Strategy. The Fund is an actively managed exchange traded fund (ETF) that attempts to achieve two times (200%) the daily percentage change in the share price of the Underlying Security by employing derivatives, namely swap agreements and/or listed options contracts. The Fund aims to achieve this daily percentage change for a single day, and not for any other period. A single day means the period from the close of regular trading on one trading day to the close on the next trading day. If the Fund encounters limitations in implementing its strategies, whether due to market conditions, derivative availability, counterparty issues, or other factors, the Fund may not achieve investment results, before fees and expenses, that correspond to two times (2x) … Show more… The Fund is an actively managed exchange traded fund (ETF) that attempts to achieve two times (200%) the daily percentage change in the share price of the Underlying Security by employing derivatives, namely swap agreements and/or listed options contracts. The Fund aims to achieve this daily percentage change for a single day, and not for any other period. A single day means the period from the close of regular trading on one trading day to the close on the next trading day. If the Fund encounters limitations in implementing its strategies, whether due to market conditions, derivative availability, counterparty issues, or other factors, the Fund may not achieve investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Underlying Security, and may return substantially less during such periods. During such periods, the Fund's actual leverage levels may differ substantially from its intended target, both intraday and at the close of trading, potentially resulting in significantly lower returns. The Fund may enter into one or more swap agreements with financial institutions for a specified period, which may range from one day to longer than a year. Through each swap agreement, the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Securitys share price. The gross return (meaning the return before deducting any fees or expenses) to be exchanged or swapped between the parties is calculated with respect to a notional amount, (meaning the face amount of the instrument) e.g., the return on or change in value of a particular dollar amount representing the Underlying Security. The Fund may also utilize listed options to seek to achieve leveraged 2X exposure to the Underlying Security. The Fund will primarily employ short-dated (a month or less) in-the-money call options (options with strike prices below the current market price of the Underlying Security, offering immediate intrinsic value). These options allow the Fund to adjust its leverage strategy in response to market conditions, liquidity constraints, or other factors that may affect the availability or pricing of swap agreements. The use of listed options provides additional flexibility in pursuing the Funds daily investment objective. At the end of each day, the Funds swaps and options are valued using market valuations and the Funds investment adviser rebalances the Funds holdings in an attempt to maintain leveraged exposure for the Fund equal to approximately 200% of the Underlying Securitys share price. For examples of a hypothetical investment in the Fund, see the section in the Funds Prospectus titled Additional Information About the Fund Principal Investment Strategies. Fund performance for periods greater than one single day is primarily (but not solely) a function of the following factors: a) the Underlying Security volatility; b) the Underlying Securitys performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses. The Fund will hold assets to serve as collateral for its derivatives positions. For those collateral holdings, the Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality. The Fund has adopted a policy to have at least 80% exposure to financial instruments with economic characteristics that should perform 2X the daily performance of the Underlying Securitys shares. The Fund is expected to allocate between 40% and 60% of its assets as collateral for the swap agreements or as premiums for purchased options contracts. Due to the Funds investment strategy, the Funds investment exposure is concentrated (i.e., holds 25% or more of its total assets) in the same industry or group of industries in which Underlying Security concentrates. In turn, the Underlying Security concentrates its investments in a particular industry or group of industries to approximately the same extent that its index is concentrated. As of September 30, 2024, the Underlying Securitys index was concentrated in the concentrated in the oil, gas and consumable fuels industry and had significant exposure to the energy sector. The Fund is classified as non-diversified under the 1940 Act. Because of daily rebalancing and the compounding of each days return over time, the return of the Fund for periods longer than a single day will be the result of each days returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Securitys shares over the same period. The Fund will lose money if the Underlying Securitys performance is flat over time, and because of daily rebalancing, the Underlying Securitys shares volatility and the effects of compounding, the Fund may lose money over time while the Underlying Securitys performance increases over a period longer than a single day. As a consequence, investors should not plan to hold shares of the Fund unmonitored for periods longer than a single trading day. URA This prospectus relates only to the Fund Shares offered hereby and is not a prospectus for the shares of the Global X Uranium ETF (NYSE Arca: URA). URNMs investment objective is to seek provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Global Uranium & Nuclear Components Total Return Index (the URA Index). URA invests at least 80% of its total assets in the securities of the URA Index and in American Depositary Receipts (ADRs) and Global Depositary Receipts (GDRs) based on the securities in the URA Index. URA also invests at least 80% of its total assets in securities of companies that are active in some aspect of the uranium industry such as mining, refining, exploration, manufacturing of equipment for the uranium industry, technologies related to the uranium industry or the production of nuclear components, as well as investment trusts whose primary purpose is to provide exposure to physical uranium, and companies which primary business is the production/development of nuclear reactors and associated technology. URA may also invest in companies that do not derive a significant percentage of revenues from activities related to the uranium industry, but generate large absolute revenues from the uranium industry (in particular, uranium mining, exploration for uranium, physical uranium investments, technologies related to the uranium industry, or the production of nuclear components). You can find URAs prospectus and other information about the ETF, including the most recent reports to shareholders, online by reference to the Investment Company Act File No. 811-22209 through the SECs website at www.sec.gov . The information in this prospectus regarding URA comes from its filings with the SEC. You are urged to refer to the SEC filings made by URA and to other publicly available information (e.g., the ETFs annual reports) to obtain an understanding of the ETFs business and financial prospects. The description of URAs principal investment strategies contained herein was taken directly from URAs prospectus, dated March 1, 2024. This document relates only to the securities offered hereby and does not relate to the shares of URA or other securities of URA. The Fund has derived all disclosures contained in this document regarding URA from the publicly available documents. None of the Fund, the Trust, or the 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 URA. None of the Fund, the Trust, or the Adviser, or their respective affiliates makes any representation that such publicly available documents or any other publicly available information regarding URA 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 URA (and therefore the share price of URA 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 URA could affect the value received with respect to the securities and therefore the value of the securities. None of the Fund, the Trust, the Adviser, or their respective affiliates makes any representation to you as to the performance of URA. NONE OF THE FUND, TIDAL TRUST II, AND TIDAL INVESTMENTS LLC ARE AFFILIATED WITH THE UNDERLYING SECURITY, GLOBAL X FUNDS OR GLOBAL X MANAGEMENT COMPANY LLC, INC. LIKEWISE, NONE OF THE FUND, TIDAL TRUST II, AND TIDAL INVESTMENTS LLC ARE AFFILIATED WITH THE UNDERLYING SECURITYS INDEX, INDEX PROVIDER, OR INDEX CALCULATION AGENT. Show less