GPTY — YieldMax AI & Tech 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 AI and Technology 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 AI and Technology ETFs (described below).

The Fund will also maintain a minor allocation to cash or U.S. Treasuries, not exceeding ten percent of its total assets. Equity Strategy The Adviser selects the AI and Technology Companies in which the Fund will invest. AI and Technology Companies are companies involved in AI software, cloud infrastructure, AI semiconductors, network infrastructure, AI consulting services, software and IT services,technology hardware manufacturing and distribution, semiconductor production, interactive media, and diversified consumer services related to technology and entertainment.

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 new companies or remove existing companies from the portfolio.

AIand Technology 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 securities of companies with principal business activities in the industry, if any, assigned to AI and Technology Companies. 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 an “AI and Technology ETF” (i.e., a passively-managed, U.S.-listed ETF that seeks to track the performance ofan index primarily comprised of AI and Technology 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 AI and Technology Companies and in options contracts on AI and Technology Companies and on AI and Technology ETFs.

For purposes of the foregoing, the Fund defines an “AI and Technology Company” as a company that derives 50%or more of its revenue in one or more of the following proprietary sectors: (i) AI software and/or generative AI software, (ii)cloud infrastructure services (e.g., services that provide infrastructure-as-a-service to support the training of AI models),(iii) AI semiconductors (e.g., designing and manufacturing of key semiconductors for AI applications), (iv) network infrastructure(e.g., development of servers, storage, and networking equipment relevant for training and running generative AI models), (v)AI services (e.g., consulting and implementation services for generative AI software), (vi) software and information technology services companies, (vii) manufacturers and distributors of technology hardware and equipment (e.g., communications equipment,cellular phones, computers and peripherals, electronic equipment and related instruments), (viii) semiconductors and semiconductor equipment, (ix) interactive media and services, and (x) diversified consumer services, broadline retail, and entertainment companies involved in the foregoing.

The Fund defines an “AI and Technology ETF” as a passively managed U.S.-listed ETF that seeks to track the performance of an AI or Technology Index. Lastly, the Fund defines an “AI or Technology Index”as a benchmark that tracks the performance of a selection of stocks from companies operating in the artificial intelligence and/or technology sectors. 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.