Strategy. The Fund is an actively managed exchange-traded fund (ETF) that seeks current income while providing indirect exposure to the share price ( i.e. , the price returns) of one or more select U.S.-listed exchange-traded products (ETP) that seek exposure to Bitcoin, which is a cryptocurrency, (or an index of such ETPs) (each an Underlying ETP and collectively, (including when exposure is through an index of such ETPs), the Underlying ETPs), subject to participation in a portion of potential investment gains as a result of the nature of the options strategy it employs. Although Bitcoin may be referred to as a cryptocurrency it is not yet widely accepted as a means of payment. The Fund uses a synthetic covered call strategy … Show more… The Fund is an actively managed exchange-traded fund (ETF) that seeks current income while providing indirect exposure to the share price ( i.e. , the price returns) of one or more select U.S.-listed exchange-traded products (ETP) that seek exposure to Bitcoin, which is a cryptocurrency, (or an index of such ETPs) (each an Underlying ETP and collectively, (including when exposure is through an index of such ETPs), the Underlying ETPs), subject to participation in a portion of potential investment gains as a result of the nature of the options strategy it employs. Although Bitcoin may be referred to as a cryptocurrency it is not yet widely accepted as a means of payment. The Fund uses a synthetic covered call strategy that is designed to seek to generate options premiums and indirect exposure to the share price returns of one or more Underlying ETPs. In addition, the strategy is designed to produce a higher level of options premiums when the Underlying ETP experiences or Underlying ETPs experience, as applicable, more volatility. An Underlying ETP may include both: ? an ETP that invests directly in Bitcoin as its primary underlying asset, and ? an ETP that invests indirectly in Bitcoin via derivatives contracts based on Bitcoins prices. The Fund does not invest directly in Bitcoin or any other digital assets. The Fund does not invest directly in derivatives that track the performance of Bitcoin or any other digital assets. The Fund does not invest in or seek direct exposure to the current spot or cash price of Bitcoin. Investors seeking direct exposure to the price of Bitcoin should consider an investment other than the Fund. The Funds options contracts provide: ? indirect exposure to the share price returns of each Underlying ETP, ? options premiums, and ? participation in a portion of gains, if any, of the share price returns of each Underlying ETP. For more information, see sections The Funds Use of the Underlying ETP Option Contracts and Synthetic Covered Call Strategy below. The Funds investment adviser is Tidal Investments LLC (the Adviser). Why invest in the Fund? ? The Fund seeks to participate in a portion of the gains experienced by each Underlying ETP. ? The Fund seeks to generate weekly cash distributions, which are not dependent on the price appreciation of an Underlying ETP. ? The Fund seeks to generate weekly cash distributions from option premiums that could potentially be elevated due to the anticipated volatility associated with each Underlying ETPs Bitcoin investments. That is, although the Fund may not fully participate in gains in an Underlying ETPs share price, the Funds portfolio is designed to generate options premiums. An Investment in the Fund is not an investment in any Underlying ETP ? The Funds strategy will capture only a portion of potential gains tied to a particular ETP if that Underlying ETPs shares increase in value. ? The Funds strategy is subject to all potential losses (in proportion to its allocation to an Underlying ETP), if the Underlying ETPs shares decrease in value, which may not be offset by the options premiums received by the Fund. ? The Fund does not invest directly in any Underlying ETP. ? Fund shareholders are not entitled to any Underlying ETPs distributions. While the Fund seeks to provide current income pursuant to its investment objective, a portion (sometimes significant) of the Funds distributions may be classified as return of capital (ROC) for financial or tax reporting purposes. Generally speaking, ROC refers to the portion of a distribution from an investment that represents a return of the original investment (principal) rather than income or profit. Accordingly, such distributions do not necessarily reflect the Funds income or yield. See the prospectus section titled Additional Information About the Fund for more information about option premiums and ROC. The Funds Use of the Underlying ETP Option Contracts As part of the Funds synthetic covered call strategies, the Fund will purchase and sell a combination of standardized exchange-traded and FLexible EXchange (FLEX) call and put option contracts that correspond to an Underlying ETP and whose values are based on the share price of such Underlying ETP. ? In general, an option contract gives the purchaser of the option contract the right to purchase (for a call option) or sell (for a put option) the underlying asset (like shares of an Underlying ETP) at a specified price (the strike price). ? If exercised, an option contract obligates the seller to deliver shares (for a sold or short call) or buy shares (for a sold or short put) of the underlying asset at a specified price (the strike price). ? Options contracts must be exercised or traded to close within a specified time frame, or they expire. See the chart in section Fund Portfolio below for a description of the option contracts utilized