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Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. <div id="xdx_A8B_eoef--AnnualFundOperatingExpensesTableTextBlock_zw9Yvan7y6ka"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zhZrZWxRiEok" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td id="xdx_980_eoef--OperatingExpensesCaption_c20260622__20260622__dei--LegalEntityAxis__custom--S000105469Member_zJRaZyjAoJt5" style="border-bottom: black 1pt solid">Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment)</td> <td style="border-bottom: black 1pt solid"> </td> <td id="xdx_490_20260622__20260622__oef--ClassAxis__custom--C000276245Member_zLGoHpWv37sj" style="border-bottom: black 1pt solid">1</td> <td style="border-bottom: black 1pt solid"> </td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zTtMzQkbv7Pa" style="vertical-align: bottom"> <td style="width: 89%">Management Fee</td> <td style="width: 1%"> </td> <td style="width: 9%; text-align: right">0.66</td> <td style="width: 1%">%</td></tr> <tr id="xdx_401_eoef--DistributionAndService12b1FeesOverAssets_dpn_zi5xByMv6KTd" style="vertical-align: bottom"> <td>Distribution and Service (12b-1) Fees</td> <td> </td> <td style="text-align: right">None</td> <td> </td></tr> <tr id="xdx_403_eoef--OtherExpensesOverAssets_dpn_z1x6kbYpOuvi" style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid">Other Expenses(2)</td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">0.02</td> <td style="border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_401_eoef--ExpensesOverAssets_dpn_zpq3WFqEPt2l" style="vertical-align: bottom"> <td>Total Annual Fund Operating Expenses</td> <td style="border-bottom: black 1.5pt double"> </td> <td style="border-bottom: black 1.5pt double; text-align: right">0.68</td> <td style="border-bottom: black 1.5pt double">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0%"></td><td style="width: 0.25in">(1) </td><td id="xdx_F12_zJtLsx2vlkki" style="text-align: justify">The Fund’s adviser will pay, or require a sub-adviser to pay, all of the Fund’s expenses, except for the following: advisory fees and sub-advisory fees, interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses, and other non-routine or extraordinary expenses.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0%"></td><td style="width: 0.25in">(2) </td><td id="xdx_F19_zFxk1THGOK3e" style="text-align: justify">Based on estimated amounts for the current fiscal year.</td></tr></table> Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) 0.0066 0 0.0002 0.0068 Based on estimated amounts for the current fiscal year. Expense Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8B_eoef--ExpenseExampleWithRedemptionTableTextBlock_zY6heJNZABde"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zhhOlO1bK8ll" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 60%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: top"> <td id="xdx_480_eoef--ExpenseExampleYear01_zScqpOr4YQP8" style="border-top: black 1pt solid; width: 50%; text-align: center">1 Year</td> <td id="xdx_485_eoef--ExpenseExampleYear03_zjwxYlBA4jI9" style="border-top: black 1pt solid; width: 50%; text-align: center">3 Years</td></tr> <tr id="xdx_415_20260622__20260622__oef--ClassAxis__custom--C000276245Member_zSjGuJJkLsZ1" style="vertical-align: top"> <td style="border-bottom: black 1pt solid; text-align: center">$69</td> <td style="border-bottom: black 1pt solid; text-align: center">$218</td></tr> </table> 69 218 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in total annual fund operating expenses or in the expense example above, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available. Principal Investment Strategies Overview The Fund is an actively managed exchange-traded fund (“ETF”) designed to generate income from a structured strategy tied to equity market conditions, rather than direct participation in equity market returns. The strategy uses swap agreements tied to a model portfolio of autocallable investments that are designed to generate income through coupon payments when certain market conditions are met. The strategy aims to generate periodic income across different market environments, but that involves tradeoffs, including limited upside in strong markets and exposure to losses in declining markets. The Fund does not invest directly in autocallable securities or in an index. Instead, it uses swap agreements (a type of derivative instrument) to gain exposure to the performance of a model-based index (the “Autocallable Index”). The Autocallable Index simulates the performance of a portfolio of autocallable instruments. In turn, each autocallable instrument is linked to a separate market index, here, the Nasdaq-100 Futures 35% Volatility Trend 6% Decrement™ Index (the “Underlying Reference Index”). The level of the Underlying Reference Index determines whether each autocallable instrument modeled in the Autocallable Index pays income, is redeemed early, or incurs losses. Those outcomes drive the performance of the Autocallable Index and, in turn, affect the Fund’s performance and the level of Fund distributions. Important: The Fund is not designed to provide returns that track the Nasdaq-100 Index or equity markets generally. Investors seeking returns that correspond to the Nasdaq-100 Index or broader equity markets should consider a different ETF. Autocallable Strategy Overview Autocallables are structured investments that can: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">pay income (coupons) if the Underlying Reference Index is above a set level on specified observation dates,</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">be redeemed early if the Underlying Reference Index reaches a specified level on specified observation dates, and</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">lose value if the Underlying Reference Index declines below a set level at maturity.</td></tr></table> If the Underlying Reference Index does not meet the required levels on the relevant observation date, no income is generated for that period. If an autocallable is redeemed early based on the level of the Underlying Reference Index on the relevant observation date, it stops generating income. If an autocallable reaches maturity and the Underlying Reference Index is below a specified level, losses occur and such losses increase as the Underlying Reference Index declines further. When an autocallable incurs a loss, that loss is reflected as a loss in the Autocallable Index, and this modelled loss impacts the returns the Fund receives through its swap agreements. When an autocallable generates a coupon, that coupon is reflected as income in the Autocallable Index (which assumes the coupon is reinvested), and this modeled income contributes to the returns the Fund receives through its swap agreements. These returns may support the Fund’s distributions, although they may be realized as gains on derivatives rather than traditional income. The Autocallable Index The Autocallable Index is a rules-based model. It does not hold actual investments. The Autocallable Index: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">models a portfolio of autocallables, each linked to the Underlying Reference Index,</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">uses the level of the Underlying Reference Index on scheduled observation dates to determine outcomes for each modeled autocallable, and</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">combines modeled income, early redemptions, reinvestment, and losses into a single index value.</td></tr></table> The Autocallable Index assumes positions are added over time and that proceeds (whether from coupons, upon early redemption or maturity) are reinvested. Its performance is based on assumptions and may differ from real-world results. Although the Autocallable Index is designed to reflect prevailing market conditions and the performance of relevant market measures, its performance is hypothetical and based on assumptions that may differ from the terms, pricing, liquidity, and performance of actual autocallable investments available in the market. The Fund does not invest directly in the Autocallable Index. Instead, it uses swap agreements to seek returns linked to the Index’s Autocallable performance. Changes in the Autocallable Index level, including the effect of its modeled income or loss, are reflected in the value of the Fund’s swap positions and, in turn, the Fund’s overall performance, but do not result in direct cash payments to and from the Fund. The Autocallable Index is sponsored and maintained by Citigroup Global Markets Limited. The autocallables included in the Autocallable Index are hypothetical instruments and are not actual tradable securities. Rather, the Autocallable Index reflects the performance of a hypothetical portfolio of autocallables that is maintained in accordance with the index’s rules-based methodology established by Citigroup Global Markets Limited. Portfolio Construction/Management Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in swap agreements that provide exposure to the Autocallable Index. For purposes of compliance with this investment policy, the swaps will be valued at their notional value. The Adviser actively manages the Fund by exercising discretion over the level, timing, and composition of the Fund’s swap exposures, including using staggered entry points (as described below), and by adjusting those exposures in response to market conditions, pricing, and risk considerations. The Fund expects to obtain most of its exposure through unfunded total return swaps (derivatives that do not require full upfront payment; the Fund exchanges index returns for a financing payment with a counterparty). Unlike fully funded swaps, which typically require the Fund full upfront payment, unfunded swaps generally require posting of collateral (margin) upfront and periodic payments. Using unfunded swaps, the Adviser can manage the Fund’s exposure using staggered entry points, (i.e., entering into positions at different times rather than all at once), which may reduce the Fund’s sensitivity to any single market entry point and help produce a more even pattern of modeled cash flows over time. The Fund’s returns from these swaps are generally reflected as changes in the value of the swaps and/or periodic net payments, rather than as direct receipt of income from underlying investments Distributions The Fund expects to make periodic distributions. The Fund’s distributions are based in part on the income that the Autocallable Index is designed to model, which depends on the performance of the Underlying Reference Index and the Autocallable Index’s autocall features. Income is not guaranteed and depends on the level of the Underlying Reference Index, and distributions may vary over time. Because the Fund obtains exposure to the Autocallable Index through derivatives, amounts available for distribution will primarily come from gains on those derivatives rather than from traditional income such as interest or dividends. As a result, the Fund’s returns and distributions will generally not correspond to the receipt of traditional income. Furthermore, a substantial portion of distributions may consist of return of capital (i.e., a return of a portion of your original investment), because the Fund’s distributions may exceed its net investment income and instead reflect overall returns from its swap positions. When this occurs, a portion of the distribution is a return of your original investment and will reduce the value of your investment. Additional Fund Attributes The Fund may invest in short-term U.S. Treasury securities (with one year or less to maturity), cash and cash equivalents, and other eligible collateral investments to meet margin requirements and manage liquidity. Eligible collateral investments include investment-grade fixed income securities; floating- or variable-rate instruments (including benchmark-linked notes) issued by governments or U.S. or European investment-grade companies; commercial paper; and money market funds. The Fund is classified as “non-diversified” under the 1940 Act, which means it may invest in a smaller number of holdings than a “diversified” fund. The Fund’s investment strategy is expected to result in high portfolio turnover on an annual basis. To the extent the Underlying Reference Index concentrates (i.e., holds more than 25% of its total assets) in the securities of a particular industry or group of related industries, the Fund will have concentrated investment exposure to approximately the same extent as the Index. The Underlying Reference Index The Underlying Reference Index does not track the