CHPY — YieldMax Semiconductor Option Income Strategy ETF

The Fund is an actively managed exchange-traded fund (“ETF”) that seeks (i) to generate cash distributions, and (ii) capital appreciation. The Fund’s strategy involves: (1) constructing a portfolio of U.S.-listed equity securities of Semiconductor Companies (each, an “Underlying Security”) (the “Equity Strategy”) and (2) the use of options strategies designed to generate premiums (the “Options Strategies”), which involve using options contracts on Underlying Securities and/or Semiconductor ETFs (described below).

The Fund will also maintain a minor allocation to cash or U.S. Treasuries, not exceedingten percent of its total assets. Equity Strategy The Adviser selects the Semiconductor Companies in which the Fund will invest. Semiconductor Companies are companies that are involved in the design, manufacture, or sale of semiconductors or semiconductor equipment. To enable the Fund to effectively implement its Options Strategies, the Adviser evaluates the liquidity of a potential company’s common stock and the liquidity of its options contracts. The Fund may invest in companies of any market capitalization size.

The Adviser will also evaluate price level and implied volatility (i.e., a measure of how much the market believes the price of a stock or other underlying asset will move in the future) when selecting companies for investment and will monitor for these factors when determining whether to select newcompanies or remove existing companies from the portfolio. Semiconductor Companies may include companies from foreign countries, including emerging markets. Underlying Securities may include depositary receipts, such as American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”).

The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in the same industry as that of the Semiconductor Companies, which subjects the Fund to specific industry-related risks. The Fund’s equity portfolio will generally be comprised of between fifteen and thirty companies. Dividends, if any, paid by the Fund’s equity portfolio holdings will contribute to the Fund’s income generation. In addition, the Fund’sequity portfolio may provide capital appreciation. The Fund’s strategy may result in high portfolio turnover on an annual basis.

Options Strategies – Seeking Premiums Separately,the Fund employs various options strategies focused on generating premiums. Generally speaking, the Fund sells (writes) options on some or all of the Underlying Securities, receiving premiums from counter parties that pay for the right to buy or sell at aset price. These premiums are an important driver of the Fund’s distributions. On a weekly basis, the Adviser uses one or more options strategies to seek to generate net premiums (i.e., option premiums received, less option premiums paid).

Receipt of an option premium does not always represent income; depending on the outcome of the overall options transaction. Premium levels are influenced by market conditions, particularly volatility, and the Adviser may adjust the Fund’s options strategies depending on the outlook for the Underlying Securities. While option selling may provide premium opportunities, it may also limit upside gains or increase downside risk.

Further, depending on the Adviser’s assessment of one or more of the Underlying Securities’ options contracts (e.g., they are insufficiently liquid or too costly), the Fund may employ Options Strategies using a “Semiconductor ETF” (i.e., a passively-managed, U.S.-listed ETF that seeks to track the performance of an index primarily comprised of Semiconductor Companies). The Fund’s options strategies are applied consistently, which for Underlying Securities includes whether they are held directly or through synthetic exposure.

The options strategy most frequently utilized by the Fund is called a covered call spread, which is a type of selling credit spread.The Fund uses covered call spreads to earn premium by selling a call option while buying another at a higher strike, with both profit and loss capped. See the prospectus section titled “Additional Information About the Funds” for a list of the options strategies that the Fund may utilize, together with a description of each options strategy. Distributions may include a significant portion classified as return of capital (“ROC”).

ROC generally represents a return of a shareholder’s invested capital rather than traditional income such as dividends or interest. See the prospectus section titled “Additional Information About the Funds” for more information about option premiums and ROC.. Treasuries In addition, the Fund will hold cash or short-term U.S. Treasury securities. These securities serve a dual purpose: providing collateral for the Options Strategies and contributing to the Fund’s income generation. Fund Attributes The Fund is classified as “non-diversified” under the 1940 Act.

Under normal circumstances, the Fund will invest at least 80% of the value of its assets, plus borrowings for investment purposes, in the equity securities of Semiconductor Companies and in options contracts on Semiconductor Companies and on Semiconductor ETFs.For purposes of the foregoing, the Fund defines a “Semiconductor Company” as a company that generates at least 50%of its revenue from the design, manufacture, or sale of semiconductors or semiconductor equipment, and a “Semiconductor ETF” as a passively-managed, U.S.-listed ETF that seeks to track the performance of a semiconductor index.

Lastly, the Fund defines a “Semiconductor Index” as a benchmark that tracks the performance of a selection of stocks from companies operating in the semiconductor industry. There is no guarantee that the Fund’s investment strategy will be properly implemented, and an investor may lose some or all of its investment.