NYSE:WEEL

Peerless Option Income Wheel

The first-ever ETF that offers turnkey access to the popular Option Wheel investment strategy.

Investment Objective

The investment objective is to seek current income. The Peerless Option Income Wheel is an actively managed alternative income solution. Through a dynamic patent pending combination of secured put writing and covered-call writing, the investment objective of WEEL is to generate equity-like returns over the long term through income generation with less overall volatility than the major equity indexes.

Fund Documents

WEEL ETF Fund Summary

The WEEL ETF has engineered a strategic approach designed to deliver equity-like returns over the long term through income generation, while dampening volatility as compared with a traditional long only portfolio. Its aim is to achieve these returns independently of market index appreciation, combining the risk management benefits of buffer-style products with the income potential of a premium selling strategy.

The fund adopts a disciplined, mechanical methodology that assists in buying low and selling high, while continuously collecting income with excellent capital efficiency. Abstaining from making market predictions, market timing, or favoring specific sectors are inherent features. It remains neutral in its approach to market trends, bullish or bearish sentiments, and value versus growth styles. It removes emotion, and provides a sustainable, risk-managed solution to create excess returns in range-bound markets.

Through our crafted process, we aim to simulate broad market exposure on a notional basis by means of cash (or treasury) secured puts. WEEL predominantly allocates across sector ETFs but can also utilize individual securities if these products do not provide the fund’s target achievement. All short put positions maintain a tight time frame, enabling frequent resets of the buffer to control downside risk. Any position that is ‘put’ to the portfolio becomes a long covered call contender, until that position itself is called away.

WEEL offers investors a sophisticated approach to achieving broad market exposure while effectively managing risk and providing income.

Please review the risks of the Fund below.

Strategy Overview

Watch Our Explainer Video

Jessica Inskip

Options Educator & Commentator; Co-Founder of the Market MakeHer Podcast

Jessica's Bio

Market Performance after Periods of High P/E

The Wheel In Motion

This patent-pending process is performed independently on a diversified basket of primarily sector ETFs. Each secured put is written out-of-the money, providing a buffer against potential losses while creating income. If assigned, covered calls are written on the position to create more income until it rebounds back. In bear markets, the majority (possibly all) of the positions will likely be assigned and the fund resembles a diversified equity allocation across sectors and market capitalization. This is an income strategy, and the vast majority (if not all) of the return will come from income generation rather than share price growth.

Peerless Wealth and Peerless ETFs

Peerless Wealth, LLC is an SEC-registered investment advisory firm and investment manager specializing in wealth and investment management for affluent clients. Founder Erik Thompson posits that a considerable number of individual investors, alongside numerous financial advisors, may not allocate sufficient focus towards planning for (and capitalizing on) markets characterized by stagnation, or bounded within a specific range. Over the last few years, he began running the option wheel income generation technique on an account-by-account basis and also in a private hedge fund. Performance solidified the technique and gave Peerless Wealth the confidence to roll it out to the public via an ETF. Peerless ETFs, a division of Peerless Wealth, LLC, offers the first and only SEC-registered 40-Act fund that utilizes the Option Wheel.

Erik Thompson

Peerless Wealth Founder
Co-Portfolio Manager

Robert Pascarella, PE

Research & Trading
Co-Portfolio Manager

Rob serves as an IAR at Peerless Wealth. An engineer by trade, he collaborated closely with Erik in the conceptualization and enhancement of their proprietary strategy. Notably, their innovative approach has garnered patent pending status with the US Patent and Trademark Office (USPTO). Leveraging further mathematical and data science background, Rob’s work extended to comprehensive backtesting, where the duo rigorously assessed the efficacy and robustness of their trading strategy across various market conditions. Through meticulous analysis of historical data and simulations, they refined the strategy to ensure its resilience and effectiveness in navigating dynamic market environments. This iterative process underscores their commitment to delivering a sophisticated and adaptive investment solution.

For more information about Peerless Wealth, LLC, please see www.peerless-wealth.com

“What is YOUR strategy for a range-bound market?”