by the Fund. Standardized exchange-traded options include standardized terms. FLEX options are also exchange-traded, but they allow for customizable terms (e.g., the strike price can be negotiated). For more information on FLEX options, see Additional Information about the Fund Exchange Traded Options Portfolio. The values of the Funds options contracts are based on the share price of the corresponding Underlying ETP, which gives the Fund the right or obligation to receive or deliver shares of such Underlying ETP on the expiration date of the applicable option contract in exchange for the stated strike price, depending on whether the option contract is a call option or a put option, and whether the Fund purchases or sells the option contract. Synthetic Covered Call Strategy In seeking to achieve its investment objective, the Fund will implement a synthetic covered call strategy using the standardized exchange-traded and FLEX options described above. ? A traditional covered call strategy is an investment strategy where an investor (the Fund) sells a call option on an underlying security it owns . ? A synthetic covered call strategy is similar to a traditional covered call strategy in that the investor sells a call option that is based on the value of the underlying security. However, in a synthetic covered call strategy, the investor (the Fund) does not own the underlying security , but rather seeks to synthetically replicate 100% of the price movements of the underlying security through the use of various investment instruments. The Funds synthetic covered call strategy consists of the following three elements, each of which is described in greater detail farther below: ? Synthetic long exposure to each Underlying ETP, which allows the Fund to seek to participate in the changes, up or down, in the price of the Underlying ETPs shares. ? Covered call writing (where each Underlying ETPs call options are sold against the synthetic long portion of the strategy), which allows the Fund to generate options premiums. ? U.S. Treasuries, which are used for collateral for the options, and which generate income. 1. Synthetic Long Exposure To achieve a synthetic long exposure to each Underlying ETP, the Fund will buy call options on each Underlying ETP and, simultaneously, sell put options on each Underlying ETP to try to replicate the price movements of the Underlying ETP. The call options purchased by the Fund and the put options sold by the Fund will generally have one-month to one-year terms and strike prices that are approximately equal to the then-current share price of their corresponding Underlying ETP at the time the contracts are purchased and sold, respectively. The combination of the long call options and sold put options provides the Fund with investment exposure equal to approximately 100% of their corresponding Underlying ETP for the duration of the applicable options exposure. In addition to employing its synthetic options strategies described above, the Fund may achieve similar indirect exposure to each Underlying ETP by purchasing deep in-the-money (ITM) call options. Deep ITM call options have strike prices significantly below the current share price of the corresponding Underlying ETP, allowing the Fund to replicate the price movements of the Underlying ETP with minimal intrinsic value risk. The deep ITM call option approach may serve as an alternative to the synthetic long strategy or may be used in conjunction with it, depending on market conditions and the Advisers discretion. 2. Covered Call Strategies Covered Call Strategy As part of its strategy, the Fund will write (sell) call option contracts on each Underlying ETP to generate options premiums. Since the Fund does not directly own the Underlying ETP, these written call options will be sold short (i.e., selling a position it does not currently own). The Fund will seek to capture a portion of each Underlying ETPs share price appreciation (generally no more than 15%) in a given month. The call options written (sold) by the Fund will generally have an expiration of one month or less (the Call Period) and a strike price that is approximately 5%-15% above the then-current share price of their corresponding Underlying ETP at the time of such sales. It is important to note that the sale of the call option contracts on a particular Underlying ETP will limit the Funds participation in the appreciation in that Underlying ETPs share price. If the share price of that Underlying ETP increases, the above-referenced synthetic long exposure alone would allow the Fund to experience similar percentage gains. However, if the Underlying ETPs share price appreciates beyond the strike price of one or more of the sold (short) call option contracts, the Fund will lose money on those short call positions, and the losses will, in turn, limit the upside return of the Funds synthetic long exposure. As a result, the Funds overall strategy (i.e., the combination of the synthetic long exposure to an Underlying ETP and the sold (short) Underlying ETP call positions) will limit the Funds participation in gains in such Underlying ETPs share price beyond a certain point. Covered Call Spread Strategy The Adviser will employ the Covered Call Spread Strategy when it believes it is a better strategy for the Fund as compared to the Covered Call Strategy. The Fund may write (sell) credit call spreads (described below) rather than stand-alone call option contracts to seek greater participation in the potential appreciation an Underlying ETPs share price, while still generating net options premiums. The