GPTY

Risk Information

Before investing, carefully consider the Fund’s investment objectives, risks, charges, and expenses. This information, along with other details, is available in the prospectus. Please read the prospectuses carefully before making any investment.

Investments involve risk. Principal loss is possible.
THE FUND, TRUST, AND ADVISER ARE NOT AFFILIATED WITH ANY UNDERLYING ISSUER.

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.

Derivatives Risk:
Derivatives are financial instruments deriving value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates, or indexes. Each Underlying YieldMax™ ETF’s investments in derivatives may pose risks beyond those associated with directly investing in securities or other ordinary investments. Risks include market-related factors, imperfect correlation with underlying investments or Underlying YieldMax™ ETF’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation, and legal restrictions. The Underlying YieldMax™ ETFs’ investment strategies are options-based, and option prices are influenced by various factors.

Distribution Risk:
Each Underlying YieldMax™ ETF aims to provide monthly income, but there is no guarantee of distribution in any given month. Monthly distributions may consist of capital returns, potentially reducing each Underlying YieldMax™ ETF’s NAV and trading price over time. This could lead to significant losses for investors, especially as returns exclude dividends paid by the Underlying Security, resulting in lesser income compared to a direct investment in the Underlying Security.

NAV Erosion Risk Due to Distributions:
When an Underlying YieldMax™ ETF makes a distribution, its NAV typically drops by the distribution amount on the related ex-dividend date. Repetitive distributions may significantly erode an Underlying YieldMax™ ETF’s NAV and trading price over time, potentially resulting in notable losses for investors.

Call Writing Strategy Risk:
The continuous application of each Underlying YieldMax™ ETF’s call writing strategy impacts its ability to participate in positive price returns of its Underlying Security. This affects returns during the term of sold call options and over longer time frames. An Underlying YieldMax™ ETF’s participation in its Underlying Security’s positive price returns and its own returns will depend not only on the Underlying Security’s price but also on the path the Underlying Security’s price takes over time. Certain price trajectories of the Underlying Security could lead to suboptimal outcomes for the Underlying YieldMax™ ETF.

High Portfolio Turnover Risk:
Each Underlying YieldMax™ ETF may actively and frequently trade all or a significant portion of the Underlying YieldMax™ ETF’s holdings. A high portfolio turnover rate increases transaction costs, which may increase the Underlying YieldMax™ ETF’s expenses.

New Fund Risk:
The Fund is a recently organized management investment company with no operating history. Prospective investors do not have a track record or history on which to base their investment decisions.

Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio.

Artificial Intelligence Risk. Issuers engaged in artificial intelligence typically have high research and capital expenditures and, as a result, their profitability can vary widely, if they are profitable at all. The space in which they are engaged is highly competitive and issuers’ products and services may become obsolete very quickly. These companies are heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. The issuers are also subject to legal, regulatory and political changes that may have a large impact on their profitability.

Technology Sector Risk. The Fund will invest substantially in companies in the information technology sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector. Market or economic factors impacting technology companies and companies that rely heavily on technological advances could have a significant effect on the value of the Fund’s investments.

Foreign Securities Risk. Investments in securities or other instruments of non-U.S. issuers involve certain risks not involved in domestic investments and may experience more rapid and extreme changes in value than investments in securities of U.S. companies. In addition, the Fund will be subject to risks associated with adverse political and economic developments in foreign countries, which may include the imposition of economic sanctions.

Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in options contracts. Transactions in some types of derivatives, including options, are required to be centrally cleared (“cleared derivatives”). In a transaction involving cleared derivatives, the Fund’s counterparty is a clearing house rather than a bank or broker.

Launch & Structure Partner: Tidal ETF Services

The Funds are distributed by Foreside Fund Services, LLC. Foreside is not affiliated with YieldMax or Tidal.