
$
22,770,770 |
|
Proceeds:
|
|
|
|
|
Written
options premium received |
|
|
$1,681,616 |
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
KURV
ETF TRUST
STATEMENTS
OF OPERATIONS
For the Year or Period Ended May 31, 2026
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INVESTMENT
INCOME:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividend
income |
|
|
$5,151 |
|
|
$39,771 |
|
|
$73,869 |
|
|
$30,594 |
|
|
$159,404 |
|
Interest
income |
|
|
163,222 |
|
|
1,329,829 |
|
|
65,825 |
|
|
1,246,895 |
|
|
519,453 |
|
Securities
lending income |
|
|
— |
|
|
— |
|
|
198 |
|
|
— |
|
|
337
|
|
Total
investment income |
|
|
168,373 |
|
|
1,369,600 |
|
|
139,892 |
|
|
1,277,489 |
|
|
679,194
|
|
EXPENSES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unitary
advisory fee |
|
|
48,160 |
|
|
439,271 |
|
|
191,554 |
|
|
423,173 |
|
|
631,797 |
|
Broker
interest expense |
|
|
— |
|
|
29,620 |
|
|
18,928 |
|
|
15,720 |
|
|
171,334 |
|
Income
tax expense |
|
|
— |
|
|
29,748 |
|
|
— |
|
|
— |
|
|
—
|
|
Total
expenses |
|
|
48,160 |
|
|
498,639 |
|
|
210,482 |
|
|
438,893 |
|
|
803,131 |
|
Fee
waiver by Adviser |
|
|
— |
|
|
— |
|
|
(26,651) |
|
|
— |
|
|
(46,571) |
|
Net
expenses |
|
|
48,160 |
|
|
498,639 |
|
|
183,831 |
|
|
438,893 |
|
|
756,560
|
|
Net
investment income/(loss) |
|
|
120,213 |
|
|
870,961 |
|
|
(43,939) |
|
|
838,596 |
|
|
(77,366) |
|
REALIZED
AND UNREALIZED GAIN (LOSS)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
realized gain (loss) from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments
in unaffiliated securities |
|
|
(1,232,684) |
|
|
5,057,898 |
|
|
363,303 |
|
|
333,339 |
|
|
3,657,910 |
|
Investments
in affiliated securities |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
28,390 |
|
In-kind
redemptions in unaffiliated securities |
|
|
— |
|
|
3,526,819 |
|
|
2,230,664 |
|
|
6,175,921 |
|
|
530,406 |
|
In-kind
redemptions in affiliated securities |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
377 |
|
Written
options expired or closed |
|
|
1,051,158 |
|
|
(5,813,347) |
|
|
(1,851,680) |
|
|
(4,770,001) |
|
|
(2,250,133) |
|
Net
realized gain (loss) |
|
|
(181,526) |
|
|
2,771,370 |
|
|
742,287 |
|
|
1,739,259 |
|
|
1,966,950
|
|
Net
change in unrealized appreciation (depreciation) on:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments
in unaffiliated securities |
|
|
1,207,228 |
|
|
(784,473) |
|
|
3,649,793 |
|
|
(2,408,041) |
|
|
20,860,846 |
|
Investments
in affiliated securities |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
310,629 |
|
Written
options |
|
|
917,746 |
|
|
861,282 |
|
|
220,159 |
|
|
2,066,521 |
|
|
1,474,015
|
|
Net
change in unrealized appreciation (depreciation) |
|
|
2,124,974 |
|
|
76,809 |
|
|
3,869,952 |
|
|
(341,520) |
|
|
22,645,490
|
|
Net
realized and unrealized gain (loss) |
|
|
1,943,448 |
|
|
2,848,179 |
|
|
4,612,239 |
|
|
1,397,739 |
|
|
24,612,440
|
|
NET
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
|
|
$2,063,661 |
|
|
$3,719,140 |
|
|
$4,568,300 |
|
|
$2,236,335 |
|
|
$
24,535,074 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Inception date of the Fund was February 12,
2026.
|
|
(b)
|
Inception date of the Fund was July 7,
2025.
|
|
(c)
|
Inception date of the Fund was October 30,
2025.
|
|
(d)
|
Inception date of the Fund was September 29,
2025. |
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
KURV
ETF TRUST
STATEMENTS
OF OPERATIONS
For the Year Ended May 31, 2026 (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INVESTMENT
INCOME:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividend
income |
|
|
$11,815 |
|
|
$3,296 |
|
|
$13,399 |
|
|
$5,703 |
|
|
$5,130 |
|
Interest
income |
|
|
525,088 |
|
|
170,020 |
|
|
488,292 |
|
|
262,077 |
|
|
356,504
|
|
Total
investment income |
|
|
536,903 |
|
|
173,316 |
|
|
501,691 |
|
|
267,780 |
|
|
361,634
|
|
EXPENSES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment
advisory fee |
|
|
182,557 |
|
|
56,627 |
|
|
177,585 |
|
|
83,560 |
|
|
110,038 |
|
Broker
interest expense |
|
|
5,598 |
|
|
— |
|
|
— |
|
|
4,516 |
|
|
149
|
|
Total
expenses |
|
|
188,155 |
|
|
56,627 |
|
|
177,585 |
|
|
88,076 |
|
|
110,187 |
|
Fee
waiver by Adviser |
|
|
(25,399) |
|
|
(7,879) |
|
|
(24,708) |
|
|
(11,626) |
|
|
(15,310) |
|
Net
expenses |
|
|
162,756 |
|
|
48,748 |
|
|
152,877 |
|
|
76,450 |
|
|
94,877
|
|
Net
investment income |
|
|
374,147 |
|
|
124,568 |
|
|
348,814 |
|
|
191,330 |
|
|
266,757
|
|
REALIZED
AND UNREALIZED GAIN (LOSS)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
realized gain (loss) from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
|
(2,518,553) |
|
|
(934,364) |
|
|
(3,095,468) |
|
|
(883,316) |
|
|
(3,163,635) |
|
In-kind
redemptions |
|
|
5,465,731 |
|
|
2,261,733 |
|
|
11,609,615 |
|
|
189,196 |
|
|
932,689 |
|
Written
options expired or closed |
|
|
2,033,464 |
|
|
180,057 |
|
|
1,262,967 |
|
|
(304,104) |
|
|
1,205,778
|
|
Net
realized gain (loss) |
|
|
4,980,642 |
|
|
1,507,426 |
|
|
9,777,114 |
|
|
(998,224) |
|
|
(1,025,168) |
|
Net
change in unrealized appreciation (depreciation) on:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
|
310,797 |
|
|
233,664 |
|
|
(359,117) |
|
|
474,771 |
|
|
(1,967,253) |
|
Written
options |
|
|
103,757 |
|
|
56,334 |
|
|
(465,731) |
|
|
512,128 |
|
|
(948,279) |
|
Net
change in unrealized appreciation (depreciation) |
|
|
414,554 |
|
|
289,998 |
|
|
(824,848) |
|
|
986,899 |
|
|
(2,915,532) |
|
Net
realized and unrealized gain (loss) |
|
|
5,395,196 |
|
|
1,797,424 |
|
|
8,952,266 |
|
|
(11,325) |
|
|
(3,940,700) |
|
NET
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
|
|
$5,769,343 |
|
|
$
1,921,992 |
|
|
$9,301,080 |
|
|
$180,005 |
|
|
$
(3,673,943) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
KURV
ETF TRUST
STATEMENTS
OF OPERATIONS
For the Year Ended May 31, 2026 (Continued)
|
|
|
|
|
|
INVESTMENT
INCOME:
|
|
|
|
|
Dividend
income |
|
|
$23,273 |
|
Interest
income |
|
|
762,082
|
|
Total
investment income |
|
|
785,355
|
|
EXPENSES:
|
|
|
|
|
Investment
advisory fee |
|
|
252,713 |
|
Broker
interest expense |
|
|
46,913
|
|
Total
expenses |
|
|
299,626 |
|
Fee
waiver by Adviser |
|
|
(35,160) |
|
Net
expenses |
|
|
264,466
|
|
Net
investment income |
|
|
520,889
|
|
REALIZED
AND UNREALIZED GAIN (LOSS)
|
|
|
|
|
Net
realized gain (loss) from:
|
|
|
|
|
Investments |
|
|
(7,624,840) |
|
In-kind
redemptions |
|
|
6,423,006 |
|
Written
options expired or closed |
|
|
4,199,094
|
|
Net
realized gain (loss) |
|
|
2,997,260
|
|
Net
change in unrealized appreciation (depreciation) on:
|
|
|
|
|
Investments |
|
|
(113,088) |
|
Written
options |
|
|
894,130
|
|
Net
change in unrealized appreciation (depreciation) |
|
|
781,042
|
|
Net
realized and unrealized gain (loss) |
|
|
3,778,302
|
|
NET
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
|
|
$4,299,191 |
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
KURV
ETF TRUST
STATEMENTS
OF CHANGES IN NET ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
investment income (loss) |
|
|
$120,213 |
|
|
$870,961 |
|
|
$(43,939) |
|
|
$838,596 |
|
Net
realized gain (loss) |
|
|
(181,526) |
|
|
2,771,370 |
|
|
742,287 |
|
|
1,739,259 |
|
Net
change in unrealized appreciation (depreciation) |
|
|
2,124,974 |
|
|
76,809 |
|
|
3,869,952 |
|
|
(341,520) |
|
Net
increase (decrease) in net assets from operations |
|
|
2,063,661 |
|
|
3,719,140 |
|
|
4,568,300 |
|
|
2,236,335
|
|
DISTRIBUTIONS
TO SHAREHOLDERS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From
earnings |
|
|
(409,666) |
|
|
(3,791,067) |
|
|
(1,980,640) |
|
|
(2,271,706) |
|
From
return of capital |
|
|
(262,334) |
|
|
(2,036,433) |
|
|
(2,981,460) |
|
|
(8,229,294) |
|
Total
distributions to shareholders |
|
|
(672,000) |
|
|
(5,827,500) |
|
|
(4,962,100) |
|
|
(10,501,000) |
|
CAPITAL
TRANSACTIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
sold |
|
|
28,077,434 |
|
|
104,071,115 |
|
|
44,310,531 |
|
|
126,594,696 |
|
Shares
redeemed |
|
|
— |
|
|
(919,264) |
|
|
(2,836,959) |
|
|
(11,401,298) |
|
Net
increase (decrease) in net assets from capital transactions |
|
|
28,077,434 |
|
|
103,151,851 |
|
|
41,473,572 |
|
|
115,193,398
|
|
Net
increase (decrease) in net assets
|
|
|
29,469,095 |
|
|
101,043,491 |
|
|
41,079,772 |
|
|
106,928,733
|
|
NET
ASSETS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning
of the period |
|
|
— |
|
|
— |
|
|
— |
|
|
—
|
|
End
of the period |
|
|
$
29,469,095 |
|
|
$
101,043,491 |
|
|
$
41,079,772 |
|
|
$
106,928,733 |
|
SHARES
TRANSACTIONS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
sold |
|
|
1,190,000 |
|
|
3,360,000 |
|
|
1,960,000 |
|
|
3,510,000 |
|
Shares
redeemed |
|
|
— |
|
|
(30,000) |
|
|
(140,000) |
|
|
(280,000) |
|
Total
increase (decrease) in shares outstanding |
|
|
1,190,000 |
|
|
3,330,000 |
|
|
1,820,000 |
|
|
3,230,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Inception date of the Fund was February 12,
2026. |
|
(b)
|
Inception date of the Fund was July 7,
2025.
|
|
(c)
|
Inception date of the Fund was October 30,
2025.
|
|
(d)
|
Inception date of the Fund was September 29,
2025. |
The
accompanying notes are an integral part of these financial
statements.
TABLE OF CONTENTS
KURV
ETF TRUST
STATEMENTS
OF CHANGES IN NET ASSETS (Continued)
|
|
|
|
|
|
|
|
|
OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
investment income (loss) |
|
|
$(77,366) |
|
|
$112,294 |
|
|
$11,480 |
|
|
$374,147 |
|
|
$118,675 |
|
Net
realized gain (loss) |
|
|
1,966,950 |
|
|
(566,945) |
|
|
49,797 |
|
|
4,980,642 |
|
|
(1,004,969) |
|
Net
change in unrealized appreciation (depreciation) |
|
|
22,645,490 |
|
|
(206,499) |
|
|
266,687 |
|
|
414,554 |
|
|
157,028
|
|
Net
increase (decrease) in net assets from operations |
|
|
24,535,074 |
|
|
(661,150) |
|
|
327,964 |
|
|
5,769,343 |
|
|
(729,266) |
|
DISTRIBUTIONS
TO SHAREHOLDERS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From
earnings |
|
|
(6,182,963) |
|
|
(129,954) |
|
|
(69,013) |
|
|
(788,977) |
|
|
(269,432) |
|
From
return of capital |
|
|
(4,588,437) |
|
|
(615,547) |
|
|
— |
|
|
(2,261,023) |
|
|
(1,108,958) |
|
Total
distributions to shareholders |
|
|
(10,771,400) |
|
|
(745,501) |
|
|
(69,013) |
|
|
(3,050,000) |
|
|
(1,378,390) |
|
CAPITAL
TRANSACTIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
sold |
|
|
93,034,460 |
|
|
18,205,043 |
|
|
3,699,672 |
|
|
13,710,813 |
|
|
13,580,082 |
|
Shares
redeemed |
|
|
(1,137,803) |
|
|
—
|
|
|
— |
|
|
(5,862,718) |
|
|
—
|
|
Net
increase (decrease) in net assets
from
capital transactions |
|
|
91,896,657 |
|
|
18,205,043
|
|
|
3,699,672 |
|
|
7,848,095 |
|
|
13,580,082
|
|
Net
increase (decrease) in net assets |
|
|
105,660,331 |
|
|
16,798,392
|
|
|
3,958,623
|
|
|
10,567,438 |
|
|
11,472,426
|
|
NET
ASSETS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning
of the period |
|
|
20,757,015 |
|
|
3,958,623
|
|
|
— |
|
|
12,661,407 |
|
|
1,188,981
|
|
End
of the period |
|
|
$
126,417,346 |
|
|
$
20,757,015 |
|
|
3,958,623 |
|
|
$
23,228,845 |
|
|
$
12,661,407 |
|
SHARES
TRANSACTIONS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
sold |
|
|
3,230,000 |
|
|
680,000 |
|
|
150,000 |
|
|
510,000 |
|
|
420,000 |
|
Shares
redeemed |
|
|
(40,000) |
|
|
—
|
|
|
— |
|
|
(200,000) |
|
|
—
|
|
Total
increase (decrease) in shares outstanding |
|
|
3,190,000 |
|
|
680,000
|
|
|
150,000 |
|
|
310,000 |
|
|
420,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Fund changed its fiscal year end from
November 30 to May 31. The current period represents activity
from December 1, 2024 through May 31, 2025.
|
|
(b)
|
Inception date of the Fund was July 22, 2024.
|
The
accompanying notes are an integral part of these financial
statements.
TABLE OF CONTENTS
KURV
ETF TRUST
STATEMENTS
OF CHANGES IN NET ASSETS (Continued)
|
|
|
|
|
|
|
|
|
OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
investment income (loss) |
|
|
$124,568 |
|
|
$69,735 |
|
|
$348,814 |
|
|
$111,087 |
|
Net
realized gain (loss) |
|
|
1,507,426 |
|
|
(136,271) |
|
|
9,777,114 |
|
|
(728,308) |
|
Net
change in unrealized appreciation (depreciation) |
|
|
289,998 |
|
|
(305,046) |
|
|
(824,848) |
|
|
72,980
|
|
Net
increase (decrease) in net assets from operations |
|
|
1,921,992 |
|
|
(371,582) |
|
|
9,301,080 |
|
|
(544,241) |
|
DISTRIBUTIONS
TO SHAREHOLDERS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From
earnings |
|
|
(124,568) |
|
|
(261,979) |
|
|
(348,814) |
|
|
(149,798) |
|
From
return of capital |
|
|
(521,932) |
|
|
(190,019) |
|
|
(1,918,686) |
|
|
(627,634) |
|
Total
distributions to shareholders |
|
|
(646,500) |
|
|
(451,998) |
|
|
(2,267,500) |
|
|
(777,432) |
|
CAPITAL
TRANSACTIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
sold |
|
|
2,598,140 |
|
|
5,464,217 |
|
|
17,443,480 |
|
|
7,601,894 |
|
Shares
redeemed |
|
|
(1,442,111) |
|
|
(1,594,276) |
|
|
(4,105,046) |
|
|
—
|
|
Net
increase (decrease) in net assets from capital transactions |
|
|
1,156,029 |
|
|
3,869,941 |
|
|
13,338,434 |
|
|
7,601,894
|
|
Net
increase (decrease) in net assets
|
|
|
2,431,521 |
|
|
3,046,361 |
|
|
20,372,014 |
|
|
6,280,221
|
|
NET
ASSETS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning
of the year |
|
|
3,808,761 |
|
|
762,400 |
|
|
7,815,998 |
|
|
1,535,777
|
|
End
of the year |
|
|
$6,240,282 |
|
|
$3,808,761 |
|
|
$
28,188,012 |
|
|
$
7,815,998 |
|
SHARES
TRANSACTIONS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
sold |
|
|
110,000 |
|
|
220,000 |
|
|
440,000 |
|
|
260,000 |
|
Shares
redeemed |
|
|
(60,000) |
|
|
(70,000) |
|
|
(110,000) |
|
|
—
|
|
Total
increase (decrease) in shares outstanding |
|
|
50,000 |
|
|
150,000 |
|
|
330,000 |
|
|
260,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial
statements.
TABLE OF CONTENTS
KURV
ETF TRUST
STATEMENTS
OF CHANGES IN NET ASSETS (Continued)
|
|
|
|
|
|
|
|
|
OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
investment income (loss) |
|
|
$191,330 |
|
|
$72,142 |
|
|
$266,757 |
|
|
$103,637 |
|
Net
realized gain (loss) |
|
|
(998,224) |
|
|
(136,827) |
|
|
(1,025,168) |
|
|
521,984 |
|
Net
change in unrealized appreciation (depreciation) |
|
|
986,899 |
|
|
307,882 |
|
|
(2,915,532) |
|
|
2,174,330
|
|
Net
increase (decrease) in net assets from operations |
|
|
180,005 |
|
|
243,197 |
|
|
(3,673,943) |
|
|
2,799,951
|
|
DISTRIBUTIONS
TO SHAREHOLDERS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From
earnings |
|
|
(837,376) |
|
|
(111,186) |
|
|
(388,143) |
|
|
(706,754) |
|
From
return of capital |
|
|
(600,124) |
|
|
(301,560) |
|
|
(1,267,857) |
|
|
(574,920) |
|
Total
distributions to shareholders |
|
|
(1,437,500) |
|
|
(412,746) |
|
|
(1,656,000) |
|
|
(1,281,674) |
|
CAPITAL
TRANSACTIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
sold |
|
|
8,451,508 |
|
|
5,071,764 |
|
|
4,797,199 |
|
|
14,055,446 |
|
Shares
redeemed |
|
|
(266,693) |
|
|
(687,213) |
|
|
(5,792,304) |
|
|
(4,190,214) |
|
Net
increase (decrease) in net assets from capital transactions |
|
|
8,184,815 |
|
|
4,384,551 |
|
|
(995,105) |
|
|
9,865,232
|
|
Net
increase (decrease) in net assets
|
|
|
6,927,320 |
|
|
4,215,002 |
|
|
(6,325,048) |
|
|
11,383,509
|
|
NET
ASSETS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning
of the year |
|
|
5,317,142 |
|
|
1,102,140 |
|
|
12,322,633 |
|
|
939,124
|
|
End
of the year |
|
|
$
12,244,462 |
|
|
$
5,317,142 |
|
|
$5,997,585 |
|
|
$
12,322,633 |
|
SHARES
TRANSACTIONS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
sold |
|
|
400,000 |
|
|
200,000 |
|
|
150,000 |
|
|
400,000 |
|
Shares
redeemed |
|
|
(10,000) |
|
|
(30,000) |
|
|
(190,000) |
|
|
(120,000) |
|
Total
increase (decrease) in shares outstanding |
|
|
390,000 |
|
|
170,000 |
|
|
(40,000) |
|
|
280,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial
statements.