Adviser will primarily employ this covered call spread strategy when it believes that the share price of an Underlying ETP is likely to rise significantly in the short term (e.g., following a substantial selloff or overall positive market news). Additionally, the Adviser may use this strategy in other scenarios (e.g., if the market is undervaluing further out-of-the-money options relative to near-the-money options), where it believes the use of credit call spreads may prove more advantageous to the Funds total return than the covered call strategy. A credit call spread involves selling a call option while simultaneously buying a call option with a higher strike price, both with the same expiration date. By writing credit call spreads, the Fund can potentially offset losses incurred from its short call positions if an Underlying ETPs share price rises above the strike price. 3. U.S. Treasuries The Fund will hold short-term U.S. Treasury securities as collateral in connection with the Funds synthetic covered call strategy. The Fund may also invest in pooled vehicles (e.g., mutual funds and ETFs) that invest in U.S Treasuries. The Fund intends to continuously maintain indirect exposure to each Underlying ETP through the use of options contracts. As the options contracts it holds are exercised or expire it may enter into new options contracts, a practice referred to as rolling. The Funds practice of rolling options may result in high portfolio turnover. Funds Weekly Distributions The Fund will seek to provide weekly cash distributions. The Fund will seek to generate such distributions in the following ways: ? Writing (selling) call option contracts on each Underlying ETP as described above to generate options premiums. A premium, in this context, refers to the price the option buyer pays to the option seller (the Fund) for the rights granted by the option. The amount of these premiums is largely affected by the fluctuations in share prices of the Underlying ETP. However, other elements like interest rates can also influence the level of premiums. ? Investing in short-term U.S. Treasury securities. The income generated by such securities will be influenced by interest rates at the time of investment. ? In addition, the Funds use of the Synthetic Covered Call Spread Strategy may occasionally allow it to capture a substantial portion of any significant increase in the price of an Underlying ETP. When this happens, the Fund could receive profits exceeding the initial cost of the call options, and the Funds distributions may include some of those profits. Information About Bitcoin As noted above, the Fund does not invest directly in Bitcoin or any other digital assets. The Fund does not invest directly in derivatives that track the performance of Bitcoin or any other digital assets. The Fund does not invest in or seek direct exposure to the current spot or cash price of Bitcoin. Investors seeking direct exposure to the price of Bitcoin should consider an investment other than the Fund. However, the Underlying ETPs may invest directly or indirectly (e.g., via futures) in Bitcoin. The following provides an overview of Bitcoin, the Bitcoin Blockchain, the relationship between the two, as well as their use cases. Bitcoin Description : Bitcoin, the first and most well-known digital asset, operates on a decentralized network using blockchain technology to facilitate secure and anonymous transactions. Bitcoin represents a digital asset that functions as a medium of exchange utilizing cryptographic protocols to secure transactional processes, control the creation of additional units, and verify the transfer of assets. Its operation on a decentralized blockchain network ensures both transparency and immutability of records, without the need for a central authority. This innovative technology underpinning Bitcoin allows for peer-to-peer transactions and provides a framework for digital scarcity, making Bitcoin a unique investment commodity within the digital currency landscape. Although Bitcoin is called a crypto currency or digital currency, it is not presently accepted widely as payment. Bitcoin Blockchain Description : The Bitcoin blockchain constitutes a decentralized, digital ledger technology that chronologically and publicly records all Bitcoin transactions. This technology is characterized by its use of blocks, which are structurally linked in a chain through cryptographic hashes. Each block contains a list of transactions that, once verified and added to the blockchain through a consensus process known as proof of work, becomes irreversible and tamper-evident. The integrity, transparency, and security of the transactional data are maintained autonomously within the Bitcoin network, eliminating the necessity for central oversight and facilitating trust in a peer-to-peer system. The Relationship between Bitcoin and Bitcoin Blockchain : Bitcoin is a digital asset that operates on the Bitcoin blockchain, a decentralized and cryptographic ledger system. The Bitcoin blockchain underpins the entire Bitcoin network, providing a secure and transparent mechanism for recording Bitcoin transactions. Each Bitcoin transaction is verified by network participants and permanently recorded on the Bitcoin blockchain, ensuring the integrity and traceability of the digital asset. Thus, while Bitcoin serves as a medium of exchange or store of value, the Bitcoin blockchain acts as the immutable record-keeping system that facilitates and authenticates the circulation and ownership of Bitcoin. This symbiotic relationship ensures that Bitcoin operates in a trustless