MINY — YieldMax Mining Option Income Strategy ETF

The Fund is an actively managed exchange-traded fund (“ETF”) that seeks defined income (i.e., a set annual income target as discussed below) and capital appreciation. The Fund’s strategy involves: (1) constructing a portfolio of U.S.-listed equity securities of Strategic Metals & Mining Companies (each, an “Underlying Security”) (the “Equity Strategy”);and (2) generating income through an options portfolio (the “Options Strategies”), which involve using options contracts on Underlying Securities and/or Strategic Metals & Mining ETFs (described below).

Additionally, the Fund will maintain a minor allocation to cash, money market funds or U.S. Treasuries, not exceeding ten percent of its total assets. Equity Strategy Tidal Investments LLC (the “Adviser”) selects Strategic Metals & Mining Companies in which the Fund will invest. Strategic Metals & Mining Companies are companies engaged in the following: ● Precious Metals Mining: Companies engaged in the exploration, extraction, and production of gold, silver, platinum group metals. ● Base Metals Mining: Companies that explore for, extract, or produce copper, nickel, zinc, aluminum and related industrial metals. ● Rare Earth & Critical Minerals: Companies involved in the exploration, mining, processing, or production of rare earth elements (REE), lithium, cobalt, graphite, manganese, and other minerals identified as critical by major jurisdictions. ● Processing & Refining: Companies involved in metal refining, concentration, separation, and advanced materials production tied to the metals above. ● Nuclear Energy Production and Related: Companies engaged in Uranium exploration, mining, refining and processing; manufacturing of equipment, components and technology for the uranium industry; production, development, or management of nuclear energy production facilities; investment trusts that provide exposure to physical uranium.

To enable the Fund to effectively implement its Options Strategies, the Adviser evaluates the liquidity of a potential company’scommon stock and the liquidity of its options contracts. The Fund is generally unconstrained, meaning it 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.

Strategic Metals & Mining Companies may include companies from foreign countries, including emerging markets. The Underlying Securities may include such companies’ U.S.-listed depositary receipts, such as American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”). The Fund will be concentrated in the same industry or industries as those of the Strategic Metals & Mining Companies, which subjects the Fund to specific industry-related risks. The Fund’s portfolio will generally be comprised of between fifteen and fifty companies.

Dividends, if any, paid by the Fund’sport folio holdings will contribute to the Fund’s income generation. The Fund will, under normal circumstances, invest in Underlying Securities directly. However, from time to time, the Fund may invest in Underlying Securities “synthetically” for tactical reasons or to comply with regulatory requirements. To invest synthetically, the Fund will use options contracts on Underlying Securities (considered indirect or synthetic long holdings of the Underlying Securities) to gain exposure to the share price performance of the Underlying Securities.

Options Strategies – Seeking Premiums Separately,the Fund employs various options strategies on some or all of the Underlying Securities focused on generating premiums. Also,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 options on a “Strategic Metals &Mining ETF” (i.e., a passively-managed, U.S.-listed ETF that seeks to track the performance of a Strategic Metals &Mining Index (described below)).

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 a set price. These premiums are an important driver of the Fund’s distributions. On a periodic basis, generally weekly to monthly (but subject to market conditions), the Advise ruses 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. 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. 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. Additional Fund Attributes The Fund is classified as “non-diversified” under the 1940 Act. The Fund’s investment strategy is expected to result in high portfolio turnover on an annual basis.

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 Strategic Metals & Mining Companies and in options contracts on Strategic Metals & Mining Companies and Strategic Metals & Mining ETFs. For purposes of the foregoing, the Fund defines a “Strategic Metals & Mining Company” as a company that derives 50% or more of its revenue in one or more of the following themes: (i) Precious Metals Mining – gold, silver, platinum group metals, (ii) Base Metals Mining – copper, nickel, zinc, aluminum and related industrial metals, (iii) Rare Earth & Critical Minerals – rare earth elements (REE), lithium, cobalt, graphite,manganese, and other minerals identified as critical by major jurisdictions, (iv) Processing & Refining – companies involved in metal refining, concentration, separation, and advanced materials production tied to the metals above, (v) Nuclear Energy Production and Related - Uranium exploration, mining, refining and processing; manufacturing of equipment, components and technology for the uranium industry; production, development, or management of nuclear energy production facilities; investment trusts that provide exposure to physical uranium.

The Fund defines a “Strategic Metals & Mining ETF” asa U.S.-listed ETF that seeks to track the performance of a Strategic Metals & Mining Strategy or Index. Lastly, the Fund defines a “Strategic Metals & Mining Strategy or Index” as a strategy or index that invests in a selection of stocks from companies operating in any of the Strategic Metals and Mining sectors. The Fund will seek to provide weekly cash distributions. 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. 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.