FIAT — YieldMax Short COIN Option Income Strategy ETF

The Fund is an actively managed exchange-traded fund (“ETF”) that seeks current income while providing indirect inverse exposure to the share price (i.e., the price returns) of the Underlying Security, which is generally subject to participation in a portion of potential investment gains. If the share price of the Underlying Security significantly decreases, the Fund will not fully benefit from the inverse of those decreases.

The Fund will employ its investment strategy as it relates to the Underlying Security regardless of whether there are periods of strong market, economic, or other conditions and will not take temporary defensive positions during such periods. As further described below, the Fund uses either a synthetic covered put strategy or synthetic covered put spread strategy to seek to generate options premiums and provide indirect inverse exposure to the share price returns of the Underlying Security,subject to participation in a portion of potential investment gains as a result of the nature of the options strategy it employs.That is, the Fund not only seeks to generate options premiums but also aims to derive additional gains when the share price of the Underlying Security decreases.

The Fund’s options contracts provide: ● indirect inverse exposure to the share price returns of the Underlying Security, ● option premiums, and ● participation in a portion of gains, if any, arising from decreases in the share price of the Underlying Security. For more information, see sections “The Fund’s Use of Option Contracts,” “Synthetic Covered Put Strategy”and “Synthetic Covered Put Spread Strategy” below. The Fund’s investment adviser is Tidal Investments LLC (“Tidal” or the “Adviser”). Why in vest in the Fund? ● The Fund seeks to benefit when the share price of the Underlying Security decreases.

The Fund partially participates in gains from any decreases in the share price of the Underlying Security. ● The Fund seeks to generate weekly cash distributions, which are not dependent on the price depreciation of the Underlying Security. ● The Fund seeks to manage potential losses (i.e., cap losses if the share price of the Underlying Security experiences significant gains) by purchasing out-of-the-money call options (further described below). Although the Fund may not fully benefit from decreases in the Underlying Security’s share price, the Fund’s portfolio is designed to generate options premiums.

An Investment in the Fund is not an investment in the Underlying Security. Further, an Investment in the Fund differs from “short selling” or “shorting” the Underlying Security. ● The Fund partially participates in gains from any decreases in the share price of the Underlying Security. ● The Fund’s strategy is subject to potential losses if the Underlying Security shares increase in value, which may not be offset by the options premiums received by the Fund or by the purchase of out-of-the-money call options (further described below). ● The Fund does not invest directly in the Underlying Security. ● The Fund does not directly short the Underlying Security. ● Fund shareholders are not entitled to any Underlying Security dividends.

While the Fund seeks to provide current income pursuant to its investment objective, a portion (sometimes significant) of the Fund’sdistributions 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 Fund’s income or yield.

Seethe prospectus section titled “Additional Information About the Funds” for more information about option premiums and ROC. Additional information regarding the Underlying Security is also set forth below. The Fund’s Use of Option Contracts As part of the Fund’s synthetic covered put strategy and synthetic covered put spread strategy, the Fund will purchase and sell a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put option contracts that are based on the share price of the Underlying Security.

The Fund may use European FLEX options as well as options that areexercisable at any time (i.e. American style options contracts). Seethe “Additional Information About the Fund” section for an overview of put and call option terminology. Synthetic Covered Put Strategy Overview In seeking to achieve its investment objective, the Fund will implement a “synthetic covered put” strategy using the standardized exchange-traded and FLEX options.

The Fund uses a synthetic put strategy rather than a traditional one,utilizing Treasuries as collateral to potentially achieve higher returns than those of the Underlying Security. ● A traditional covered put strategy is an investment strategy where an investor (the Fund) sells a put option on an Underlying Security it is short. ● A synthetic covered put strategy is similar to a traditional covered put strategy in that the investor sells a put option that is based on the value of the Underlying Security.

