p id="xdx_A8F_err--StrategyNarrativeTextBlock_zjQr4VQG4b8c" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"The Fund is an actively managed exchange-traded fund (“ETF”) that seeks current income while providing indirect exposure to the share price (ii.e./i, the price returns) of the ADR of BABA (NYSE: BABA) (“BABA” or the “Underlying Security”), which is generally subject to a limit on potential investment gains. The Fund will employ its investment strategy as it relates to BABA 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 BABA, which is generally subject to a limit on potential investment gains as a result of the nature of the options strategy it employs. In addition, the Fund will at times opportunistically sell a credit call spread (described below) instead of selling a call option when ZEGA Financial, LLC (“Sub-Adviser”) believes doing so will be more advantageous to the Fund’s total return. The Fund not only seeks to generate income from its options investments but also aims to derive gains when the value of BABA increases. The Fund’s options contracts provide:/p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0" /p table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" tr style="vertical-align: top" td style="width: 24px" /td td style="width: 24px"span style="font-size: 10pt"●/span/td tdspan style="font-size: 10pt"indirect exposure to the share price returns of BABA,/span/td/tr /table p style="margin: 0" /p p style="margin: 0"/p table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" tr style="vertical-align: top" td style="width: 24px" /td td style="width: 24px"span style="font-size: 10pt"●/span/td tdspan style="font-size: 10pt"current income from the option premiums, and/span/td/tr tr style="vertical-align: top" td /td tdspan style="font-size: 10pt"●/span/td tdspan style="font-size: 10pt"at most times, a limit on the Fund’s participation in gains, if any, of the share price returns of BABA./span/td/tr /table p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify" /p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"For more information, see sections “The Fund’s Use of BABA Option Contracts” and “Synthetic Covered Call Strategy” below./p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify" /p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"bWhy invest in the Fund?/b/p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify" /p table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" tr style="vertical-align: top" td style="width: 24px" /td td style="width: 24px"span style="font-size: 10pt"●/span/td tdspan style="font-size: 10pt"The Fund seeks to generate monthly income, which is not dependent on the price appreciation of BABA./span/td/tr tr style="vertical-align: top" td /td tdspan style="font-size: 10pt"●/span/td tdspan style="font-size: 10pt"The Fund seeks to participate in a portion of the gains experienced by BABA./span/td/tr /table p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify" /p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"That is, although the Fund may not fully participate in gains in BABA’s share price, the Fund’s portfolio is designed to generate income./p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify" /p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"bAn Investment in the Fund is not an investment in BABA/b/p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify" /p table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" tr style="vertical-align: top" td style="width: 24px" /td td style="width: 24px"span style="font-size: 10pt"●/span/td tdspan style="font-size: 10pt"bThe Fund’s strategy will capture only a portion of potential gains, if any, if BABA shares increase in value./b/span/td/tr tr style="vertical-align: top" td /td tdspan style="font-size: 10pt"●/span/td tdspan style="font-size: 10pt"bThe Fund’s strategy is subject to all potential losses if BABA shares decrease in value, which may not be offset by income received by the Fund./b/span/td/tr tr style="vertical-align: top" td /td tdspan style="font-size: 10pt"●/span/td tdspan style="font-size: 10pt"The Fund does span style="text-decoration: underline"not/span invest directly in BABA./span/td/tr tr style="vertical-align: top" td /td tdspan style="font-size: 10pt"●/span/td tdspan style="font-size: 10pt"Fund shareholders are span style="text-decoration: underline"not/span entitled to any BABA distributions./span/td/tr /table p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify" /p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"bAdditional information regarding BABA is also set forth below./b/p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify" /p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"bspan style="text-decoration: underline"The Fund’s Use of BABA Option Contracts/span/b/p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify" /p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"As part of the Fund’s synthetic covered call strategy, the Fund will purchase and sell a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put option contracts that are based on the value of the price returns of BABA./p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify" /p table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" tr style="vertical-align: top" td style="width: 24px" /td td style="width: 24px"span style="font-size: 10pt"●/span/td td style="text-align: justify"span style="font-size: 10pt"In general, an option contract gives the purchaser of the option contract the right to purchase (for a call option) or sell (for a put option) the underlying asset (like shares of BABA) at a specified price (the “strike price”)./span/td/tr tr style="vertical-align: top" td /td tdspan style="font-size: 10pt"●/span/td td style="text-align: justify"span style="font-size: 10pt"If exercised, an option contract obligates the seller to deliver shares (for a sold or “short” call) or buy shares (for a sold or “short” put) of the underlying asset at a specified price (the “strike price”)./span/td/tr tr style="vertical-align: top" td /td tdspan style="font-size: 10pt"●/span/td td style="text-align: justify"span style="font-size: 10pt"Options contracts must be exercised or traded to close within a specified time frame, or they expire. See the chart in section “Fund Portfolio” below for a description of the option contracts utilized by the Fund./span/td/tr /table p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify" /p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"Standardized exchange-traded options include standardized terms. FLEX options are also exchange-traded, but they allow for customizable terms (e.g., the strike price can be negotiated). For more information on FLEX options, see “Additional Information about the Funds – Exchange Traded Options Portfolio.”