YMAX — YieldMax Universe Fund of Option Income ETFs

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 Yield Max® ETF (defined below) invests.

The Fund’s portfolio will be primarily composed of “Yield Max® ETFs,” which are all affiliated ETFs advised by Tidal Investments LLC (the “Adviser”) (each, an “Underlying Yield Max® ETF”).Each Underlying Yield Max® 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 Yield Max® 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 Yield Max® ETFs. ● Each Underlying Yield Max® ETF employs options strategies to generate options premiums and, for many Underlying Yield Max® 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 Yield Max® ETFs may also invest directly in an Underlying Reference Asset and/or gain exposure to the Underlying Reference Asset through swap contracts. ● The Fund’s portfolio of Underlying Yield Max® 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 Yield Max® ETFs. The Fund is designed to broaden access and simplify ownership for shareholders, providing them with exposure to a broader range of Yield Max® ETF investment opportunities in a single Fund.

Due to the Underlying Yield Max® ETFs’ investment strategies, the Fund’s 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 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.

The Underlying Yield Max® ETFs Each Underlying Yield Max® 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 Yield Max® ETF participates partially in potential investment gains.

Each Underlying Yield Max® ETF’s 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 Yield Max® 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 Yield Max® ETF is not an investment in its Underlying Reference Asset. ● Each Underlying Yield Max® ETF’s strategy may capture only a portion of the potential gains if its Underlying Reference Asset increases in value. ● Each Underlying Yield Max® ETF’s 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 Yield Max® ETFs may invest directly in their Underlying Reference Asset. ● Underlying Yield Max® ETF shareholders (including the Fund) are generally not entitled to any Underlying Reference Asset dividends, except with respect to those Yield Max® ETFs that invest directly in the Underlying Reference Asset.

Underlying Yield Max® ETFs – Options Contracts The Yield Max® 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 Yield Max® ETF’s 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 Yield Max®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 Yield Max® ETF purchases or sells the option contract.Examples of options strategies utilized by the Yield Max® ETFs include the following: ● A “synthetic covered call” strategy whereby the Underlying Yield Max® 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 Yield Max® ETFuses 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 Yield Max® 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 Yield Max® ETFs options strategies.

Each Underlying Yield Max® ETF’s performance will differ from that of its Underlying Reference Asset’s 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 Yield Max® ETF has purchased and sold, and changes in the value of the U.S. Treasuries.

Tax Loss Harvesting Ifa specific Underlying Yield Max® 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 Fund’s 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 Yield Max® ETF. This approach aims to achieve returns akin to those of the redeemed Underlying Yield Max® 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 Yield Max®ETFs that invest directly in the Underlying Reference Asset. Portfolio Construction The portfolio will generally consist of between 15 to 35 Underlying Yield Max® ETFs, reflecting those with the highest relative performance over a recent period .

Among those Underlying Yield Max® ETFs selected for the portfolio,weighting is based on the relative performance of each, with Underlying Yield Max® ETFs with higher performance receiving larger weigh tings than those with lower performance. When multiple Underlying Yield Max® ETFs with the same or similar Underlying Reference Asset are eligible for inclusion, the Adviser may select just one of these Underlying Yield Max®ETF or, alternatively, may allocate a portion of the portfolio to each.

The Adviser will generally reallocate the Fund’s portfolio on a monthly basis, including any eligible new Underlying Yield Max® ETF(s) that qualify for inclusion, but excluding any Underlying Yield Max® ETF for which the tax loss harvesting strategy is currently being used. For a new Underlying Yield Max® ETF to be eligible for inclusion in the Fund’s portfolio, it must have commenced operations and have made an initial distribution.

The Fund will not invest in Underlying Yield Max® ETFs that operate as a fund-of-funds ETFs,though certain Underlying Yield Max® 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).