Fund Details

Fund Name	Peerless Option Income Wheel
Fund Inception	5/16/2024
Ticker	WEEL
Primary Exchange	NYSE
CUSIP	88636J410
Gross Expense Ratio	1.25%
Management Fee	1.09%
Expense Waiver**	-0.26%
Acquired Fund Fees And Expense***	0.16%
Net Expense Ratio	0.99%
Distribution Rate	11.86%
30 Day SEC Yield* As of 10/31/2026	1.65%

*The 30-Day SEC Yield is calculated with a standardized formula mandated by the SEC. The formula is based on the maximum offering price per share and does not reflect waivers in effect.
**The Adviser has contractually agreed to waive 0.25% of its management fees, through at least July 30, 2027.
***Acquired Fund Fees and Expenses (“AFFE”) are indirect fees and expenses the Fund incurs from investing in shares of other funds, including exchange-traded funds

Fund Data & Pricing

Name	Value
Net Assets	$49.49m
NAV	$19.80
Shares Outstanding	2,500,000
Premium/Discount Percentage	0.04%
Closing Price	$19.80
Median 30 Day Spread*	0.30%

Name
11/09/2026

**30-Day Median Spread is a calculation of Fund’s median bid-ask spread, expressed as a percentage rounded to the nearest hundredth, computed by: identifying the Fund’s national best bid and national best offer as of the end of each 10 second interval during each trading day of the last 30 calendar days; dividing the difference between each such bid and offer by the midpoint of the national best bid and national best offer; and identifying the median of those values.

The Distribution Rate is the annual rate an investor would receive if the most recently declared distribution remained the same going forward. The Distribution Rate is calculated by multiplying an ETF’s Distribution per Share by twelve (12) and dividing the resulting amount by the ETF’s most recent NAV. The Distribution Rate represents a single distribution from the ETF and does not represent its total return. Distributions are not guaranteed.

Performance

Name
10/31/2026

Fund Name	Fund Ticker	1 Month	3 Month	6 Month	YTD	1 Year	3 Year	5 Year	10 Year	Since Inception (Cumulative)	Since Inception (Annualized)	Date
Peerless Option Income Wheel ETF	WEEL MKT	-1.31	0.48	2.46	6.73	9.16	–	–	–	29.95	11.22	10/31/2026
Peerless Option Income Wheel ETF	WEEL NAV	-1.33	0.66	2.65	7.8	9.45	–	–	–	29.99	11.24	10/31/2026
S&P 500 TR	SPTR2	-0.87	1.48	5.73	11.77	12.11	–	–	–	47.23	17.01	10/31/2026

Name
9/30/2026

Fund Name	Fund Ticker	1 Month	3 Month	6 Month	YTD	1 Year	3 Year	5 Year	10 Year	Since Inception (Cumulative)	Since Inception (Annualized)	Date
Peerless Option Income Wheel ETF	WEEL MKT	-0.95	2.74	8.32	8.15	12.48	–	–	–	31.68	12.27	09/30/2026
Peerless Option Income Wheel ETF	WEEL NAV	-0.70	2.79	8.41	9.25	12.83	–	–	–	31.74	12.29	09/30/2026
S&P 500 TR	SPTR2	-0.35	2.30	17.85	12.75	15.74	–	–	–	48.52	18.1	09/30/2026

The performance data quoted above represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted above. Performance current to the most recent month-end can be obtained by calling (844) 408-8111.

Short term performance, in particular, is not a good indication of the fund’s future performance, and an investment should not be made based solely on historical returns. Returns beyond 1 year are annualized.

A fund’s NAV is the sum of all its assets less any liabilities, divided by the number of shares outstanding. The market price is the most recent price at which the fund was traded.

Distribution Detail

Distribution Per Share	EX Date	Record Date	Payable Date
0.60	09/24/2026	09/24/2026	09/25/2026
0.60	06/25/2026	06/25/2026	06/26/2026
0.60	03/26/2026	03/26/2026	03/27/2026
0.75	12/30/2025	12/30/2025	12/31/2025
0.60	09/25/2025	09/25/2025	09/26/2025
0.60	06/26/2025	06/26/2025	06/27/2025
0.60	03/27/2025	03/27/2025	03/28/2025
0.73	12/27/2024	12/27/2024	12/30/2024
0.60	09/25/2024	09/25/2024	09/26/2024

