Strategy. The Fund is an actively managed exchange-traded fund (ETF) that seeks current income. The Fund is a fund of funds, meaning that it primarily invests its assets in the shares of other ETFs, rather than in securities of individual companies. In addition, from time to time, the Fund may invest directly in the securities and financial instruments in which one or more Underlying YieldMax ETF (defined below) invests. The Funds portfolio will be primarily composed of the following seven YieldMax ETFs, which are all ETFs advised by Tidal Investments LLC (the Adviser). Each of the seven Underlying YieldMax ETFs has a primary investment objective to seek current income, and a secondary investment objective to seek exposure to the share price … Show more… The Fund is an actively managed exchange-traded fund (ETF) that seeks current income. The Fund is a fund of funds, meaning that it primarily invests its assets in the shares of other ETFs, rather than in securities of individual companies. In addition, from time to time, the Fund may invest directly in the securities and financial instruments in which one or more Underlying YieldMax ETF (defined below) invests. The Funds portfolio will be primarily composed of the following seven YieldMax ETFs, which are all ETFs advised by Tidal Investments LLC (the Adviser). Each of the seven Underlying YieldMax ETFs has a primary investment objective to seek current income, and a secondary investment objective to seek exposure to the share price of the common stock (the Underlying Security) of a particular operating company (the Underlying Issuer). Because of the options strategies employed, an Underlying YieldMax ETF participates partially in potential investment gains associated with its Underlying Security. Under normal circumstances, the Fund will be nearly fully invested in the seven Underlying YieldMax ETFs; provided that for tax purposes, instead of investing in a particular Underlying YieldMax ETF, the Fund may invest directly in substantially the same instruments held by that same Underlying YieldMax ETF. The Funds name refers to its strategy of gaining exposure to the following seven Underlying Issuer(s), which together are commonly referred to by media outlets and market analysts as the Magnificent 7. Underlying YieldMax ETF (Ticker) Underlying Issuer YieldMax AAPL Option Income Strategy ETF (APLY) Apple Inc. YieldMax AMZN Option Income Strategy ETF (AMZY) Amazon.com, Inc. YieldMax GOOGL Option Income Strategy ETF (GOOY) Alphabet Inc. YieldMax META Option Income Strategy ETF (FBY) Meta Platforms, Inc. YieldMax MSFT Option Income Strategy ETF (MSFO) Microsoft Corporation YieldMax NVDA Option Income Strategy ETF (NVDY) NVIDIA Corporation YieldMax TSLA Option Income Strategy ETF (TSLY) Tesla, Inc. Why Invest in the Fund? ? The Fund seeks to generate weekly cash distributions, primarily through investments in the foregoing seven Underlying YieldMax ETFs. ? Each Underlying YieldMax ETF employs a synthetic covered call strategy and a synthetic covered call spread strategy (each described below) that seek to generate options premiums and provide exposure to a specific securitys share price returns; however, as a result of those options strategies, participation in potential investment gains is partial. Some Underlying YieldMax ETFs may also invest directly in the Underlying Security and/or gain exposure to the Underlying Security through swap contracts. ? The Funds portfolio of seven Underlying YieldMax ETFs is rebalanced monthly. The Fund is designed to broaden access and simplify ownership for shareholders, providing them with exposure to foregoing seven YieldMax ETF investment opportunities in a single Fund. Due to the Underlying YieldMax ETFs investment strategies, the Funds participation in any gains of an Underlying Security is partial. However, the Fund is subject to all potential losses if the shares of the Underlying Securities decrease in value, which may not be offset by distributions or options premiums received by the Fund. 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 Funds for more information about option premiums and ROC. The Underlying YieldMax ETFs Each of the Underlying YieldMax ETFs primarily uses a synthetic covered call strategy and a covered call spread strategy (each described below) to seek to generate options premiums and provide indirect exposure to the share price returns of its Underlying Security. However, as a result of those options strategies, each Underlying YieldMax ETF participates partially in potential investment gains. Each Underlying YieldMax ETF options contracts provide: ? exposure to the share price returns of its Underlying Security, ? option premiums, and ? partial participation in gains, if any, of the share price returns of its Underlying Security. An investment in an Underlying YieldMax ETF is not an investment in its Underlying Security. ? Each Underlying YieldMax ETFs strategy will capture only a portion of potential gains if its Underlying Securitys shares increase in value. ? Each Underlying YieldMax ETFs strategy is subject to all potential losses if its Underlying Securitys shares decrease in value, which may not be offset by the options premiums it generates. ? While the Underlying YieldMax ETFs generally do not invest directly in their Underlying Security, certain YieldMax ETFs may from time to time invest directly in their Underlying Security(ies). ? Underlying YieldMax ETF shareholders (including the Fund) are generally not entitled to any Underlying Security dividends, except to the extent a YieldMax ETF invests directly in its Underlying Security. Underlying YieldMax ETFs Options Contracts As part of each YieldMax ETFs synthetic covered call strategies, it will purchase and sell call and put option contracts that are based on the value of the price returns of Underlying Security. ? 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 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. Each YieldMax ETFs options contracts are based on the value of Underlying Security, which gives it the right or obligation to receive or deliver shares of Underlying Security 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 YieldMax ETF purchases or sells the option contract. Underlying YieldMax ETFs Synthetic Covered Call Strategies In seeking to achieve its investment objective, each Underlying YieldMax ETF implements a synthetic covered call strategy using options contrasts. ? A traditional covered call strategy is an investment strategy where an investor (the Fund) sells a call option on an underlying security it owns. ? As part of its synthetic covered call strategy, each Underlying YieldMax ETF writes (sells) call option contracts on its Underlying Security to generate options premiums. To the extent the Underlying YieldMax ETF does not directly own Underlying Security, these written call options are sold short (i.e., selling a position it does not currently own). Each Underlying YieldMax ETFs synthetic covered call strategy consists of the following three elements, each of which is described in greater detail under Additional Information About the Funds below: ? Synthetic long exposure to its Underlying Security, which allows the Underlying YieldMax ETF to seek to participate in the changes, up or down, in the price of Underlying Security. ? Covered Call Strategies: Covered Call Strategy An Underlying YieldMax ETF writes (sells) call options on its Underlying Security to generate options premiums. These short call options limit the Underlying YieldMax ETFs participation in potential price appreciation since gains beyond the strike price result in losses on the short calls. The strategy combines synthetic long exposure with short call positions, capping the Underlying YieldMax ETFs upside beyond a certain threshold. Covered Call Spread Strategy This strategy involves selling credit call spreads rather than stand-alone call options to enhance participation in potential price increases while still generating options premiums. A credit call spread is created by selling a call option and simultaneously buying another with a higher strike price, reducing downside risk if the securitys price rises sharply. An Underlying YieldMax ETF will primarily employ this approach when expecting significant short-term appreciation or when market conditions make it more advantageous than a standard covered call strategy. ? U.S. Treasuries, which are used for collateral for the options, and which also generate income. Each Underlying YieldMax ETFs performance will differ from that of its Underlying Securitys share price. The performance differences will depend on, among other things, the price of its Underlying Security, changes in the price of the Underlying Security options contracts that Underlying YieldMax ETF has purchased and sold, and changes in the value of the U.S. Treasuries. Synthetic Covered Call Strategy Tax Loss Harvesting If a specific Underlying YieldMax ETF has recently incurred substantial losses, the Fund may choose to redeem (or otherwise exit) its investment in that particular ETF in order to seek to capitalize on tax loss harvesting (a strategy that seeks to minimize the Funds capital gains). In that case, the Adviser will use the proceeds from such redemption and invest them in the same synthetic covered call strategy (described above) on the same Underlying Security as that of the redeemed Underlying YieldMax ETF. This approach aims to achieve returns akin to those of the redeemed Underlying YieldMax ETF in which the Fund was invested. The synthetic covered call strategy will be employed for a minimum of 31 days to adhere to applicable tax rules. See Additional Information About the Funds below for a more detailed description of the synthetic covered call strategy (which is used by both the Underlying YieldMax ETFs and, in the circumstances noted above, the Fund). Portfolio Construction The Funds portfolio will generally be equally weighted in each of the seven Underlying YieldMax ETFs. The Adviser will reallocate the Funds portfolio on a monthly basis so that each of the seven Underlying YieldMax ETFs is equally weighted in the Funds portfolio, excluding any Underlying YieldMax ETF for which the tax loss harvesting strategy is currently being used. The Adviser will endeavor to optimize tax losses by implementing the synthetic call strategy as described above. This approach will lead to deviations from an equal allocation for the specific Underlying YieldMax ETFs subject to tax harvesting. The Fund is classified as non-diversified under the 1940 Act. 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