Strategy. The Fund follows a passive management (or indexing) approach to track the performance of the Index, before fees and expenses. The Index uses the Nasdaq Dorsey Wright Relative Strength Matrix methodology (the Dorsey Wright methodology) to select the securities included in the Index. The Index relates exclusively to the YieldMax family of ETFs, specifically those that provide exposure to either the share price of (i) a specific operating company or (ii) one or more exchange traded funds (collectively, the Evaluated Securities). For example, the YieldMax TSLA Option Income Strategy ETF is eligible for inclusion in the Index. Its primary investment objective is to generate current income, with a secondary objective of providing exposure to the share price of Tesla, Inc. … Show more… The Fund follows a passive management (or indexing) approach to track the performance of the Index, before fees and expenses. The Index uses the Nasdaq Dorsey Wright Relative Strength Matrix methodology (the Dorsey Wright methodology) to select the securities included in the Index. The Index relates exclusively to the YieldMax family of ETFs, specifically those that provide exposure to either the share price of (i) a specific operating company or (ii) one or more exchange traded funds (collectively, the Evaluated Securities). For example, the YieldMax TSLA Option Income Strategy ETF is eligible for inclusion in the Index. Its primary investment objective is to generate current income, with a secondary objective of providing exposure to the share price of Tesla, Inc. (TSLA) common stock, subject to a cap on potential gains. In this example, TSLA is considered the Evaluated Security. This is for illustrative purposes only, as the ETF may not be an Index constituent. The Dorsey Wright methodology examines the Evaluated Securities that the eligible YieldMax ETFs track, not the ETFs themselves. Using the example above, the methodology examines only TSLA (not the YieldMax ETF). This focus on individual securities enables the Index methodology to identify those with the strongest price momentum (i.e., highest relative strength). Scores are assigned based on short- and long-term growth potential for each Evaluated Security, with rankings that determine Index inclusion. At each rebalance, the Index includes the five YieldMax ETFs that seek exposure to the top five ranked Evaluated Securities, as identified by the Dorsey Wright methodology (these ETFs are Index Constituents). Why Invest in the Fund? The Fund seeks to provide targeted, rules-based exposure to select YieldMax ETFs by using the Dorsey Wright methodology. This approach is intended to capture growth by systematically identifying high-momentum securities with a potential for strong returns. 1. Targeted Exposure to High-Momentum Assets: By investing in YieldMax ETFs with exposure to high-momentum securities, the Fund positions its portfolio to potentially benefit if selected securities continue their positive trends. The Dorsey Wright methodology ranks assets objectively, highlighting those that have demonstrated the highest relative strength (among those in the initial universe). 2. Efficient Cash Distribution Generation Potential: YieldMax ETFs generally have a focus on providing regular cash distributions, and the Fund offers this potential benefit alongside potential capital appreciation. Evaluated Securities and Eligible YieldMax ETFs To select Evaluated Securities for the Index, Dorsey, Wright & Associates, LLC (the Index Provider) reviews the universe of eligible YieldMax ETFs. Each eligible YieldMax ETF seeks to generate income and provide exposure, with some return limitations, to either (i) the share price of an individual companys stock or (ii) one or more ETFs (each an Evaluated Security and each relevant issuer an Underlying Issuer). The Index excludes some YieldMax ETFs, such as fund-of-funds, those that seek inverse (short) exposure to the performance of a security and ETFs whose investment or options strategies are designed to seek a target or defined annual distribution level. Please see Additional Information About the Index below for more information about excluded YieldMax ETFs. Index Methodology The Dorsey Wright methodology uses Point & Figure charting, using closing prices of each Evaluated Security to track supply and demand dynamics. This approach focuses on major price movements while filtering out minor price swings, trading volume, and time. This charting technique emphasizes significant price trends and seeks to remove short-term noise. Specifically, Point & Figure charting marks an upward trend with columns of Xs and a downward trend with columns of Os, only updating with significant price changes, thus filtering out minor price swings. Please see Additional Information About the Index below for an example of a Point & Figure chart. The Dorsey Wright methodology evaluates each Evaluated Securitys relative strength, measuring its performance relative to other Evaluated Securities to identify current momentum trends. It then ranks Evaluated Securities by buy signal frequency, prioritizing