However, in a synthetic covered put strategy, the investor (the Fund) does not actually short the Underlying Security, but rather seeks to synthetically replicate a short position in the Underlying Security (i.e., it seeks inverse exposure to the share price movements of the Underlying Security) through the use of various investment instruments. The Fund’s synthetic covered put strategy consists of the following four elements, each of which is described in greater detail below: ● Synthetic short exposure to the Underlying Security, which allows the Fund to seek to participate, on an inverse basis, in changes, up or down, to the price of the Underlying Security’s shares. ● Covered put strategies, which allows the Fund to generate options premiums. ● U.S. Treasuries, which are used for collateral for the options, and which also generate income. ● Out-of-the money (“OTM”) call options, which are purchased to seek to manage (cap) the Fund’s potential losses from the Fund’s short exposure to the Underlying Security if it appreciates significantly in value.

However,this loss capping works only if the Underlying Security’s share price rises to or above the strike price of the OTM call options that were purchased. If the share price increases but stays below the strike price of these options, the Fund will incur losses proportionate to this price increase. Synthetic Covered Put Strategy 1. Synthetic Short Exposure To achieve a synthetic short exposure to the Underlying Security, the Fund may write (sell) the Underlying Security call options and, simultaneously, go long (buy) the Underlying Security put options to try to replicate inverse exposure to the share price movements of the Underlying Security.

The put options purchased by the Fund and the call options sold by the Fund will generally have three-month to six-month terms and strike prices that are approximately equal to the then-current share price of the Underlying Security at the time the contracts are purchased and sold, respectively. The Fund uses the proceeds from selling call options to help pay for the purchased put options.

The combination of the long put options and sold call options provides the Fund with investment exposure equal to approximately -100% of the Underlying Security’s share price changes for the duration of the applicable options exposure (i.e., the synthetic short position is expected to gain value when the share price of the Underlying Security decreases and to lose value when the share price of the Underlying Security increases). 2.

Covered Put Strategies Covered Put Writing Strategy As part of its strategy, the Fund will write (sell) put option contracts on the Underlying Security to generate options premiums.The put options written (sold) by the Fund will generally have 1-month or less expiration dates (the “Put Period”)and a strike price that is approximately 0%-15% below the then-current Underlying Security’s share price at the time of such sales. Itis important to note that the sale of the Underlying Security put option contracts will limit the Fund’s participation in decreases in the Underlying Security’s share price.

If the share price of the Underlying Security decreases, the above-referenced synthetic short exposure alone would allow the Fund to experience similar percentage gains. However, if the Underlying Security’sshare price decreases beyond the strike price of one or more of the sold (short) put option contracts, the Fund will lose money on those short put positions, and the losses will, in turn, limit the gains of the Fund’s synthetic short exposure.

As a result, the Fund’s overall strategy (i.e., the combination of the synthetic short exposure to the Underlying Security and the sold (short) Underlying Security put positions) will limit the Fund’s participation in decreases in the Underlying Security’sshare price beyond a certain point. Covered Put Spread Strategy The Adviser will employ the Covered Put Spread Strategy when it believes it is a better strategy for the Fund as compared to the Covered Put Strategy.

The Fund may write (sell) credit put spreads (described below) rather than stand-alone put option contracts to seek greater participation in the potential decline of its Underlying Security’s share price, while still generating net options premiums. The Adviser will primarily employ this covered put spread strategy when it believes that the share price of its Underlying Security is likely to decline significantly in the short term (e.g., following a substantial market rally or overall negative market news).

Additionally, the Adviser may use this strategy in other scenarios (e.g., if the market is undervaluing fur the rout-of-the-money options relative to near-the-money options), where it believes the use of credit put spreads may prove more advantageous to the Fund’s total return than the covered put strategy. 3. U.S.Treasuries The Fund will hold short-term U.S. Treasury securities as collateral in connection with the Fund’s synthetic covered put strategy.The Fund may also invest in pooled vehicles (e.g., mutual funds and ETFs) that invest in U.S Treasuries. 4.

OTMCall Purchasing The Fund purchases out-of-the-money (OTM) calls to seek to manage (cap) the Fund’s potential losses from the Fund’s short exposure to the Underlying Security if it appreciates significantly in value. OTMcall options are a type of options contract where the strike price is set higher than the current market price of the underlying asset, referred to here as the Underlying Security. When the Fund buys these OTM call options, it is essentially setting a fixed price level.