TABLE OF CONTENTS
KURV
ETF TRUST
STATEMENTS
OF CHANGES IN NET ASSETS (Continued)
|
|
|
|
|
|
OPERATIONS:
|
|
|
|
|
|
|
|
Net
investment income (loss) |
|
|
$520,889 |
|
|
$146,503 |
|
Net
realized gain (loss) |
|
|
2,997,260 |
|
|
(1,133,347) |
|
Net
change in unrealized appreciation (depreciation) |
|
|
781,042 |
|
|
1,326,097
|
|
Net
increase (decrease) in net assets from operations |
|
|
4,299,191 |
|
|
339,253
|
|
DISTRIBUTIONS
TO SHAREHOLDERS:
|
|
|
|
|
|
|
|
From
earnings |
|
|
(520,889) |
|
|
(1,026,404) |
|
From
return of capital |
|
|
(5,146,611) |
|
|
(3,153,283) |
|
Total
distributions to shareholders |
|
|
(5,667,500) |
|
|
(4,179,687) |
|
CAPITAL
TRANSACTIONS:
|
|
|
|
|
|
|
|
Shares
sold |
|
|
8,532,115 |
|
|
26,376,156 |
|
Shares
redeemed |
|
|
(5,650,175) |
|
|
(3,248,654) |
|
Net
increase (decrease) in net assets from capital transactions |
|
|
2,881,940 |
|
|
23,127,502
|
|
Net
increase (decrease) in net assets |
|
|
1,513,631 |
|
|
19,287,068
|
|
NET
ASSETS:
|
|
|
|
|
|
|
|
Beginning
of the year |
|
|
22,258,229 |
|
|
2,971,161
|
|
End
of the year |
|
|
$
23,771,860 |
|
|
$
22,258,229 |
|
SHARES
TRANSACTIONS
|
|
|
|
|
|
|
|
Shares
sold |
|
|
410,000 |
|
|
1,000,000 |
|
Shares
redeemed |
|
|
(250,000) |
|
|
(140,000) |
|
Total
increase (decrease) in shares outstanding |
|
|
160,000 |
|
|
860,000 |
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial
statements.
TABLE OF CONTENTS
Kurv
Copper & Mining Enhanced Income ETF
Financial
Highlights
For a share outstanding
throughout the period presented
|
|
|
|
|
|
PER
SHARE DATA:
|
|
|
|
|
Net
asset value, beginning of period |
|
|
$25.00
|
|
INVESTMENT
OPERATIONS:
|
|
|
|
|
Net
investment income(b) |
|
|
0.17 |
|
Net
realized and unrealized gain (loss) on investments |
|
|
0.49
|
|
Total
from investment operations |
|
|
0.66
|
|
LESS
DISTRIBUTIONS FROM:
|
|
|
|
|
Net
investment income |
|
|
(0.26) |
|
Net
realized gains |
|
|
(0.29) |
|
Return
of capital |
|
|
(0.35) |
|
Total
distributions |
|
|
(0.90) |
|
Net
asset value, end of period |
|
|
$24.76
|
|
Total
return(c) |
|
|
2.71% |
|
SUPPLEMENTAL
DATA AND RATIOS:
|
|
|
|
|
Net
assets, end of period (in thousands) |
|
|
$29,469
|
|
Ratio
of expenses to average net assets(d) |
|
|
0.99% |
|
Ratio
of net investment income (loss) to average net assets(d) |
|
|
2.47% |
|
Portfolio
turnover rate(c)(e) |
|
|
—% |
|
|
|
|
|
|
(a)
|
Inception date of the Fund was February 12,
2026.
|
|
(b)
|
Net investment income per share has been calculated
based on average shares outstanding during the
period.
|
|
(c)
|
Not annualized for periods less than one
year.
|
|
(d)
|
Annualized for periods less than one
year.
|
|
(e)
|
Portfolio turnover rate excludes in-kind
transactions. |
The
accompanying notes are an integral part of these financial
statements.
TABLE OF CONTENTS
Kurv
Gold Enhanced Income ETF
Financial
Highlights
For a share outstanding
throughout the period presented
|
|
|
|
|
|
PER
SHARE DATA:
|
|
|
|
|
Net
asset value, beginning of period |
|
|
$25.00
|
|
INVESTMENT
OPERATIONS:
|
|
|
|
|
Net
investment income(b) |
|
|
0.57 |
|
Net
realized and unrealized gain (loss) on investments |
|
|
8.07
|
|
Total
from investment operations |
|
|
8.64
|
|
LESS
DISTRIBUTIONS FROM:
|
|
|
|
|
Net
investment income |
|
|
(1.29) |
|
Net
realized gains |
|
|
(1.23) |
|
Return
of capital |
|
|
(0.78) |
|
Total
distributions |
|
|
(3.30) |
|
Net
asset value, end of period |
|
|
$30.34
|
|
Total
return(c) |
|
|
35.17% |
|
SUPPLEMENTAL
DATA AND RATIOS:
|
|
|
|
|
Net
assets, end of period (in thousands) |
|
|
$101,043
|
|
Ratio
of expenses to average net assets(d) |
|
|
1.12% |
|
Ratio
of operational expenses to average net assets excluding broker interest
and tax expense(d) |
|
|
0.99% |
|
Ratio
of net investment income (loss) to average net assets(d) |
|
|
1.96% |
|
Portfolio
turnover rate(c)(e) |
|
|
—% |
|
|
|
|
|
|
(a)
|
Inception date of the Fund was July 7,
2025.
|
|
(b)
|
Net investment income per share has been calculated
based on average shares outstanding during the
period.
|
|
(c)
|
Not annualized for periods less than one
year.
|
|
(d)
|
Annualized for periods less than one
year.
|
|
(e)
|
Portfolio turnover rate excludes in-kind
transactions. |
The
accompanying notes are an integral part of these financial
statements.
TABLE OF CONTENTS
Kurv
High Income ETF
Financial
Highlights
For a share outstanding
throughout the period presented
|
|
|
|
|
|
PER
SHARE DATA:
|
|
|
|
|
Net
asset value, beginning of period |
|
|
$25.00
|
|
INVESTMENT
OPERATIONS:
|
|
|
|
|
Net
investment loss(b) |
|
|
(0.03) |
|
Net
realized and unrealized gain (loss) on investments |
|
|
1.35
|
|
Total
from investment operations |
|
|
1.32
|
|
LESS
DISTRIBUTIONS FROM:
|
|
|
|
|
Net
investment income |
|
|
(0.02) |
|
Net
realized gains |
|
|
(1.95) |
|
Return
of capital |
|
|
(1.78) |
|
Total
distributions |
|
|
(3.75) |
|
Net
asset value, end of period |
|
|
$22.57
|
|
Total
return(c) |
|
|
7.50% |
|
SUPPLEMENTAL
DATA AND RATIOS:
|
|
|
|
|
Net
assets, end of period (in thousands) |
|
|
$41,080
|
|
Ratio
of expenses to average net assets:
|
|
|
|
|
Before
expense waiver/recoupment(d)(e) |
|
|
1.26% |
|
After
expense waiver/recoupment(d)(e) |
|
|
1.10% |
|
Ratio
of net operational expenses to average net assets excluding broker
interest expense(d)(e) |
|
|
0.99% |
|
Ratio
of net investment income (loss) to average net
assets(d)(e) |
|
|
(0.26)% |
|
Portfolio
turnover rate(c)(f) |
|
|
12% |
|
|
|
|
|
|
(a)
|
Inception date of the Fund was October 30,
2025.
|
|
(b)
|
Net investment loss per share has been calculated
based on average shares outstanding during the
period.
|
|
(c)
|
Not annualized for periods less than one
year.
|
|
(d)
|
Annualized for periods less than one
year.
|
|
(e)
|
Ratios do not include the expenses of the
underlying investment companies in which the Fund
invests.
|
|
(f)
|
Portfolio turnover rate excludes in-kind
transactions. |
The
accompanying notes are an integral part of these financial
statements.
TABLE OF CONTENTS
Kurv
Silver Enhanced Income ETF
Financial
Highlights
For a share outstanding
throughout the period presented
|
|
|
|
|
|
PER
SHARE DATA:
|
|
|
|
|
Net
asset value, beginning of period |
|
|
$25.00
|
|
INVESTMENT
OPERATIONS:
|
|
|
|
|
Net
investment income(b) |
|
|
0.48 |
|
Net
realized and unrealized gain (loss) on investments |
|
|
12.92
|
|
Total
from investment operations |
|
|
13.40
|
|
LESS
DISTRIBUTIONS FROM:
|
|
|
|
|
Net
investment income |
|
|
(0.66) |
|
Net
realized gains |
|
|
(1.32) |
|
Return
of capital |
|
|
(3.32) |
|
Total
distributions |
|
|
(5.30) |
|
Net
asset value, end of period |
|
|
$33.10
|
|
Total
return(c) |
|
|
54.86% |
|
SUPPLEMENTAL
DATA AND RATIOS:
|
|
|
|
|
Net
assets, end of period (in thousands) |
|
|
$106,929
|
|
Ratio
of expenses to average net assets(d) |
|
|
1.03% |
|
Ratio
of operational expenses to average net assets excluding broker interest
expense(d) |
|
|
0.99% |
|
Ratio
of net investment income (loss) to average net assets(d) |
|
|
1.96% |
|
Portfolio
turnover rate(c)(e) |
|
|
—% |
|
|
|
|
|
|
(a)
|
Inception date of the Fund was September 29,
2025.
|
|
(b)
|
Net investment income per share has been calculated
based on average shares outstanding during the
period.
|
|
(c)
|
Not annualized for periods less than one
year.
|
|
(d)
|
Annualized for periods less than one
year.
|
|
(e)
|
Portfolio turnover rate excludes in-kind
transactions. |
The
accompanying notes are an integral part of these financial
statements.
TABLE OF CONTENTS
Kurv
Technology Titans Select ETF
Financial
Highlights
For a share outstanding
throughout the year or periods presented
|
|
|
|
|
|
|
|
|
|
|
|
PER
SHARE DATA:
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
|
|
$25.01 |
|
|
$26.39 |
|
|
$25.00
|
|
INVESTMENT
OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
Net
investment income(c)(d) |
|
|
(0.03) |
|
|
0.18 |
|
|
0.09 |
|
Net
realized and unrealized gain (loss) on investments |
|
|
10.76 |
|
|
(0.46) |
|
|
1.83
|
|
Total
from investment operations |
|
|
10.73 |
|
|
(0.28) |
|
|
1.92
|
|
LESS
DISTRIBUTIONS FROM:
|
|
|
|
|
|
|
|
|
|
|
Net
investment income |
|
|
— |
|
|
(0.19) |
|
|
(0.53) |
|
Capital
gains |
|
|
(3.06) |
|
|
— |
|
|
— |
|
Return
of capital |
|
|
(1.23) |
|
|
(0.91) |
|
|
—
|
|
Total
distributions |
|
|
(4.29) |
|
|
(1.10) |
|
|
(0.53) |
|
Net
asset value, end of period |
|
|
$31.45 |
|
|
$25.01 |
|
|
$26.39
|
|
Total
return(e) |
|
|
46.38% |
|
|
−0.99% |
|
|
7.75% |
|
SUPPLEMENTAL
DATA AND RATIOS:
|
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (in thousands) |
|
|
$126,417 |
|
|
$20,757 |
|
|
$3,959
|
|
Ratio
of expenses to average net assets:
|
|
|
|
|
|
|
|
|
|
|
Before
expense waiver/recoupment(f)(g) |
|
|
1.26% |
|
|
2.90% |
|
|
6.47% |
|
After
expense waiver/recoupment(f)(g) |
|
|
1.19% |
|
|
1.35% |
|
|
1.35% |
|
Ratio
of net operational expenses to average net assets excluding broker
interest expense(f)(g) |
|
|
0.92% |
|
|
0.79% |
|
|
0.79% |
|
Ratio
of net investment income (loss) to average net
assets(f)(g) |
|
|
−0.12% |
|
|
1.45% |
|
|
1.05% |
|
Portfolio
turnover rate(e)(h) |
|
|
35% |
|
|
26% |
|
|
42% |
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Fund changed its fiscal year end from
November 30 to May 31. The current period represents activity
from December 1, 2024 through May 31, 2025.
|
|
(b)
|
Inception date of the Fund was July 22,
2024.
|
|
(c)
|
Net investment income per share has been calculated
based on average shares outstanding during the
periods.
|
|
(d)
|
Recognition of net investment income by the Fund is
affected by the timing of the declaration of dividends by the underlying
exchange traded funds in which the Fund invests. The ratio does not
include net investment income of the exchange traded funds in which the
Fund invests. |
|
(e)
|
Not annualized for periods less than one
year.
|
|
(f)
|
Annualized for periods less than one
year.
|
|
(g)
|
Ratios do not include the expenses of the
underlying investment companies in which the Fund
invests.
|
|
(h)
|
Portfolio turnover rate excludes in-kind
transactions. |
The
accompanying notes are an integral part of these financial
statements.
TABLE OF CONTENTS
Kurv
Yield Premium Strategy Amazon (AMZN) ETF
Financial
Highlights
For a share outstanding
throughout the years or period presented
|
|
|
|
|
|
|
|
|
PER
SHARE DATA:
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
|
|
$27.52 |
|
|
$29.72 |
|
|
$25.00
|
|
INVESTMENT
OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
Net
investment income(b) |
|
|
0.65 |
|
|
0.59 |
|
|
0.71 |
|
Net
realized and unrealized gain (loss) on investments |
|
|
7.40 |
|
|
3.26 |
|
|
6.39
|
|
Total
from investment operations |
|
|
8.05 |
|
|
3.85 |
|
|
7.10
|
|
LESS
DISTRIBUTIONS FROM:
|
|
|
|
|
|
|
|
|
|
|
Net
investment income |
|
|
(0.84) |
|
|
(3.00) |
|
|
(2.38) |
|
Capital
gains |
|
|
(0.93) |
|
|
— |
|
|
— |
|
Return
of capital |
|
|
(3.63) |
|
|
(3.05) |
|
|
—
|
|
Total
distributions |
|
|
(5.40) |
|
|
(6.05) |
|
|
(2.38) |
|
Net
asset value, end of period |
|
|
$30.17 |
|
|
$27.52 |
|
|
$29.72
|
|
Total
return(c) |
|
|
32.93% |
|
|
13.16% |
|
|
29.08% |
|
SUPPLEMENTAL
DATA AND RATIOS:
|
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (in thousands) |
|
|
$23,229 |
|
|
$12,661 |
|
|
$1,189
|
|
Ratio
of expenses to average net assets:
|
|
|
|
|
|
|
|
|
|
|
Before
expense waiver/recoupment(d) |
|
|
1.19% |
|
|
2.51% |
|
|
1.15% |
|
After
expense waiver/recoupment(d) |
|
|
1.03% |
|
|
2.35% |
|
|
0.99% |
|
Ratio
of net operational expenses to average net assets excluding broker
interest expense(d) |
|
|
0.99% |
|
|
0.99% |
|
|
0.99% |
|
Ratio
of net investment income (loss) to average net assets(d) |
|
|
2.36% |
|
|
2.05% |
|
|
4.15% |
|
Portfolio
turnover rate(c)(e) |
|
|
—% |
|
|
—% |
|
|
—% |
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Inception date of the Fund was October 30,
2023.
|
|
(b)
|
Net investment income per share has been calculated
based on average shares outstanding during the
periods.
|
|
(c)
|
Not annualized for periods less than one
year.
|
|
(d)
|
Annualized for periods less than one
year.
|
|
(e)
|
Portfolio turnover rate excludes in-kind
transactions. |
The
accompanying notes are an integral part of these financial
statements.
TABLE OF CONTENTS
Kurv
Yield Premium Strategy Apple (AAPL) ETF
Financial
Highlights
For a share outstanding
throughout the years or period presented
|
|
|
|
|
|
|
|
|
PER
SHARE DATA:
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
|
|
$21.16 |
|
|
$25.41 |
|
|
$25.00
|
|
INVESTMENT
OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
Net
investment income(b) |
|
|
0.60 |
|
|
0.72 |
|
|
0.66 |
|
Net
realized and unrealized gain (loss) on investments |
|
|
8.42 |
|
|
(0.09) |
|
|
1.50
|
|
Total
from investment operations |
|
|
9.02 |
|
|
0.63 |
|
|
2.16
|
|
LESS
DISTRIBUTIONS FROM:
|
|
|
|
|
|
|
|
|
|
|
Net
investment income |
|
|
(0.63) |
|
|
(3.67) |
|
|
(0.69) |
|
Return
of capital |
|
|
(2.42) |
|
|
(1.21) |
|
|
(1.06) |
|
Total
distributions |
|
|
(3.05) |
|
|
(4.88) |
|
|
(1.75) |
|
Net
asset value, end of period |
|
|
$27.13 |
|
|
$21.16 |
|
|
$25.41
|
|
Total
return(c) |
|
|
46.16% |
|
|
0.27% |
|
|
8.84% |
|
SUPPLEMENTAL
DATA AND RATIOS:
|
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (in thousands) |
|
|
$6,240 |
|
|
$3,809 |
|
|
$762 |
|
Ratio
of expenses to average net assets:
|
|
|
|
|
|
|
|
|
|
|
Before
expense waiver/recoupment(d) |
|
|
1.15% |
|
|
1.76% |
|
|
1.15% |
|
After
expense waiver/recoupment(d) |
|
|
0.99% |
|
|
1.60% |
|
|
0.99% |
|
Ratio
of net operational expenses to average net assets excluding broker
interest expense(d) |
|
|
0.99% |
|
|
0.99% |
|
|
0.99% |
|
Ratio
of net investment income (loss) to average net assets(d) |
|
|
2.53% |
|
|
2.93% |
|
|
4.39% |
|
Portfolio
turnover rate(c)(e) |
|
|
—% |
|
|
—% |
|
|
—% |
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Inception date of the Fund was October 26,
2023.
|
|
(b)
|
Net investment income per share has been calculated
based on average shares outstanding during the
periods.
|
|
(c)
|
Not annualized for periods less than one
year.
|
|
(d)
|
Annualized for periods less than one
year.
|
|
(e)
|
Portfolio turnover rate excludes in-kind
transactions. |
The
accompanying notes are an integral part of these financial
statements.