/p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify" /p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"The Fund’s options contracts are based on the value of BABA shares, which give the Fund the right or obligation to receive or deliver shares of BABA on the expiration date of the applicable option contract in exchange for the stated strike price, depending on whether the option contract is a call option or a put option, and whether the Fund purchases or sells the option contract./p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify" /p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"bspan style="text-decoration: underline"Synthetic Covered Call Strategy/span/b/p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify" /p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"In seeking to achieve its investment objective, the Fund will implement a “isynthetic/i covered call” strategy using the standardized exchange-traded and FLEX options described above./p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify" /p table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" tr style="vertical-align: top" td style="width: 24px" /td td style="width: 24px"span style="font-size: 10pt"●/span/td tdspan style="font-size: 10pt"A itraditional/i covered call strategy is an investment strategy where an investor (the Fund) sells a call option span style="text-decoration: underline"on an underlying security it owns/span./span/td/tr tr style="vertical-align: top" td /td tdspan style="font-size: 10pt"●/span/td tdspan style="font-size: 10pt"A isynthetic/i covered call strategy is similar to a traditional covered call strategy in that the investor sells a call option that is based on the value of the underlying security. However, in a synthetic covered call strategy, the investor (the Fund) span style="text-decoration: underline"does not own the underlying security/span, but rather seeks to isynthetically/i replicate 100% of the price movements of the underlying security through the use of various investment instruments./span/td/tr /table p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify" /p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"The Fund’s synthetic covered call strategy consists of the following three elements, each of which is described in greater detail farther below:/p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify" /p table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" tr style="vertical-align: top" td style="width: 24px" /td td style="width: 24px"span style="font-size: 10pt"●/span/td tdspan style="font-size: 10pt"Synthetic long exposure to BABA, which allows the Fund to seek to participate in the changes, up or down, in the price of BABA’s shares./span/td/tr tr style="vertical-align: top" td /td tdspan style="font-size: 10pt"●/span/td tdspan style="font-size: 10pt"Covered call writing (where BABA call options are sold against the synthetic long portion of the strategy), which allows the Fund to generate income./span/td/tr tr style="vertical-align: top" td /td tdspan style="font-size: 10pt"●/span/td tdspan style="font-size: 10pt"U.S. Treasuries, which are used for collateral for the options, and which also generate income./span/td/tr /table p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0" /p table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" tr style="vertical-align: top" td style="width: 24px" /td td style="width: 14px"span style="font-size: 10pt"1./span/td td style="text-align: justify"span style="font-size: 10pt"span style="text-decoration: underline"Synthetic Long Exposure/span/span/td/tr /table p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify" /p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"To achieve a synthetic long exposure to BABA, the Fund will buy BABA call options and, simultaneously, sell BABA put options to try to replicate the price movements of BABA. 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 BABA 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 BABA for the duration of the applicable options exposure./p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify" /p table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" tr style="vertical-align: top" td style="width: 24px" /td td style="width: 14px"span style="font-size: 10pt"2./span/td td style="text-align: justify"span style="font-size: 10pt"span style="text-decoration: underline"Covered Call Writing/span/span/td/tr /table p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify" /p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"iStandard Strategy – Covered Calls/i/p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify" /p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"As part of its strategy, the Fund will write (sell) call option contracts on BABA to generate income. Since the Fund does not directly own BABA, these written call options will 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 BABA, 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 BABA share price./p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify" /p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"It is important to note that the sale of the BABA call option contracts will limit the Fund’s participation in the appreciation in BABA’s share price. If the share price of BABA increases, the above-referenced synthetic long exposure alone would allow the Fund to experience similar percentage gains. However, if BABA’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 BABA and the sold (short) BABA call positions) will limit the Fund’s participation in gains in BABA 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./p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify" /p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"iOpportunistic Strategy – Credit Call Spreads/i/p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify" /p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"span style="-sec-ix-redline: true"The Fund may write (sell) credit call spreads (described below) rather than stand-alone call option contracts to seek greater participation in the potential appreciation of BABA’s share price, while still generating net premium income. The Sub-Adviser will primarily employ this opportunistic strategy when it believes that the share price of BABA is likely to rise significantly in the short term (e.g., following a substantial selloff or overall positive market news). Additionally, the Sub-Adviser may use this strategy in other scenarios (e.g., if the market is undervaluing further out-of-the-money options relative to near-the-money options), where it believes the use of credit call spreads may prove more advantageous to the Fund’s total return than the standard