Strategy. The Fund is an actively managed exchange-traded fund (ETF) that seeks current income while maintaining the opportunity for indirect exposure to the share price of the SPDR Gold Shares (GLD or the Underlying ETP), subject to a limit on potential gains related to increases in the price of GLDs shares. While maintaining indirect exposure to the Underlying ETP, the Fund aims to generate options premiums from its options investments when GLDs share price rises in value, based on the specific put options it sold. GLD is an exchange-traded product (ETP) that generally seeks to replicate the performance of the price of gold bullion. GLD is not subject to the protections of the 1940 Act; however, the Fund and its shareholders … Show more… The Fund is an actively managed exchange-traded fund (ETF) that seeks current income while maintaining the opportunity for indirect exposure to the share price of the SPDR Gold Shares (GLD or the Underlying ETP), subject to a limit on potential gains related to increases in the price of GLDs shares. While maintaining indirect exposure to the Underlying ETP, the Fund aims to generate options premiums from its options investments when GLDs share price rises in value, based on the specific put options it sold. GLD is an exchange-traded product (ETP) that generally seeks to replicate the performance of the price of gold bullion. GLD is not subject to the protections of the 1940 Act; however, the Fund and its shareholders are subject to the protections of the 1940 Act. At least weekly, the Fund uses an at-the-money or in-the-money put option selling strategy to seek to generate options premiums and exposure to the price of the Underlying ETP shares. In addition, the Funds in-the-money put options will provide some upside appreciation, also known as intrinsic value. However, as a result of its options strategies, the Fund will not directly or fully participate in gains experienced by the Underlying ETP. Please see the prospectus section below entitled Additional Information about the Fund for a description of the Funds options strategies as well as options terminology. The Funds strategy focuses on making weekly cash distributions by generating options premiums. It does so by regularly selling put options. Simultaneously, it aims to provide an enhanced yield compared to traditional option-based strategies by frequently selling short-term options, typically with a duration of less than a week. This method may result in more options premiums than with an approach of selling longer-term options over the same period, although there is no guarantee such an approach will be successful. Distributions may include a significant portion classified as return of capital (ROC). ROC generally represents a return of a shareholders invested capital rather than traditional income such as dividends or interest. See the prospectus section titled Additional Information About the Funds for more information about option premiums and ROC. In addition to its options investments, the Fund will hold short-term U.S. Treasury securities for collateral for the options and to generate income for the Fund. An Investment in the Fund is not an investment in GLD, nor in gold bullion. ? The Funds strategy will cap its potential options gains if GLD shares increase in value. ? The Funds strategy is subject to all potential losses if GLD shares decline, which may not be offset by options premiums received by the Fund. ? The Fund does not invest directly in GLD shares. ? The Fund does not invest directly in gold bullion. ? Fund shareholders are not entitled to any dividends paid by GLD. Additional information regarding GLD is set forth below. Although the Fund does not seek to invest directly in the Underlying ETP, due to the non-cash settlement nature of the Funds options strategy, the Fund may be required to hold Underlying ETP shares from time to time. In that case, the Fund will generally seek to sell those holdings the same day (to seek to avoid potential adverse tax consequences to the Fund). U.S. Treasuries The Fund will hold short-term U.S. Treasury securities as collateral in connection with the Funds options strategy and to generate income. Funds Weekly Distributions The Fund will seek to provide weekly cash distributions. Additional Information To fully collateralize the Funds options strategy, the market value of the cash and treasuries held by the Fund is expected to comprise at least 80% of the Funds net assets and the market value of the options is expected to be between 0% and 10% of the Funds net assets. The combination of these investments provides investment exposure to GLD such that the notional exposure is equal to 100% of the Funds total assets. The notional exposure is the return on or change in value of a particular dollar amount representing the underlying investment. The notional value and the market value both describe the value of a security. Notional value speaks to how much total value a security theoretically controls for instance through options contracts. Market value, on the other hand, is the price of a security right now that can be bought and sold on an exchange or through a broker. As a result of the Funds investment strategy, it may experience a high portfolio turnover rate. The Fund is classified as non-diversified under the 1940 Act. Under normal circumstances, the Fund will invest at least 80% of the value of its net assets, plus borrowings for investment purposes, in financial instruments and economic interests that provide exposure to the value of the Underlying ETP shares. For purposes of compliance with this investment policy, derivative contracts will be valued at their notional value. There is no guarantee that the Funds investment strategy will be properly implemented, and an investor may lose some or all of its investment. GLD SPDR Gold Shares (GLD) is a grantor trust and its investment objective is to track the performance of the price of gold bullion, less the expenses of GLDs operations. GLD is a passively-managed fund that primarily invests in gold and may also hold cash or cash equivalents. The investment strategy of GLD involves holding gold bullion, which is stored in secure vaults. GLD is listed on the NYSE Arca stock exchange. GLDs holdings are predominantly in physical gold bullion, and it may occasionally hold a minimal amount of cash for short-term operational purposes. Investors can access information about SPDR Gold Shares, including its prospectus and the most recent shareholder reports, online through the SECs website, using Registration Statement Nos. 333-267520 and 001-32356. This information, derived from GLDs filings with the SEC, is essential for investors to understand GLDs operations, investment strategy, and financial prospects. The description of GLDs principal investment strategies as outlined here is directly sourced from its prospectus. This document pertains solely to the securities offered by SPDR Gold Shares and does not concern the shares of other securities or ETFs. All disclosures in this document regarding GLD are based on publicly available documents. None of the Fund, Tidal Trust II (the Trust), Tidal Investments LLC (the Adviser), or their respective affiliates have engaged in the preparation of such publicly available offering documents or conducted any due diligence inquiries regarding such documents concerning GLD. They do not represent the accuracy or completeness of any publicly available documents or other information regarding GLD. Additionally, the Fund cannot guarantee that all events impacting GLDs trading price prior to the date of this document have been publicly disclosed. Future events or disclosures concerning GLD could affect the value of these securities. The Fund, the Trust, the Adviser, and their respective affiliates do not provide any representation regarding the performance of GLD. THE FUND, TRUST AND ADVISER ARE NOT AFFILIATED WITH SPDR GOLD TRUST, GLD, WORLD GOLD TRUST SERVICES, LLC, S&P DOW JONES INDICES LLC, OR STATE STREET CORPORATION. None of the Fund, the Trust, the Adviser, or their respective affiliates claim any ownership interest in any trademarks owned by SPDR Gold Trust, GLD, World Gold Trust Services, LLC, S&P Dow Jones Indices LLC, or State Street Corporation. All rights in the trademarks are reserved by their respective owners. Show less