TABLE OF CONTENTS
Kurv
Yield Premium Strategy Google (GOOGL) ETF
Financial
Highlights
For a share outstanding
throughout the years or period presented
|
|
|
|
|
|
|
|
|
PER
SHARE DATA:
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
|
|
$25.21 |
|
|
$30.72 |
|
|
$25.00
|
|
INVESTMENT
OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
Net
investment income(b) |
|
|
0.82 |
|
|
0.68 |
|
|
0.69 |
|
Net
realized and unrealized gain (loss) on investments |
|
|
23.06 |
|
|
(1.58) |
|
|
7.04
|
|
Total
from investment operations |
|
|
23.88 |
|
|
(0.90) |
|
|
7.73
|
|
LESS
DISTRIBUTIONS FROM:
|
|
|
|
|
|
|
|
|
|
|
Net
investment income |
|
|
(1.06) |
|
|
(1.49) |
|
|
(2.01) |
|
Return
of capital |
|
|
(3.99) |
|
|
(3.12) |
|
|
—
|
|
Total
distributions |
|
|
(5.05) |
|
|
(4.61) |
|
|
(2.01) |
|
Net
asset value, end of period |
|
|
$44.04 |
|
|
$25.21 |
|
|
$30.72
|
|
Total
return(c) |
|
|
101.97% |
|
|
−3.28% |
|
|
31.98% |
|
SUPPLEMENTAL
DATA AND RATIOS:
|
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (in thousands) |
|
|
$28,188 |
|
|
$7,816 |
|
|
$1,536
|
|
Ratio
of expenses to average net assets:
|
|
|
|
|
|
|
|
|
|
|
Before
expense waiver/recoupment(d) |
|
|
1.15% |
|
|
2.25% |
|
|
1.15% |
|
After
expense waiver/recoupment(d) |
|
|
0.99% |
|
|
2.09% |
|
|
0.99% |
|
Ratio
of net operational expenses to average net assets excluding broker
interest expense(d) |
|
|
0.99% |
|
|
0.99% |
|
|
0.99% |
|
Ratio
of net investment income (loss) to average net assets(d) |
|
|
2.26% |
|
|
2.52% |
|
|
4.22% |
|
Portfolio
turnover rate(c)(e) |
|
|
—% |
|
|
—% |
|
|
—% |
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Inception date of the Fund was October 30,
2023.
|
|
(b)
|
Net investment income per share has been calculated
based on average shares outstanding during the
periods.
|
|
(c)
|
Not annualized for periods less than one
year.
|
|
(d)
|
Annualized for periods less than one
year.
|
|
(e)
|
Portfolio turnover rate excludes in-kind
transactions. |
The
accompanying notes are an integral part of these financial
statements.
TABLE OF CONTENTS
Kurv
Yield Premium Strategy Microsoft (MSFT) ETF
Financial
Highlights
For a share outstanding
throughout the years or period presented
|
|
|
|
|
|
|
|
|
PER
SHARE DATA:
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
|
|
$25.32 |
|
|
$27.55 |
|
|
$25.00
|
|
INVESTMENT
OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
Net
investment income(b) |
|
|
0.58 |
|
|
0.62 |
|
|
0.68 |
|
Net
realized and unrealized gain (loss) on investments |
|
|
(0.79) |
|
|
0.77 |
|
|
3.69
|
|
Total
from investment operations |
|
|
(0.21) |
|
|
1.39 |
|
|
4.37
|
|
LESS
DISTRIBUTIONS FROM:
|
|
|
|
|
|
|
|
|
|
|
Net
investment income |
|
|
(0.75) |
|
|
(1.44) |
|
|
(1.82) |
|
Capital
gains |
|
|
(2.52) |
|
|
— |
|
|
— |
|
Return
of capital |
|
|
(1.43) |
|
|
(2.18) |
|
|
—
|
|
Total
distributions |
|
|
(4.70) |
|
|
(3.62) |
|
|
(1.82) |
|
Net
asset value, end of period |
|
|
$20.41 |
|
|
$25.32 |
|
|
$27.55
|
|
Total
return(c) |
|
|
−1.60% |
|
|
5.83% |
|
|
17.80% |
|
SUPPLEMENTAL
DATA AND RATIOS:
|
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (in thousands) |
|
|
$12,244 |
|
|
$5,317 |
|
|
$1,102
|
|
Ratio
of expenses to average net assets:
|
|
|
|
|
|
|
|
|
|
|
Before
expense waiver/recoupment(d) |
|
|
1.21% |
|
|
2.18% |
|
|
1.15% |
|
After
expense waiver/recoupment(d) |
|
|
1.05% |
|
|
2.02% |
|
|
0.99% |
|
Ratio
of net operational expenses to average net assets excluding broker
interest expense(d) |
|
|
0.99% |
|
|
0.99% |
|
|
0.99% |
|
Ratio
of net investment income (loss) to average net assets(d) |
|
|
2.63% |
|
|
2.50% |
|
|
4.24% |
|
Portfolio
turnover rate(c)(e) |
|
|
—% |
|
|
—% |
|
|
—% |
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Inception date of the Fund was October 30,
2023.
|
|
(b)
|
Net investment income per share has been calculated
based on average shares outstanding during the
periods.
|
|
(c)
|
Not annualized for periods less than one
year.
|
|
(d)
|
Annualized for periods less than one
year.
|
|
(e)
|
Portfolio turnover rate excludes in-kind
transactions. |
The
accompanying notes are an integral part of these financial
statements.
TABLE OF CONTENTS
Kurv
Yield Premium Strategy Netflix (NFLX) ETF
Financial
Highlights
For a share outstanding
throughout the years or period presented
|
|
|
|
|
|
|
|
|
PER
SHARE DATA:
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
|
|
$39.75 |
|
|
$31.30 |
|
|
$25.00
|
|
INVESTMENT
OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
Net
investment income(b) |
|
|
0.88 |
|
|
0.71 |
|
|
0.74 |
|
Net
realized and unrealized gain (loss) on investments |
|
|
(12.97) |
|
|
15.87 |
|
|
8.57
|
|
Total
from investment operations |
|
|
(12.09) |
|
|
16.58 |
|
|
9.31
|
|
LESS
DISTRIBUTIONS FROM:
|
|
|
|
|
|
|
|
|
|
|
Net
investment income |
|
|
(0.86) |
|
|
(6.05) |
|
|
(3.01) |
|
Capital
gains |
|
|
(0.39) |
|
|
— |
|
|
— |
|
Return
of capital |
|
|
(4.20) |
|
|
(2.08) |
|
|
—
|
|
Total
distributions |
|
|
(5.45) |
|
|
(8.13) |
|
|
(3.01) |
|
Net
asset value, end of period |
|
|
$22.21 |
|
|
$39.75 |
|
|
$31.30
|
|
Total
return(c) |
|
|
−33.22% |
|
|
60.49% |
|
|
38.55% |
|
SUPPLEMENTAL
DATA AND RATIOS:
|
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (in thousands) |
|
|
$5,998 |
|
|
$12,323 |
|
|
$939 |
|
Ratio
of expenses to average net assets:
|
|
|
|
|
|
|
|
|
|
|
Before
expense waiver/recoupment(d) |
|
|
1.15% |
|
|
2.29% |
|
|
1.15% |
|
After
expense waiver/recoupment(d) |
|
|
0.99% |
|
|
2.13% |
|
|
0.99% |
|
Ratio
of net operational expenses to average net assets excluding broker
interest expense(d) |
|
|
0.99% |
|
|
0.99% |
|
|
0.99% |
|
Ratio
of net investment income (loss) to average net assets(d) |
|
|
2.79% |
|
|
2.02% |
|
|
4.18% |
|
Portfolio
turnover rate(c)(e) |
|
|
—% |
|
|
—% |
|
|
—% |
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Inception date of the Fund was October 26,
2023.
|
|
(b)
|
Net investment income per share has been calculated
based on average shares outstanding during the
periods.
|
|
(c)
|
Not annualized for periods less than one
year.
|
|
(d)
|
Annualized for periods less than one
year.
|
|
(e)
|
Portfolio turnover rate excludes in-kind
transactions. |
The
accompanying notes are an integral part of these financial
statements.
TABLE OF CONTENTS
Kurv
Yield Premium Strategy Tesla (TSLA) ETF
Financial
Highlights
For a share outstanding
throughout the years or period presented
|
|
|
|
|
|
|
|
|
PER
SHARE DATA:
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
|
|
$22.04 |
|
|
$19.81 |
|
|
$25.00
|
|
INVESTMENT
OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
Net
investment income(b) |
|
|
0.50 |
|
|
0.31 |
|
|
0.68 |
|
Net
realized and unrealized gain (loss) on investments |
|
|
3.28 |
|
|
10.37 |
|
|
(2.38) |
|
Total
from investment operations |
|
|
3.78 |
|
|
10.68 |
|
|
(1.70) |
|
LESS
DISTRIBUTIONS FROM:
|
|
|
|
|
|
|
|
|
|
|
Net
investment income |
|
|
(0.51) |
|
|
(4.38) |
|
|
(1.28) |
|
Return
of capital |
|
|
(4.99) |
|
|
(4.07) |
|
|
(2.21) |
|
Total
distributions |
|
|
(5.50) |
|
|
(8.45) |
|
|
(3.49) |
|
Net
asset value, end of period |
|
|
$20.32 |
|
|
$22.04 |
|
|
$19.81
|
|
Total
return(c) |
|
|
19.66% |
|
|
56.53% |
|
|
−7.71%(f) |
|
SUPPLEMENTAL
DATA AND RATIOS:
|
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (in thousands) |
|
|
$23,772 |
|
|
$22,258 |
|
|
$2,971 |
|
Ratio
of expenses to average net assets:
|
|
|
|
|
|
|
|
|
|
|
Before
expense waiver/recoupment(d) |
|
|
1.36% |
|
|
3.18% |
|
|
1.15% |
|
After
expense waiver/recoupment(d) |
|
|
1.20% |
|
|
3.02% |
|
|
0.99% |
|
Ratio
of net operational expenses to average net assets excluding broker
interest expense(d) |
|
|
0.99% |
|
|
0.99% |
|
|
0.99% |
|
Ratio
of net investment income (loss) to average net assets(d) |
|
|
2.37% |
|
|
1.40% |
|
|
5.35% |
|
Portfolio
turnover rate(c)(e) |
|
|
—% |
|
|
96% |
|
|
—% |
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Inception date of the Fund was October 26,
2023.
|
|
(b)
|
Net investment income per share has been calculated
based on average shares outstanding during the
periods.
|
|
(c)
|
Not annualized for periods less than one
year.
|
|
(d)
|
Annualized for periods less than one
year.
|
|
(e)
|
Portfolio turnover rate excludes in-kind
transactions.
|
|
(f)
|
If the fund had not been reimbursed for $17,249.78
for the amount of the trade error, the total return would be (8.25%), for
a total return reduction of (0.54%).
|
The
accompanying notes are an integral part of these financial
statements.
TABLE OF CONTENTS
KURV
ETF TRUST
NOTES
TO THE FINANCIAL STATEMENTS
May 31, 2026
NOTE 1 – ORGANIZATION
The
Kurv ETF Trust, formerly known as the Esoterica Thematic Trust, (the “Trust”),
was organized as a Delaware statutory trust on July 2, 2019 and is
authorized to issue multiple series or portfolios. The Trust is an open-end
investment company, registered under the Investment Company Act of 1940, as
amended (the “1940 Act”). As of May 31, 2026, the Trust consists of twelve
operational exchange-traded funds (“ETFs”) of which eleven are included in this
report: Kurv Copper & Mining Enhanced Income ETF (“KCOP”), Kurv Gold
Enhanced Income ETF (“KGLD”), Kurv High Income ETF (“KYLD”), Kurv Silver
Enhanced Income ETF (“KSLV”), Kurv Technology Titans Select ETF (“KQQQ”), Kurv
Yield Premium Strategy Amazon (AMZN) ETF (“AMZP”), Kurv Yield Premium Strategy
Apple (AAPL) ETF (“AAPY”), Kurv Yield Premium Strategy Google (GOOGL) ETF
(“GOOP”), Kurv Yield Premium Strategy Microsoft (MSFT) ETF (“MSFY”), Kurv Yield
Premium Strategy Netflix (NFLX) ETF (“NFLP”), and Kurv Yield Premium Strategy
Tesla (TSLA) ETF (“TSLP”), (collectively, the “Funds” or individually, a
“Fund”). These financial statements relate only to the Funds.
The
investment objective and classification of each Fund:
|
|
|
|
|
|
|
|
|
KCOP |
|
|
Seeks
to maximize total return. |
|
|
Non-diversified
|
|
KGLD |
|
|
Seeks
to maximize total return. |
|
|
Non-diversified
|
|
KYLD |
|
|
Seeks
to provide high income. |
|
|
Non-diversified
|
|
KSLV |
|
|
Seeks
to maximize total return. |
|
|
Non-diversified
|
|
KQQQ |
|
|
Seeks
to maximize total return, consistent with prudent management. |
|
|
Non-diversified
|
|
AMZP |
|
|
Seeks
to provide current income. |
|
|
Non-diversified
|
|
AAPY |
|
|
Seeks
to provide current income. |
|
|
Non-diversified
|
|
GOOP |
|
|
Seeks
to provide current income. |
|
|
Non-diversified
|
|
MSFY |
|
|
Seeks
to provide current income. |
|
|
Non-diversified
|
|
NFLP |
|
|
Seeks
to provide current income. |
|
|
Non-diversified
|
|
TSLP |
|
|
Seeks
to provide current income. |
|
|
Non-diversified |
|
|
|
|
|
|
|
|
Kurv
Investment Management LLC (the “Adviser”) is the investment adviser to each
Fund.
Prior
to November 18, 2024, AMZP, AAPY, GOOP, MSFY, NFLP, and TSLP were each a
series of NEOS ETF Trust (the “Predecessor Funds”). The Predecessor Funds were
reorganized, from NEOS ETF Trust, a Delaware statutory trust, to a corresponding
series of the Trust. This qualified as a tax-free reorganization under the
Internal Revenue Code. As a series of the Trust, the Funds are a continuation of
the identically-named Predecessor Fund managed by the Adviser. Prior to the
reorganization, NEOS Investment Management LLC served as sub-adviser to the
Predecessor Funds. The Funds and the Predecessor Funds have the same investment
objective and principal investment strategies. On the date of the reorganization
the Funds received net assets of the corresponding Predecessor Fund and
shareholders of the Predecessor Funds received shares of the corresponding Fund
as follows:
|
|
|
|
|
|
|
|
|
AMZP |
|
|
$3,101,995 |
|
|
100,000
|
|
AAPY |
|
|
1,617,923 |
|
|
60,000
|
|
GOOP |
|
|
3,215,639 |
|
|
110,000
|
|
MSFY |
|
|
2,289,532 |
|
|
90,000
|
|
NFLP |
|
|
2,799,612 |
|
|
80,000
|
|
TSLP |
|
|
7,317,199 |
|
|
270,000 |
|
|
|
|
|
|
|
|
For
financial reporting purposes, assets received, and shares issued by the Funds
were recorded at fair value; however, the cost basis of the investments received
from the Predecessor Funds was carried forward to align ongoing reporting of
each Fund’s realized and unrealized gains and losses with amounts distributable
to shareholders for tax purposes. The Funds have succeeded to the accounting and
performance history of the Predecessor Funds. For financial
TABLE OF CONTENTS
KURV
ETF TRUST
NOTES
TO THE FINANCIAL STATEMENTS
May 31, 2026 (Continued)
reporting
purposes, the Predecessor Funds’ financial and performance history prior to the
reorganization is carried forward and reflected in the Funds’ financial
statements and financial highlights. Fees and expenses associated with the
reorganization were borne by the Adviser and are not subject to recoupment.
NOTE
2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The
Trust, which is an investment company, follows accounting and reporting guidance
under Financial Accounting Standards Board (“FASB”) Accounting Standards
Codification Topic 946, “Financial Services – Investment Companies” including
Accounting Standards Update 2013-08.
The
following is a summary of significant accounting policies consistently followed
by the Funds in the preparation of their financial statements. These financial
statements have been prepared in conformity with accounting principles generally
accepted in the United States of America (“GAAP”).
|
A.
|
Investment Valuation. The net asset
value (“NAV”) of each Fund’s shares is calculated each business day as of
the close of regular trading on the New York Stock Exchange (“NYSE”),
generally 4:00 p.m., Eastern Time. NAV per share is computed by dividing
the net assets of each Fund by each Fund’s number of shares outstanding.
|
When
calculating the NAV of each Fund’s shares, securities held by the Funds are
valued at market quotations when reliable market quotations are readily
available. Exchange traded securities and instruments (including equity
securities, depositary receipts and ETFs) are generally valued at the last
reported sale price on the principal exchange on which such securities are
traded (at the NASDAQ Official Closing Price for NASDAQ listed securities), as
of the close of regular trading on the NYSE on the day the securities are being
valued or, if there are no sales, at the mean of the most recent bid and asked
prices. Over-the-counter securities and instruments not traded on an exchange
are generally valued at the last traded price. Investments in open-end regulated
investment companies are valued at NAV. In the absence of a recorded transaction
sale price; or if the last sale price is unavailable, securities are valued at
the mean between last bid and ask, as quoted. If an ask price is unavailable,
the last bid price is used. Such valuations would typically be categorized as
Level 1 or Level 2 in the fair value hierarchy described below.
Options
traded on an exchange are generally valued at the 4:00 pm EST bid/ask mean price
on the exchange or OTC market on which they principally trade. If the 4:00 pm
bid/ask mean price is not available, then options shall be valued at the 4:15 pm
EST bid/ask mean price. If neither bid/ask mean price is available, then options
shall be valued at the last reported settlement price on the exchange or OTC
market on which they principally trade.
FLEX
Options are generally valued at the Delta-Adjusted at Close (“DAC”) price, if
available. If no DAC price is available, FLEX Options shall be valued at a
Theoretical price provided by a Pricing Service determined by the Funds’
policies. If there is no Theoretical price for the valuation day available, FLEX
Options shall be valued at the last sale price on the exchange on which they
principally trade. In the event no price can be obtained from a Pricing Service,
no exchange pricing or no DAC pricing is available, the value shall be
determined in accordance with the Funds’ policies.