those with the strongest positive momentum. By incorporating both short- and long-term indicators (spanning weeks to months or longer), the methodology aims to identify strategic opportunities while minimizing excessive turnover. Relative strength, as well as the methodologys use of buy and sell signals, are further detailed in Additional Information About the Index. Rebalancing and Reconstitution The Index is rebalanced three business days before the last trading day of each month. Rebalancing adjusts the weightings of the existing Index Constituents to maintain the Indexs intended structure. At each rebalance, each Index Constituent represents approximately 20% of the Funds portfolio. Reconstitution, which involves replacing Index Constituents, also occurs at this time but only if an Evaluated Securitys relative strength declines, causing it to rank 8th or lower compared to other Evaluated Securities. In such a case, a new Index Constituent (i.e., a new YieldMax ETF that corresponds to the higher ranked Evaluated Security) will be added to the Index. If a YieldMax ETF becomes ineligible for the Index between monthly reconstitutions (e.g., due to factors such as pending liquidation, delisting, or a merger of its Evaluated Security), it will be removed from the Index. Index Constituents removed under these circumstances will not be replaced until the next Index reconstitution. For example, if hypothetical XYZ Company, the focus of the hypothetical YieldMax XYZ ETF, is delisted, the YieldMax XYZ ETF would be taken out of the Index. It would not be replaced until the next monthly Index update. Portfolio Construction The Fund will typically hold five Index Constituents. The Fund will seek to make cash distributions on a weekly basis. The Fund attempts to invest all, or substantially all, of its assets in the Index Constituents that make up the Index. The Fund will generally use a replication strategy to achieve its investment objective, meaning it generally will invest in all of the Index Constituents. However, the Fund may use a representative sampling strategy, meaning it may invest in a sample of the securities in the Index whose risk, return and other characteristics closely resemble the risk, return and other characteristics of the Index as a whole, when the Adviser believes it is in the best interests of the Fund. For example, representative sampling may be used when replicating the Index involves practical difficulties or substantial costs, an Index Constituent becomes temporarily illiquid, unavailable, or less liquid, or as a result of legal restrictions or limitations that apply to the Fund but not to the Index. The Fund and each YieldMax ETF are affiliated ETFs. The Fund is advised by Tidal Investments LLC (the Adviser), and each YieldMax ETF is advised by the Adviser. The Fund is classified as non-diversified under the 1940 Act. The Fund will concentrate its investments (i.e., hold more than 25% of its total assets) in industries or groups of industries to the same extent as the Index concentrates. As of October 24, 2025, Index constituents assigned to the Financial Services group of industries represented 40.16% of the Index and the Index constituents assigned to the Media & Entertainment group of industries represented 36.09% of the Index. Eligible YieldMax ETF Strategies The Fund indirectly gains exposure to potential share price returns of selected Underlying Securities through its investment in YieldMax ETFs. Each YieldMax ETF, using a synthetic covered call strategy, captures only a portion of potential gains if its Underlying Securitys share price increases, but remains fully exposed to all losses if the share price decreases, which may not be offset by its generation of options premiums. Each YieldMax ETFs covered call strategy generally consists of: ? Long Exposure: Gaining synthetic exposure to the Underlying Securitys price movements through buying call options and selling put options. Exposure may also be obtained directly or synthetically via other types of derivative instruments. ? Covered Call Strategies: ? Covered Call Writing: Selling call options to generate options premiums, though this caps participation in price gains above certain levels. ? Covered Call Spreads: Selling credit call spreads to potentially increase participation in the Underlying Securitys price appreciation. ? U.S. Treasuries: Holding short-term U.S. Treasuries as collateral for options positions. YieldMax ETFs also aim to provide weekly cash distributions from options premiums and U.S. Treasury income, although ETF shareholders, including the Fund, do not receive Underlying Security dividends. However, the Fund may receive dividends on its direct holdings in Underlying Securities. See Additional Information About the Funds below for more information about the investment strategies of the YieldMax ETFs. None of the Fund, the Trust, the Adviser, or their respective affiliates makes any representation to you as to the performance of any Underlying Security. THE FUND, TRUST, AND ADVISER ARE NOT AFFILIATED WITH ANY UNDERLYING ISSUER. Show less