Top 10 Holdings

Name
11/10/2026

Date	Account	StockTicker	Fund Ticker	CUSIP	Shares	Price	MarketValue	Weightings	NetAssets	SharesOutstanding	CreationUnits
11/10/2026	WEEL	912797SU2	United States Treasury Bill 11/27/2026	912797SU2	7,930,000	99.82	7,915,559.39	15.99	49,488,500	2,500,000	100
11/10/2026	WEEL	Cash&Other	Cash & Other	Cash&Other	5,935,250	1.00	5,935,249.90	11.99	49,488,500	2,500,000	100
11/10/2026	WEEL	912797UY1	United States Treasury Bill 11/12/2026	912797UY1	4,925,000	99.98	4,923,956.29	9.95	49,488,500	2,500,000	100
11/10/2026	WEEL	KRE	State Street SPDR S&P Regional Banking ETF	78464A698	56,000	73.45	4,113,200.00	8.31	49,488,500	2,500,000	100
11/10/2026	WEEL	ARKK	ARK Innovation ETF	00214Q104	44,000	78.98	3,475,120.00	7.02	49,488,500	2,500,000	100
11/10/2026	WEEL	QQQ	Invesco QQQ Trust Series 1	46090E103	4,200	679.35	2,853,270.00	5.77	49,488,500	2,500,000	100
11/10/2026	WEEL	SMH	VanEck Semiconductor ETF	92189F676	5,500	487.41	2,680,755.00	5.42	49,488,500	2,500,000	100
11/10/2026	WEEL	XLI	State Street Industrial Select Sector SPDR ETF	81369Y704	15,000	168.89	2,533,350.00	5.12	49,488,500	2,500,000	100
11/10/2026	WEEL	KWEB	KraneShares CSI China Internet ETF	500767306	94,000	24.31	2,285,140.00	4.62	49,488,500	2,500,000	100
11/10/2026	WEEL	XLU	State Street Utilities Select Sector SPDR ETF	81369Y886	42,000	43.79	1,839,180.00	3.72	49,488,500	2,500,000	100
11/10/2026	WEEL	EEM	ISHARES MSCI EMERGING MARKETS INDEX FUND	464287234	27,000	61.03	1,647,810.00	3.33	49,488,500	2,500,000	100
11/10/2026	WEEL	IYR	iShares U.S. Real Estate ETF	464287739	15,000	103.18	1,547,700.00	3.13	49,488,500	2,500,000	100
11/10/2026	WEEL	IGV	iShares Expanded Tech-Software Sector ETF	464287515	15,000	101.46	1,521,900.00	3.08	49,488,500	2,500,000	100
11/10/2026	WEEL	GDX	VanEck Gold Miners ETF/USA	92189F106	15,500	91.46	1,417,630.00	2.86	49,488,500	2,500,000	100
11/10/2026	WEEL	IWM	iShares Russell 2000 ETF	464287655	4,300	282.51	1,214,793.00	2.45	49,488,500	2,500,000	100
11/10/2026	WEEL	SLV	iShares Silver Trust	46428Q109	18,000	48.14	866,520.00	1.75	49,488,500	2,500,000	100
11/10/2026	WEEL	ASHR	Xtrackers Harvest CSI 300 China A-Shares ETF	233051879	27,500	31.00	852,500.00	1.72	49,488,500	2,500,000	100
11/10/2026	WEEL	ITB	ISHARES TRUST DJ HOME CONSTN	464288752	8,500	99.45	845,325.00	1.71	49,488,500	2,500,000	100
11/10/2026	WEEL	XLE	State Street Energy Select Sector SPDR ETF	81369Y506	10,000	61.94	619,400.00	1.25	49,488,500	2,500,000	100
11/10/2026	WEEL	FGXXX	First American Government Obligations Fund 12/01/2031	31846V336	296,005	100.00	296,005.19	0.60	49,488,500	2,500,000	100
11/10/2026	WEEL	VXX	iPath Series B S&P 500 VIX Short-Term Futures ETN	06748M196	8,000	19.02	152,160.00	0.31	49,488,500	2,500,000	100
11/10/2026	WEEL	IAU	iShares Gold Trust	464285204	800	77.78	62,224.00	0.13	49,488,500	2,500,000	100
11/10/2026	WEEL	KRE 261113P00070500	KRE US 11/13/26 P70.5	KRE 261113P00070500	-150	0.16	-2,400.00	0.00	49,488,500	2,500,000	100
11/10/2026	WEEL	IYR 261113P00099500	IYR US 11/13/26 P99.5	IYR 261113P00099500	-30	0.50	-1,500.00	0.00	49,488,500	2,500,000	100
11/10/2026	WEEL	XLV 261113P00181000	XLV US 11/13/26 P181	XLV 261113P00181000	-75	0.25	-1,875.00	0.00	49,488,500	2,500,000	100
