MLPD

The financial statements include the Fund's disclosures required by Items 7 through 11 of Form N-CSR, which includes the financial statements, financial highlights, and other important information when applicable.

QYLD holds the stocks of the Nasdaq-100® Index and writes call options on that same index, pursuing a "buy-write" strategy in an effort to provide income while capping potential upside participation in rising markets. The Fund seeks to pay distributions on a monthly schedule.

XYLD follows a buy-write strategy, buying stocks in the S&P 500 Index—or investments with similar economic characteristics—and writing corresponding call options on the same index in an effort to generate income through option premiums while capping equity upside potential. The Fund seeks to pay distributions monthly.

RYLD follows a buy-write strategy, purchasing the Global X Russell 2000 ETF and/or the stocks in the Russell 2000 Index and writing corresponding call options on that index in an effort to generate income through option premiums while capping equity upside potential. The Fund seeks to pay distributions monthly.

MLPD can complement broad equity income allocations by providing targeted exposure to midstream energy infrastructure firms alongside a systematic covered call strategy engineered in an effort to compound a stream of monthly income.

The fund's convergence of midstream exposure and options positions it to perform across market regimes — its midstream focus may reduce sensitivity to short-term energy prices, while the monthly option premiums collected can help offset drawdowns in the underlying holding or potentially supplement a diversified portfolio's performance during stable or rising markets. The result is a multi-purpose tool built for investors seeking both energy industry exposure and a potential positive relationship with volatility.

MLPD seeks to generate income through covered call writing, which historically produces higher yields in periods of volatility.¹

MLPD expects to make distributions on a monthly basis.

MLPD writes call options on the Global X MLP & Energy Infrastructure ETF (MLPX), saving investors the time and potential expense of doing so individually.

¹Covered call writing can limit the upside potential of the underlying security

MLPD is designed to offer investors energy sector exposure, a source of potential current income, and a positive relationship with volatility.

Our covered call funds seek to offer alternate sources of income, with different risk/return characteristics. Here, we discuss recent developments.

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted, and numbers may reflect small variances due to rounding. Standardized performance and performance data current to the most recent month end may be found in the Performance section.

Monthly

1. 1

   The distribution as a percentage an investor would have received if they had held the fund over the last twelve months, assuming the most recent NAV. The Trailing 12-Month Distribution (%) is calculated by summing any income, capital gains and return of capital distributions over the past twelve months and dividing by the sum of the most recent NAV and any capital gain distributions made over the same period. The distribution is estimated to include a return of capital. For information on the breakdown of the distributions, please see the 19a Notice. These do not imply rates for any future distributions.

2. 2

   The annual rate an investor would receive if the most recent fund distribution remained the same going forward. The rate represents a single distribution from the fund and does not represent total return of the fund. The distribution rate is calculated by annualizing the most recent distribution and dividing by the most recent fund NAV. The distribution is estimated to include a return of capital. For information on the breakdown of the distributions, please see the 19a Notice. These do not imply rates for any future distributions.

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. A portion of the distribution is estimated to include a return of capital. For information on the breakdown of the distributions, please see the Tax Documents. These do not imply rates for any future distributions.