and decentralized manner, with the Bitcoin blockchain maintaining the currencys history and scarcity. Bitcoin and Bitcoin Blockchain Use Cases : Bitcoin and the Bitcoin blockchain serve as innovative financial instruments within the digital economy, offering multiple use cases. However, their adoption has been limited. Key applications include: 1. Decentralized Transactions : Bitcoin facilitates peer-to-peer financial transactions globally without the need for intermediaries, reducing transaction costs and times. This feature makes it an attractive option for cross-border transfers and remittances. Bitcoin and the Bitcoin Blockchain were designed to be used as an alternative general purpose payment system and while bitcoin may be an attractive option for cross border transfers and remittances, it is presently not widely used as a means of payment. 2. Store of Value : Due to its limited supply and decentralized nature, Bitcoin is perceived as a digital alternative to traditional stores of value like gold, potentially serving as a hedge against inflation and currency devaluation. 3. Smart Contracts : While primarily associated with other blockchain platforms, the Bitcoin blockchain can execute smart contractsself-executing contractual agreements with the terms directly written into codethereby enabling automated and conditional transactions. 4. Asset Tokenization : The Bitcoin blockchain provides a platform for tokenizing assets, converting rights to an asset into a digital token on the blockchain. This can include real estate, stocks, or other forms of assets, enhancing liquidity and market efficiency. At this time this functionality is limited. Unlike the scripting language of blockchain platforms like Ethereum, the scripting language of the Bitcoin Blockchain is not Turing complete, and thus more limited in terms of the types of smart contracts it can support. 5. Digital Identity Verification : Leveraging the security and immutability of the Bitcoin blockchain, companies can develop digital identity verification systems, enhancing privacy and reducing identity theft. At this time, this functionality is limited. Fund Portfolio The Funds principal holdings are described below: YieldMax Bitcoin Option Income Strategy ETF Principal Holdings Portfolio Holdings Investment Terms Expected Target Maturity Long Exposure (synthetic long strategy) - Purchase Calls & Sell Puts Approach Purchased call option contracts at-the-money ( i.e., the strike price is equal to the then-current share price of an Underlying ETP at the time of purchase) to provide exposure to positive price returns of the Underlying ETP. If the share price of an Underlying ETP increases, these options will generate corresponding increases to the Fund. 1-month to 6-month expiration dates Sold put option contracts at-the-money ( i.e., the strike price is equal to the then-current share price of their corresponding Underlying ETP at the time of sale). They are sold to help pay for the purchased call options described above. However, the sold put option contracts provide exposure to the full extent of any share price losses experienced by the corresponding Underlying ETP. 1-month to 6-month expiration dates Purchased deep ITM call option contracts The strike price is set significantly below the then-current share price of the Underlying ETP at the time of purchase. 1-month or less expiration dates Sold (short) call option contracts (Covered Call Strategy) The strike price is approximately 0%-15% more than the then-current share price of a particular Underlying ETP at the time of sale. They generate options premiums. However, they also limit some potential positive returns that the Fund may have otherwise experienced from gains in the share price of a particular Underlying ETP. 1-month or less expiration dates Sold (short) call option contracts (Credit Spread Strategy) The strike price is approximately 0%-15% more than the then-current share price of an Underlying ETP at the time of sale. Sold call option contracts provide inverse exposure to the full extent of any increases in the value experienced by an Underlying ETP, minus the premium received. 1-month or less expiration dates Purchased call option contracts (Credit Spread Strategy) out-of-the-money (i.e., the strike price is above the strike price of the corresponding Opportunistic Strategy sold call). Bought call option contracts provide exposure to the full extent of any increases in the value experienced by an Underlying ETP above the options strike price. 1-month or less expiration dates U.S. Treasury Securities and Cash Multiple series of U.S. Treasury Bills supported by the full faith and credit of the U.S. government. These instruments are used as collateral for the Funds derivative investments. They will also generate income. 6-month to 2-year maturities The market value of the cash and treasuries held by the Fund is expected to be between 50% and 100% of the Funds net assets and the market value of the options package is expected to be between 0% and 50% of the Funds net assets. In terms of notional value, the combination of these investment instruments provides indirect investment exposure to the Underlying ETP or Underlying ETPs, as applicable, equal to at least 95% of the Funds total assets. The Fund is classified as non-diversified under the 1940 Act. Under normal circumstances, the Fund will invest at least 80% of its net assets, plus borrowings for investment purposes, in options contracts that utilize an Underlying ETP as the reference asset. 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. Show less