11/10/2026	WEEL	XLE 261113P00059000	XLE US 11/13/26 P59	XLE 261113P00059000	-90	0.11	-990.00	0.00	49,488,500	2,500,000	100
11/10/2026	WEEL	EEM 261113P00058000	EEM US 11/13/26 P58	EEM 261113P00058000	-50	0.17	-825.00	0.00	49,488,500	2,500,000	100
11/10/2026	WEEL	XLU 261113C00045500	XLU US 11/13/26 C45.5	XLU 261113C00045500	-420	0.02	-840.00	0.00	49,488,500	2,500,000	100
11/10/2026	WEEL	IAU 261113P00076500	IAU US 11/13/26 P76.5	IAU 261113P00076500	-4	0.35	-140.00	0.00	49,488,500	2,500,000	100
11/10/2026	WEEL	XLU 261113P00042500	XLU US 11/13/26 P42.5	XLU 261113P00042500	-180	0.07	-1,260.00	0.00	49,488,500	2,500,000	100
11/10/2026	WEEL	KWEB 261113P00023500	KWEB US 11/13/26 P23.5	KWEB 261113P00023500	-200	0.08	-1,500.00	0.00	49,488,500	2,500,000	100
11/10/2026	WEEL	ITB 261120P00081000	ITB US 11/20/26 P81	ITB 261120P00081000	-50	0.30	-1,500.00	0.00	49,488,500	2,500,000	100
11/10/2026	WEEL	QQQ 261113P00640000	QQQ US 11/13/26 P640	QQQ 261113P00640000	-10	0.91	-905.00	0.00	49,488,500	2,500,000	100
11/10/2026	WEEL	KWEB 261113C00025500	KWEB US 11/13/26 C25.5	KWEB 261113C00025500	-324	0.03	-810.00	0.00	49,488,500	2,500,000	100
11/10/2026	WEEL	VXX 261120C00031000	VXX US 11/20/26 C31	VXX 261120C00031000	-80	0.25	-1,960.00	0.00	49,488,500	2,500,000	100
11/10/2026	WEEL	IWM 261111P00277000	IWM US 11/11/26 P277	IWM 261111P00277000	-65	0.49	-3,185.00	-0.01	49,488,500	2,500,000	100
11/10/2026	WEEL	IWM 261113P00270000	IWM US 11/13/26 P270	IWM 261113P00270000	-110	0.26	-2,860.00	-0.01	49,488,500	2,500,000	100
11/10/2026	WEEL	IWM 261120C00289000	IWM US 11/20/26 C289	IWM 261120C00289000	-43	1.32	-5,654.50	-0.01	49,488,500	2,500,000	100
11/10/2026	WEEL	GDX 261113P00086000	GDX US 11/13/26 P86	GDX 261113P00086000	-150	0.37	-5,550.00	-0.01	49,488,500	2,500,000	100
11/10/2026	WEEL	XBI 261113P00148000	XBI US 11/13/26 P148	XBI 261113P00148000	-165	0.26	-4,290.00	-0.01	49,488,500	2,500,000	100
11/10/2026	WEEL	IGV 261113C00105000	IGV US 11/13/26 C105	IGV 261113C00105000	-150	0.41	-6,075.00	-0.01	49,488,500	2,500,000	100
11/10/2026	WEEL	ASHR 261113C00031500	ASHR US 11/13/26 C31.5	ASHR 261113C00031500	-200	0.14	-2,700.00	-0.01	49,488,500	2,500,000	100
11/10/2026	WEEL	OIH 261120P00350000	OIH US 11/20/26 P350	OIH 261120P00350000	-18	4.70	-8,460.00	-0.02	49,488,500	2,500,000	100
11/10/2026	WEEL	KRE 261113C00076500	KRE US 11/13/26 C76.5	KRE 261113C00076500	-560	0.19	-10,360.00	-0.02	49,488,500	2,500,000	100
11/10/2026	WEEL	XLI 261113C00169000	XLI US 11/13/26 C169	XLI 261113C00169000	-50	2.50	-12,500.00	-0.03	49,488,500	2,500,000	100
11/10/2026	WEEL	SMH 261113C00485000	SMH US 11/13/26 C485	SMH 261113C00485000	-10	13.08	-13,075.00	-0.03	49,488,500	2,500,000	100
11/10/2026	WEEL	XRT 261113P00088000	XRT US 11/13/26 P88	XRT 261113P00088000	-210	1.23	-25,830.00	-0.05	49,488,500	2,500,000	100
11/10/2026	WEEL	IYR 261113C00103000	IYR US 11/13/26 C103	IYR 261113C00103000	-150	2.45	-36,750.00	-0.07	49,488,500	2,500,000	100

Purchase

Peerless Option Income Wheel ETF (NYSE:WEEL) is available through various channels including via phone (844) 408-8111, broker-dealers, investment advisers, and other financial services firms, including: