Gdx options

The price movements of the underlying security through the use of various investment instruments. The Fund’s synthetic covered call strategy consists of the following three elements, each of which is described in greater detail farther below: ● Synthetic long exposure to GDX, which allows the Fund to seek to participate in the changes, up or down, in the price of GDX’s shares. ● Covered call writing (where GDX call options are sold against the synthetic long portion of the strategy), which allows the Fund to generate income. ● U.S. Treasuries, which are used for collateral for the options, and which also generate income. 1. Synthetic Long Exposure To achieve a synthetic long exposure to GDX, the Fund will buy GDX call options and, simultaneously, sell GDX put options to try to replicate the price movements of GDX. The call options purchased by the Fund and the put options sold by the Fund will generally have one-month to six-month terms and strike prices that are approximately equal to the then-current share price of GDX at the time the contracts are purchased and sold, respectively. The combination of the long call options and sold put options provides the Fund with indirect investment exposure equal to approximately 100% of GDX for the duration of the applicable options exposure. 2. Covered Call Writing As part of its strategy, the Fund will write (sell) call option contracts on GDX to generate income. Since the Fund does not directly own GDX, these written call options will

The Fund is an actively managed exchange-traded fund (“ETF”) that seeks current income while providing indirect exposure to the share price (i.e., the price returns) of GDX (NYSE Arca: GDX) (“GDX”), subject to a limit on potential investment gains. The Fund will employ its investment strategy as it relates to GDX regardless of whether there are periods of adverse market, economic, or other conditions and will not take temporary defensive positions during such periods. As further described below, the Fund uses a synthetic covered call strategy to provide income and indirect exposure to the share price returns of GDX, subject to a limit on potential investment gains as a result of the nature of the options strategy it employs. That is, the Fund not only seeks to generate income from its options investments but also aims to derive gains when the value of GDX increases. The Fund’s options contracts provide: ● indirect exposure to the share price returns of GDX, ● current income from the option premiums, and ● a limit on the Fund’s participation in gains, if any, of the share price returns of GDX. For more information, see sections “The Fund’s Use of GDX Option Contracts” and “Synthetic Covered Call Strategy” below. The Fund’s investment adviser is Tidal Investments LLC (the “Adviser”) and the investment sub-adviser is ZEGA Financial, LLC (“ZEGA” or the “Sub-Adviser”). Why invest in the Fund? ● The Fund seeks to participate in a portion of the gains experienced by GDX. ● The Fund seeks

Portfolio The Fund’s principal holdings are described below: YieldMax™ Gold Miners Option Income Strategy ETF – Principal Holdings Portfolio Holdings (All options are based on the value of GDX) Investment Terms Expected Target Maturity Purchased call option contracts “at-the-money” (i.e., the strike price is equal to the then-current share price of GDX at the time of purchase) to provide indirect exposure to positive price returns of GDX. If the share price of GDX increases, these options will generate corresponding increases to the Fund. 1-month to 6-month expiration dates Sold put option contracts “at-the-money” (i.e., the strike price is equal to the then-current share price of GDX at the time of sale). They are sold to help pay for the purchased call options described above. However, the sold put option contracts provide exposure to the full extent of any share price losses experienced by GDX. 1-month to 6-month expiration dates Sold (short) call option contracts The strike price is approximately 0%-15% more than the then-current share price of GDX at the time of sale. They generate current income. However, they also limit some potential positive returns that the Fund may have otherwise experienced from gains in the GDX share price. 1-month or less expiration dates U.S Treasury Securities and Cash Multiple series of U.S. Treasury Bills supported by the full faith and credit of the U.S. government. These instruments are used as collateral for the Fund’s derivative investments. They will also generate income. 6-month to 2-year maturities The market value of

Treasury securities as collateral in connection with the Fund’s synthetic covered call strategy. The Fund intends to continuously maintain indirect exposure to GDX through the use of options contracts. As the options contracts it holds are exercised or expire it may enter into new options contracts, a practice referred to as “rolling.” The Fund’s practice of rolling options may result in high portfolio turnover. Fund’s Monthly Distributions The Fund will seek to provide monthly income in the form of cash distributions. The Fund will seek to generate such income in the following ways: ● Writing (selling) call option contracts on GDX as described above. The income comes mainly from the option premiums received from these option sales. A premium, in this context, refers to the price the option buyer pays to the option seller (the Fund) for the rights granted by the option. The amount of these premiums is largely affected by the fluctuations in GDX stock prices. However, other elements like interest rates can also influence the income level. ● Investing in short-term U.S. Treasury securities. The income generated by such securities will be influenced by interest rates at the time of investment. Fund’s Return Profile vs GDX For the reasons stated above, the Fund’s performance will differ from that of GDX’s share price. The performance differences will depend on, among other things, the price of GDX, changes in the value of the GDX options contracts the Fund holds, and changes in the value of the U.S. Treasuries. Fund

Be sold short (i.e., selling a position it does not currently own). The Fund will seek to participate in the share price appreciation of GDX, if any. However, due to the nature of covered call strategies, the Fund’s participation may be subject to a cap (as described below). In this strategy, the call options written (sold) by the Fund will generally have an expiration of one month or less (the “Call Period”) and generally have a strike price that is approximately 0%-15% above the then-current GDX share price. It is important to note that the sale of the GDX call option contracts will limit the Fund’s participation in the appreciation in GDX’s share price. If the share price of GDX increases, the above-referenced synthetic long exposure alone would allow the Fund to experience similar percentage gains. However, if GDX’s share price appreciates beyond the strike price of one or more of the sold (short) call option contracts, the Fund will lose money on those short call positions, and the losses will, in turn, limit the upside return of the Fund’s synthetic long exposure. As a result, the Fund’s overall strategy (i.e., the combination of the synthetic long exposure to GDX and the sold (short) GDX call positions) will limit the Fund’s participation in gains in GDX share price beyond a certain point. The Fund’s strategy seeks to fully cover all of the Fund’s sold call options with its synthetic long exposure. 3. U.S. Treasuries The Fund will hold short-term U.S.