KPO | COMING SOON: Premium Opportunities ETF (KPO)

Objective

The Kensington Premium Opportunities ETF (“Fund”) seeks long-term capital appreciation.

A Different Way to Construct Equity Exposure

KPO was developed around the idea that equity exposure can be constructed in different ways, not just owned directly.

KPO is an actively managed, options-based ETF designed to provide a differentiated approach to equity exposure through a capital-efficient portfolio structure that combines synthetic exposure, Treasury collateral, options premiums, and systematic hedging.

Rather than relying solely on direct ownership of equities, the strategy seeks market exposure through an actively managed options framework while Treasury collateral remains an integral part of the overall portfolio structure. Together, these components are designed to pursue the fund’s investment objective within a single portfolio.

How KPO Works

KPO is designed to provide synthetic exposure to the S&P 500 Index and the Nasdaq-100 Index through an options-based framework that incorporates a systematic options hedging strategy which includes:

Monthly out-of-the money call options designed to seek upside participation in positive markets
Quarterly put spreads that are part of the Fund’s systematic options hedging approach intended to help during periods of significant market declines
Options premiums that may contribute to overall strategy results
Treasury and other cash equivalent collateral maintained as part of the overall portfolio structure

Daily Change

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Yields & Distributions

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Key Facts

ADVISOR SUMMARY + FAQ

Build a foundational understanding of the strategy. The Advisor Summary and FAQ provide an overview of KPO’s investment approach, portfolio construction framework, and answers to common questions to help you evaluate the strategy.

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Register for the Webinar

Take a deeper dive into the strategy. Join our live educational webinar to hear directly from the investment professionals behind KPO as they discuss the investment rationale, portfolio construction framework, and practical implementation considerations, followed by live Q&A.

Schedule: Friday, September 03 @ 3:15PM CST

The Capital-Efficient Equity Sleeve: Introducing Kensington Premium Opportunities

Risk Characteristics

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Total Returns (%)

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Period

Growth of $10,000

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Historical Price

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Distributions are not guaranteed.

KHPI are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Total Returns are calculated using the daily 4:00pm EST net asset value (NAV). Market price returns reflect the midpoint of the bid/ask spread as of the close of tradingon the exchange where Fund shares are listed. Market price returns do not represent the returns you would receive if you traded shares at other times.

The growth of $10,000 chart shows a hypothetical $10,000 buy-and-hold investment in the fund since inception, with reinvested dividends and capital gains, reflecting applicable fees and expenses.

Investors may not invest in an index directly, unlike the Fund’s returns, an index does not reflect any fees and expenses.

Materials

Regulatory Documents

Preliminary Prospectus

Risk Definitions

Investing in KPO involves risk, including possible loss of principal. The Fund’s options-based strategy is subject to, but not limited to, market risk, derivatives risk, options risk, and hedging risk. The Fund’s capital-efficient structure may magnify exposure to market gains and losses, and synthetic exposure and hedging techniques may not perform as intended. Put spreads and other components of the Fund’s systematic options hedging strategy may not protect against losses. The Fund is also subject to active management risk and ETF-related risks, including shares trading at a premium or discount to NAV and secondary market liquidity risk.

Options Risk: An option gives the holder the right, but not the obligation, to buy (call) or sell (put) an asset at a specified price. Options are speculative. The Fund may lose the premium paid if the underlying asset’s price doesn’t move favorably. Writing put options risks declines in the asset’s value, while writing call options may require delivering the asset below market price. Uncovered call options carry the risk of unlimited loss.

For additional information, including the Fund’s investment objective, principal investment strategies, risks, charges, and expenses, please review the preliminary prospectus. A preliminary prospectus which contains this and other information about the fund may be obtained by calling 877.891.1206 / link to the preliminary prospectus.

The fund has filed a registration statement with the Securities and Exchange Commission but it is not yet effective. An investment in the fund cannot be made, nor money accepted, until the registration statement is effective. An investor should consider the investment objectives, risks, and charges and expenses of the fund carefully before investing. A preliminary prospectus which contains this and other information about the fund may be obtained by calling 877.891.1206. The information in the preliminary prospectus is not complete and may be changed. The final prospectus should be read carefully before investing, and when available may be obtained from the same source. This communication is not an offer to sell fund shares and is not soliciting an offer to buy fund shares in any state where the offer or sale is not permitted.

See glossary for term definitions: kensingtonassetmanagement.com/glossary