Nasdaq-100 Index. Instead, it provides exposure through Nasdaq-100 futures contracts, which are derivative instruments whose prices reflect expectations about the future value of the Nasdaq-100 Index. Because futures prices can differ from the current level of the Nasdaq-100 Index, and are affected by factors such as interest rates, financing costs, and market expectations, the performance of Nasdaq-100 futures may differ from the performance of the Nasdaq-100 Index, sometimes significantly. The Underlying Reference Index also adjusts how much exposure it has to Nasdaq-100 futures in order to target a specific volatility level (35%). This means the index increases its exposure to futures when market volatility is lower and reduces its exposure when market volatility is higher. As a result, the index may reduce exposure during volatile markets, which can limit losses but may also reduce participation in market rebounds or strong upward moves. In addition, the Underlying Reference Index applies a fixed 6% annual decrement. A decrement is a daily deduction that reduces the index level over time, regardless of market performance. It is intended to represent assumed costs or income needs, but it acts as a consistent drag on returns. Because of these features (i.e., the use of futures instead of direct equity exposure, volatility-based adjustments, and the fixed decrement), the performance of the Underlying Reference Index may differ significantly from the performance of the Nasdaq-100 Index. As a result, the Fund should not be expected to provide returns similar to those of the Nasdaq-100 Index or equity markets generally. Third-Party Index Information None of the Fund, Tidal Trust II (the “Trust”), the Adviser or their respective affiliates makes any representation to you as to the performance of the Autocallable Index, the Underlying Reference Index, or the Nasdaq-100 Index®. NONE OF THE FUND, THE TRUST, THE ADVISER ARE AFFILIATED OR ENDORSED BY THE AUTOCALLABLE INDEX, THE UNDERLYING REFERENCE INDEX, or the Nasdaq-100 Index®. The Fund was not developed or created by, and is not sponsored, endorsed, or approved by the index provider, sponsor, or owner of any of the Autocallable Index, the Underlying Reference Index, the Nasdaq-100 Index®, or any of their respective affiliates (collectively, the “Index Providers”), including Citigroup Global Markets Limited in its capacity as sponsor and maintainer of the Autocallable Index. The Index Providers do not make any representation regarding the advisability of investing in the Fund. The Fund was not developed, issued, sponsored, endorsed, sold, or promoted by any Index Provider. No Index Provider participated in the determination of the Fund’s investment strategy, the design or construction of the Fund, or the selection of the Fund’s portfolio holdings. The provider of the Autocallable Index has contracted with the Nasdaq, Inc. to license the Underlying Reference Index in connection with the Autocallable Index. The Autocallable Index is not owned, endorsed, or approved by or associated with the Underlying Reference Index. The Autocallable Index and the Underlying Reference Index are calculated and maintained independently of the Fund, the Trust, and the Adviser. The Index Providers do not provide any assurances, guarantees, or representations, express or implied, regarding the accuracy, completeness, or timeliness of any index data or the results obtained by the Fund. An investment in the Fund is not an investment in any security issued or sponsored by any Index Provider. All rights in trademarks are reserved by their respective owners. Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in swap agreements that provide exposure to the Autocallable Index. The Fund may not achieve its investment objective and there is a risk that you could lose all of your money invested in the Fund. Autocallable Index and Payoff Structure Risks. The Autocallable Index is not an actual portfolio of securities. The Autocallable Index is a model that simulates how a group of autocallable instruments might perform. The Autocallable Index uses rules and assumptions to estimate coupon payments, early redemptions, reinvestment, and maturity outcomes. Although the Autocallable Index is designed to reflect prevailing market conditions and the performance of relevant market measures, its performance is hypothetical and based on assumptions that may differ from the terms, pricing, liquidity, and performance of actual autocallable investments available in the market. The Autocallable Index depends on inputs such as barrier levels, observation dates, reinvestment timing, and the performance of the Underlying Reference Index, and the Autocallable Index may perform differently than expected. Errors in the Autocallable Index’s model, data, or calculations, or changes to the Autocallable Index methodology, could negatively affect the Autocallable Index and the Fund. The Fund’s returns are largely driven by the features of autocallable instruments reflected in the Autocallable Index. These features include conditional income payments, early redemption (or “autocall”) provisions, and the risk of reduced principal at maturity. Expected distributions of the Fund are based in part on modeled coupon payments that are only assumed to be paid if the Underlying Reference Index meets specified conditions on certain dates. If those conditions are not met, no coupon is assumed to be paid, which may result in lower, uneven, or no distributions. Poor performance, high volatility, or extended declines in the Underlying Reference Index increase the likelihood that these conditions will not be met. Early redemption features may limit the Fund’s participation in additional coupon payments and may require the Autocallable Index to reinvest in new autocallable instruments with less favorable terms or lower expected coupons. If an autocallable is not redeemed prior to maturity and the Underlying Reference Index is below a set level at maturity, the Autocallable Index assumes a reduction in principal, and the Fund could experience significant losses. Underlying Reference Index Risk. The Fund’s performance depends heavily on the Nasdaq-100 Futures 35% Volatility Trend 6% Decrement™ Index (the “Underlying Reference Index”). The Underlying Reference Index provides exposure through futures contracts rather than directly holding the stocks in the Nasdaq-100 Index®, and returns of those futures may differ from the returns of those stocks. The Underlying Reference Index adjusts its exposure to equities in an effort to maintain a target level of volatility. During volatile periods, the Underlying Reference Index may reduce exposure, which could cause the Autocallable Index and the Fund to miss market recoveries or sustained gains. The Underlying Reference Index may adjust its exposure multiple times during the day based on short-term market movements. This can increase the risk of poor timing and may reduce returns in unstable or rapidly changing markets. The Underlying Reference Index also includes a trend-following feature, which may perform poorly when markets move sideways or reverse direction quickly. In addition, the Underlying Reference Index applies a fixed annual reduction (“decrement”) and reflects assumed costs, which lower the level of the Underlying Reference Index over time regardless of market performance. The Underlying Reference Index’s results depend on the path of market movements, meaning that the timing and volatility of changes can significantly affect returns, even if the Nasdaq-100 Index® ends a period higher. Like the Autocallable Index, the Underlying Reference Index relies on models and data, and errors or changes in the Underlying Reference Index methodology could negatively affect the Autocallable Index and the Fund. Derivatives Risks. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be an imperfect correlation between the value of the underlying reference asset and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. In addition, the Fund’s investments in derivatives are subject to the following risks: <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapAgreementsMember_zOMUNHu9uypc"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">Swap Agreements. The use of swap transactions is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Whether the Fund will be successful in using swap agreements to achieve its investment goal depends on the ability of the Adviser to structure such swap agreements in accordance with the Fund’s investment objective and to identify appropriate counterparties. If the Adviser is unable to enter into swap agreements that provide the desired synthetic exposure to the Underlying Security, the Fund may not meet its stated investment objective. Additionally, any financing, transaction, or other costs associated with using swap transactions may have the effect of lowering the Fund’s return.</td></tr></table> The swap agreements in which the Fund invests are generally traded in the over-the-counter market, which generally has less transparency than exchange-traded derivative instruments. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference assets, securities, or instruments. The gross return to be exchanged or “swapped” between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in the reference asset. If the Underlying Security experiences a significant price movement that causes a material change in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to close out the swap transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to maintain exposure consistent with its investment objective. This may temporarily reduce the Fund’s ability to maintain its intended level of synthetic exposure until replacement transactions can be established. Certain of the swap agreements entered into by the Fund may be unfunded total return swaps, pursuant to which the Fund does not make an initial investment of the full notional amount of the swap. As a result, the Fund is exposed to the risk that its counterparty will be unable to meet its obligations under the swap agreement, and the Fund’s exposure to a counterparty generally equals the net amount owed to the Fund based on the daily change in value of the reference asset. In the event of a counterparty default or insolvency, the Fund may incur losses in excess of the collateral, if any, posted by the counterparty, and the timing and amount of any recovery may be uncertain. In addition, the use of unfunded swap agreements may create economic leverage for the Fund, which may magnify gains and losses and increase the volatility of the Fund’s returns. Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in swap agreements. Transactions in some types of derivatives, including certain swap agreements, 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. Since the Fund is not a member of clearing houses and only members of a clearing house (“clearing members”) can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members. In cleared derivatives positions, the Fund will make payments (including margin payments) to and receive payments from a clearing house through its accounts at clearing members. Customer collateral held at a clearing organization in connection with cleared derivatives is held in an omnibus account and, although such collateral is legally segregated by customer, it is operationally commingled. As a result, in the event of a clearing member’s bankruptcy, the Fund may be limited to recovering only a pro rata share of the assets segregated on behalf of the clearing member’s customers for the relevant account class. In addition, although clearing members guarantee performance of their clients’ obligations to the clearing house, there is a risk that the assets of the Fund might not be fully protected in the event of a clearing member’s insolvency. The Fund is also subject to the risk that a limited number of clearing members are willing to transact on the Fund’s behalf, which heightens the risks associated with a clearing member’s default. If a clearing member defaults, the Fund could lose some or all of the benefits of a transaction entered into by the Fund. If the Fund cannot find a clearing member to transact with on the Fund’s behalf, the Fund may be unable to effectively implement its investment strategy. Distribution Risk. As part of the Fund’s investment objective, the Fund seeks to provide current income monthly. There is no assurance that the Fund will make more than one, or any, distribution in a given month. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next. NAV Erosion Risk Due to Distributions. When the Fund makes a distribution, the Fund’s NAV will typically drop by the amount of the distribution on the related ex-dividend date. The repeated payment of distributions by the Fund, if any, may significantly erode the Fund’s NAV and trading price over time. As a result, an investor may suffer significant losses to their investment. Concentration Risk. The Fund’s investment exposure will be concentrated in (or substantially exposed to) the same industry or group of industries assigned to the Underlying Reference Index. As a result, the Fund may be more susceptible to loss due to adverse occurrences that affect the price of such industries more than the market as a whole. ETF Risks. <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zhnBke2zqKth" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk. The Fund has a limited number of financial institutions that are authorized to purchase and redeem Shares directly from the Fund (known as “Authorized Participants” or “APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. Cash Redemption Risk. The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. By paying out higher annual capital gain distributions, investors may be subjected to increased capital gains taxes. Additionally, there may be brokerage costs or taxable gains or losses that may be imposed on the Fund in connection with a cash redemption that may not have occurred if the Fund had made a redemption in-kind. These costs could decrease the value of the Fund to the extent they are not offset by a transaction fee payable by an AP. Costs of Buying or Selling Shares. Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid-ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments. <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_z1tslEE5hEid" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Shares May Trade at Prices Other Than NAV. As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant. Trading. Although Shares are listed on a national securities exchange, such as Cboe BZX Exchange (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active trading market for the Shares will develop or be maintained or that the Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares. Shares trade on the Exchange at market price that may be below, at or above the Fund’s NAV. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable. In addition, trading in Shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. As a result, the Fund could be adversely affected and be unable to implement its investment strategies in the event of an unscheduled closing. Economic and Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. The imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic and foreign markets. High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings. A high portfolio turnover rate increases transaction costs, which may increase the Fund’s expenses. Frequent trading may also cause adverse tax consequences for investors in the Fund due to an increase in short-term capital gains. Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline. Management Risk. The Fund is actively managed and may not meet its investment objective based on the Adviser’s success or failure to implement investment strategies for the Fund. Money Market Instrument Risk. The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Repurchase agreements are contracts in which a seller of securities agrees to buy the securities back at a specified time and price. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments, including money market funds, may lose money through fees or other means. New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, 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. Operational Risk. The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and Adviser seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks. Tax Risk. The Fund intends to elect and to qualify each year to be treated as a regulated investment company (a “RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (“Code”). To qualify and maintain its status as a RIC, the Fund must derive at least 90% of its gross income each year from “qualifying income,” meet certain diversification tests at the end of each quarter and meet an annual distribution test. For purposes of the qualifying income requirement, the treatment of the swaps and other derivatives that provide exposure to the synthetic Autocallables is not entirely clear, and thus whether the income and gain therefrom is qualifying income is uncertain. If the Fund were to treat income or gain from particular instruments linked to the synthetic Autocallables as qualifying income, an adverse determination or future guidance by the Internal Revenue Service with respect to the treatment of income or gain from those investments may adversely affect the Fund’s ability to qualify as a RIC. For purposes of the diversification test, the identification of the issuer (or, in some cases, issuers) of a particular Fund investment can depend on the terms and conditions of that investment. In particular, there is no published Internal Revenue Service guidance or case law on how to determine the “issuer” of certain derivatives that the Fund will enter into. An adverse determination or future guidance by the Internal Revenue Service with respect to issuer identification for the Fund’s investments may adversely affect the Fund’s ability to qualify as a RIC. To comply with the asset diversification test applicable to a RIC, the Fund will attempt to ensure that the value of swap contracts on shares of a single issuer does not exceed 25% of the Fund’s value at the close of any quarter. For this purpose, it is likely that the Internal Revenue Service will consider the Index to be a single issuer. If the value of swap contracts on shares of a single issuer were to exceed 25% of the Fund’s total assets at the end of a tax quarter, the Fund, generally, has a grace period to cure such lack of compliance. If the Fund fails to timely cure, it may no longer be eligible to be treated as a RIC. As a RIC, the Fund will not be subject to U.S. federal income tax on the portion of its net investment income and net capital gain that it distributes to shareholders, provided that it satisfies certain income, diversification and distribution requirements of the Code. If the Fund does not qualify as a RIC for any taxable year and certain relief provisions are not available, the Fund’s taxable income will be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed. The federal income tax treatment of the swaps and other derivatives may not be as favorable as a direct investment in an underlying asset and may adversely affect the timing, character and amount of income the Fund realizes from its investments. As a result, a larger portion of the Fund’s distributions may be treated as ordinary income rather than capital gains. In addition, certain derivatives are subject to mark-to-market or straddle provisions of the Code. If such provisions are applicable, there could be an increase (or decrease) in the amount of taxable dividends paid by the Fund. U.S. Government and U.S. Agency Obligations Risk. The Fund may invest in securities issued by the U.S. government or its agencies or instrumentalities. U.S. Government obligations include securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, such as the U.S. Treasury. Payment of principal and interest on U.S. Government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. In the latter case, the investor must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate repayment, which agency or instrumentality may be privately owned. There can be no assurance that the U.S. Government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so. Performance Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. Updated performance information will be available on the Fund’s website at www.defianceetfs.com. Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. www.defianceetfs.com DEFIANCE BITCOIN AUTOCALLABLE ETF - FUND SUMMARY Investment Objective The Fund seeks long-term capital appreciation. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. <div id="xdx_A88_eoef--AnnualFundOperatingExpensesTableTextBlock_z70fdbyW1G36"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zQEjw78GmIy1" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td id="xdx_98D_eoef--OperatingExpensesCaption_c20260622__20260622__dei--LegalEntityAxis__custom--S000105467Member_zEQyq7V6Ahoc" style="border-bottom: black 1pt solid">Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment)</td> <td style="border-bottom: black 1pt solid"> </td> <td id="xdx_49F_20260622__20260622__oef--ClassAxis__custom--C000276243Member_z288zlmBkVU8" style="border-bottom: black 1pt solid">1</td> <td style="border-bottom: black 1pt solid"> </td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zRbmXzs2yVhg" style="vertical-align: bottom"> <td style="width: 89%">Management Fee</td> <td style="width: 1%"> </td> <td style="width: 9%; text-align: right">0.99</td> <td style="width: 1%">%</td></tr> <tr id="xdx_401_eoef--DistributionAndService12b1FeesOverAssets_dpn_zmTIDAW36nRf" style="vertical-align: bottom"> <td>Distribution and Service (12b-1) Fees</td> <td> </td> <td style="text-align: right">None</td> <td> </td></tr> <tr id="xdx_403_eoef--OtherExpensesOverAssets_dpn_z1cnl4jnwTwi" style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid">Other Expenses(2)</td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">0.02</td> <td style="border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_401_eoef--ExpensesOverAssets_dpn_z86xB87WAD77" style="vertical-align: bottom"> <td>Total Annual Fund Operating Expenses</td> <td style="border-bottom: black 1.5pt double"> </td> <td style="border-bottom: black 1.5pt double; text-align: right">1.01</td> <td style="border-bottom: black 1.5pt double">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0%"></td><td style="width: 0.25in">(1) </td><td style="text-align: justify">The Fund’s adviser will pay, or require a sub-adviser to pay, all of the Fund’s expenses, except for the following: advisory fees and sub-advisory fees, interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses, and other non-routine or extraordinary expenses.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0%"></td><td style="width: 0.25in">(2) </td><td style="text-align: justify">Based on estimated amounts for the current fiscal year.</td></tr></table> Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) 0.0099 0 0.0002 0.0101 Based on estimated amounts for the current fiscal year. Expense Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8D_eoef--ExpenseExampleWithRedemptionTableTextBlock_zvGSPrV76zAf"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zVGrkxGGQg4e" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 60%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: top"> <td id="xdx_483_eoef--ExpenseExampleYear01_zYQiuPZ9Ied1" style="border-top: black 1pt solid; width: 50%; text-align: center">1 Year</td> <td id="xdx_481_eoef--ExpenseExampleYear03_zdSWLwp9EPX2" style="border-top: black 1pt solid; width: 50%; text-align: center">3 Years</td></tr> <tr id="xdx_413_20260622__20260622__oef--ClassAxis__custom--C000276243Member_zSfKqyXCUXIl" style="vertical-align: top"> <td style="border-bottom: black 1pt solid; text-align: center">$103</td> <td style="border-bottom: black 1pt solid; text-align: center">$322</td></tr> </table> 103 322 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in total annual fund operating expenses or in the expense example above, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available. Principal Investment Strategies Overview The Fund is an actively managed exchange-traded fund (“ETF”) that seeks long-term capital appreciation from a structured strategy tied to equity market conditions, rather than direct participation in equity market returns. The strategy uses swap agreements tied to a model portfolio of autocallable investments whose performance depends in part on coupon payments and other outcomes based on market conditions. The strategy seeks to generate positive returns across different market environments, but that involves tradeoffs, including limited upside in strong markets and exposure to losses in declining markets. The Fund does not invest directly in autocallable securities or in an index. Instead, it uses swap agreements (a type of derivative instrument) to gain exposure to the performance of a model-based index (the “Autocallable Index”). The Autocallable Index simulates the performance of a portfolio of autocallable instruments. In turn, each autocallable instrument is linked to a separate market index, here, the Cboe Edge Bitcoin 35% Volatility Target 6% Decrement Index (the “Underlying Reference Index”). The level of the Underlying Reference Index determines whether each autocallable instrument modeled in the Autocallable Index pays coupons, is redeemed early, or incurs losses. Those outcomes drive the performance of the Autocallable Index and, in turn, affect the Fund’s performance. Important: The Fund does not invest directly in Bitcoin or any other digital assets. The Fund does not invest directly in derivatives that track the performance of Bitcoin or any other digital assets. The Fund does not invest in or seek direct exposure to the current “spot” or cash price of Bitcoin. Investors seeking direct exposure to the price of Bitcoin should consider an investment other than the Fund. See the prospectus section titled “Additional Information About the Fund” for information about bitcoin and the bitcoin blockchain. Autocallable Strategy Overview Autocallables are structured investments that can: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">pay coupons if the Underlying Reference Index is above a set level on specified observation dates,</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">be redeemed early if the Underlying Reference Index reaches a specified level on specified observation dates, and</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">lose value if the Underlying Reference Index declines below a set level at maturity.