strategy./span/p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify" /p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"A credit call spread involves selling a call option while simultaneously buying a call option with a higher strike price, both with the same expiration date. By writing credit call spreads, the Fund can potentially offset losses incurred from its short call positions if BABA’s share price rises above the strike price./p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify" /p table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" tr style="vertical-align: top" td style="width: 24px" /td td style="width: 14px"span style="font-size: 10pt"3./span/td td style="text-align: justify"span style="font-size: 10pt"span style="text-decoration: underline"U.S. Treasuries/span/span/td/tr tr style="vertical-align: top" td /td td /td td style="text-align: justify"span style="font-size: 10pt" /span/td/tr /table p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"The Fund will hold short-term U.S. Treasury securities as collateral in connection with the Fund’s synthetic covered call strategy./p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify" /p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"The Fund intends to continuously maintain indirect exposure to BABA 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./p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify" /p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"bFund’s Monthly Distributions/b/p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify" /p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"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:/p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify" /p table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" tr style="vertical-align: top" td style="width: 24px" /td td style="width: 24px"span style="font-size: 10pt"●/span/td td style="text-align: justify"span style="font-size: 10pt"Writing (selling) call option contracts on BABA 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 BABA stock prices. However, other elements like interest rates can also influence the income level./span/td/tr /table table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%" tr style="vertical-align: top" td colspan="3"span style="-sec-ix-redline: true" /span/td tdspan style="-sec-ix-redline: true"span style="font-size: 10pt"○/span/span/td td style="text-align: justify"span style="-sec-ix-redline: true"span style="font-size: 10pt"If the Fund’s opportunistic strategy is being employed when the price of BABA rises significantly, the Fund might gain a large share of that increase. When this happens, the Fund could receive profits exceeding the initial cost of the call options, and the Fund’s distributions may include some of those profits./span/span/td/tr tr style="vertical-align: top" td /td tdspan style="font-size: 10pt"●/span/td td colspan="3"span style="font-size: 10pt"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./span/td/tr tr td style="width: 4%" /td td style="width: 4%" /td td style="width: 7%" /td td style="width: 7%" /td td style="width: 78%" /td/tr /table p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"/p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"bspan style="text-decoration: underline"Fund’s Return Profile vs BABA/span/b/p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify" /p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"For the reasons stated above, the Fund’s performance will differ from that of BABA’s share price. The performance differences will depend on, among other things, the price of BABA, changes in the value of the BABA options contracts the Fund holds, and changes in the value of the U.S. Treasuries./p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify" /p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"bspan style="text-decoration: underline"Fund Portfolio/span/b/p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify" /p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"The Fund’s principal holdings are described below:/p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify" /p table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" tr style="vertical-align: bottom" td colspan="3" style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"span style="font-size: 10pt"bYieldMax™ BABA Option Income Strategy ETF – Principal Holdings/b/span/td/tr tr style="vertical-align: bottom" td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 23%; padding-right: 5.4pt; padding-left: 5.4pt" p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"bPortfolio Holdings/b/p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"b(All options are basedbr/ on the value of BABA)/b/p/td td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 57%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"span style="font-size: 10pt"bInvestment Terms/b/span/td td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"span style="font-size: 10pt"bExpected Target/bbr/ bMaturity/b/span/td/tr tr td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"Purchased call option contracts/p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0" /p/td td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt" p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"“at-the-money” (ii.e., /ithe strike price is equal to the then-current share price of BABA at the time of purchase) to provide indirect exposure to positive price returns of BABA./p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"If the share price of BABA increases, these options will generate corresponding increases to the Fund./p/td td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"span style="font-size: 10pt"1-month to 6-month expiration dates/span/td/tr tr td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"Sold put option contracts/p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0" /p/td td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt" p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"“at-the-money” (ii.e., /ithe strike price is equal to the then-current share price of BABA at the time of sale)./p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"They are sold to help pay for the purchased call options described above./p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"However, the sold put option contracts provide exposure to the full extent of any share price losses experienced by BABA./p/td td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"span style="font-size: 10pt"1-month to 6-month expiration dates/span/td/tr tr td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"Sold (short) call option contracts i(Standard Strategy)/i/p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0" /p/td