This level acts as a cap on the Fund’s potential losses that might arise from its indirect inverse exposure to the share price of the Underlying Security. However, this loss capping works only if the Underlying Security’s share price rises to or above the strike price of the OTM call options that were purchased. If the share price increases but stays below the strike price of these options, the Fund will incur losses proportionate to this price increase.

For example, if the OTM call options have a strike price that is approximately 70% above the then-current share price of the Underlying Security at the time of the call purchase, and the share price of the Underlying Security increases by 60% during the term of the purchased OTM call options, the Fund will lose approximately 60% of its value. If instead, the share price of the Underlying Security increases by 80% during the term of the purchased OTM call options, the Fund’s losses will be capped at approximately70%.

The Fund bears the costs of purchasing the OTM calls and such costs will decrease the Fund’s value and/or any income and/or options premiums otherwise generated by the Fund’s investment strategy. The Fund intends to maintain its synthetic covered put strategy through the use of options contracts. As the options contracts itholds are traded, exercised or expire, it may enter into new options contracts, a practice referred to as “rolling.”The Fund’s practice of rolling options may result in high portfolio turnover. Fund’sWeekly Distributions The Fund seeks to provide weekly cash distributions.

The Fund will seek to generate such distributions in the following ways: ● Writing (selling) put option contracts on the Underlying Security, as described above, to generate options premiums. The option premiums received from such option sales will be primarily influenced by the volatility of the Underlying Security shares, although other factors, including interest rates, will also impact 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 Fund’s use of the covered put spread strategy may occasionally allow it to capture a substantial portion of any significant decrease in the price of its Underlying Security. When this happens, the Fund could receive profits exceeding the initial cost of the put options, and the Fund’s distributions may include some of those profits.

The Fund’s options premiums will be partially offset (reduced) by the premiums paid for purchasing OTM call options, which are purchased to seek to manage (cap) the Fund’s potential losses from the Fund’s short exposure to the Underlying Security if it appreciates significantly in value. Fund Portfolio Principal Holdings Portfolio Holdings (All options are based on the value of the Underlying Security) Investment Terms Expected Target Maturity Primary Purpose of Holding Purchased put option contracts “at-the-money” (i.e., the strike price is equal to the then-current share price of the Underlying Security at the time of purchase) to provide exposure to negative price returns of the Underlying Security.

If the share price of the Underlying Security decreases, these options will generate corresponding increases to the Fund. 3-month to 6-month expiration dates Combined with the sold call options, creates a synthetic short position on the Underlying Security. Sold call option contracts “at-the-money” (i.e., the strike price is equal to the then-current share price of the Underlying Security at the time of sale). They are sold to help pay for the purchased put options described above.

However, the sold call option contracts provide exposure to the full extent of any share price increases experienced by the Underlying Security. 3-month to 6-month expiration dates Combined with the purchased put options, creates a synthetic short position on the Underlying Security. Sold (short) put option contracts (Covered Put Writing Strategy) The strike price is approximately 0%-15% below the then-current share price of the Underlying Security at the time of sale. They generate current options premiums. However, they also limit some potential positive returns that the Fund may have otherwise experienced.

1-month or less expiration dates Generate options premiums for the Fund in the form of premiums, in return for capping the returns of the Fund’s synthetic short position. Sold (short) put option contracts (Covered Put Spread Strategy) The strike price is approximately 0%-15% below the then-current share price of the Fund’s Underlying Security at the time of sale. Sold put option contracts provide inverse exposure to the full extent of any declines in the value experienced by the Fund’s Underlying Security, minus the premium received.

1-month or less expiration dates Combined with the purchased put option contract below, generates options premiums for the Fund in the form of net premiums, in return for limiting the returns of the Fund’s synthetic short position. Purchased put option contracts (Covered Put Spread Strategy) “out-of-the-money” (i.e., the strike price is below the strike price of the corresponding Covered Put Spread Strategy sold put). Bought put option contracts provide exposure to the full extent of any declines in the value experienced by the Fund’s Underlying Security below the option’s strike price.

