“Tesla is the most transformative company on Earth. By combining both Tesla stock and Tesla call options, Azoria's TSLV ETF is built for investors who seek outsized gains."

– James Fishback, Founder and CEO of Azoria

Fund Ticker	Net Assets	Shares Outstanding	Nav	Premium/Discount to Nav	Market Price	Median 30 Day Spread Percentage*
TSLV	$1,002,778.14	50,000	$20.06	0.40%	$20.14	0.36%

*Median 30-Day 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.

Ticker	Security Name	Weightings	Shares	Market Value
88160R101 SWP	88160R101 SWP	79.99	10,179	$4,676,843.34
FGXXX	First American Government Obligations Fund 12/01/2031	11.61	678,584	$678,584.11
Cash&Other	Cash & Other	5.34	311,961	$311,961.07
TSLA 270617C00700000	TSLA US 06/17/27 C700	2.06	14	$120,435.00
TSLA 270115C00690000	TSLA US 01/15/27 C690	0.82	7	$47,810.00
TSLA 260220C00500000	TSLA US 02/20/26 C500	0.09	1	$5,462.50
TSLA 260116C00490000	TSLA US 01/16/26 C490	0.08	1	$4,797.50

Investment Selection Process

Under normal market conditions, approximately 80% of the Fund’s net assets will be allocated to a long position in the Underlying Security. The Fund’s investment sub-adviser, Azoria Capital Inc. (the “Sub-Adviser”), determines how to obtain this exposure, which may be achieved directly through holding stock of the Underlying Security, and indirectly through holding total return swaps (agreements with financial institutions that provide the Fund with the returns of the Underlying Security without direct ownership) or through options contracts which reference the Underlying Security.

To create this indirect (or synthetic) exposure, the Fund may buy at-the-money (“ATM”) call options (contracts that allow the Fund to buy the Underlying Security at its current market price) while simultaneously selling an equal number of ATM put options (contracts that require the Fund to buy the Underlying Security at its current market price if exercised) or by buying deep in-the-money call options. This approach provides flexibility, allowing the Sub-Adviser to adjust exposure based on market conditions, liquidity constraints, or changes in the pricing of swap agreements. 

Up to 20% of the Fund’s net assets may be invested in out-of-the-money (“OTM”) call options (contracts that only gain value if the Underlying Security’s stock price rises above a certain level). The Sub-Adviser will select these options with the goal of capturing additional upside potential, generally targeting expirations ranging from one month to 24 months, with an expected average maturity of about six months. In making these selections, the Sub-Adviser will consider factors such as realized-implied volatility premia (the difference between expected and actual market volatility), the relative value of different option expiration dates, and key company or industry developments that could drive the Underlying Security’s stock price higher.

Frequently Asked Questions

What is the Azoria Tesla Convexity ETF?

The Azoria TSLA Convexity Fund (TSLV) is an actively managed Exchange-Traded Fund that invests in a portfolio of TSLA stock coupled with call options to provide enhanced exposure to TSLA. 

TSLV allocates 80% of capital to TSLA stock. Up to 20% of TSLV’s net assets are invested in a portfolio of asymmetric, out of the money call options to provide convex upside exposure to TSLV’s investors. 

What is the Fund’s ticker?

TSLV

How can I buy shares of the Fund? 

Shares of TSLV can be purchased with any US brokerage, including Vanguard, Fidelity, Robinhood, E-Trade, Schwab, etc.

What is the Fund’s expense ratio? 

0.95%

When did the Azoria Tesla Convexity ETF launch? 

September 30, 2025

Questions?

Email us: info@investazoria.com
Call us: (833) 777-7232 (Monday-Friday: 9am to 5pm eastern)

IMPORTANT INFORMATION

See full holdings for TSLV

Portfolio holdings are subject to change and should not be considered investment advice or a recommendation to buy, sell or hold any particular security.

Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about the Fund, please call (833) 777-7232 or visit our website at investazoria.com.
Read the prospectus or summary prospectus carefully before investing.

Equity Market Risk. Common stocks are generally exposed to greater risk than other types of securities, such as preferred stock and debt obligations, because common stockholders generally have inferior rights to receive payment from specific issuers. The equity securities held in the Fund’s portfolio may experience sudden, unpredictable drops in value or long periods of decline in value.

TSLA Risks. The Fund invests in swap agreements and options contracts that are based on the value of TSLA. This subjects the Fund to certain of the same risks as if it owned shares of TSLA, even though it does not. By virtue of the Fund’s investments in swap agreements and options contracts that are based on the value of TSLA.

Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes.
Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund.

New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund.

Distributed by Foreside Fund Services, LLC. Foreside is not affiliated with Azoria Capital Inc.