When
reliable market quotations are not readily available, securities are priced at
their fair value as determined in good faith by the Adviser in accordance with
the Trust’s valuation guidelines. Pursuant to Rule 2a-5 under the 1940 Act,
the Board of Trustees has designated to each Fund the Adviser as its “Valuation
Designee” to perform all of the fair value determinations as well as to perform
all of the responsibilities that may be performed by the Valuation Designee in
accordance with Rule 2a-5. The Valuation Designee is authorized to make all
necessary determinations of the fair values of portfolio securities and other
assets for which market quotations are not readily available or if it is deemed
that the prices obtained from brokers and dealers or independent pricing
services are unreliable. The Funds may use fair value pricing in a variety of
circumstances, including but not limited to, situations when the value of a
security has been materially affected by events occurring after the close of the
market on which such security is principally traded (such as a corporate action
or other news that may materially affect the price of such security) or trading
in such
TABLE OF CONTENTS
KURV
ETF TRUST
NOTES
TO THE FINANCIAL STATEMENTS
May 31, 2026 (Continued)
security
has been suspended or halted. Such valuations would typically be categorized as
Level 2 or Level 3 in the fair value hierarchy described below. Fair
value pricing involves subjective judgments and it is possible that a fair value
determination for a security is materially different than the value that could
be realized upon the sale of such security. As of May 31, 2026, there were
no securities internally fair valued and/or valued using a Level 3
valuation.
The
Funds disclose the fair value of their investments in a hierarchy that
distinguishes between: (1) market participant assumptions developed based on
market data obtained from sources independent of the Funds (observable inputs)
and (2) the Funds’ own assumptions about market participant assumptions
developed based on the best information available under the circumstances
(unobservable inputs).
The
three levels defined by the hierarchy are as follows:
Level 1 –
Quoted prices in active markets for identical assets that the Funds have
the ability to access.
Level 2 –
Other significant observable inputs (including quoted prices for similar
securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 –
Significant unobservable inputs (including the Funds’ own assumptions in
determining the fair value of investments).
KCOP
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchased
Options |
|
|
$— |
|
|
$5,822,479 |
|
|
$— |
|
|
$5,822,479 |
|
U.S.
Treasury Bills |
|
|
— |
|
|
24,735,875 |
|
|
— |
|
|
24,735,875 |
|
Money
Market Funds |
|
|
287,368 |
|
|
— |
|
|
— |
|
|
287,368
|
|
Total
Investments |
|
|
$287,368 |
|
|
$30,558,354 |
|
|
$— |
|
|
$30,845,722
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Written
Options |
|
|
$— |
|
|
$(1,331,601) |
|
|
$— |
|
|
$(1,331,601) |
|
Total
Investments |
|
|
$— |
|
|
$(1,331,601) |
|
|
$— |
|
|
$(1,331,601) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Refer
to the Schedule of Investments for further desegregation of investment
categories.
There
were no transfers into or out of Level 3 fair value measurements during the
reporting period.
KGLD
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchased
Options |
|
|
$— |
|
|
$12,500,282 |
|
|
$— |
|
|
$12,500,282 |
|
U.S.
Treasury Bills |
|
|
— |
|
|
90,223,054 |
|
|
— |
|
|
90,223,054 |
|
Money
Market Funds |
|
|
1,334,941 |
|
|
— |
|
|
— |
|
|
1,334,941
|
|
Total
Investments |
|
|
$1,334,941 |
|
|
$
102,723,336 |
|
|
$— |
|
|
$
104,058,277 |
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Written
Options |
|
|
$— |
|
|
$(3,690,034) |
|
|
$— |
|
|
$(3,690,034) |
|
Total
Investments |
|
|
$— |
|
|
$(3,690,034) |
|
|
$— |
|
|
$(3,690,034) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Refer
to the Schedule of Investments for further desegregation of investment
categories.
There
were no transfers into or out of Level 3 fair value measurements during the
reporting period.
TABLE OF CONTENTS
KURV
ETF TRUST
NOTES
TO THE FINANCIAL STATEMENTS
May 31, 2026 (Continued)
KYLD
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
Stocks |
|
|
$
21,824,436 |
|
|
$— |
|
|
$— |
|
|
$21,824,436 |
|
Exchange
Traded Funds |
|
|
6,222,731 |
|
|
— |
|
|
— |
|
|
6,222,731 |
|
Purchased
Options |
|
|
— |
|
|
1,162,268 |
|
|
— |
|
|
1,162,268 |
|
U.S.
Treasury Bills |
|
|
— |
|
|
9,158,032 |
|
|
— |
|
|
9,158,032 |
|
Money
Market Funds |
|
|
2,223,282 |
|
|
— |
|
|
— |
|
|
2,223,282 |
|
Investments
Purchased with Proceeds from Securities Lending(a) |
|
|
— |
|
|
— |
|
|
— |
|
|
370,520
|
|
Total
Investments |
|
|
$
30,270,449 |
|
|
$10,320,300 |
|
|
$— |
|
|
$40,961,269
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Written
Options |
|
|
$— |
|
|
$(1,040,311) |
|
|
$— |
|
|
$(1,040,311) |
|
Total
Investments |
|
|
$— |
|
|
$(1,040,311) |
|
|
$— |
|
|
$(1,040,311) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Refer
to the Schedule of Investments for further desegregation of investment
categories.
|
(a)
|
Certain
investments that are measured at fair value using the net asset value per
share (or its equivalent) practical expedient have not been categorized in
the fair value hierarchy. The fair value amount presented in the table is
intended to permit reconciliation of the fair value hierarchy to the
amounts listed in the Schedule of Investments. |
There
were no transfers into or out of Level 3 fair value measurements during the
reporting period.
KSLV
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchased
Options |
|
|
$— |
|
|
$23,185,093 |
|
|
$— |
|
|
$23,185,093 |
|
U.S.
Treasury Bills |
|
|
— |
|
|
88,114,696 |
|
|
— |
|
|
88,114,696 |
|
Money
Market Funds |
|
|
2,594,757 |
|
|
— |
|
|
— |
|
|
2,594,757
|
|
Total
Investments |
|
|
$2,594,757 |
|
|
$
111,299,789 |
|
|
$— |
|
|
$
113,894,546 |
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Written
Options |
|
|
$— |
|
|
$(9,573,962) |
|
|
$— |
|
|
$(9,573,962) |
|
Total
Investments |
|
|
$— |
|
|
$(9,573,962) |
|
|
$— |
|
|
$(9,573,962) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Refer
to the Schedule of Investments for further desegregation of investment
categories.
There
were no transfers into or out of Level 3 fair value measurements during the
reporting period.
TABLE OF CONTENTS
KURV
ETF TRUST
NOTES
TO THE FINANCIAL STATEMENTS
May 31, 2026 (Continued)
KQQQ
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
Stocks |
|
|
$
90,787,205 |
|
|
$— |
|
|
$— |
|
|
$90,787,205 |
|
Purchased
Options |
|
|
— |
|
|
5,706,640 |
|
|
— |
|
|
5,706,640 |
|
Exchange
Traded Funds |
|
|
1,629,625 |
|
|
— |
|
|
— |
|
|
1,629,625 |
|
U.S.
Treasury Bills |
|
|
— |
|
|
17,894,307 |
|
|
— |
|
|
17,894,307 |
|
Money
Market Funds |
|
|
6,654,025 |
|
|
— |
|
|
— |
|
|
6,654,025 |
|
Investments
Purchased with Proceeds from Securities Lending(a) |
|
|
— |
|
|
— |
|
|
— |
|
|
69,750
|
|
Total
Investments |
|
|
$
99,070,855 |
|
|
$23,600,947 |
|
|
$— |
|
|
$
122,741,552 |
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Written
Options |
|
|
$— |
|
|
$(1,943,054) |
|
|
$— |
|
|
$(1,943,054) |
|
Total
Investments |
|
|
$— |
|
|
$(1,943,054) |
|
|
$— |
|
|
$(1,943,054) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Refer
to the Schedule of Investments for further desegregation of investment
categories.
|
(a)
|
Certain
investments that are measured at fair value using the net asset value per
share (or its equivalent) practical expedient have not been categorized in
the fair value hierarchy. The fair value amount presented in the table is
intended to permit reconciliation of the fair value hierarchy to the
amounts listed in the Schedule of Investments. |
AMZP
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchased
Options |
|
|
$— |
|
|
$3,926,507 |
|
|
$— |
|
|
$3,926,507 |
|
U.S.
Treasury Bills |
|
|
— |
|
|
15,376,367 |
|
|
— |
|
|
15,376,367 |
|
Money
Market Funds |
|
|
5,670,844 |
|
|
— |
|
|
— |
|
|
5,670,844
|
|
Total
Investments |
|
|
$5,670,844 |
|
|
$19,302,874 |
|
|
$— |
|
|
$24,973,718
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Written
Options |
|
|
$— |
|
|
$(1,585,378) |
|
|
$— |
|
|
$(1,585,378) |
|
Total
Investments |
|
|
$— |
|
|
$(1,585,378) |
|
|
$— |
|
|
$(1,585,378) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Refer
to the Schedule of Investments for further desegregation of investment
categories.
There
were no transfers into or out of Level 3 fair value measurements during the
reporting period.
TABLE OF CONTENTS
KURV
ETF TRUST
NOTES
TO THE FINANCIAL STATEMENTS
May 31, 2026 (Continued)
AAPY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchased
Options |
|
|
$— |
|
|
$858,609 |
|
|
$— |
|
|
$858,609 |
|
U.S.
Treasury Bills |
|
|
— |
|
|
5,297,677 |
|
|
— |
|
|
5,297,677 |
|
Money
Market Funds |
|
|
262,789 |
|
|
— |
|
|
— |
|
|
262,789
|
|
Total
Investments |
|
|
$262,789 |
|
|
$6,156,286 |
|
|
$— |
|
|
$
6,419,075 |
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Written
Options |
|
|
$— |
|
|
$(279,072) |
|
|
$— |
|
|
$(279,072) |
|
Total
Investments |
|
|
$— |
|
|
$(279,072) |
|
|
$— |
|
|
$(279,072) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Refer
to the Schedule of Investments for further desegregation of investment
categories.
There
were no transfers into or out of Level 3 fair value measurements during the
reporting period.
GOOP
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchased
Options |
|
|
$— |
|
|
$4,606,081 |
|
|
$— |
|
|
$4,606,081 |
|
U.S.
Treasury Bills |
|
|
— |
|
|
18,897,492 |
|
|
— |
|
|
18,897,492 |
|
Money
Market Funds |
|
|
5,515,866 |
|
|
— |
|
|
— |
|
|
5,515,866
|
|
Total
Investments |
|
|
$5,515,866 |
|
|
$23,503,573 |
|
|
$— |
|
|
$
29,019,439 |
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Written
Options |
|
|
$— |
|
|
$(1,974,856) |
|
|
$— |
|
|
$(1,974,856) |
|
Total
Investments |
|
|
$— |
|
|
$(1,974,856) |
|
|
$— |
|
|
$(1,974,856) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Refer
to the Schedule of Investments for further desegregation of investment
categories.
There
were no transfers into or out of Level 3 fair value measurements during the
reporting period.
MSFY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchased
Options |
|
|
$— |
|
|
$2,430,598 |
|
|
$— |
|
|
$2,430,598 |
|
U.S.
Treasury Bills |
|
|
— |
|
|
9,905,824 |
|
|
— |
|
|
9,905,824 |
|
Money
Market Funds |
|
|
118,194 |
|
|
— |
|
|
— |
|
|
118,194
|
|
Total
Investments |
|
|
$118,194 |
|
|
$12,336,422 |
|
|
$— |
|
|
$
12,454,616 |
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Written
Options |
|
|
$— |
|
|
$(108,943) |
|
|
$— |
|
|
$(108,943) |
|
Total
Investments |
|
|
$— |
|
|
$(108,943) |
|
|
$— |
|
|
$(108,943) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Refer
to the Schedule of Investments for further desegregation of investment
categories.
There
were no transfers into or out of Level 3 fair value measurements during the
reporting period.
TABLE OF CONTENTS
KURV
ETF TRUST
NOTES
TO THE FINANCIAL STATEMENTS
May 31, 2026 (Continued)
NFLP
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchased
Options |
|
|
$— |
|
|
$377,229 |
|
|
$— |
|
|
$377,229 |
|
U.S.
Treasury Bills |
|
|
— |
|
|
6,282,742 |
|
|
— |
|
|
6,282,742 |
|
Money
Market Funds |
|
|
114,158 |
|
|
— |
|
|
— |
|
|
114,158
|
|
Total
Investments |
|
|
$114,158 |
|
|
$6,659,971 |
|
|
$— |
|
|
$
6,774,129 |
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Written
Options |
|
|
$— |
|
|
$(778,593) |
|
|
$— |
|
|
$(778,593) |
|
Total
Investments |
|
|
$— |
|
|
$(778,593) |
|
|
$— |
|
|
$(778,593) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Refer
to the Schedule of Investments for further desegregation of investment
categories.
There
were no transfers into or out of Level 3 fair value measurements during the
reporting period.
TSLP
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchased
Options |
|
|
$— |
|
|
$5,280,289 |
|
|
$— |
|
|
$5,280,289 |
|
U.S.
Treasury Bills |
|
|
— |
|
|
17,846,798 |
|
|
— |
|
|
17,846,798 |
|
Money
Market Funds |
|
|
304,703 |
|
|
— |
|
|
— |
|
|
304,703
|
|
Total
Investments |
|
|
$304,703 |
|
|
$23,127,087 |
|
|
$— |
|
|
$23,431,790
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Written
Options |
|
|
$— |
|
|
$(253,354) |
|
|
$— |
|
|
$(253,354) |
|
Total
Investments |
|
|
$— |
|
|
$(253,354) |
|
|
$— |
|
|
$(253,354) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Refer
to the Schedule of Investments for further desegregation of investment
categories.
There
were no transfers into or out of Level 3 fair value measurements during the
reporting period.
|
B.
|
Written Option Contracts. The Funds are
subject to equity price risk in the normal course of pursuing their
investment objectives. The Funds write (sell) put or call options for
hedging purposes, volatility management purposes, or otherwise to gain, or
reduce, long or short exposure to one or more asset classes or issuers.
When the Funds write (sell) an option, an amount equal to the premium
received by the Fund is included in the Statement of Assets and
Liabilities as an asset and an equivalent liability. The amount of the
liability is subsequently priced daily to reflect the current value of the
option written. Refer to Note 2 (A) for a pricing description. By writing
an option, the Funds may become obligated during the term of the option to
deliver or purchase the securities underlying the option at the exercise
price if the option is exercised. These contracts may involve market risk
in excess of the amounts receivable or payable reflected on the Statement
of Assets and Liabilities. Refer to Note 2 (H) for further derivative
disclosures and Note 2 (D) for further counterparty risk disclosure.
|
When
an option expires on its stipulated expiration date or the Funds enter into a
closing purchase transaction, the Funds realize gains or losses if the cost of
the closing purchase transaction differs from the premium received when the
option was sold without regard to any unrealized appreciation or depreciation on
the underlying security, and the liability related to such option is eliminated.
When a written call option is
TABLE OF CONTENTS
KURV
ETF TRUST
NOTES
TO THE FINANCIAL STATEMENTS
May 31, 2026 (Continued)
exercised,
the premium originally received decreases the cost basis of the security and the
Funds realize gains or losses from the sale of the underlying security. When a
written put option is exercised, the cost of the security acquired is decreased
by the premium received for the put.
|
C.
|
Purchased Option Contracts. The Funds
are subject to equity price risk in the normal course of pursuing their
investment objectives. The Funds will purchase call or put options. When
the Funds purchase an option contract, an amount equal to the premiums
paid is included in the value of investments on the Statement of Assets
and Liabilities, and is subsequently priced daily to reflect the value of
the purchased option contract.
|
Refer
to Note 2 (A) for a pricing description. Refer to Note 2 (H) for
further derivative disclosures and Note 2 (D) for further counterparty risk
disclosure. When option contracts expire or are closed, realized gains or losses
are recognized without regard to any unrealized appreciation or depreciation on
the underlying securities that may be held by the Funds. If the Funds exercise a
call option, the cost of the security acquired is increased by the premium paid
for the call. If the Funds exercise a put option, the premium paid for the put
option increases the cost of the underlying security and a gain or loss is
realized from the sale of the underlying security.
|
D.
|
Counterparty Risk. The Funds help manage
counterparty credit risk by entering into agreements only with
counterparties the Adviser believes have the financial resources to honor
its obligations. The Adviser considers the credit worthiness of each
counterparty to a contract in evaluating potential credit risk. Written
options contracts sold on an exchange do not expose the Funds to
counterparty risk; the exchange’s clearinghouse guarantees the options
against counterparty non-performance. Over-the-counter options
counterparty risk includes the risk of loss of the full amount of any net
unrealized appreciation. |
|
E.
|
Use of Estimates. The preparation of the
financial statements in conformity with U.S. GAAP requires management to
make estimates and assumptions that affect the reported amounts of assets
and liabilities and disclosure of contingent assets and liabilities at the
date of the financial statement. Actual results could differ from those
estimates. |
|
F.
|
Federal Income Taxes. Each Fund intends
to qualify as a regulated investment company (“RIC”) under Subchapter M of
the Internal Revenue Code of 1986, as amended. If so qualified, the Funds
will not be subject to federal income tax to the extent each Fund
distributes substantially all its taxable net investment income and net
capital gains to its shareholders. Therefore, no provision for federal
income tax should be required. However, the previous three year’s tax
returns remain open for examination. Management of the Funds is required
to determine whether a tax position taken by the Funds is more likely than
not to be sustained upon examination by the applicable taxing authority.
Based on its analysis, Management has concluded that there are no
significant uncertain tax positions that would require recognition in the
financial statements as of May 31, 2026. The Funds recognize interest
and penalties, if any, related to unrecognized tax benefits as income tax
expense on the Statements of Operations. Management of the Funds is
required to determine whether a tax position taken by the Funds is more
likely than not to be sustained upon examination by the applicable taxing
authority. Based on its analysis, Management has concluded that the Funds
do not have any unrecognized tax benefits or uncertain tax positions that
would require a provision for income tax. Accordingly, the Funds did not
incur any interest or penalties for the period or year ended May 31,
2026. |
|
G.
|
Distributions to Shareholders. Each Fund
expects to declare and distribute all of its net investment income, if
any, to shareholders as dividends monthly. The Funds will distribute net
realized capital gains, if any, at least annually. The Funds may
distribute such income dividends and capital gains more frequently, if
necessary, to reduce or eliminate federal excise or income taxes on the
Funds. The amount of any distribution will vary, and there is no guarantee
the Funds will pay either an income dividend or a capital gains
distribution. |
TABLE OF CONTENTS
KURV
ETF TRUST
NOTES
TO THE FINANCIAL STATEMENTS
May 31, 2026 (Continued)
|
H.
|
Derivatives. The Funds may utilize
derivative instruments such as options and other instruments with similar
characteristics to the extent that they are consistent with the Funds’
respective investment objectives and limitations. The use of these
instruments may involve additional investment risks, including the
possibility of illiquid markets or imperfect correlation between the value
of the instruments and the underlying securities. Derivatives also may
create leverage which will amplify the effect of their performance on the
Funds and may produce significant losses. |
For
the period or year ended May 31, 2026, the market value of the Funds’
average derivative volume is described below:
|
|
|
|
|
|
KCOP |
|
|
$2,754,570 |
|
|
$(1,411,326) |
|
KGLD |
|
|
9,718,829 |
|
|
(2,147,926) |
|
KYLD |
|
|
534,579 |
|
|
(583,367) |
|
KSLV |
|
|
16,582,380 |
|
|
(6,576,132) |
|
KQQQ |
|
|
1,994,144 |
|
|
(1,238,578) |
|
AMZP |
|
|
2,313,222 |
|
|
(777,252) |
|
AAPY |
|
|
545,113 |
|
|
(194,542) |
|
GOOP |
|
|
2,684,048 |
|
|
(690,169) |
|
MSFY |
|
|
648,539 |
|
|
(463,074) |
|
NFLP |
|
|
867,424 |
|
|
(602,227) |
|
TSLP |
|
|
3,044,306 |
|
|
(1,512,608) |
|
|
|
|
|
|
|
|
The
fair value of derivative instruments not accounted for as hedging instruments on
the Statements of Assets and Liabilities for the Funds as of May 31, 2026:
|
|
|
|
|
|
KCOP |
|
|
$5,822,479 |
|
|
$
1,331,601 |
|
KGLD |
|
|
12,500,282 |
|
|
3,690,034 |
|
KYLD |
|
|
1,162,268 |
|
|
1,040,311 |
|
KSLV |
|
|
23,185,093 |
|
|
9,573,962 |
|
KQQQ |
|
|
5,706,640 |
|
|
1,943,054 |
|
AMZP |
|
|
3,926,507 |
|
|
1,585,378 |
|
AAPY |
|
|
858,609 |
|
|
279,072 |
|
GOOP |
|
|
4,606,081 |
|
|
1,974,856 |
|
MSFY |
|
|
2,430,598 |
|
|
108,943 |
|
NFLP |
|
|
377,229 |
|
|
778,593 |
|
TSLP |
|
|
5,280,289 |
|
|
253,354 |
|
|
|
|
|
|
|
|
TABLE OF CONTENTS
KURV
ETF TRUST
NOTES
TO THE FINANCIAL STATEMENTS
May 31, 2026 (Continued)
The
effect of derivative instruments not accounted for as hedging instruments on the
Statements of Operations for the year or period ended May 31, 2026 is as
follows:
|
|
|
|
|
|
KCOP |
|
|
$(1,232,668) |
|
|
$1,051,158 |
|
|
$1,215,614 |
|
|
$917,746 |
|
KGLD |
|
|
8,585,233 |
|
|
(5,813,347) |
|
|
(742,477) |
|
|
861,282 |
|
KYLD |
|
|
928,818 |
|
|
(1,851,680) |
|
|
220,754 |
|
|
220,159 |
|
KSLV |
|
|
6,511,910 |
|
|
(4,770,001) |
|
|
(2,376,861) |
|
|
2,066,521 |
|
KQQQ |
|
|
2,049,683 |
|
|
(2,250,133) |
|
|
1,404,963 |
|
|
1,474,015 |
|
AMZP |
|
|
2,948,157 |
|
|
2,033,464 |
|
|
310,301 |
|
|
103,757 |
|
AAPY |
|
|
1,327,585 |
|
|
180,057 |
|
|
233,609 |
|
|
56,334 |
|
GOOP |
|
|
8,515,720 |
|
|
1,262,967 |
|
|
(354,964) |
|
|
(465,731) |
|
MSFY |
|
|
(702,013) |
|
|
(304,104) |
|
|
477,257 |
|
|
512,128 |
|
NFLP |
|
|
(1,000,645) |
|
|
1,205,778 |
|
|
(1,970,276) |
|
|
(948,279) |
|
TSLP |
|
|
(1,202,171) |
|
|
4,199,094 |
|
|
(117,150) |
|
|
894,130 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
The
amounts disclosed are included in the realized gain (loss) on investments
in securities. |
|
**
|
The
amounts disclosed are included in the change in unrealized appreciation
(depreciation) on investments in securities. |
|
I.
|
Reclassification of Capital Accounts.
U.S. GAAP requires that certain components of net assets relating to
permanent differences be reclassified between financial and tax reporting.
These reclassifications have no effect on net assets or NAV per share and
are primarily due to differing book and tax treatments for in-kind
redemptions. |
For
the period or year ended May 31, 2026, the following adjustments were made:
|
|
|
|
|
|
|
|
|
KCOP |
|
|
$— |
|
|
$— |
|
KGLD |
|
|
29,748 |
|
|
(29,748) |
|
KYLD |
|
|
(2,230,664) |
|
|
2,230,664 |
|
KSLV |
|
|
2,155 |
|
|
(2,155) |
|
KQQQ |
|
|
(527,550) |
|
|
527,550 |
|
AMZP |
|
|
(5,465,731) |
|
|
5,465,731 |
|
AAPY |
|
|
(2,261,733) |
|
|
2,261,733 |
|
GOOP |
|
|
(11,609,615) |
|
|
11,609,615 |
|
MSFY |
|
|
(189,196) |
|
|
189,196 |
|
NFLP |
|
|
(932,689) |
|
|
932,689 |
|
TSLP |
|
|
(6,423,006) |
|
|
6,423,006 |
|
|
|
|
|
|
|
|
|
J.
|
Segment Reporting. Each Fund operates as
a single segment entity. Each Fund’s income, expenses, assets, and
performance are regularly monitored and assessed by the Trust’s President,
who serves as the chief operating decision maker, using the information
presented in the financial statements and financial highlights.
|
|
K.
|
Security Transactions and Investment Income.
Security transactions are accounted for on the trade date. Dividend
income received from the underlying funds is recognized on the ex-dividend
date and is recorded as dividend income in the Statements of Operations.
Capital gain distributions received from the underlying funds are
recognized on the ex-dividend date and are recorded on the Statements of
Operations as such. Costs |
TABLE OF CONTENTS
KURV
ETF TRUST
NOTES
TO THE FINANCIAL STATEMENTS
May 31, 2026 (Continued)
used
in determining realized gains and losses on the sales of investment securities
are on the basis of specific identification. Dividend income is recorded on the
ex-dividend date. Dividend income is recorded net of unrecoverable withholding
tax. Interest income is recognized on an accrual basis.
NOTE
3 – INVESTMENT ADVISORY AND OTHER AGREEMENTS
Management. The Adviser acts as each Fund’s investment adviser
pursuant to investment advisory agreements with the Trust (the “Investment
Advisory Agreements”).
Under
the terms of each Investment Advisory Agreement, the Adviser provides investment
management services to the Funds and is responsible for the day-to-day
operations of the Funds, subject to the oversight of the Board of Trustees (the
“Board”). The Adviser administers the Funds’ business affairs, provides office
facilities and equipment and certain clerical, bookkeeping and administrative
services.
Pursuant
to the Investment Advisory Agreement, each Fund pays the Adviser a monthly
unitary advisory fee at an annual rate of:
|
|
|
|
|
|
KCOP |
|
|
0.99%
|
|
KGLD |
|
|
0.99%
|
|
KYLD |
|
|
1.15%
|
|
KSLV |
|
|
0.99%
|
|
KQQQ |
|
|
0.99%
|
|
AMZP |
|
|
1.15%
|
|
AAPY |
|
|
1.15%
|
|
GOOP |
|
|
1.15%
|
|
MSFY |
|
|
1.15%
|
|
NFLP |
|
|
1.15%
|
|
TSLP |
|
|
1.15% |
|
|
|
|
|
For
the year or period ended May 31, 2026, the table below represents the
amount each Fund incurred in advisory fees:
|
|
|
|
|
|
KCOP |
|
|
$48,160 |
|
KGLD |
|
|
439,271 |
|
KYLD |
|
|
191,554 |
|
KSLV |
|
|
423,173 |
|
KQQQ |
|
|
631,797 |
|
AMZP |
|
|
182,557 |
|
AAPY |
|
|
56,627 |
|
GOOP |
|
|
177,585 |
|
MSFY |
|
|
83,560 |
|
NFLP |
|
|
110,038 |
|
TSLP |
|
|
252,713 |
|
|
|
|
|
Under
each Investment Advisory Agreement, the Adviser has agreed to pay all expenses
incurred by the Funds except for the advisory fee, interest, taxes, brokerage
commissions and other expenses incurred in placing orders for the purchase and
sale of securities and other investment instruments, acquired fund fees and
expenses (“AFFE”), extraordinary expenses, and distribution fees and expenses
paid by the Funds under any distribution plan adopted pursuant to
Rule 12b-1 under the 1940 Act.
For
each of the Funds listed below, the Adviser has contractually agreed to limit
current Operating Expenses 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
TABLE OF CONTENTS
KURV
ETF TRUST
NOTES
TO THE FINANCIAL STATEMENTS
May 31, 2026 (Continued)
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, and contractual indemnification
of Fund service providers (other than the adviser)) will not exceed the
percentage of average daily net assets as detailed below (“Operating Expenses
Limitation Agreement”):
|
|
|
|
|
|
|
|
|
KYLD |
|
|
0.99% |
|
|
October 31,
2026 |
|
KQQQ |
|
|
0.92%* |
|
|
September 30,
2026 |
|
AMZP |
|
|
0.99% |
|
|
September 30,
2026 |
|
AAPY |
|
|
0.99% |
|
|
September 30,
2026 |
|
GOOP |
|
|
0.99% |
|
|
September 30,
2026 |
|
MSFY |
|
|
0.99% |
|
|
September 30,
2026 |
|
NFLP |
|
|
0.99% |
|
|
September 30,
2026 |
|
TSLP |
|
|
0.99% |
|
|
September 30,
2026 |
|
|
|
|
|
|
|
|
|
*
|
The
Expense Limitation of 0.92% became effective September 29, 2025. The
previous Expense Limitation of 0.79% expired on July 31, 2025.
|
These
fee waivers and expense reimbursements are subject to possible recoupment from
each listed Fund within three years after the fees have been waived or
reimbursed, if such recoupment can be achieved within the lesser of the expense
limit in effect at the time of the waiver or the expense limits in place at the
time of recoupment. This Operating Expenses Limitation Agreement may be
terminated only by the Board of Trustees on 60 days’ written notice to the
Fund’s Adviser.
Each
Fund has agreed that it will repay the Adviser for fees and expenses waived or
reimbursed for each listed Fund pursuant to the terms of the Operating Expenses
Limitation Agreement. Such repayment would increase each listed Fund’s expenses
and would appear on the Statements of Operations as “Repayment of prior expenses
waived and/or reimbursed by the Adviser.” However, repayment would only occur up
to the point of each listed Fund’s expense cap.
Any
such repayment must be made within three years from the date the expense was
borne by the Adviser. The repayment cannot cause the listed Funds’ expense
ratios to exceed the lesser of the expense limits in place at the time of the
waiver or the expense limits in place at the time of recoupment. For the year or
period ended May 31, 2026, the Funds did not repay any expenses to the
Adviser.
As
of May 31, 2026, the amounts eligible for repayment and the associated
period of expiration are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
KYLD |
|
|
$— |
|
|
$— |
|
|
$26,651
|
|
KQQQ |
|
|
— |
|
|
6,281 |
|
|
46,571 |
|
AMZP |
|
|
714 |
|
|
9,267 |
|
|
25,399 |
|
AAPY |
|
|
524 |
|
|
3,811 |
|
|
7,879 |
|
GOOP |
|
|
600 |
|
|
7,045 |
|
|
24,708 |
|
MSFY |
|
|
639 |
|
|
4,612 |
|
|
11,626 |
|
NFLP |
|
|
589 |
|
|
8,200 |
|
|
15,310 |
|
TSLP |
|
|
1,238 |
|
|
16,767 |
|
|
35,160 |
|
|
|
|
|
|
|
|
|
|
|
|
*
|
Represents
total eligible recoupment available. |
As
of May 31, 2026, the amounts eligible for repayment and the associated
period of expiration for KQQQ prior to conversion to a unitary fee structure are
as follows:
|
*
|
Represents
total eligible recoupment available.
|
TABLE OF CONTENTS
KURV
ETF TRUST
NOTES
TO THE FINANCIAL STATEMENTS
May 31, 2026 (Continued)
Administrator,
Custodian, Transfer Agent and Accounting Agent. U.S. Bancorp Fund Services, LLC dba U.S. Bank
Global Fund Services (“Fund Services”), an indirect wholly-owned subsidiary of
U.S. Bancorp, serves as the Funds’ administrator and, in that capacity performs
various administrative and accounting services for the Funds. Fund Services also
serves as the Funds’ fund accountant, transfer agent, dividend disbursing agent
and registrar. Fund Services prepares various federal and state regulatory
filings, reports and returns for the Funds, including regulatory compliance
monitoring and financial reporting; prepares reports and materials to be
supplied to the trustees; monitors the activities of the Funds’ custodian,
transfer agent and accountants; reviews the Funds’ advisory fee expense accrual
and coordinates the preparation and payment of the advisory fees. U.S. Bank,
N.A., an affiliate of Fund Services, serves as the Funds’ custodian.
Distribution. Foreside Fund Services, LLC (the “Distributor”)
serves as the principal underwriter for shares of the Funds and acts as each
Fund’s distributor in a continuous public offering of the Funds’ shares and
serves as the distributor of Creation Units for the Funds. Shares are
continuously offered for sale by the Trust through the Distributor only in
Creation Units, as described further in Note 8. Shares in less than
Creation Units are not distributed by the Distributor. The Distributor is a
broker-dealer registered under the Securities Exchange Act of 1934, as amended,
and a member of the Financial Industry Regulatory Authority, Inc. (“FINRA”).
PINE
Advisors LLC (“PINE”) provides treasury and compliance services to the Funds
pursuant to a service agreement.
For
the year or period ended May 31, 2026, the Funds did not incur fees from
the service providers described above as the Adviser bore all such costs.
NOTE
4 – PURCHASES AND SALES OF SECURITIES
The
costs of purchases and sales of securities, excluding short-term securities,
options contracts and in-kind transactions, during the period or year ended
May 31, 2026, were as follows:
|
|
|
|
|
|
|
|
|
KCOP |
|
|
$— |
|
|
$— |
|
KGLD |
|
|
— |
|
|
— |
|
KYLD |
|
|
2,803,347 |
|
|
9,875,172 |
|
KSLV |
|
|
— |
|
|
— |
|
KQQQ |
|
|
17,264,011 |
|
|
27,497,217 |
|
AMZP |
|
|
— |
|
|
— |
|
AAPY |
|
|
— |
|
|
— |
|
GOOP |
|
|
— |
|
|
— |
|
MSFY |
|
|
— |
|
|
— |
|
NFLP |
|
|
7,881,000 |
|
|
6,194,750 |
|
TSLP |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
The
costs of purchases and sales of in-kind transactions, excluding short-term
securities and options contracts, during the period or year ended May 31,
2026, were as follows:
|
|
|
|
|
|
|
|
|
KCOP |
|
|
$— |
|
|
$— |
|
KGLD |
|
|
— |
|
|
— |
|
KYLD |
|
|
38,703,194 |
|
|
8,723,817 |
|
KSLV |
|
|
— |
|
|
— |
|
KQQQ |
|
|
67,336,220 |
|
|
582,129 |
|
AMZP |
|
|
— |
|
|
— |
|
AAPY |
|
|
— |
|
|
— |
|
GOOP |
|
|
— |
|
|
— |
|
MSFY |
|
|
— |
|
|
— |
|
NFLP |
|
|
— |
|
|
— |
|
TSLP |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
TABLE OF CONTENTS
KURV
ETF TRUST
NOTES
TO THE FINANCIAL STATEMENTS
May 31, 2026 (Continued)
NOTE
5 – TRANSACTIONS WITH AFFILIATES
KQQQ
transactions with affiliates represent holdings for which the Fund and the
underlying Kurv ETFs have the same investment adviser.
The
Fund had the following transactions with such affiliated Kurv ETFs during the
year ended May 31, 2026:
|
|
|
|
|
|
|
|
|
|
|
|
Value,
Beginning of Year |
|
|
$339,291 |
|
|
$388,858 |
|
|
$728,149 |
|
Purchases |
|
|
534,296 |
|
|
999,037 |
|
|
1,533,333 |
|
Proceeds
from Sales |
|
|
(354,477) |
|
|
(338,035) |
|
|
(692,512) |
|
Return
of Capital |
|
|
(71,137) |
|
|
(207,604) |
|
|
(278,741) |
|
Net
Realized Gains (Losses) |
|
|
9,026 |
|
|
19,741 |
|
|
28,767 |
|
Net
change in unrealized appreciation (depreciation) |
|
|
238,855 |
|
|
71,774 |
|
|
310,629
|
|
Value,
End of Year |
|
|
$695,854 |
|
|
$933,771 |
|
|
$1,629,625
|
|
Shares,
Beginning of Year |
|
|
13,446 |
|
|
17,596 |
|
|
31,042 |
|
Number
of Shares Purchased |
|
|
14,433 |
|
|
42,702 |
|
|
57,135 |
|
Number
of Shares Sold |
|
|
(12,100) |
|
|
(14,414) |
|
|
(26,514) |
|
Shares,
End of Year |
|
|
15,779 |
|
|
45,884 |
|
|
61,663 |
|
|
|
|
|
|
|
|
|
|
|
NOTE
6 – TAX MATTERS
The
amount and character of income and capital gain distributions to be paid, if
any, are determined in accordance with Federal income tax regulations, which may
differ from U.S. GAAP. These differences are primarily attributable to
redemption in-kind transactions. As a result, net investment income (loss) and
net realized gain (loss) on investment transactions for a reporting period may
differ significantly from distributions during such period.
The
tax character of the distributions paid for each Fund during the year or period
ended May 31, 2026 and 2025 are as follows:
|
|
|
|
|
|
|
|
|
KCOP |
|
|
$120,213 |
|
|
$289,453 |
|
|
$262,334 |
|
|
$— |
|
|
$— |
|
KGLD |
|
|
2,056,639 |
|
|
1,734,428 |
|
|
2,036,433 |
|
|
— |
|
|
— |
|
KYLD |
|
|
1,980,640 |
|
|
— |
|
|
2,981,460 |
|
|
— |
|
|
— |
|
KSLV |
|
|
1,412,764 |
|
|
858,942 |
|
|
8,229,294 |
|
|
— |
|
|
— |
|
KQQQ** |
|
|
6,182,963 |
|
|
— |
|
|
4,588,437 |
|
|
129,954 |
|
|
615,547 |
|
AMZP |
|
|
788,977 |
|
|
— |
|
|
2,261,023 |
|
|
269,432 |
|
|
1,108,958 |
|
AAPY |
|
|
124,568 |
|
|
— |
|
|
521,932 |
|
|
261,979 |
|
|
190,019 |
|
GOOP |
|
|
348,814 |
|
|
— |
|
|
1,918,686 |
|
|
149,798 |
|
|
627,634 |
|
MSFY |
|
|
837,376 |
|
|
— |
|
|
600,124 |
|
|
111,186 |
|
|
301,560 |
|
NFLP |
|
|
388,143 |
|
|
— |
|
|
1,267,857 |
|
|
706,754 |
|
|
574,920 |
|
TSLP |
|
|
520,889 |
|
|
— |
|
|
5,146,611 |
|
|
1,026,404 |
|
|
3,153,283 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
The
tax character is an estimate. The final tax character value to be
determined at the end of the fiscal year. |
|
**
|
The
tax character of distributions paid for KQQQ during the period ended
November 30, 2024 were ordinary income of $69,013.
|
TABLE OF CONTENTS
KURV
ETF TRUST
NOTES
TO THE FINANCIAL STATEMENTS
May 31, 2026 (Continued)
Net
capital losses incurred after October 31 and late year losses incurred
after December 31 and within the taxable year are deemed to arise on the
first business day of each Fund’s next taxable year. At May 31, 2026, the
tax basis late year losses and deferred, post October losses of each Fund are as
follows:
|
|
|
|
|
|
|
|
|
KCOP |
|
|
$— |
|
|
$— |
|
|
$ —
|
|
KGLD |
|
|
— |
|
|
— |
|
|
— |
|
KYLD |
|
|
62,051 |
|
|
— |
|
|
— |
|
KSLV |
|
|
— |
|
|
— |
|
|
— |
|
KQQQ |
|
|
— |
|
|
— |
|
|
— |
|
AMZP |
|
|
— |
|
|
1,928,607 |
|
|
— |
|
AAPY |
|
|
— |
|
|
336,018 |
|
|
— |
|
GOOP |
|
|
— |
|
|
— |
|
|
— |
|
MSFY |
|
|
— |
|
|
1,970,293 |
|
|
— |
|
NFLP |
|
|
— |
|
|
2,078,490 |
|
|
— |
|
TSLP |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
Capital
loss carry forwards will retain their character as either short-term or
long-term capital losses. At May 31, 2026, the following capital loss
carryforwards were available:
|
|
|
|
|
|
|
|
|
|
|
|
KCOP |
|
|
$ — |
|
|
$ — |
|
|
$ —
|
|
KGLD |
|
|
— |
|
|
— |
|
|
— |
|
KYLD |
|
|
— |
|
|
— |
|
|
— |
|
KSLV |
|
|
— |
|
|
— |
|
|
— |
|
KQQQ |
|
|
— |
|
|
— |
|
|
— |
|
AMZP |
|
|
— |
|
|
— |
|
|
— |
|
AAPY |
|
|
773,693 |
|
|
— |
|
|
773,693 |
|
GOOP |
|
|
2,560,809 |
|
|
— |
|
|
2,560,809 |
|
MSFY |
|
|
— |
|
|
— |
|
|
— |
|
NFLP |
|
|
— |
|
|
— |
|
|
— |
|
TSLP |
|
|
5,679,137 |
|
|
— |
|
|
5,679,137 |
|
|
|
|
|
|
|
|
|
|
|
KQQQ
and MSFY utilized the following capital loss carry forwards during the year
ended May 31, 2026:
|
|
|
|
|
|
|
|
|
KQQQ |
|
|
263,435 |
|
|
9,055 |
|
MSFY |
|
|
3,708 |
|
|
— |
|
|
|
|
|
|
|
|
As
of May 31, 2026, the components of accumulated earnings (losses) for income
tax purposes were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal
income tax cost of investments |
|
|
$27,860,127 |
|
|
$100,410,422 |
|
|
$36,094,452 |
|
|
$104,353,800
|
|
Aggregate
gross unrealized appreciation |
|
|
1,663,531 |
|
|
— |
|
|
6,147,781 |
|
|
119 |
|
Aggregate
gross unrealized (depreciation) |
|
|
(9,536) |
|
|
(42,179) |
|
|
(2,321,275) |
|
|
(33,335) |
|
Net
unrealized appreciation (depreciation) |
|
|
1,653,995 |
|
|
(42,179) |
|
|
3,826,506 |
|
|
(33,216) |
|
Undistributed
Ordinary Income |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Undistributed
Long Term Capital Gains |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Distributable
Earnings |
|
|
— |
|
|
— |
|
|
— |
|
|
—
|
|
Accumulated
capital and other gain/(loss) |
|
|
— |
|
|
— |
|
|
(3,469,510) |
|
|
—
|
|
Total
distributable earnings (accumulated loss) |
|
|
$1,653,995 |
|
|
$(42,179) |
|
|
$356,996 |
|
|
$(33,216) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TABLE OF CONTENTS
KURV
ETF TRUST
NOTES
TO THE FINANCIAL STATEMENTS
May 31, 2026 (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal
income tax cost of investments |
|
|
$98,266,347 |
|
|
$22,863,264 |
|
|
$6,079,743 |
|
|
$27,708,335
|
|
Aggregate
gross unrealized appreciation |
|
|
25,685,348 |
|
|
540,821 |
|
|
81,505 |
|
|
49,791 |
|
Aggregate
gross unrealized (depreciation) |
|
|
(3,153,197) |
|
|
(15,745) |
|
|
(21,245) |
|
|
(713,542) |
|
Net
unrealized appreciation (depreciation) |
|
|
22,532,151 |
|
|
525,076 |
|
|
60,260 |
|
|
(663,751) |
|
Undistributed
Ordinary Income |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Undistributed
Long Term Capital Gains |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Distributable
Earnings |
|
|
— |
|
|
— |
|
|
— |
|
|
—
|
|
Accumulated
capital and other gain/(loss) |
|
|
(5,239,665) |
|
|
(1,928,607) |
|
|
(1,109,711) |
|
|
(2,560,809) |
|
Total
distributable earnings (accumulated loss) |
|
|
$17,292,486 |
|
|
$(1,403,531) |
|
|
$(1,049,451) |
|
|
$(3,224,560) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal
income tax cost of investments |
|
|
$11,043,641 |
|
|
$6,673,857 |
|
|
$21,089,154
|
|
Aggregate
gross unrealized appreciation |
|
|
1,339,294 |
|
|
73,194 |
|
|
2,095,799 |
|
Aggregate
gross unrealized (depreciation) |
|
|
(37,262) |
|
|
(751,515) |
|
|
(6,517) |
|
Net
unrealized appreciation (depreciation) |
|
|
1,302,032 |
|
|
(678,321) |
|
|
2,089,282
|
|
Undistributed
Ordinary Income |
|
|
— |
|
|
— |
|
|
— |
|
Undistributed
Long Term Capital Gains |
|
|
— |
|
|
— |
|
|
— |
|
Distributable
Earnings |
|
|
— |
|
|
— |
|
|
—
|
|
Accumulated
capital and other gain/(loss) |
|
|
(1,970,293) |
|
|
(2,078,489) |
|
|
(5,679,137) |
|
Total
distributable earnings (accumulated loss) |
|
|
$(668,261) |
|
|
$(2,756,810) |
|
|
$(3,589,855) |
|
|
|
|
|
|
|
|
|
|
|
NOTE
7 – SHARE TRANSACTIONS
Each
Fund currently offers one class of shares, which has no front-end sales loads,
no deferred sales charges, and no redemption fees. The standard fixed
transaction fees for the Funds are $300, payable to the Custodian. Additionally,
a variable transaction fee may be charged by the Funds of up to a maximum of 2%
of the value of the Creation Units (inclusive of any transaction fees charged),
for each creation or redemption. Variable transaction fees are imposed to
compensate the Funds for the transaction costs associated with creation and
redemption transactions. The Adviser may adjust or waive the transaction fees
from time to time. The Funds may each issue an unlimited number of shares of
beneficial interest, with no par value. All shares of the Funds have equal
rights and privileges.
Shares
of the KQQQ are listed and traded on the Nasdaq Exchange (“NASDAQ”). Shares of
KCOP, KGLD, KYLD, KSLV, AMZP, AAPY, GOOP, MSFY, NFLP and TSLP are listed and
traded on the CBOE BZX Exchange, Inc. (“CBOE”). Market prices for the Shares may
be different from their NAV. The Funds will issue and redeem Shares on a
continuous basis at NAV only in large blocks of Shares, typically 10,000 Shares,
called “Creation Units.” Creation Unit transactions are conducted in exchange
for the deposit or delivery of a designated basket of in-kind securities and/or
cash. Once created, Shares generally will trade in the secondary market in
amounts less than a Creation Unit and at market prices that change throughout
the day. Except when aggregated in Creation Units, shares are not redeemable
securities of the Funds. Shares of the Funds may only be purchased or redeemed
by certain financial institutions (“Authorized Participants”). An Authorized
Participant is either (i) a broker-dealer or other participant in the clearing
process through the Continuous Net Settlement System of the National Securities
Clearing Corporation (“NSCC”) or (ii) a participant in the Depository Trust
Company (“DTC”) and, in each case, must have executed a Participant Agreement
with the Funds’ Distributor. Most retail investors will not qualify as
Authorized Participants or have the resources to buy and sell whole Creation
Units. Therefore, they will be unable to purchase or redeem shares directly from
the Funds. Rather, most retail investors will purchase shares in the secondary
market with the assistance of a broker and will be subject to customary
brokerage commissions or fees.
TABLE OF CONTENTS
KURV
ETF TRUST
NOTES
TO THE FINANCIAL STATEMENTS
May 31, 2026 (Continued)
NOTE
8 – BENEFICIAL OWNERSHIP
The
beneficial ownership, either directly or indirectly, of more than 25% of the
voting securities of a fund creates a presumption of control of the fund, under
Section 2(a)(9) of the 1940 Act. As of the date of these financial
statements, Kurv Investment Management LLC, advisor to the Funds, does not have
voting power with respect to 25% or more of the outstanding voting securites of
any of the Funds.
NOTE
9 – SECURITIES LENDING
Certain
Funds may lend up to 331/3% of the value of the securities in their portfolios
to brokers, dealers and financial institutions (but not individuals) under terms
of participation in a securities lending program administered by the Securities
Lending Agent. The securities lending agreement requires that loans are
collateralized at all times in an amount equal to at least 102% of the value of
any domestic loaned securities at the time of the loan, plus accrued interest.
The use of loans of foreign securities, which are denominated and payable in
U.S. dollars, shall be collateralized in an amount equal to 105% of the value of
any loaned securities at the time of the loan plus accrued interest. The Funds
receive compensation in the form of fees and earn interest on the cash
collateral. The amount of fees depends on a number of factors including the type
of security and length of the loan. The Funds continue to receive interest
payments or dividends on the securities loaned during the borrowing period. Gain
or loss on the value of securities loaned that may occur during the term of the
loan will be for the account of the Funds. The Funds have the right under the
terms of the securities lending agreement to recall the securities from the
borrower on demand.
The
securities lending agreement provides that, in the event of a borrower’s
material default, the Securities Lending Agent shall take all actions the
Securities Lending Agent deems appropriate to liquidate the collateral, purchase
replacement securities at the Securities Lending Agent’s expense, or pay the
Fund an amount equal to the market value of the loaned securities, subject to
certain limitations which are set forth in detail in the securities lending
agreement between the Fund and the Securities Lending Agent.
During
the current fiscal period, certain Funds had loaned securities and received cash
collateral for the loans. The cash collateral was invested by the Securities
Lending Agent in accordance with the Trust-approved investment guidelines. Those
guidelines require the cash collateral to be invested in readily marketable,
high quality, short-term obligations; however, such investments are subject to
risk of payment delays or default on the part of the issuer or counterparty or
otherwise may not generate sufficient interest to support the costs associated
with securities lending. The Funds could also experience delays in recovering
their securities and possible loss of income or value if the borrower fails to
return the borrowed securities, although the Funds are indemnified from this
risk by contract with the Securities Lending Agent.
As
of the end of the current fiscal period, the values of the securities on loan
and payable for collateral due to broker for the applicable funds were as
follows:
Value
of Securities on Loan Payable for Collateral Received*
|
|
|
|
|
|
|
|
|
KCOP
|
|
|
$— |
|
|
$— |
|
KGLD
|
|
|
— |
|
|
— |
|
KYLD
|
|
|
372,560 |
|
|
370,520 |
|
KSLV
|
|
|
— |
|
|
— |
|
KQQQ
|
|
|
66,150 |
|
|
69,750 |
|
AMZP
|
|
|
— |
|
|
— |
|
AAPY
|
|
|
— |
|
|
— |
|
GOOP
|
|
|
— |
|
|
— |
|
MSFY
|
|
|
— |
|
|
— |
|
NFLP
|
|
|
— |
|
|
— |
|
TSLP
|
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
*
|
The
cash collateral received was invested in the Mount Vernon Liquid Assets
Portfolio, LLC as shown on the Schedule of Investments. The investment
objective is to seek maximum current income to the extent consistent with
the preservation of capital and maintenance of liquidity.
|
TABLE OF CONTENTS
KURV
ETF TRUST
NOTES
TO THE FINANCIAL STATEMENTS
May 31, 2026 (Continued)
The
interest income earned by the Funds on the investment of cash collateral
received from borrowers for the securities loaned to them (“Securities Lending
Income”) is reflected in the Funds’ Statements of Operations. Net securities
lending income earned on collateral investments and recognized by the applicable
funds during the current fiscal period was as follows:
|
|
|
|
|
|
KCOP
|
|
|
$— |
|
KGLD
|
|
|
— |
|
KYLD
|
|
|
198 |
|
KSLV
|
|
|
— |
|
KQQQ
|
|
|
337 |
|
AMZP
|
|
|
— |
|
AAPY
|
|
|
— |
|
GOOP
|
|
|
— |
|
MSFY
|
|
|
— |
|
NFLP
|
|
|
— |
|
TSLP
|
|
|
— |
|
|
|
|
|
Due
to the absence of a master netting agreement related to the Funds’ participation
in securities lending, no additional offsetting disclosures have been made on
behalf of the Funds for the total borrowings listed above.
NOTE
10 – PRINCIPAL RISKS
As
with all ETFs, shareholders of the Funds are subject to the risk that their
investment could lose money. The Funds are subject to the principal risks, any
of which may adversely affect each Fund’s NAV, trading price, yield, total
return and ability to meet their investment objectives.
This
section discusses certain principal risks encountered by the Funds.
Single
Issuer Risk (AMZP, AAPY, GOOP, MSFY, NFLP, TSLP). Issuer-specific attributes may cause an investment
in the Funds to be more volatile than a traditional pooled investment which
diversifies risk or the market generally. The value of each Fund, which focuses
on an individual security (“Underlying Security”), may be more volatile than a
traditional pooled investment or the market as a whole and may perform
differently from the value of a traditional pooled investment or the market as a
whole.
Indirect
Investment in AMZN Risk (AMZP). Amazon faces
risks associated with intense competition across different industries, including
physical, e-commerce omnichannel retail, e-commerce services, web and
infrastructure computing services, electronic devices, digital content,
advertising, grocery, and transportation and logistics services; the expansion
into new products, services, technologies and geographic regions; its
international activities; the variability in the demand for its products and
services; intellectual property rights; risks relating to successfully
optimizing and operating its fulfilment network and data centers; data loss or
other security breaches; maintaining key senior management personnel and the
ability to hire and retain highly skilled and other key personnel; maintaining
good supplier relationships, including content and technology licensors; the
success of acquisitions or joint ventures or other investments; its rapidly
evolving and expanding business model; and legal, regulatory and litigation
issues.
Indirect
Investment in APPL Risk (AAPY). Apple’s
business can be impacted by political events, trade and other international
disputes, war, terrorism, natural disasters, public health issues, industrial
accidents and other business interruptions. Global markets for Apple’s products
and services are highly competitive and subject to rapid technological change,
and the company may be unable to compete effectively in these markets.
Indirect
Investment in GOOGL Risk (GOOP). Google
generates a significant portion of its revenues from advertising, and reduced
spending by advertisers, a loss of partners, or new and existing technologies
that block ads online and/or affect its ability to customize ads could harm its
business. Google’s ongoing investment in new businesses, products, services, and
technologies is inherently risky, and could divert management attention and harm
its financial condition and operating results.
TABLE OF CONTENTS
KURV
ETF TRUST
NOTES
TO THE FINANCIAL STATEMENTS
May 31, 2026 (Continued)
Indirect
Investment in MSFT Risk (MSFY). Microsoft
Corporation is not affiliated with the Trust, the Fund, the Adviser, or their
respective affiliates and is not involved with this offering in any way and has
no obligation to consider your Shares in taking any corporate actions that might
affect the value of Shares. Investors in the Fund will not have voting rights
and will not be able to influence management of Microsoft Corporation but will
be exposed to the performance of MSFT (the underlying stock). Investors in the
Fund will not have rights to receive dividends or other distributions or any
other rights with respect to the underlying stock but will be subject to
declines in the performance of the underlying stock. MSFT Trading Risk. The
trading price of MSFT may be highly volatile and could continue to be subject to
wide fluctuations in response to various factors.
Indirect
Investment in NFLX Risk (NFLP). Netflix, Inc.
faces risks related to maintaining and expanding membership for its streaming
services; competition in the entertainment video market; disruptions from the
ongoing COVID-19 pandemic; unforeseen costs or liability in connection with
content that is acquired, produced, licensed and/or distributed through its
service; the ability to manage change and growth in its business; costs and
challenges associated with strategic acquisitions and investments; regulatory
changes and legal issues; protecting its intellectual property; consumer data
privacy issues; and network operators handling and changing data access.
Indirect
Investment in TSLA Risk (TSLP). Tesla, Inc. is
not affiliated with the Trust, the Fund, the Adviser, or their respective
affiliates and is not involved with this offering in any way and has no
obligation to consider your Shares in taking any corporate actions that might
affect the value of Shares. Investors in the Fund will not have voting rights
and will not be able to influence management of Tesla, Inc. but will be exposed
to the performance of TSLA (the underlying stock). Investors in the Fund will
not have rights to receive dividends or other distributions or any other rights
with respect to the underlying stock but will be subject to declines in the
performance of the underlying stock. TSLA Trading Risk. The trading price of
TSLA may be highly volatile and could continue to be subject to wide
fluctuations in response to various factors.
Call
Writing Strategy Risk. By writing covered call
options in return for the receipt of premiums, the Fund will give up the
opportunity to benefit from potential increases in the value of the Underlying
Security above the exercise prices of the written options, but will continue to
bear the risk of declines in the value of the Underlying Security. The premiums
received from the options may not be sufficient to offset any losses sustained
from the volatility of the underlying stock over time. In addition, the Fund’s
ability to sell shares of the underlying stock will be limited while the option
is in effect unless the Fund extinguishes the option position through the
purchase of an offsetting identical option prior to the expiration of the
written option.
The
covered call strategy may be subject to imperfect matching or price correlation
between the written options and the Underlying Fund, which could reduce the
Fund’s returns. Exchanges may suspend the trading of options (for example due to
volatile markets or if trading in the underlying stock is halted). If trading is
suspended, the Fund may be unable to write or purchase options at times that may
be desirable or advantageous to the Fund to do so. If the Fund is unable to
extinguish the option position before exercise, the Fund may be required to
deliver the corresponding shares of the underlying stock, resulting in increased
transaction costs, tracking error, underinvestment, and potentially the
realization of capital gains. Further, this could lead to re-purchasing shares
of the underlying stock or selling the corresponding options at a less favorable
price than the fund might have received had the options been extinguished.
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.
Covered
Call Option Writing Risk. By writing covered
call options, in return for the receipt of premiums, the Fund will give up the
opportunity to benefit from potential increases in the value of the Underlying
Security above the exercise prices of such options, but will continue to
bear the risk of declines in the value of the Underlying Security. The premiums
received from the options may not be sufficient to offset any losses sustained
from the volatility of the underlying stocks over time. In addition, the Fund’s
ability to sell the securities underlying the options will be limited while the
options are in effect unless the Fund cancels out the option positions through
the purchase of offsetting identical options prior to the expiration of the
written options. Exchanges may suspend the trading of options in volatile
markets. If trading is suspended, the Fund may be unable to write options at
times that may be desirable or advantageous to do so, which may increase the
risk of tracking error.
TABLE OF CONTENTS
KURV
ETF TRUST
NOTES
TO THE FINANCIAL STATEMENTS
May 31, 2026 (Continued)
Credit
Risk. The risk that the Fund could lose money
if the issuer or guarantor of a fixed income security, or the counterparty to a
derivative contract, is unable or unwilling, or is perceived (whether by market
participants, rating agencies, pricing services or otherwise) as unable or
unwilling, to meet its financial obligations.
Currency
Risk. The risk that foreign (non-U.S.)
currencies will change in value relative to the U.S. dollar and affect a Fund’s
investments in foreign (non-U.S.) currencies or in securities that trade in, and
receive revenues in, or in derivatives that provide exposure to, foreign
(non-U.S.) currencies.
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.
Distribution
Risk. The Funds aim to provide at least
monthly income, although there’s no guarantee of distribution in any given
month, and the distribution amounts may vary significantly. Monthly or more
frequent distributions may consist of a return of capital, which is a return of
some or all of the money you invested in a Fund and may not represent the Fund’s
net profit. Such distributions may reduce a Fund’s NAV and trading price over
time, thus potentially leading to significant losses for investors, especially
as the Fund’s returns exclude any dividends paid by the underlying security,
which may result in lesser income compared to a direct investment in the
underlying security.
Copper
Risk (KCOP). The price of copper may be
volatile, and copper-related Exchange Traded Products (“ETPs”), including
copper-related exchange traded funds, and derivatives may be highly sensitive to
the price of copper. Copper is an industrial metal. Consequently, in addition to
factors affecting commodities generally copper related investments may be
subject to a number of additional factors specific to industrial metals, and in
particular copper, which might cause price volatility. These may include, among
other things: changes in the level of industrial activity using industrial
metals, and in particular copper, including the availability of substitutes such
as manmade or synthetic substitutes; disruptions in the supply chain, from
mining to storage to smelting or refining; adjustments to inventory; variations
in production costs, including storage, labor and energy costs; costs associated
with regulatory compliance, including environmental regulations; and changes in
industrial, government and consumer demand, both in individual consuming nations
and internationally.
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.
Emerging
Markets Risk. The risk of investing in
emerging market securities, primarily increased foreign (non-U.S.) investment
risk.
TABLE OF CONTENTS
KURV
ETF TRUST
NOTES
TO THE FINANCIAL STATEMENTS
May 31, 2026 (Continued)
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 (ETF) Structure Risk. The Funds are
structured as an exchange traded fund and as a result is subject to special
risks, including:
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• |
Market Price Variance Risk: 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.
|
|
• |
Authorized Participant Risk: 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 a Fund’s NAV.
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|
• |
Trading Issues: In stressed market
conditions, the market for a 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 a Fund’s shares and the Fund’s
NAV. |
|
• |
Absence of Active Trading Market Risk:
An active trading market for a Fund’s shares may not be developed or
maintained. Trading in Fund shares on the exchange may be halted due to
market conditions or for reasons that, in the view of the listing
exchange, make trading in Shares inadvisable, such as extraordinary market
volatility. There can be no assurance that Fund shares will continue to
meet the listing requirements of the exchange. If a 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. |
Exchange
Traded Product (ETP) Risk (KGLD, KSLV and KCOP). Certain Funds invest in metal-related ETPs. Through
its positions in metal-related ETPs, a Fund generally will be subject to the
risks associated with such vehicle’s investments, including the possibility that
the value of the securities or instruments held by or linked to a metal-related
ETP could decrease. Many of the metal-related ETPs in which the Funds invest may
not be registered, nor required to be registered, as investment companies
subject to the 1940 Act and, therefore, would not be subject to the regulatory
scheme of the 1940 Act. Additionally, many of the metal-related ETPs are not
commodity pools for purposes of the Commodities Exchange Act (“CEA”) and the
service providers are not subject to regulation by the Commodities Futures
Exchange Commission as a Commodity Pool Operator (“CPO”) or Commodity Trading
Adviser in connection with the shares of the metal-related ETPs and, therefore,
shareholders do not have the protections provided to investors in CEA regulated
instruments or CPOs. When a Fund invests in a metal-related ETP, in addition to
directly bearing the expenses associated with its own operations, it also will
bear a pro rata portion of the metal-related ETP’s expenses (including operating
costs and management fees).
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.
FLEX
Options Risk. The Funds may use FLEX
Options issued and guaranteed for settlement by the OCC. The Funds bear the
risk that the OCC will be unable or unwilling to perform its obligations under
the FLEX Options contracts. In the unlikely event that the OCC becomes
insolvent or is otherwise unable to meet its settlement obligations, the Funds
could suffer significant losses. Additionally, FLEX Options may be
less liquid than certain other securities, such as standardized options. In less
liquid markets for the FLEX Options, the Funds may have difficulty
TABLE OF CONTENTS
KURV
ETF TRUST
NOTES
TO THE FINANCIAL STATEMENTS
May 31, 2026 (Continued)
closing
out certain FLEX Options positions at desired times and prices. In
connection with the creation and redemption of Shares, to the extent market
participants are not willing or able to enter into FLEX Option transactions with
the Funds at prices that reflect the market price of the Shares, the Fund’s NAV
and, in turn the share price of the Fund, could be negatively impacted.
The FLEX Options utilized by the Funds are exercisable at the strike
price on their expiration date. As a FLEX Option approaches its expiration date,
its value typically increasingly moves with the value of the Underlying Asset.
However, prior to such date, the value of the FLEX Options does not
increase or decrease at the same rate as the Underlying Asset’s price on a
day-to-day basis (although they generally move in the same direction). The value
of the FLEX Options held by the Funds will be determined based on
market quotations or other recognized pricing methods. The value of the
underlying FLEX Options will be affected by, among others, changes in
the Underlying Asset’s price, changes in interest rates and the remaining time
to until the FLEX Options expire.
Foreign
(Non-U.S.) Investment Risk. The risk that
investing in foreign (non-U.S.) securities may result in a Fund experiencing
more rapid and extreme changes in value than a fund that invests exclusively in
securities of U.S. companies, due to smaller markets, differing reporting,
accounting and auditing standards, increased risk of delayed settlement of
portfolio transactions or loss of certificates of portfolio securities, and the
risk of unfavorable foreign government actions, including nationalization,
expropriation or confiscatory taxation, currency blockage, political changes,
diplomatic developments or the imposition of sanctions and other similar
measures. Foreign securities may also be less liquid and more difficult to value
than securities of U.S. issuers.
High
Yield Risk. The risk that high yield
securities and unrated securities of similar credit quality (commonly known as
“junk bonds”) are subject to greater levels of credit, call and liquidity risks.
High yield securities are considered primarily speculative with respect to the
issuer’s continuing ability to make principal and interest payments, and may be
more volatile than higher-rated securities of similar maturity.
Implied
Volatility Risk (KYLD). When the
Fund sells an option, it gains the amount of the premium it receives, but also
incurs a liability representing the value of the option it has sold until the
option is either exercised and finishes “in the money,” meaning it has value and
can be sold, or the option expires worthless, or the expiration of the option is
“rolled,” or extended forward. The value of the options in which the Fund
invests is based partly on the volatility used by market participants to price
such options (i.e., implied volatility). Accordingly, increases in
the implied volatility of such options will cause the value of such
options to increase (even if the prices of the options’ underlying stocks do not
change), which will result in a corresponding increase in the liabilities of the
Fund under such options and thus decrease the Fund’s NAV.
Inflation
Risk. Inflation risk is the risk that the
value of assets or income from investments will be less in the future as
inflation decreases the value of money. As inflation increases, the present
value of a Fund’s assets and distributions, if any, may decline.
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.
Investing
in Other Investment Companies Risk. Investments in the securities of other investment
companies, including ETFs, may involve duplication of advisory fees and certain
other expenses. By investing in another investment company, a Fund becomes a
shareholder thereof. As a result, Fund shareholders indirectly bear the Fund’s
proportionate share of the fees and expenses paid by shareholders of the other
investment companies, in addition to the fees and expenses Fund shareholders
indirectly bear in connection with the Fund’s own operations. If the other
investment companies fail to achieve their investment objectives, the value of
the Fund’s investment will decline, adversely affecting the Fund’s performance.
In addition, ETF shares potentially may trade at a discount or a premium to NAV
and are subject to brokerage and other trading costs, which could result in
greater expenses to the Fund. Finally, because the value of ETF shares depends
on the demand in the market, the Adviser may not be able to liquidate the Fund’s
holdings in those shares at the most optimal time, adversely affecting the
Fund’s performance.
TABLE OF CONTENTS
KURV
ETF TRUST
NOTES
TO THE FINANCIAL STATEMENTS
May 31, 2026 (Continued)
Leveraging
Risk. The risk that certain transactions of
the Funds, such as reverse repurchase agreements and the use of when-issued,
delayed delivery or forward commitment transactions, or derivative instruments,
may give rise to leverage, magnifying gains and losses and causing a Fund to be
more volatile than if it had not been leveraged. This means that leverage
entails a heightened risk of loss.
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 contracts in which a seller of securities agrees to buy the
securities back at a specified time and price. Repurchase agreements may be
subject to market and credit risk related to the collateral securing the
repurchase agreement. Money market instruments, including money market funds,
may lose money through fees or other means.
Mortgage-Related
and Other Asset-Backed Securities Risk. The
risks of investing in mortgage-related and other asset-backed securities,
including interest rate risk, extension risk, prepayment risk and credit risk.
The Funds may invest in any tranche of mortgage-related or other asset-backed
securities, including junior and/or equity tranches (to the extent consistent
with other of the Fund’s guidelines), which generally carry higher levels of the
foregoing risks.
Non-Diversified
Risk. The Fund is non-diversified. This means
that the Fund, unlike a diversified fund, will have a larger portion of its
assets exposed to the performance of a single stock than a diversified fund.
Because a relatively high percentage of the Fund’s assets will be exposed to the
performance of a single stock related to one economic sector, the Fund’s
portfolio may be more susceptible to any single economic, or regulatory
occurrence than the portfolio of a diversified fund.
Options
Risk. There are risks associated with the sale
and purchase of call and put options. As a seller (writer) of a put option, the
Fund will tend to lose money if the value of the reference index or security
falls below the strike price. As the seller (writer) of a call option, the Fund
will tend to lose money if the value of the reference index or security rises
above the strike price. As the buyer of a put or call option, the Fund risks
losing the entire premium invested in the option if the Fund does not exercise
the option.
Portfolio
Turnover Risk. Due to its investment strategy,
the Fund may buy and sell securities frequently. This may result in higher
transaction costs and additional capital gains tax liabilities, which may affect
the Fund’s performance.
Price
Participation Risk. The Fund employs an
investment strategy that includes the sale of call option contracts, which
limits the degree to which the Fund will participate in increases in value
experienced by the Underlying Asset over the call period. This means that if the
Underlying Asset experiences an increase in value above the strike price of the
sold call options during a call period, the Fund will likely not experience that
increase to the same extent and may
TABLE OF CONTENTS
KURV
ETF TRUST
NOTES
TO THE FINANCIAL STATEMENTS
May 31, 2026 (Continued)
significantly
underperform the Underlying Asset over the call period. Additionally, because
the Fund is limited in the degree to which it will participate in increases in
value experienced by the Underlying Asset over each call period, but has full
exposure to any decreases in value experienced by the Underlying Asset over the
call period, the NAV of the Fund may decrease over any given time period. The
Fund’s NAV is dependent on the value of each options portfolio, which is based
principally upon the performance of the Underlying Asset. The degree of
participation in the Underlying Asset gains the Fund will experience will depend
on prevailing market conditions, especially market volatility, at the time the
Fund enters into the sold call option contracts and will vary from call period
to call period. The value of the options contracts is affected by changes in the
value and dividend rates of the Underlying Asset, changes in interest rates,
changes in the actual or perceived volatility of the Underlying Asset and the
remaining time to the options’ expiration, as well as trading conditions in the
options market. As the price of the Underlying Asset changes and time moves
towards the expiration of each call period, the value of the options contracts,
and therefore the Fund’s NAV, will change. However, it is not expected for the
Fund’s NAV to directly correlate on a day-to-day basis with the returns of the
Underlying Asset. The amount of time remaining until the options contract’s
expiration date affects the impact of the potential options contract income on
the Fund’s NAV, which may not be in full effect until the expiration date of the
Fund’s options contracts. Therefore, while changes in the price of the
Underlying Asset will result in changes to the Fund’s NAV, the Fund generally
anticipates that the rate of change in the Fund’s NAV will be different than
that experienced by the Underlying Asset. When an investor purchases and sells
shares of the Fund, such purchases and sales may affect the investor’s
performance in light of the Fund’s share price trailing, tracking or
outperforming the Underlying Asset. For example, if an investor purchases shares
or sells shares of the Fund immediately prior to, after or during the period the
Adviser is entering in covered call transactions for the Fund may heighten the
difference between the share price of that investor’s shares and the performance
the Underlying Asset over the period the investor owns Fund shares.
Sector
Risk. Sector risk is the possibility that
securities within the same group of industries will decline in price due to
sector-specific market or economic developments. If the Fund invests more
heavily in a particular sector, the value of its shares may be especially
sensitive to factors and economic risks that specifically affect that sector. As
a result, the Fund’s share price may fluctuate more widely than the value of
shares of a fund that invests in a broader range of industries.
Short
Exposure Risk. The risk of entering into short
sales or other short positions, including the potential loss of more money than
the actual cost of the investment, and the risk that the third party to the
short sale or other short position will not fulfill its contractual obligations,
causing a loss to a Fund.
Sovereign
Debt Risk. The risk that investments in
fixed income instruments issued by sovereign entities may decline in value as a
result of default or other adverse credit event resulting from an issuer’s
inability or unwillingness to make principal or interest payments in a timely
fashion.
Tax
Risk. The Funds invest in derivatives. The
federal income tax treatment of a derivative may not be as favorable as a direct
investment in an underlying asset. Derivatives may produce taxable income and
taxable realized gain. Derivatives may adversely affect the timing, character
and amount of income the a Fund realizes from its investments. As a result, a
larger portion of a Fund’s distributions may be treated as ordinary income
rather than as capital gains. In addition, certain derivatives are subject to
mark-to-market or straddle provisions of the Internal Revenue Code. If such
provisions are applicable, there could be an increase (or decrease) in the
amount of taxable dividends paid by a Fund. The use of derivatives, such as call
options, may cause a Fund to realize higher amounts of short-term capital gains
or otherwise affect the Fund’s ability to pay out dividends subject to
preferential rates or the dividend deduction, thereby increasing the amount of
taxes payable by some shareholders. The writing of call options by a Fund may
significantly reduce or eliminate the ability to make distributions eligible to
be treated as qualified dividend income or as eligible for the dividends
received deduction for corporate shareholders.
To
qualify as a regulated investment company (“RIC”), a Fund must meet certain
requirements concerning the source of its income. KGLD, KSLV or KCOP may utilize
a wholly-owned subsidiary to provide exposure to a metal in a manner that is
consistent with the “qualifying income” requirement applicable to RICs. The
Internal Revenue Service (“IRS”) has ceased issuing private letter rulings
regarding whether the use of subsidiaries by investment companies to invest in
certain instruments constitutes qualifying income. If the IRS determines that
this source of income is not
TABLE OF CONTENTS
KURV
ETF TRUST
NOTES
TO THE FINANCIAL STATEMENTS
May 31, 2026 (Continued)
“qualifying
income,” a Fund may cease to qualify as a RIC because none of the Funds have
received a private letter ruling and are not able to rely on private letter
rulings issued to other taxpayers. Failure to qualify as a RIC could subject a
Fund to adverse tax consequences, including a federal income tax on its net
income at regular corporate rates, as well as a tax to shareholders on such
income when distributed as an ordinary dividend.
U.S.
Government and U.S. Agency Obligations Risk. The Funds may invest in securities issued by the
U.S. government or its agencies, where the repayment of principal and interest
might be backed by the full faith and credit of the United States or solely by
the issuing agency. In cases where the issuing agency or
instrumentality is the sole backer, investors are reliant on that entity for
repayment, with no assurance that the U.S. Government would provide financial
support to such agencies or instrumentalities if not obligated, potentially
posing a repayment risk.
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.
A
more complete description of the principal risks to which each Fund is subject
is included in the Funds’prospectus under the heading “Principal Investment
Risks”.
NOTE
11 – GUARANTEES AND INDEMNIFICATIONS
In
the normal course of business, the Trust, on behalf of the Funds, enters into
contracts with third-party service providers that contain a variety of
representations and warranties and that provide general indemnifications.
Additionally, under the Trust organizational documents, the officers and
Trustees are indemnified against certain liabilities arising out of the
performance of their duties to the Trust. The Funds’ maximum exposure under
these arrangements is unknown, as it involves possible future claims that may or
may not be made against the Funds. The Adviser is of the view that the risk of
loss to the Funds in connection with the Funds’ indemnification obligations is
remote; however, there can be no assurance that such obligations will not result
in material liabilities that adversely affect the Funds.
NOTE
12 – SUBSEQUENT EVENTS
Management
has evaluated subsequent events and transactions for potential recognition or
disclosure through the date the financial statements were issued and has
determined that there are no material events that would require recognition or
disclosure in the Funds’ financial statements.
TABLE OF CONTENTS
KURV
ETF TRUST
Report of Independent Registered Public
Accounting Firm
To the Shareholders of Kurv Copper & Mining
Enhanced Income ETF, Kurv Gold Enhanced Income ETF, Kurv High Income ETF, Kurv
Silver Enhanced Income ETF, Kurv Technology Titans Select ETF, Kurv Yield
Premium Strategy Amazon (AMZN) ETF, Kurv Yield Premium Strategy Apple (AAPL)
ETF, Kurv Yield Premium Strategy Google (GOOGL) ETF, Kurv Yield Premium Strategy
Microsoft (MSFT) ETF, Kurv Yield Premium Strategy Netflix (NFLX) ETF, Kurv Yield
Premium Strategy Tesla (TSLA) ETF, and
Board
of Trustees of Kurv ETF Trust
Opinion on the Financial
Statements
We
have audited the accompanying statements of assets and liabilities, including
the schedules of investments and written options, of each of the funds as listed
below (the “Funds”), each a series of Kurv ETF Trust, as of May 31, 2026, and
the related statements of operations and changes in net assets, and the
financial highlights for each of the periods listed below, and the related notes
(collectively referred to as the “financial statements”). In our opinion, the
financial statements present fairly, in all material respects, the financial
position of each of the Funds as of May 31, 2026, the results of their
operations, the changes in net assets, and the financial highlights for each of
the periods indicated below in conformity with accounting principles generally
accepted in the United States of America.
