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 YieldMax ETFs, which are all affiliated ETFs advised by Tidal Investments LLC (the Adviser) (each, an Underlying YieldMax ETF). Each Underlying YieldMax ETF in which the Fund may invest has a primary investment objective to seek current income, and a secondary investment objective to … 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 YieldMax ETFs, which are all affiliated ETFs advised by Tidal Investments LLC (the Adviser) (each, an Underlying YieldMax ETF). Each Underlying YieldMax ETF in which the Fund may invest has a primary investment objective to seek current income, and a secondary investment objective to seek exposure to (i) the share price of a particular operating company, (ii) the performance of a portfolio of operating companies (such as a portfolio representing a particular economic sector, country, or other theme)), (iii) the performance of an index of operating companies, (iv) the share price of a particular ETF, (v) the share price of one or more ETFs or U.S.-listed exchange-traded products (ETPs), or (vi) the performance of a portfolio consisting of any combination of the foregoing (in each case, an Underlying Reference Asset). Because of the options strategies employed, an Underlying YieldMax ETF participates partially in potential investment gains associated with its Underlying Reference Asset. Why Invest in the Fund? ? The Fund seeks to generate weekly cash distributions, primarily through investments in the Underlying YieldMax ETFs. ? Each Underlying YieldMax ETF employs options strategies to generate options premiums and, for many Underlying YieldMax ETFs, to provide exposure to performance of its Underlying Reference Asset; however, as a result of those options strategies, participation in potential investment gains is partial. Some Underlying YieldMax ETFs may also invest directly in an Underlying Reference Asset and/or gain exposure to the Underlying Reference Asset through swap contracts. ? The Funds portfolio of Underlying YieldMax ETFs is generally rebalanced monthly, though from time to time it may be rebalanced on a more frequent basis, and may be adjusted to include eligible new Underlying YieldMax ETFs. The Fund is designed to broaden access and simplify ownership for shareholders, providing them with exposure to a broader range of 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 Reference Asset is partial. However, the Fund is subject to all potential losses if the value of the Underlying Reference Asset decreases, 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 Underlying YieldMax ETFs utilizes options strategies to generate options premiums, while also seeking to provide exposure to the Underlying Reference Asset (either synthetically through the use of derivatives or through direct investments). However, as a result of those options strategies, each Underlying YieldMax ETF participates partially in potential investment gains. Each Underlying YieldMax ETFs options contracts may provide: ? exposure to the performance of its Underlying Reference Asset, ? option premiums, and ? partial participation in gains, if any, of the performance of its Underlying Reference Asset. Some Underlying YieldMax ETFs, such as those that seek exposure to a portfolio of operating companies, invest directly in their Underlying Reference Asset instead of only using derivative instruments to gain exposure. An investment in an Underlying YieldMax ETF is not an investment in its Underlying Reference Asset. ? Each Underlying YieldMax ETFs strategy may capture only a portion of the potential gains if its Underlying Reference Asset increases in value. ? Each Underlying YieldMax ETFs strategy is subject to all potential losses if its Underlying Reference Asset decreases in value, which may not be offset by the options premiums it generates. ? Some YieldMax ETFs may invest directly in their Underlying Reference Asset. ? Underlying YieldMax ETF shareholders (including the Fund) are generally not entitled to any Underlying Reference Asset dividends, except with respect to those YieldMax ETFs that invest directly in the Underlying Reference Asset. Underlying YieldMax ETFs Options Contracts The YieldMax ETFs engage in a variety of options strategies. ? 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 the relevant Underlying Reference Asset (which may be a security, a portfolio of securities, or an index). Depending on the terms of the option contract, this gives the YieldMax ETF the right or obligation to receive or deliver (i) shares of the Underlying Reference Asset, or (ii) where the Underlying Reference Asset is an index or a portfolio of securities, the applicable cash settlement amount (or other settlement amount) based on the value of such index or portfolio, in each case 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. Examples of options strategies utilized by the YieldMax ETFs include the following: ? A synthetic covered call strategy whereby the Underlying YieldMax ETF writes (sells) call option contracts on the Underlying Reference Asset to generate options premiums, while also using options to gain synthetic exposure to the Underlying Reference Asset. ? A synthetic covered call strategy, similar to the example above, but designed to provide for a set annual distribution rate. ? A covered call spread strategy , which is a type of selling credit spread. The Underlying YieldMax ETF uses this strategy to earn premium by selling a call option while buying another at a higher strike, with both profit and loss capped. ? A combination options strategy, whereby the Underlying YieldMax ETF uses a variety of different options strategies to generate options premiums. See Additional Information About the Funds below for a more detailed description of the YieldMax ETFs options strategies. Each Underlying YieldMax ETFs performance will differ from that of its Underlying Reference Assets performance. The performance differences will depend on, among other things, the value of its Underlying Reference Asset, changes in the value of the Underlying Reference Asset options contracts that Underlying YieldMax ETF has purchased and sold, and changes in the value of the U.S. Treasuries. 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 strategies 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 strategy will be employed for a minimum of 31 days to adhere to applicable tax rules. This strategy will not be utilized for Underlying YieldMax ETFs that invest directly in the Underlying Reference Asset. Portfolio Construction The portfolio will generally consist of between 15 to 35 Underlying YieldMax ETFs, reflecting those with the highest relative performance over a recent period . Among those Underlying YieldMax ETFs selected for the portfolio, weighting is based on the relative performance of each, with Underlying YieldMax ETFs with higher performance receiving larger weightings than those with lower performance. When multiple Underlying YieldMax ETFs with the same or similar Underlying Reference Asset are eligible for inclusion, the Adviser may select just one of these Underlying YieldMax ETF or, alternatively, may allocate a portion of the portfolio to each. The Adviser will generally reallocate the Funds portfolio on a monthly basis, including any eligible new Underlying YieldMax ETF(s) that qualify for inclusion, but excluding any Underlying YieldMax ETF for which the tax loss harvesting strategy is currently being used. For a new Underlying YieldMax ETF to be eligible for inclusion in the Funds portfolio, it must have commenced operations and have made an initial distribution. The Fund will not invest in Underlying YieldMax ETFs that operate as a fund-of-funds ETFs, though certain Underlying YieldMax ETFs may hold minimal positions of other pooled investment vehicles, such as other ETFs. 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 Reference Asset. THE FUND, TRUST AND ADVISER ARE NOT AFFILIATED WITH ANY UNDERLYING ISSUER(S). Show less