1-month or less expiration dates Combined with the Sold (short) put option contracts above, generates options premiums for the Fund in the form of net premiums, in return for limiting the returns of the Fund’s synthetic short position. 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 Fund’s derivative investments. They will also generate income. 6-month to 2-year maturities Collateral for the options positions and some additional income.

Purchased call option contracts (OTM Call Purchasing) “out-of-the-money” (i.e., the strike price is above the then-current share price of the Underlying Security at the time of purchase). They limit the Fund’s potential losses if the share price of the Underlying Security experiences significant gains. They represent a cost (debit) that will partially offset (reduce) the net premium received from the sale of the put options. 1-month to 6-month expiration dates Limit the maximum loss of the Fund’s synthetic short position.

The market value of the cash and treasuries held by the Fund is expected to be between 50% and 100% of the Fund’s net assets and the market value of the options package is expected to be between 0% and 50% of the Fund’s net assets. The combination of these investment instruments provides indirect inverse investment exposure to the share price of the Underlying Security equal to at least 95% of the Fund’s total assets.

Under normal circumstances, the Fund will invest at least 80% of its net assets, plus borrowings for investment purposes, in securities and financial instruments that provide inverse exposure to the performance of COIN. The Fund is classified as “non-diversified” under the 1940 Act. 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. Coinbase Global, Inc. Coinbase Global, Inc. offers a variety of products and services that enable individuals, businesses, and developers to participate in the crypto economy.

It provides customers around the world with a platform for buying, selling, transferring, and storing digital assets. Coinbase Global, Inc. is listed on Nasdaq. Per COIN’s most recent Form 10-K filing, the aggregate market value of the voting and non-voting stock held by non-affiliates of Coinbase Global, Inc. as of the most recent available data at time of drafting this prospectus (June 30, 2024), was approximately $44.6 billion based on the closing sales price of Coinbase Global,Inc.’s Class A common stock as reported on Nasdaq on that date.

Coinbase Global, Inc. is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the SEC by Coinbase Global, Inc. pursuant to the Exchange Act can be located by reference to the SECfile number 001-40289 through the SEC’s website at www.sec.gov. In addition, information regarding Coinbase Global, Inc.may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.

This document relates only to the securities offered hereby and does not relate to COIN or other securities of Coinbase Global, Inc.The Fund has derived all disclosures contained in this document regarding Coinbase Global, Inc. from the publicly available documents.In connection with the offering of the securities, none of the Fund, the Trust, the Adviser or their respective affiliates has participated in the preparation of such documents or made any due diligence inquiry with respect to Coinbase Global, Inc. None of the Fund, the Trust, the Adviser or their respective affiliates makes any representation that such publicly available documents or any other publicly available information regarding Coinbase Global, Inc. 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 Coinbase Global, Inc. (and therefore the price of the Fund 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 Coinbase Global, Inc. 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 COIN. NONE OF THE FUND, TIDAL TRUST II, OR TIDAL INVESTMENTS LLC IS AFFILIATED, CONNECTED, OR ASSOCIATED WITH COIN. THE FUND WAS NOT DEVELOPED OR CREATED BY, AND IS NOT SPONSORED, ENDORSED, OR APPROVED BY, COIN.

Moreover,COIN has not participated in the development of the Fund’s investment strategy. COIN does not select or approve the Fund’s portfolio holdings, nor does it participate in the construction, design, or implementation of the Fund. COIN does not provide any assurances, guarantees, or representations regarding the Fund or its performance. Nothing herein shall be construed as an offer of any security by COIN. None of the Fund, the Trust, the Adviser, or their respective affiliates claim any ownership interest in any trademarks owned by Coinbase Global, Inc. or COIN.

All rights in the trademarks are reserved by their respective owners. Due to the Fund’s investment strategy, the Fund’s economic exposure is inversely related to the industry assigned to COIN.As of the date of this prospectus, COIN is assigned to the capital markets industry.