TIDAL BUFFERED BULLDOG ETF (USD) ACJL.US

The Buffered Bulldog ETF by C.J. Lawrence, a division of Apollon is an actively-managed U.S. equity ETF with a defined-outcome overlay intended to balance growth and risk.

The fund combines a concentrated portfolio of approximately 30-50 "Bulldog" stocks - companies selected by the sub-adviser C.J. Lawrence for characteristics such as competitive advantage, strong balance sheets, pricing power, and above-average growth - and an options collar on the broader U.S. large-cap market (using SPY as the hedged benchmark).

The options overlay is designed to protect the portfolio against an initial market decline (roughly the first -15% after an initial -5% drop) and to limit upside participation through sold calls, so that losses beyond the buffer are borne one-for-one and gains are capped.

The fund's strategy is non-diversified under U.S. securities law, meaning it may hold larger position weights in individual issuers than diversified funds. It issues and redeems shares via authorized participants in creation units and maintains exposure through both its equity selection and its derivatives overlay.

The options used are exchange-traded options and FLEX options, which are standardized or customized listed option contracts. The ETF is issued by Tidal Trust IV, with Tidal Investments LLC serving as investment adviser and C.J. Lawrence (Apollon) as sub-adviser.

The structure is a Delaware statutory trust, registered under the U.S. Investment Company Act of 1940 and the Securities Act of 1933. The base asset class is U.S. equities, with the strategy seeking capital appreciation while using derivatives to shape downside and upside exposure.