td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt" p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"The strike price is approximately 0%-15% more than the then-current share price of BABA at the time of sale./p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"They generate current income. However, they also limit some potential positive returns that the Fund may have otherwise experienced from gains in the BABA share price./p/td td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"span style="font-size: 10pt"1-month or less expiration dates/span/td/tr tr td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"Sold (short) call option contracts i(Opportunistic Strategy)/i/p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0" /p/td td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt" p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"The strike price is approximately 0%-15% more than the then-current share price of BABA at the time of sale./p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"Sold call option contracts provide inverse exposure to the full extent of any increases in the value experienced by BABA, minus the premium received. /p/td td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"span style="font-size: 10pt"1-month or less expiration dates/span/td/tr tr td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"span style="font-size: 10pt"Purchased call option contracts i(Opportunistic Strategy)/i/span/td td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt" p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"“out-of-the-money” (i.e., the strike price is above the strike price of the corresponding Opportunistic Strategy sold call)./p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"Bought call option contracts provide exposure to the full extent of any increases in the value experienced by BABA above the option’s strike price. /p/td td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"span style="font-size: 10pt"1-month or less expiration dates/span/td/tr tr td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"span style="font-size: 10pt"U.S Treasury Securities and Cash/span/td td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt" p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"Multiple series of U.S. Treasury Bills supported by the full faith and credit of the U.S. government./p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"These instruments are used as collateral for the Fund’s derivative investments./p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"They will also generate income./p/td td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"span style="font-size: 10pt"6-month to 2-year maturities/span/td/tr /table p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify" /p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"The market value of the cash and treasuries held by the Fund is expected to be between 50% and 100% of the Fund’s net assets and the market value of the options package is expected to be between 0% and 50% of the Fund’s net assets. In terms of notional value, the combination of these investment instruments provides indirect investment exposure to BABA equal to at least 100% of the Fund’s total assets./p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify" /p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"The Fund is classified as “non-diversified” under the 1940 Act./p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify" /p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"bThere is no guarantee that the Fund’s investment strategy will be properly implemented, and an investor may lose some or all of its investment. /b/p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0" /p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"/p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"bspan style="text-decoration: underline"Alibaba Group Holding Limited (“BABA”)/span/b/p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify" /p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"BABA is an e-commerce company that operates retail websites and offers programs that enable third-parties to sell products on their websites. BABA is listed on the New York Stock Exchange./p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify" /p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"The American Depositary Share of Alibaba Group Holding Limited (BABA) is registered under the Securities Exchange Act of 1933, as amended (the “Exchange Act”). Information provided to or filed with the SEC by BABA pursuant to the Exchange Act can be located by reference to SEC file number 001-36614 through the SEC’s website at www.sec.gov. In addition, information regarding BABA may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents./p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify" /p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"bThis document relates only to the securities offered hereby and does not relate to the shares of BABA or other securities of BABA. The Fund has derived all disclosures contained in this document regarding BABA from the publicly available documents. None of the Fund, the Trust, the Adviser, the Sub-Adviser, or their respective affiliates has participated in the preparation of such publicly available offering documents or made any due diligence inquiry regarding such documents with respect to BABA. None of the Fund, the Trust, the Adviser, the Sub-Adviser, or their respective affiliates makes any representation that such publicly available documents or any other publicly available information regarding BABA is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of BABA (and therefore the price of BABA at the time we price the securities) have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning BABA could affect the value received with respect to the securities and therefore the value of the securities./b/p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify" /p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"bNone of the Fund, the Trust, the Adviser, the Sub-Adviser, or their respective affiliates makes any representation to you as to the performance of BABA./b/p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify" /p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"bTHE FUND, TRUST, ADVISER, AND SUB-ADVISER ARE NOT AFFILIATED WITH ALIBABA GROUP HOLDING LIMITED./b/p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify" /p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"Due to the Fund’s investment strategy, the Fund’s investment exposure is concentrated in (or substantially exposed to) the same industry as that assigned to BABA. As of January 1, 2024, BABA is assigned to the internet amp; direct marketing retail industry./p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify" /p