</td></tr></table> If the Underlying Reference Index does not meet the required levels on the relevant observation date, no coupon payment is generated for that period. If an autocallable is redeemed early based on the level of the Underlying Reference Index on the relevant observation date, it stops generating coupon payments. If an autocallable reaches maturity and the Underlying Reference Index is below a specified level, losses occur and such losses increase as the Underlying Reference Index declines further. When an autocallable incurs a loss, that loss is reflected as a loss in the Autocallable Index, and this modelled loss impacts the returns the Fund receives through its swap agreements. When an autocallable generates a coupon, that coupon is reflected as a positive return component in the Autocallable Index (which assumes the coupon is reinvested), and this modeled return component contributes to the returns the Fund receives through its swap agreements. The Autocallable Index The Autocallable Index is a rules-based model. It does not hold actual investments. The Autocallable Index: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">models a portfolio of autocallables, each linked to the Underlying Reference Index,</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">uses the level of the Underlying Reference Index on scheduled observation dates to determine outcomes for each modeled autocallable, and</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">combines modeled coupon payments, early redemptions, reinvestment, and losses into a single index value.</td></tr></table> The Autocallable Index assumes positions are added over time and that proceeds (whether from coupons, upon early redemption or maturity) are reinvested. Its performance is based on assumptions and may differ from real-world results. Although the Autocallable Index is designed to reflect prevailing market conditions and the performance of relevant market measures, its performance is hypothetical and based on assumptions that may differ from the terms, pricing, liquidity, and performance of actual autocallable investments available in the market. The Fund does not invest directly in the Autocallable Index. Instead, it uses swap agreements to seek returns linked to the Index’s Autocallable performance. Changes in the Autocallable Index level, including the effect of its modeled proceeds or losses, are reflected in the value of the Fund’s swap positions and, in turn, the Fund’s overall performance, but do not result in direct cash payments to and from the Fund. The Autocallable Index is sponsored and maintained by Citigroup Global Markets Limited. The autocallables included in the Autocallable Index are hypothetical instruments and are not actual tradable securities. Rather, the Autocallable Index reflects the performance of a hypothetical portfolio of autocallables that is maintained in accordance with the index’s rules-based methodology established by Citigroup Global Markets Limited. Portfolio Construction/Management Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in swap agreements that provide exposure to the Autocallable Index. For purposes of compliance with this investment policy, the swaps will be valued at their notional value. The Adviser actively manages the Fund by exercising discretion over the level, timing, and composition of the Fund’s swap exposures, including using staggered entry points (as described below), and by adjusting those exposures in response to market conditions, pricing, and risk considerations. The Fund expects to obtain most of its exposure through unfunded total return swaps (derivatives that do not require full upfront payment; the Fund exchanges index returns for a financing payment with a counterparty). Unlike fully funded swaps, which typically require the Fund full upfront payment, unfunded swaps generally require posting of collateral (margin) upfront and periodic payments. Using unfunded swaps, the Adviser can manage the Fund’s exposure using staggered entry points, (i.e., entering into positions at different times rather than all at once), which may reduce the Fund’s sensitivity to any single market entry point and help produce a more even pattern of modeled cash flows over time. The Fund’s returns from these swaps are generally reflected as changes in the value of the swaps and/or periodic net payments, rather than as direct receipt of income from underlying investments Additional Fund Attributes The Fund may invest in short-term U.S. Treasury securities (with one year or less to maturity), cash and cash equivalents, and other eligible collateral investments to meet margin requirements and manage liquidity. Eligible collateral investments include investment-grade fixed income securities; floating- or variable-rate instruments (including benchmark-linked notes) issued by governments or U.S. or European investment-grade companies; commercial paper; and money market funds. The Fund is classified as “non-diversified” under the 1940 Act, which means it may invest in a smaller number of holdings than a “diversified” fund. The Fund’s investment strategy is expected to result in high portfolio turnover on an annual basis. To the extent the Underlying Reference Index concentrates (i.e., holds more than 25% of its total assets) in the securities of a particular industry or group of related industries, the Fund will have concentrated investment exposure to approximately the same extent as the Index. The Underlying Reference Index The Cboe Edge Bitcoin 35% Volatility Target 6% Decrement Index (the “Underlying Reference Index”) measures the performance of a strategy that uses leverage (borrowing or increased market exposure intended to amplify gains and losses) to obtain exposure to an underlying bitcoin-related exchange-traded fund (“ETF”) index (the “Equity Component”). The Equity Component is based on spot bitcoin ETFs listed on U.S. exchanges, including ETFs such as IBIT, and is intended to reflect the performance of those bitcoin ETFs. The amount of leverage used by the Underlying Reference Index is determined using a forward-looking estimate of market volatility (the expected level of market price fluctuations). The Underlying Reference Index is made up of five separate subindices, each of which rebalances (adjusts its exposure) on a different day of the week. On each rebalancing date, the amount of leverage is determined based on a target volatility level and implied volatility (market expectations of future volatility) derived from options on IBIT. Each subindex is also subject to a leverage cap, which limits the maximum amount of exposure it can obtain. The overall index seeks to maintain equal weighting among the five subindices by rebalancing each subindex on its scheduled rebalancing day. The Underlying Reference Index does not maintain a fixed exposure to the Equity Component. Instead, it increases or decreases its exposure based on market conditions. In generally calmer markets, when expected volatility is lower, the Index may increase its exposure to the Equity Component. In more volatile markets, when expected volatility is higher, the Index may reduce its exposure and increase its allocation to a cash position. In addition, the Underlying Reference Index reflects certain assumed trading and financing costs, referred to as a “decrement,” associated with maintaining and rebalancing exposure to the Equity Component. A decrement is a daily deduction that reduces the Index level over time, regardless of market performance. These deductions are intended to reflect costs that could be incurred in implementing the Index’s methodology, but they act as a consistent drag on returns. Third-Party Information Indices: None of the Fund, Tidal Trust II (the “Trust”), the Adviser or their respective affiliates makes any representation to you as to the performance of the Autocallable Index or the Underlying Reference Index. NONE OF THE FUND, THE TRUST, THE ADVISER ARE AFFILIATED OR ENDORSED BY THE AUTOCALLABLE INDEX OR THE UNDERLYING REFERENCE INDEX. The Fund was not developed or created by, and is not sponsored, endorsed, or approved by the index provider, sponsor, or owner of any of the Autocallable Index, the Underlying Reference Index®, or any of their respective affiliates (collectively, the “Index Providers”), including Citigroup Global Markets Limited in its capacity as sponsor and maintainer of the Autocallable Index. The Index Providers do not make any representation regarding the advisability of investing in the Fund. The Fund was not developed, issued, sponsored, endorsed, sold, or promoted by any Index Provider. No Index Provider participated in the determination of the Fund’s investment strategy, the design or construction of the Fund, or the selection of the Fund’s portfolio holdings. The provider of the Autocallable Index has contracted with CBOE Global Indices, LLC to license the Underlying Reference Index in connection with the Autocallable Index. The Autocallable Index is not owned, endorsed, or approved by or associated with the Underlying Reference Index. The Autocallable Index and the Underlying Reference Index are calculated and maintained independently of the Fund, the Trust, and the Adviser. The Index Providers do not provide any assurances, guarantees, or representations, express or implied, regarding the accuracy, completeness, or timeliness of any index data or the results obtained by the Fund. An investment in the Fund is not an investment in any security issued or sponsored by any Index Provider. All rights in trademarks are reserved by their respective owners. IBIT: iShares Bitcoin Trust (“IBIT”) is a Delaware statutory trust and its investment objective is to reflect generally the performance of the price of bitcoin, before payment of IBIT’s expenses and liabilities. IBIT is a passively managed fund that invests primarily in bitcoin and may also hold cash. The investment strategy of IBIT involves holding bitcoin, which is maintained in custody by a digital asset custodian. IBIT is listed on the Nasdaq Stock Market LLC. IBIT’s shares are backed by IBIT’s assets. IBIT’s bitcoin holdings are custodied on its behalf by a third-party digital asset custodian in segregated accounts, consistent with the terms of its custody arrangements. The Fund, the Trust, the Adviser, and their respective affiliates do not provide any representation regarding the performance of IBIT. The Fund, Trust, and Adviser are not affiliated with iShares® Bitcoin Trust, iShares® Delaware Trust Sponsor LLC, or BlackRock, Inc. None of the Fund, the Trust, the Adviser, or their respective affiliates claim any ownership interest in any trademarks owned by iShares® Bitcoin Trust, iShares® Delaware Trust Sponsor LLC, or BlackRock, Inc. Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in swap agreements that provide exposure to the Autocallable Index. The Fund may not achieve its investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--AutocallableIndexAndPayoffStructureRisksMember_zbODpiAXsH67" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Autocallable Index and Payoff Structure Risks. The Autocallable Index is theoretical and represents the performance of a model-based, synthetic portfolio of autocallable instruments rather than actual tradable securities. The Autocallable Index relies on rules, assumptions, and quantitative models to simulate coupon payments, early redemptions, reinvestment, and maturity outcomes, which may not reflect actual market conditions or the performance of real-world autocallable instruments. The Autocallable Index’s behavior depends on assumed parameters, including barrier levels, observation schedules, reinvestment timing, and the characteristics of the Underlying Reference Index, and may perform differently than expected. Errors in index design, calculation, data inputs, or assumptions, or changes to the Autocallable Index methodology, could adversely affect the Autocallable Index and, consequently, the Fund. The Fund’s returns are largely driven by the features of autocallable instruments reflected in the Autocallable Index. These features include conditional income payments, early redemption (or “autocall”) provisions, and the risk of reduced principal at maturity. Expected distributions of the Fund are based in part on modeled coupon payments that are only assumed to be paid if the Underlying Reference Index meets specified conditions on certain dates. If those conditions are not met, no coupon is assumed to be paid, which may result in lower, uneven, or no distributions. Poor performance, high volatility, or extended declines in the Underlying Reference Index increase the likelihood that these conditions will not be met. Early redemption features may limit the Fund’s participation in additional coupon payments and may require the Autocallabe Index to reinvest in new autocallable instruments with less favorable terms or lower expected coupons. If an autocallable is not redeemed prior to maturity and the Underlying Reference Index is below a set level at maturity, the Autocallable Index assumes a reduction in principal, and the Fund could experience significant losses. Underlying Reference Index Risk. The Fund’s performance is significantly dependent on the performance and characteristics of the Cboe Edge Bitcoin 35% Volatility Target 6% Decrement Index (the “Underlying Reference Index”). The Underlying Reference Index is rules-based and provides exposure to bitcoin through bitcoin futures contracts rather than direct investment in bitcoin, and the performance of bitcoin futures may diverge from the performance of spot bitcoin due to factors such as contango, backwardation, roll costs, liquidity constraints, and margin requirements. The Underlying Reference Index seeks to target a specified volatility level by increasing or decreasing its bitcoin futures exposure based on observed market volatility, which may cause the Underlying Reference Index to reduce exposure during periods of elevated volatility and miss subsequent price recoveries or sustained rallies. Bitcoin markets have historically exhibited significant volatility, which may result in frequent and substantial exposure adjustments. The Underlying Reference Index generally adjusts exposure daily based on realized volatility and other model-driven signals, which may increase market timing risk and reduce returns in choppy, rapidly reversing, or highly volatile markets. The Underlying Reference Index may also incorporate trend-based signals that may perform poorly in sideways or whipsaw markets and may cause exposure to be increased or decreased at disadvantageous times. In addition, the Underlying Reference Index applies a fixed annual decrement of 6% and reflects assumed trading, roll, and financing costs that reduce the index level over time regardless of market performance, creating a persistent drag on returns. The Underlying Reference Index’s performance is path dependent, meaning results may be materially affected by the sequence, magnitude, and volatility of bitcoin price movements, even if bitcoin prices increase over a given period. The Underlying Reference Index relies on quantitative models, rules, and data inputs, and errors in index design or calculation, disruptions in the bitcoin futures markets, or changes to index methodology could adversely affect the Underlying Reference Index and, consequently, the Fund. IBIT Risk. The Fund does not invest directly in the iShares Bitcoin Trust (“IBIT”) but may have indirect exposure to IBIT through autocallable instruments linked to a reference index that obtains bitcoin-related exposure through IBIT. As a result, the Fund may be exposed to certain risks associated with IBIT even though it does not own IBIT shares. IBIT’s performance is driven primarily by the price of bitcoin, which is highly volatile and has experienced significant price swings over short periods of time. Bitcoin prices may be affected by market speculation, investor sentiment, regulatory developments, technological changes, cybersecurity events, macroeconomic conditions, interest rate movements, and changes in demand and supply in global bitcoin markets. Negative developments in the digital asset ecosystem, including exchange failures, fraud, or security breaches, could adversely affect bitcoin prices and the value of IBIT. IBIT’s net asset value depends on pricing sources for bitcoin and the proper functioning of digital asset trading platforms and custodial arrangements. Disruptions, manipulation concerns, technological failures, forks in the bitcoin blockchain, or changes to the bitcoin protocol could adversely affect IBIT’s valuation and market price. In addition, IBIT may trade at a premium or discount to its net asset value, particularly during periods of market stress or constrained liquidity. IBIT is concentrated solely in bitcoin and is therefore more volatile than diversified investment vehicles. Bitcoin is a relatively new asset with a limited performance history and is subject to unique risks, including regulatory uncertainty in the United States and abroad. Future regulatory actions, including restrictions on bitcoin trading, ownership, or mining, could negatively impact IBIT. IBIT is not affiliated with the Fund or its Adviser and is not registered under the 1940Act. Fund shareholders have no rights with respect to IBIT, including voting or distribution rights, and do not benefit from the investor protections applicable to registered investment companies. In addition, IBIT relies on third-party custodians to hold its bitcoin. Digital asset custody involves heightened risks, including potential loss due to hacking, theft, fraud, technological failure, or loss of private keys. Any operational disruption, cybersecurity incident, trading halt, or liquidity constraint affecting IBIT could negatively impact the value of the Fund’s indirect exposure. Derivatives Risks. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be an imperfect correlation between the value of the underlying reference asset and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. In addition, the Fund’s investments in derivatives are subject to the following risks: <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapAgreementsMember_zgufwY4la0fb"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">Swap Agreements. The use of swap transactions is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Whether the Fund will be successful in using swap agreements to achieve its investment goal depends on the ability of the Adviser to structure such swap agreements in accordance with the Fund’s investment objective and to identify appropriate counterparties. If the Adviser is unable to enter into swap agreements that provide the desired synthetic exposure to the Underlying Security, the Fund may not meet its stated investment objective. Additionally, any financing, transaction, or other costs associated with using swap transactions may have the effect of lowering the Fund’s return.</td></tr></table> The swap agreements in which the Fund invests are generally traded in the over-the-counter market, which generally has less transparency than exchange-traded derivative instruments. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference assets, securities, or instruments. The gross return to be exchanged or “swapped” between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in the reference asset. If the Underlying Security experiences a significant price movement that causes a material change in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to close out the swap transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to maintain exposure consistent with its investment objective. This may temporarily reduce the Fund’s ability to maintain its intended level of synthetic exposure until replacement transactions can be established. Certain of the swap agreements entered into by the Fund may be unfunded total return swaps, pursuant to which the Fund does not make an initial investment of the full notional amount of the swap. As a result, the Fund is exposed to the risk that its counterparty will be unable to meet its obligations under the swap agreement, and the Fund’s exposure to a counterparty generally equals the net amount owed to the Fund based on the daily change in value of the reference asset. In the event of a counterparty default or insolvency, the Fund may incur losses in excess of the collateral, if any, posted by the counterparty, and the timing and amount of any recovery may be uncertain. In addition, the use of unfunded swap agreements may create economic leverage for the Fund, which may magnify gains and losses and increase the volatility of the Fund’s returns. Cayman Subsidiary Risk. By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the Subsidiary’s investments. The futures contracts and other investments held by the Subsidiary are subject to the same economic risks that apply to similar investments if held directly by the Fund. The Subsidiary is not registered under the 1940 Act, and, unless otherwise noted in this Prospectus, is not subject to all the investor protections of the 1940 Act. Changes in the laws of the United States and the Cayman Islands could result in the inability of the Fund and/or the Subsidiary to continue to operate as it does currently and could adversely affect the Fund. For example, the Cayman Islands does not currently impose any income, corporate or capital gains tax or withholding tax on the Subsidiary. If Cayman Islands law changes such that the Subsidiary must pay Cayman Islands taxes, Fund shareholders would likely suffer decreased investment returns. In addition, the Subsidiary is also subject to many of the risks to which the Fund is subject, such as tax risks, commodity related risks, and market and data risks. Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in swap agreements. Transactions in some types of derivatives, including certain swap agreements, 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. Since the Fund is not a member of clearing houses and only members of a clearing house (“clearing members”) can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members. In cleared derivatives positions, the Fund will make payments (including margin payments) to and receive payments from a clearing house through its accounts at clearing members. Customer collateral held at a clearing organization in connection with cleared derivatives is held in an omnibus account and, although such collateral is legally segregated by customer, it is operationally commingled. As a result, in the event of a clearing member’s bankruptcy, the Fund may be limited to recovering only a pro rata share of the assets segregated on behalf of the clearing member’s customers for the relevant account class. In addition, although clearing members guarantee performance of their clients’ obligations to the clearing house, there is a risk that the assets of the Fund might not be fully protected in the event of a clearing member’s insolvency. The Fund is also subject to the risk that a limited number of clearing members are willing to transact on the Fund’s behalf, which heightens the risks associated with a clearing member’s default. If a clearing member defaults, the Fund could lose some or all of the benefits of a transaction entered into by the Fund. If the Fund cannot find a clearing member to transact with on the Fund’s behalf, the Fund may be unable to effectively implement its investment strategy. Commodity Pool Regulatory Risk. The Fund’s strategies will cause it to be deemed to be a commodity pool, thereby subjecting the Fund to regulation under the CEA and CFTC rules. The Adviser is registered as a commodity pool operator (“CPO”), the Futures Trading Advisor is also registered as a CPO as well as a commodity trading advisor (“CTA’) and the Fund will be operated in accordance with applicable CFTC rules, as well as the regulatory scheme