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Kurv
Copper & Mining Enhanced Income ETF |
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For
the period February 12, 2026 (inception date) through May 31, 2026
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Kurv
Gold Enhanced Income ETF |
|
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For
the period July 7, 2025 (inception date) through May 31, 2026 |
|
Kurv
High Income ETF |
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|
For
the period October 30, 2025 (inception date) through May 31,
2026 |
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Kurv
Silver Enhanced Income ETF |
|
|
For
the period September 29, 2025 (inception date) through the May 31,
2026 |
|
Kurv
Technology Titans Select ETF |
|
|
For
the year ended
May
31, 2026 |
|
|
For
the year ended May 31, 2026, the period December 1, 2024 through May 31,
2025, and the period July 22, 2024 (inception date) through November 30,
2024 |
|
Kurv
Yield Premium Strategy Amazon (AMZN) ETF, Kurv Yield Premium Strategy
Google (GOOGL) ETF, Kurv Yield Premium Strategy Microsoft (MSFT)
ETF |
|
|
For
the year ended
May
31, 2026 |
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|
For
each of the years in
the
two year period
ended
May 31, 2026 |
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For
each of the years in the two year period ended
May
31, 2026, and the period October 30, 2023 (inception date) through May 31,
2024 |
|
Kurv
Yield Premium Strategy Apple (AAPL) ETF, Kurv Yield Premium Strategy
Netflix (NFLX) ETF, and Kurv Yield Premium Strategy Tesla (TSLA)
ETF |
|
|
For
the year ended
May
31, 2026 |
|
|
For
each of the years in the two year period ended May 31, 2026 |
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For
each of the years in the two year period ended May 31, 2026, and the
period October 26, 2023 (inception date ) through May 31, 2024 |
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Basis for Opinion
These
financial statements are the responsibility of the Funds’ management. Our
responsibility is to express an opinion on the Funds’ financial statements based
on our audits. We are a public accounting firm registered with the Public
Company Accounting Oversight Board (United States) (“PCAOB”) and are required to
be independent with respect to the Funds in accordance with the U.S. federal
securities laws and the applicable rules and regulations of the Securities and
Exchange Commission and the PCAOB.
We
conducted our audits in accordance with the standards of the PCAOB. Those
standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement whether due to error or fraud.
TABLE OF CONTENTS
KURV
ETF TRUST
Report of Independent Registered Public
Accounting Firm
(Continued)
Our
audits included performing procedures to assess the risks of material
misstatement of the financial statements, whether due to error or fraud, and
performing procedures that respond to those risks. Such procedures included
examining, on a test basis, evidence regarding the amounts and disclosures in
the financial statements. Our procedures included confirmation of securities
owned as of May 31, 2026, by correspondence with the custodian and brokers. Our
audits also included evaluating the accounting principles used and significant
estimates made by management, as well as evaluating the overall presentation of
the financial statements. We believe that our audits provide a reasonable basis
for our opinion.
We
have served as the auditor of Funds managed by Kurv Investment Management LLC
since 2023.
COHEN
& COMPANY, LTD.
Philadelphia,
Pennsylvania
July
30, 2026
TABLE OF CONTENTS
KURV
ETF TRUST
ADDITIONAL
INFORMATION (Unaudited)
TAX INFORMATION
For
the fiscal year ended May 31, 2026, certain dividends paid by the Funds may be
subject to reduced tax rates, as provided for by the Jobs and Growth Tax Relief
Reconciliation Act of 2003. The percentage of dividends declared from ordinary
income designated as qualified dividend income was as follows:
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KCOP |
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0.00% |
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KGLD |
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0.00% |
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KYLD |
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2.61% |
|
KSLV |
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0.00% |
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KQQQ |
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14.74%
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AMZP |
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0.00% |
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AAPY |
|
|
0.00% |
|
GOOP |
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0.00% |
|
MSFY |
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0.00% |
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NFLP |
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0.00% |
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TSLP |
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0.00% |
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For
corporate shareholders, the percent of ordinary income distributions qualifying
for the corporate dividends received deduction for the year ended May 31,
2026 were as follows:
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KCOP |
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0.00% |
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KGLD |
|
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0.00% |
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KYLD |
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2.61% |
|
KSLV |
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0.00% |
|
KQQQ |
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14.74%
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AMZP |
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0.00% |
|
AAPY |
|
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0.00% |
|
GOOP |
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|
0.00% |
|
MSFY |
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0.00% |
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NFLP |
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0.00% |
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TSLP |
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0.00% |
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FREQUENCY
DISTRIBUTION OF PREMIUMS AND DISCOUNTS
Information
regarding how often shares of the Funds traded on the Exchanges at a price above
(i.e., at a premium) or below (i.e., at a discount) the NAV of the Funds are
available on the Funds’ website at www.kurvinvest.com.
HOUSEHOLDING
Householding
is an option available to certain fund investors. Householding is a method of
delivery, based on the preference of the individual investor, in which a single
copy of certain shareholder documents can be delivered to investors who share
the same address, even if their accounts are registered under different names.
Please contact your broker-dealer if you are interested in enrolling in
householding and receiving a single copy of the prospectuses and other
shareholder documents, or if you are currently enrolled in householding and wish
to change your householding status.
DISCLOSURE
OF PORTFOLIO HOLDINGS
The
Funds file their complete schedules of portfolio holdings with the Securities
and Exchange Commission (“SEC”) for the first and third quarters of each fiscal
year to date as exhibits to their reports on Form N-PORT. The Funds’
Form N-PORT reports are available on the SEC’s website at www.sec.gov. They
may also be reviewed and copied at the SEC’s Public Reference Room in
Washington, D.C. Information about the Public Reference Room may be obtained by
calling 1-800-SEC-0330. In addition, the Funds’ full portfolio holdings are
updated daily and available on the Funds’ website at www.kurvinvest.com.
TABLE OF CONTENTS
KURV
ETF TRUST
ADDITIONAL
INFORMATION (Unaudited)
(Continued)
PROXY
VOTING POLICIES AND PROCEDURES
A
description of the policies and procedures the Funds use to determine how to
vote proxies relating to portfolio securities is provided in the Statements of
Additional Information (“SAIs”). The SAI is available without charge upon
request by calling toll-free at (833) 955-5878, by accessing the SEC’s website
at http://www.sec.gov, or by accessing the Funds’ website at www.kurvinvest.com.
Information on how the Funds’ voted proxies relating to portfolio securities
during the most recent 12-month period ended June 30 are available without
charge, upon request, by calling (833) 955-5878 or by accessing the website
of the SEC.
TRUSTEES
AND OFFICERS
Information
regarding the Trustees and Officers is provided in the SAI. The SAI is available
without charge upon request by calling toll-free at (833) 955-5878, by accessing
the SEC’s website at http://www.sec.gov, or by accessing the Funds’ website at
www.kurvinvest.com.
TABLE OF CONTENTS
KURV
ETF TRUST
CHANGES
IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT
COMPANIES (Unaudited)
An open-end management investment company registered
on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A] must disclose the information
concerning changes in and disagreements with accountants and on accounting and
financial disclosure required by Item 304 of Regulation S-K [17 CFR
229.304].
Response:
This is not applicable to the Registrant.
TABLE OF CONTENTS
KURV
ETF TRUST
PROXY
DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES (Unaudited)
If any matter was submitted during the period
covered by the report to a vote of shareholders of an open-end management
investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR
274.11A], through the solicitation of proxies or otherwise, the company must
furnish the following information:
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(1)
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The
date of the meeting and whether it was an annual or special meeting.
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(2)
|
If
the meeting involved the election of directors, the name of each director
elected at the meeting and the name of each other director whose term of
office as a director continued after the meeting.
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(3)
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A
brief description of each matter voted upon at the meeting and the number
of votes cast for, against or withheld, as well as the number of
abstentions and broker non-votes as to each such matter, including a
separate tabulation with respect to each matter or nominee for office.
|
Response:
This is not applicable to the Registrant.
TABLE OF CONTENTS
KURV
ETF TRUST
REMUNERATION
PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT
COMPANIES (Unaudited)
Unless the following information is disclosed as
part of the financial statements included in Item 7, an open-end management
investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A]
must disclose the aggregate remuneration paid by the company during the period
covered by the report to:
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(1)
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All
directors and all members of any advisory board for regular compensation;
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(2)
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Each
director and each member of an advisory board for special compensation;
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(4)
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Each
person of whom any officer or director of the Fund is an affiliated person
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Response:
Each current Independent Trustee is paid an
annual retainer of $12,000 with an additional $2,000 to the Board’s Chair, for
his services as a Board member to the Trust, together with out-of-pocket
expenses in accordance with the Board’s policy on travel and other business
expenses relating to attendance at meetings.
The
Funds pay the Adviser a unitary fee which the Adviser uses to pay Trust
expenses. Accordingly, while Independent Trustee fees are an obligation of the
Trust, they are paid by the Adviser, as are other Trust expenses. Trustee
compensation does not include reimbursed out-of-pocket expenses in connection
with attendance at meetings.
Annual
Trustee fees may be reviewed periodically and changed by the Board.
The
Trust does not have a bonus, profit sharing, pension or retirement plan.
TABLE OF CONTENTS
KURV
ETF TRUST
STATEMENT
REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT (Unaudited)
If the board of directors approved any investment
advisory contract during the Fund’s most recent fiscal half-year, discuss in
reasonable detail the material factors and the conclusions with respect thereto
that formed the basis for the board’s approval. Include the following in the
discussion:
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(1)
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Factors
relating to both the board’s selection of the investment adviser and
approval of the advisory fee and any other amounts to be paid by the Fund
under the contract. These factors would include, but not be limited to, a
discussion of the nature, extent, and quality of the services to be
provided by the investment adviser; the investment performance of the Fund
and the investment adviser; the costs of the services to be provided and
profits to be realized by the investment adviser and its affiliates from
the relationship with the Fund; the extent to which economies of scale
would be realized as the Fund grows; and whether fee levels reflect these
economies of scale for the benefit of Fund investors. Also indicate in the
discussion whether the board relied upon comparisons of the services to be
rendered and the amounts to be paid under the contract with those under
other investment advisory contracts, such as contracts of the same and
other investment advisers with other registered investment companies or
other types of clients (e.g., pension funds and other institutional
investors). If the board relied upon such comparisons, describe the
comparisons and how they assisted the board in concluding that the
contract should be approved; and |
|
(2)
|
If
applicable, any benefits derived or to be derived by the investment
adviser from the relationship with the Fund such as soft dollar
arrangements by which brokers provide research to the Fund or its
investment adviser in return for allocating Fund brokerage.
|
Response: At a regular meeting (the “Meeting”) of the Board
of Trustees (the “Board”) of Kurv ETF Trust (the “Trust”) held on
January 23, 2026, the Board, including the disinterested Trustees (the
“Independent Trustees”), considered the approval of the Investment Advisory
Agreement (the “Advisory Agreement”) between the Trust, on behalf of the Kurv
Copper & Mining Enhanced Income ETF (the “Copper Fund” or a “New Fund”), and
Kurv Investment Management LLC (“Kurv”).
In
advance of the Meeting, the Board requested and received materials to assist
them in considering the approval of the Advisory Agreement. The materials
provided contained information with respect to the factors enumerated below,
including the Advisory Agreement, a memorandum prepared by the Trust’s outside
legal counsel discussing in detail the Trustees’ fiduciary obligations and the
factors they should assess in considering the approval of the Advisory Agreement
and comparative information relating to the advisory fee and other expenses of
Copper Fund. The materials also included due diligence materials relating to
Kurv (including due diligence questionnaires completed by Kurv, select financial
information of Kurv, bibliographic information regarding the Copper Fund’s key
management and investment advisory personnel, and comparative fee information
relating to the Copper Fund) and other pertinent information. At the Meeting,
the Independent Trustees were advised by counsel that is experienced in
Investment Company Act of 1940 matters.
The
Board then reviewed and discussed the written materials that were provided in
advance of the Meeting and deliberated on the approval of the Advisory
Agreement. The Board relied upon the advice of legal counsel and their own
business judgment in determining the material factors to be considered in
evaluating the Advisory Agreement and the weight to be given to each such
factor. The conclusions reached by the Board were based on a comprehensive
evaluation of all of the information provided and were not the result of any one
factor. Moreover, each Trustee may have afforded different weight to the various
factors in reaching his conclusions with respect to the Advisory Agreement. In
considering the approval of the Advisory Agreement, the Board reviewed and
analyzed various factors that they determined were relevant, including the
factors enumerated below.
Nature, Extent and Quality of
Services. The Board reviewed materials
provided by Kurv related to the proposed approval of the Advisory Agreement with
respect to each of the New Funds, including a review of the personnel who will
be performing services for the Trust, Kurv’s compliance and risk management
infrastructure, and its financial strength and resources. The Board also noted
the extensive responsibilities that Kurv will have as investment adviser to each
New Fund, including: adherence to each New Fund’s investment strategy and
restrictions, buying and selling of securities and other transactions, voting
proxies, managing each New Fund’s derivatives risk management program, arranging
for transfer agency, custody, fund administration and accounting, and other
non-distribution related services
TABLE OF CONTENTS
KURV
ETF TRUST
STATEMENT
REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT (Unaudited) (Continued)
necessary
for the New Funds to operate; oversight of general fund compliance with federal
and state laws; and implementation of Board directives as they relate to the New
Funds. The Board also considered research support available to, and management
capabilities of, Kurv’s management personnel.
Additionally,
the Board received satisfactory responses from the representatives of Kurv with
respect to a series of questions, including whether Kurv was involved in any
lawsuits or pending regulatory actions and whether the management of other
accounts would conflict with its management of the Trust. The Board noted that
the CCO of the Trust confirmed that Kurv’s policies and procedures were
reasonably designed to prevent violations of applicable federal securities laws.
The Board also noted Kurv’s representation that the prospectus and statement of
additional information accurately describe the investment strategies of each of
the New Funds. The Board then reviewed the capitalization of Kurv based on
financial information provided by and representations made by Kurv and its
representatives. The Board concluded that Kurv has sufficient resources, quality
and depth of personnel and investment methods to perform its duties under the
Advisory Agreement and that the nature, overall quality and extent of the
management services to be provided by Kurv to the Trust would be satisfactory.
Performance. Because the New Funds had not yet commenced
operations, the Board did not consider past performance.
Fees and Expenses. As to the costs of the services to be provided by
Kurv, the Board discussed the comparison of advisory fees and total operating
expense data and reviewed the proposed unitary fee of each New Fund and overall
expenses compared to peer funds selected by Kurv, each of which had similar
investment objectives and strategies, as well as the applicable Morningstar
category. The Board noted that the unitary fee to be paid by each New Fund would
be the same, 0.99%, and that each New Fund, which would have substantially the
same structure, would have the same estimated total expense ratios. With respect
to the Copper Fund, the Board noted that while the unitary fee, and, therefore
net expenses, of the Fund was the highest in its peer group and Morningstar
category, its investment strategy was unique in that it provided exposure to
both copper and companies involved in copper mining and also employed an options
overlay strategy while Funds in the peer group generally provided exposure to
copper or companies involved in copper mining and did not employ an options
income strategy. With respect to the Bitcoin Fund, the Board noted that while
the unitary fee, and, therefore net expenses, of the Fund was at the high end of
the peer group average, other funds in the peer group had the same or only
slightly lower fee, and the fee was only slightly above the Morningstar category
average. With respect to the Ether Fund, the Board noted that the unitary fee,
and, therefore net expenses, of the Fund was only slightly above the average for
the peer group and Morningstar category. With respect to the XRP Fund, the Board
noted that while the unitary fee, and, therefore net expenses, of the Fund was
at the high end of the peer group average, its contractual fee was not the
highest its peer group, and its fee was only slightly above the Morningstar
category average and not the highest in the category. The Board acknowledged
Kurv’s belief that level of the unitary fee was justified due to the additional
resources and sophistication required to manage the covered call strategies to
be employed for each of the New Funds. The Board concluded that based on the
nature, quality and extent of Kurv’s services to be provided to each New Fund
and comparative fee and expense data, the unitary fee to be charged by Kurv and
the estimated expenses for each New Fund were not unreasonable.
Profitability. The Board considered the level of profits that could
be expected to accrue to Kurv with respect to each New Fund based on
profitability projections and analyses reviewed by the Board and the selected
financial information provided to the Board by Kurv. The Board considered that
the profitability projections were based on estimated costs of Kurv, which may
prove higher or lower than expected. After review and discussion, the Board
concluded the anticipated profit from Kurv’s relationship with each New Fund
would not be excessive.
Economies of Scale. As to the extent to which each New Fund will realize
economies of scale as it grows, and whether the fee levels reflect these
economies of scale for the benefit of investors, the Board discussed Kurv’s
expectations for growth of each New Fund. The Board determined that because the
New Funds had not yet commenced operations, economies of scale were not a
factor. The Board further determined, however, that to the extent that material
economies of scale were to be achieved in the future, and such economies of
scale had not been shared with a New Fund, the Board would seek to have those
economies of scale shared with the applicable New Fund in connection with future
renewals of the Advisory Agreement. The Board recognized the uncertainty in
launching a new investment product and estimating future asset levels.
TABLE OF CONTENTS
KURV
ETF TRUST
STATEMENT
REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT (Unaudited) (Continued)
Fall-Out Benefits. The Board considered potential benefits to Kurv from
acting as investment adviser based on the potential success of each New Fund but
concluded that such benefits are not presently quantifiable. The Board noted
that the Trust’s service providers are not affiliated with Kurv, so that such
services do not give rise to “fall-out” benefits for Kurv and its affiliates.
Conclusion. Counsel assisted the Board throughout the agreement
review process. The Board members relied upon the advice of counsel, and their
own business judgement in determining the material factors to be considered in
evaluating the Advisory Agreement and the weight to be given to each such
factor. Accordingly, having requested and received such information from Kurv as
the Board believed to be reasonably necessary to evaluate the terms of the
Advisory Agreement, the Board, including a majority of the Independent Trustees,
determined that with respect to each New Fund that (a) the terms of the Advisory
Agreement are reasonable; (b) the unitary fee is not unreasonable; and (c) the
Advisory Agreement is in the best interests of each New Fund and its
shareholders. In considering the approval of the Advisory Agreement, the Board
did not identify any one factor as all important, but rather considered these
factors collectively and determined that approval of the Advisory Agreement was
in the best interests of each New Fund and its shareholders. Moreover, the Board
noted that each Trustee may have afforded different weight to the various
factors in reaching his conclusions with respect to the Advisory
Agreement.
