p id="xdx_A88_err--StrategyNarrativeTextBlock_zWWWCLL2SbOi" 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 Taiwan Semiconductor Manufacturing Co Ltd. (NYSE: TSM) (“TSM” 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 TSM 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 TSM, 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 TSM increases. The Fund’s options contracts provide:/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"indirect exposure to the share price returns of TSM,/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 TSM./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 TSM 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 TSM./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 TSM./span/td/tr /table 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"That is, although the Fund may not fully participate in gains in TSM’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 TSM/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 TSM 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 TSM 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 TSM./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 TSM distributions./span/td/tr /table 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 0pt 0.25in; text-align: justify"bAdditional information regarding TSM 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 TSM 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 TSM./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 TSM) 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" /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 TSM shares, which give the Fund the right or obligation to receive or deliver shares of TSM 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" /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 TSM, which allows the Fund to seek to participate in the changes, up or down, in the price of TSM’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 TSM 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 p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"1. span style="text-decoration: underline"Synthetic Long Exposure/span/p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in" /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 TSM, the Fund will buy TSM call options and, simultaneously, sell TSM put options to try to replicate the price movements of TSM. 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 TSM 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 TSM 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 p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"2. span style="text-decoration: underline"Covered Call Writing/span/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 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 TSM to generate income. Since the Fund does not directly own TSM, 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 TSM, 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 TSM 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 TSM call option contracts will limit the Fund’s participation in the appreciation in TSM’s share price. If the share price of TSM increases, the above-referenced synthetic long exposure alone would allow the Fund to experience similar percentage gains. However, if TSM’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 TSM and the sold (short) TSM call positions) will limit the Fund’s participation in gains in TSM 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 TSM’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 TSM 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 TSM’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 p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"3. span style="text-decoration: underline"U.S. Treasuries/span/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 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 TSM 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 /td tdspan style="font-size: 10pt"●/span/td td colspan="3"span style="font-size: 10pt"Writing (selling) call option contracts on TSM 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 TSM stock prices. However, other elements like interest rates can also influence the income level./span/td/tr tr style="vertical-align: top" td style="width: 4%" /td td style="width: 4%" /td td style="width: 11%" /td td style="width: 10%"span style="-sec-ix-redline: true"span style="font-size: 10pt"○/span/span/td td style="text-align: justify; width: 71%"span style="-sec-ix-redline: true"span style="font-size: 10pt"If the Fund’s opportunistic strategy is being employed when the price of TSM 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 /table 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"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 /table 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"Fund’s Return Profile vs TSM/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 TSM’s share price. The performance differences will depend on, among other things, the price of TSM, changes in the value of the TSM 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™ TSM 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 based onbr/ the value of TSM)/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"span style="font-size: 10pt"Purchased call option contracts/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"“at-the-money” (ii.e., /ithe strike price is equal to the then-current share price of TSM at the time of purchase) to provide indirect exposure to positive price returns of TSM./p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"If the share price of TSM 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"span style="font-size: 10pt"Sold put option contracts/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"“at-the-money” (ii.e., /ithe strike price is equal to the then-current share price of TSM 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 TSM./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"span style="font-size: 10pt"Sold (short) call option contracts i(Standard 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"The strike price is approximately 0%-15% more than the then-current share price of TSM 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 TSM 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 TSM 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 TSM 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 TSM 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" /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 TSM 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; text-align: justify" /p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"bspan style="text-decoration: underline"Taiwan Semiconductor Manufacturing Co Ltd. (“TSM”)/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"spanTSM is a dedicated foundry in the semiconductor industry which engages mainly in the manufacturing, sales, packaging, testing and computer-aided design of integrated circuits and other semiconductor devices and the manufacturing of masksspan style="color: #0D0D0D"./span/span TSM is listed on the New York Stock Exchange (“NYSE”)./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 TSM is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the SEC by TSM pursuant to the Exchange Act can be located by reference to the SEC file number 001-14700 through the SEC’s website at www.sec.gov. In addition, information regarding TSM 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 TSM or other securities of TSM. The Fund has derived all disclosures contained in this document regarding TSM 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 TSM. 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 TSM 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 TSM (and therefore the price of TSM 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 TSM 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 TSM./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 TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD./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 TSM. As of January 1, 2024, TSM is assigned to the semiconductors amp; semiconductor equipment industry./p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify" /p