applicable to registered investment companies. Registration as a CPO or CTA imposes additional compliance obligations on the Adviser and Futures Trading Advisor, as applicable, and the Fund related to additional laws, regulations, and enforcement policies, which could increase compliance costs and may affect the operations and financial performance of the Fund. However, the Fund’s status as a commodity pool and the Adviser’s and Futures Trading Advisor’s registration as a CPO (and CTA, as applicable), are not expected to materially adversely affect the Fund’s ability to achieve its investment objective. The CFTC has not passed on the adequacy of this Prospectus. Concentration Risk. The Fund’s investment exposure will be concentrated in (or substantially exposed to) the same industry or group of industries assigned to the Underlying Reference Index. As a result, the Fund may be more susceptible to loss due to adverse occurrences that affect the price of such industries more than the market as a whole. ETF Risks. <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zhMRl0NyGR92" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk. The Fund has a limited number of financial institutions that are authorized to purchase and redeem Shares directly from the Fund (known as “Authorized Participants” or “APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. Cash Redemption Risk. The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. By paying out higher annual capital gain distributions, investors may be subjected to increased capital gains taxes. Additionally, there may be brokerage costs or taxable gains or losses that may be imposed on the Fund in connection with a cash redemption that may not have occurred if the Fund had made a redemption in-kind. These costs could decrease the value of the Fund to the extent they are not offset by a transaction fee payable by an AP. Costs of Buying or Selling Shares. Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid-ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments. <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zlvnfNh1W6sl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Shares May Trade at Prices Other Than NAV. As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant. Trading. Although Shares are listed on a national securities exchange, such as Cboe BZX Exchange (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active trading market for the Shares will develop or be maintained or that the Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares. Shares trade on the Exchange at market price that may be below, at or above the Fund’s NAV. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable. In addition, trading in Shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. As a result, the Fund could be adversely affected and be unable to implement its investment strategies in the event of an unscheduled closing. Economic and Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. The imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic and foreign markets. High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings. A high portfolio turnover rate increases transaction costs, which may increase the Fund’s expenses. Frequent trading may also cause adverse tax consequences for investors in the Fund due to an increase in short-term capital gains. Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline. Management Risk. The Fund is actively managed and may not meet its investment objective based on the Adviser’s success or failure to implement investment strategies for the Fund. Money Market Instrument Risk. The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Repurchase agreements are contracts in which a seller of securities agrees to buy the securities back at a specified time and price. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments, including money market funds, may lose money through fees or other means. New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, 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. Operational Risk. The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and Adviser seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks. Tax Risk. The Fund intends to elect and to qualify each year to be treated as a regulated investment company (a “RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (“Code”). To qualify and maintain its status as a RIC, the Fund must derive at least 90% of its gross income each year from “qualifying income,” meet certain diversification tests at the end of each quarter and meet an annual distribution test. For purposes of the qualifying income requirement, the treatment of the swaps and other derivatives that provide exposure to the synthetic Autocallables is not entirely clear, and thus whether the income and gain therefrom is qualifying income is uncertain. If the Fund were to treat income or gain from particular instruments linked to the synthetic Autocallables as qualifying income, an adverse determination or future guidance by the Internal Revenue Service with respect to the treatment of income or gain from those investments may adversely affect the Fund’s ability to qualify as a RIC. For purposes of the diversification test, the identification of the issuer (or, in some cases, issuers) of a particular Fund investment can depend on the terms and conditions of that investment. In particular, there is no published Internal Revenue Service guidance or case law on how to determine the “issuer” of certain derivatives that the Fund will enter into. An adverse determination or future guidance by the Internal Revenue Service with respect to issuer identification for the Fund’s investments may adversely affect the Fund’s ability to qualify as a RIC. To comply with the asset diversification test applicable to a RIC, the Fund will attempt to ensure that the value of swap contracts on shares of a single issuer does not exceed 25% of the Fund’s value at the close of any quarter. For this purpose, it is likely that the Internal Revenue Service will consider the Index to be a single issuer. If the value of swap contracts on shares of a single issuer were to exceed 25% of the Fund’s total assets at the end of a tax quarter, the Fund, generally, has a grace period to cure such lack of compliance. If the Fund fails to timely cure, it may no longer be eligible to be treated as a RIC. As a RIC, the Fund will not be subject to U.S. federal income tax on the portion of its net investment income and net capital gain that it distributes to shareholders, provided that it satisfies certain income, diversification and distribution requirements of the Code. If the Fund does not qualify as a RIC for any taxable year and certain relief provisions are not available, the Fund’s taxable income will be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed. The federal income tax treatment of the swaps and other derivatives may not be as favorable as a direct investment in an underlying asset and may adversely affect the timing, character and amount of income the Fund realizes from its investments. As a result, a larger portion of the Fund’s distributions may be treated as ordinary income rather than capital gains. In addition, certain derivatives are subject to mark-to-market or straddle provisions of the Code. If such provisions are applicable, there could be an increase (or decrease) in the amount of taxable dividends paid by the Fund. U.S. Government and U.S. Agency Obligations Risk. The Fund may invest in securities issued by the U.S. government or its agencies or instrumentalities. U.S. Government obligations include securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, such as the U.S. Treasury. Payment of principal and interest on U.S. Government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. In the latter case, the investor must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate repayment, which agency or instrumentality may be privately owned. There can be no assurance that the U.S. Government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so. Performance Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. Updated performance information will be available on the Fund’s website at www.defianceetfs.com. Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. www.defianceetfs.com DEFIANCE GOLD AUTOCALLABLE ETF - FUND SUMMARY Investment Objective The Fund seeks long-term capital appreciation. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. <div id="xdx_A85_eoef--AnnualFundOperatingExpensesTableTextBlock_z8Aqu0E7qX5k"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zuXrtnTeD7nj" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td id="xdx_984_eoef--OperatingExpensesCaption_c20260622__20260622__dei--LegalEntityAxis__custom--S000105468Member_zJo3yYDXtAT6" style="border-bottom: black 1pt solid">Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment)</td> <td style="border-bottom: black 1pt solid"> </td> <td id="xdx_497_20260622__20260622__oef--ClassAxis__custom--C000276244Member_zcvJl7uUHqWd" style="border-bottom: black 1pt solid">1</td> <td style="border-bottom: black 1pt solid"> </td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zqw81FdHMPS3" style="vertical-align: bottom"> <td style="width: 89%">Management Fee</td> <td style="width: 1%"> </td> <td style="width: 9%; text-align: right">0.99</td> <td style="width: 1%">%</td></tr> <tr id="xdx_401_eoef--DistributionAndService12b1FeesOverAssets_dpn_zbLXfiM5rBG2" style="vertical-align: bottom"> <td>Distribution and Service (12b-1) Fees</td> <td> </td> <td style="text-align: right">None</td> <td> </td></tr> <tr id="xdx_403_eoef--OtherExpensesOverAssets_dpn_z5ryxPs23Utf" style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid">Other Expenses(2)</td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">0.02</td> <td style="border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_401_eoef--ExpensesOverAssets_dpn_zJu492nEBd1b" style="vertical-align: bottom"> <td>Total Annual Fund Operating Expenses</td> <td style="border-bottom: black 1.5pt double"> </td> <td style="border-bottom: black 1.5pt double; text-align: right">1.01</td> <td style="border-bottom: black 1.5pt double">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0%"></td><td style="width: 0.25in">(1) </td><td style="text-align: justify">The Fund’s adviser will pay, or require a sub-adviser to pay, all of the Fund’s expenses, except for the following: advisory fees and sub-advisory fees, interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses, and other non-routine or extraordinary expenses.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0%"></td><td style="width: 0.25in">(2) </td><td style="text-align: justify">Based on estimated amounts for the current fiscal year.</td></tr></table> Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) 0.0099 0 0.0002 0.0101 Based on estimated amounts for the current fiscal year. Expense Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8D_eoef--ExpenseExampleWithRedemptionTableTextBlock_zjFxcKPUlpU8"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zYQRJbbJRwYd" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 60%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: top"> <td id="xdx_480_eoef--ExpenseExampleYear01_zUrgoukD00Ze" style="border-top: black 1pt solid; width: 50%; text-align: center">1 Year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_zzaQebqSKrEe" style="border-top: black 1pt solid; width: 50%; text-align: center">3 Years</td></tr> <tr id="xdx_416_20260622__20260622__oef--ClassAxis__custom--C000276244Member_zmbVZem6NWDa" style="vertical-align: top"> <td style="border-bottom: black 1pt solid; text-align: center">$103</td> <td style="border-bottom: black 1pt solid; text-align: center">$322</td></tr> </table> 103 322 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in total annual fund operating expenses or in the expense example above, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available. Principal Investment Strategies Overview The Fund is an actively managed exchange-traded fund (“ETF”) that seeks long-term capital appreciation from a structured strategy tied to equity market conditions, rather than direct participation in equity market returns. The strategy uses swap agreements tied to a model portfolio of autocallable investments whose performance depends in part on coupon payments and other outcomes based on market conditions. The strategy aims to generate positive returns across different market environments, but that involves tradeoffs, including limited upside in strong markets and exposure to losses in declining markets. The Fund does not invest directly in autocallable securities or in an index. Instead, it uses swap agreements (a type of derivative instrument) to gain exposure to the performance of a model-based index (the “Autocallable Index”). The Autocallable Index simulates the performance of a portfolio of autocallable instruments. In turn, each autocallable instrument is linked to a separate market index, here, the Cboe Edge Gold 35% Volatility Target 6% Decrement Index (the “Underlying Reference Index”). The level of the Underlying Reference Index determines whether each autocallable instrument modeled in the Autocallable Index pays coupons, is redeemed early, or incurs losses. Those outcomes drive the performance of the Autocallable Index and, in turn, affect the Fund’s performance. Important: The Fund does not invest directly in gold. The Fund does not invest directly in derivatives that track the performance of gold. Investors seeking direct exposure to the price of gold should consider an investment other than the Fund. Autocallable Strategy Overview Autocallables are structured investments that can: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">pay coupons if the Underlying Reference Index is above a set level on specified observation dates,</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">be redeemed early if the Underlying Reference Index reaches a specified level on specified observation dates, and</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">lose value if the Underlying Reference Index declines below a set level at maturity.</td></tr></table> If the Underlying Reference Index does not meet the required levels on the relevant observation date, no coupon payment is generated for that period. If an autocallable is redeemed early based on the level of the Underlying Reference Index on the relevant observation date, it stops generating coupon payments. If an autocallable reaches maturity and the Underlying Reference Index is below a specified level, losses occur and such losses increase as the Underlying Reference Index declines further. When an autocallable incurs a loss, that loss is reflected as a loss in the Autocallable Index, and this modelled loss impacts the returns the Fund receives through its swap agreements. When an autocallable generates a coupon, that coupon is reflected as a positive return component in the Autocallable Index (which assumes the coupon is reinvested), and this modeled return component contributes to the returns the Fund receives through its swap agreements. The Autocallable Index The Autocallable Index is a rules-based model. It does not hold actual investments. The Autocallable Index: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">models a portfolio of autocallables, each linked to the Underlying Reference Index,</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">uses the level of the Underlying Reference Index on scheduled observation dates to determine outcomes for each modeled autocallable, and</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">combines modeled coupon payments, early redemptions, reinvestment, and losses into a single index value.</td></tr></table> The Autocallable Index assumes positions are added over time and that proceeds (whether from coupons, upon early redemption or maturity) are reinvested. Its performance is based on assumptions and may differ from real-world results. Although the Autocallable Index is designed to reflect prevailing market conditions and the performance of relevant market measures, its performance is hypothetical and based on assumptions that may differ from the terms, pricing, liquidity, and performance of actual autocallable investments available in the market. The Fund does not invest directly in the Autocallable Index. Instead, it uses swap agreements to seek returns linked to the Index’s Autocallable performance. Changes in the Autocallable Index level, including the effect of its modeled proceeds or losses, are reflected in the value of the Fund’s swap positions and, in turn, the Fund’s overall performance, but do not result in direct cash payments to and from the Fund. The Autocallable Index is sponsored and maintained by Citigroup Global Markets Limited. The autocallables included in the Autocallable Index are hypothetical instruments and are not actual tradable securities. Rather, the Autocallable Index reflects the performance of a hypothetical portfolio of autocallables that is maintained in accordance with the index’s rules-based methodology established by Citigroup Global Markets Limited. Portfolio Construction/Management Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in swap agreements that provide exposure to the Autocallable Index. For purposes of compliance with this investment policy, the swaps will be valued at their notional value. The Adviser actively manages the Fund by exercising discretion over the level, timing, and composition of the Fund’s swap exposures, including using staggered entry points (as described below), and by adjusting those exposures in response to market conditions, pricing, and risk considerations. The Fund expects to obtain most of its exposure through unfunded total return swaps (derivatives that do not require full upfront payment; the Fund exchanges index returns for a financing payment with a counterparty). Unlike fully funded swaps, which typically require the Fund full upfront payment, unfunded swaps generally require posting of collateral (margin) upfront and periodic payments. Using unfunded swaps, the Adviser can manage the Fund’s exposure using staggered entry points, (i.e., entering into positions at different times rather than all at once), which may reduce the Fund’s sensitivity to any single market entry point and help produce a more even pattern of modeled cash flows over time. The Fund’s returns from these swaps are generally reflected as changes in the value of the swaps and/or periodic net payments, rather than as direct receipt of income from underlying investments Additional Fund Attributes The Fund may invest in short-term U.S. Treasury securities (with one year or less to maturity), cash and cash equivalents, and other eligible collateral investments to meet margin requirements and manage liquidity. Eligible collateral investments include investment-grade fixed income securities; floating- or variable-rate instruments (including benchmark-linked notes) issued by governments or U.S. or European investment-grade companies; commercial paper; and money market funds. The Fund is classified as “non-diversified” under the 1940 Act, which means it may invest in a smaller number of holdings than a “diversified” fund. The Fund’s investment strategy is expected to result in high portfolio turnover on an annual basis. To the extent the Underlying Reference Index concentrates (i.e., holds more than 25% of its total assets) in the securities of a particular industry or group of related industries, the Fund will have concentrated investment exposure to approximately the same extent as the Index. The Underlying Reference Index The Cboe Edge Gold 35% Volatility Target 6% Decrement Index (the “Underlying Reference Index”) measures the performance of a strategy that uses leverage (borrowing or increased market exposure intended to amplify gains and losses) to obtain exposure to a gold-related exchange-traded fund (“ETF”) index (the “Equity Component”). The Equity Component is based on gold ETFs, including ETFs such as SPDR Gold Shares (“GLD”), and is intended to reflect the performance of those gold ETFs. The amount of leverage used by the Underlying Reference Index is determined using a forward-looking estimate of market volatility (the expected level of market price fluctuations). The Underlying Reference Index is made up of five separate subindices, each of which rebalances (adjusts its exposure) on a different day of the week. On each rebalancing date, the amount of leverage is determined based on a target volatility level and implied volatility (market expectations of future volatility) derived from options on GLD. Each subindex is also subject to a leverage cap, which limits the maximum amount of exposure it can obtain. The overall index seeks to maintain equal weighting among the five subindices by rebalancing each subindex on its scheduled rebalancing day. The Underlying Reference Index does not maintain a fixed exposure to the Equity Component. Instead, it increases or decreases its exposure based on market conditions. In generally calmer markets, when expected volatility is lower, the Index may increase its exposure to the Equity Component. In more volatile markets, when expected volatility is higher, the Index may reduce its exposure and increase its allocation to a cash position. In addition, the Underlying Reference Index reflects certain assumed trading and financing costs, referred to as a “decrement,” associated with maintaining and rebalancing exposure to the Equity Component. A decrement is a daily deduction that reduces the Index level over time, regardless of market performance. These deductions are intended to reflect costs that could be incurred in implementing the Index’s methodology, but they act as a consistent drag on returns. Third-Party Information Indices: None of the Fund, Tidal Trust II (the “Trust”), the Adviser or their respective affiliates makes any representation to you as to the performance of the Autocallable Index or the Underlying Reference Index. NONE OF THE FUND, THE TRUST, THE ADVISER ARE AFFILIATED OR ENDORSED BY THE AUTOCALLABLE INDEX OR THE UNDERLYING REFERENCE INDEX. The Fund was not developed or created by, and is not sponsored, endorsed, or approved by the index provider, sponsor, or owner of any of the Autocallable Index, the Underlying Reference Index®, or any of their respective affiliates (collectively, the “Index Providers”), including Citigroup Global Markets Limited in its capacity as sponsor and maintainer of the Autocallable Index. The Index Providers do not make any representation regarding the advisability of investing in the Fund. The Fund was not developed, issued, sponsored, endorsed, sold, or promoted by any Index Provider. No Index Provider participated in the determination of the Fund’s investment strategy, the design or construction of the Fund, or the selection of the Fund’s portfolio holdings. The provider of the Autocallable Index has contracted with CBOE Global Indices, LLC to license the Underlying Reference Index in connection with the Autocallable Index. The Autocallable Index is not owned, endorsed, or approved by or associated with the Underlying Reference Index. The Autocallable Index and the Underlying Reference Index are calculated and maintained independently of the Fund, the Trust, and the Adviser. The Index Providers do not provide any assurances, guarantees, or representations, express or implied, regarding the accuracy, completeness, or timeliness of any index data or the results obtained by the Fund. An investment in the Fund is not an investment in any security issued or sponsored by any Index Provider. All rights in trademarks are reserved by their respective owners. GLD: SPDR Gold Shares (“GLD”) is a grantor trust and its investment objective is to track the performance of the price of gold bullion, less the expenses of GLD’s operations. GLD is a passively-managed fund that primarily invests in gold and may also hold cash or cash equivalents. The investment strategy of GLD involves holding gold bullion, which is stored in secure vaults. GLD is listed on the NYSE Arca stock exchange. GLD’s holdings are predominantly in physical gold bullion, and it may occasionally hold a minimal amount of cash for short-term operational purposes. The Fund, the Trust, the Adviser, and their respective affiliates do not provide any representation regarding the performance of GLD. THE FUND, TRUST AND ADVISER ARE NOT AFFILIATED WITH SPDR GOLD TRUST, GLD, WORLD GOLD TRUST SERVICES, LLC, S&P DOW JONES INDICES LLC, OR STATE STREET CORPORATION. None of the Fund, the Trust, the Adviser, or their respective affiliates claim any ownership interest in any trademarks owned by SPDR Gold Trust, GLD, World Gold Trust Services, LLC, S&P Dow Jones Indices LLC, or State Street Corporation. All rights in the trademarks are reserved by their respective owners. Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in swap agreements that provide exposure to the Autocallable Index. The Fund may not achieve its investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--AutocallableIndexAndPayoffStructureRisksMember_z0aoUU9bF9dh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Autocallable Index and Payoff Structure Risks. The Autocallable Index is theoretical and represents the performance of a model-based, synthetic portfolio of autocallable instruments rather than actual tradable securities. The Autocallable Index relies on rules, assumptions, and quantitative models to simulate coupon payments, early redemptions, reinvestment, and maturity outcomes, which may not reflect actual market conditions or the performance of real-world autocallable instruments. The Autocallable Index’s behavior depends on assumed parameters, including barrier levels, observation schedules, reinvestment timing, and the characteristics of the Underlying Reference Index, and may perform differently than expected. Errors in index design, calculation, data inputs, or assumptions, or changes to the Autocallable Index methodology, could adversely affect the Autocallable Index and, consequently, the Fund. The Fund’s return characteristics are largely driven by the structural features of autocallable instruments reflected in the Autocallable Index, including contingent income payments, early redemption provisions, and contingent repayment of principal. Distributions are expected to be based in part on modelled coupon payments that are contingent on the Underlying Reference Index meeting specified performance thresholds on observation dates, and no coupon is assumed to be paid if those conditions are not met, which may result in reduced, irregular, or no distributions. Declines, heightened volatility, or prolonged drawdowns in the Underlying Reference Index increase the likelihood that coupon and autocall conditions will not be met. Early redemption features may limit the Fund’s participation in sustained or sharp increases in the Underlying Reference Index, causing the Fund to underperform traditional equity investments during strong market rallies. If an Autocallable is not redeemed prior to maturity and the Underlying Reference Index is below the applicable maturity barrier at maturity, the modelled principal repayment is reduced to reflect the negative performance of the Underlying Reference Index, and the Fund may experience significant losses, which could be substantial. Underlying Reference Index Risk. The Fund’s performance is significantly dependent on the performance and characteristics of the Cboe Edge Gold 35% Volatility Target 6% Decrement Index (the “Underlying Reference Index”). The Underlying Reference Index is rules-based and provides exposure to gold through gold futures contracts rather than direct investment in physical gold, and the performance of gold futures may diverge from the performance of spot gold prices due to factors such as contango, backwardation, roll yield, storage costs, liquidity conditions, and margin requirements. The Underlying Reference Index seeks to target a specified volatility level by increasing or decreasing its gold futures exposure based on observed market volatility, which may cause the Underlying Reference Index to reduce exposure during periods of heightened volatility and miss subsequent rebounds or sustained advances in gold prices. The Underlying Reference Index generally adjusts exposure daily based on realized volatility and other model-driven signals, which may increase market timing risk and reduce returns in choppy, rapidly reversing, or highly volatile markets. The Underlying Reference Index may also include trend-following components that may perform poorly in sideways or whipsaw markets and may increase or decrease exposure at unfavorable times. In addition, the Underlying Reference Index applies a fixed annual decrement of 6% and reflects assumed trading, roll, and financing costs that reduce the index level over time regardless of market performance, creating a persistent drag on returns. The Underlying Reference Index’s performance is path dependent, meaning results may be materially affected by the sequence and volatility of gold price movements, even if gold prices increase over a given period. The Underlying Reference Index relies on quantitative models, rules, and data inputs, and errors in index design or calculation, disruptions in the gold futures markets, or changes to index methodology could adversely affect the Underlying Reference Index and, consequently, the Fund. GLD Risk. The Fund does not invest directly in GLD but may have indirect exposure to GLD through Underlying Reference Index, which obtains gold-related exposure through GLD. As a result, the Fund may be exposed to certain risks associated with GLD even though it does not own GLD shares. GLD’s performance is driven primarily by the price of gold, which can be highly volatile and may fluctuate rapidly based on global economic and political conditions, interest rates, inflation expectations, currency movements, central bank activity (including large-scale gold sales), geopolitical events, and changes in gold supply and demand. These factors may cause sudden declines in GLD’s market price and could adversely affect the value of the Fund’s investments. GLD is not affiliated with the Fund or the Adviser and is not involved in the offering of the Fund. GLD is not registered under the 1940 Act, and investors in the Fund do not receive the protections that statute provides with respect to registered investment companies. Fund shareholders have no rights with respect to GLD, including voting rights or rights to receive any dividends or other distributions. In addition, GLD is subject to risks related to the custody, safeguarding, and valuation of the gold it holds, including reliance on third-party custodians and subcustodians, potential losses or delays arising from theft, damage, or inaccessibility of gold, and limited or no insurance coverage. GLD’s valuation may depend on gold pricing benchmarks, and errors, disruptions, or changes to such benchmarks could adversely affect GLD’s value. Operational issues, trading disruptions, market liquidity constraints, or other events affecting GLD could also negatively impact the Fund’s indirect exposure to GLD. Derivatives Risks. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be an imperfect correlation between the value of the underlying reference asset and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. In addition, the Fund’s investments in derivatives are subject to the following risks: <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapAgreementsMember_zRzN9iblu8Ph"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">Swap Agreements. The use of swap transactions is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Whether the Fund will be successful in using swap agreements to achieve its investment goal depends on the ability of the Adviser to structure such swap agreements in accordance with the Fund’s investment objective and to identify appropriate counterparties. If the Adviser is unable to enter into swap agreements that provide the desired synthetic exposure to the Underlying Security, the Fund may not meet its stated investment objective. Additionally, any financing, transaction, or other costs associated with using swap transactions may have the effect of lowering the Fund’s return.</td></tr></table> The swap agreements in which the Fund invests are generally traded in the over-the-counter market, which generally has less transparency than exchange-traded derivative instruments. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference assets, securities, or instruments. The gross return to be exchanged or “swapped” between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in the reference asset. If the Underlying Security experiences a significant price movement that causes a material change in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to close out the swap transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to maintain exposure consistent with its investment objective. This may temporarily reduce the Fund’s ability to maintain its intended level of synthetic exposure until replacement transactions can be established. Certain of the swap agreements entered into by the Fund may be unfunded total return swaps, pursuant to which the Fund does not make an initial investment of the full notional amount of the swap. As a result, the Fund is exposed to the risk that its counterparty will be unable to meet its obligations under the swap agreement, and the Fund’s exposure to a counterparty generally equals the net amount owed to the Fund based on the daily change in value of the reference asset. In the event of a counterparty default or insolvency, the Fund may incur losses in excess of the collateral, if any, posted by the counterparty, and the timing and amount of any recovery may be uncertain. In addition, the use of unfunded swap agreements may create economic leverage for the Fund, which may magnify gains and losses and increase the volatility of the Fund’s returns. Cayman Subsidiary Risk. By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the Subsidiary’s investments. The futures contracts and other investments held by the Subsidiary are subject to the same economic risks that apply to similar investments if held directly by the Fund. The Subsidiary is not registered under the 1940 Act, and, unless otherwise noted in this Prospectus, is not subject to all the investor protections of the 1940 Act. Changes in the laws of the United States and the Cayman Islands could result in the inability of the Fund and/or the Subsidiary to continue to operate as it does currently and could adversely affect the Fund. For example, the Cayman Islands does not currently impose any income, corporate or capital gains tax or withholding tax on the Subsidiary. If Cayman Islands law changes such that the Subsidiary must pay Cayman Islands taxes, Fund shareholders would likely suffer decreased investment returns. In addition, the Subsidiary is also subject to many of the risks to which the Fund is subject, such as tax risks, commodity related risks, and market and data risks. Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in swap agreements. Transactions in some types of derivatives, including certain swap agreements, 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. Since the Fund is not a member of clearing houses and only members of a clearing house (“clearing members”) can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members. In cleared derivatives positions, the Fund will make payments (including margin payments) to and receive payments from a clearing house through its accounts at clearing members. Customer collateral held at a clearing organization in connection with cleared derivatives is held in an omnibus account and, although such collateral is legally segregated by customer, it is operationally commingled. As a result, in the event of a clearing member’s bankruptcy, the Fund may be limited to recovering only a pro rata share of the assets segregated on behalf of the clearing member’s customers for the relevant account class. In addition, although clearing members guarantee performance of their clients’ obligations to the clearing house, there is a risk that the assets of the Fund might not be fully protected in the event of a clearing member’s insolvency. The Fund is also subject to the risk that a limited number of clearing members are willing to transact on the Fund’s behalf, which heightens the risks associated with a clearing member’s default. If a clearing member defaults, the Fund could lose some or all of the benefits of a transaction entered into by the Fund. If the Fund cannot find a clearing member to transact with on the Fund’s behalf, the Fund may be unable to effectively implement its investment strategy. Commodity Pool Regulatory Risk. The Fund’s strategies will cause it to be deemed to be a commodity pool, thereby subjecting the Fund to regulation under the CEA and CFTC rules. The Adviser is registered as a commodity pool operator (“CPO”), the Futures Trading Advisor is also registered as a CPO as well as a commodity trading advisor (“CTA’) and the Fund will be operated in accordance with applicable CFTC rules, as well as the regulatory scheme applicable to registered investment companies. Registration as a CPO or CTA imposes additional compliance obligations on the Adviser and Futures Trading Advisor, as applicable, and the Fund related to additional laws, regulations, and enforcement policies, which could increase compliance costs and may affect the operations and financial performance of the Fund. However, the Fund’s status as a commodity pool and the Adviser’s and Futures Trading Advisor’s registration as a CPO (and CTA, as applicable), are not expected to materially adversely affect the Fund’s ability to achieve its investment objective. The CFTC has not passed on the adequacy of this Prospectus. Concentration Risk. The Fund’s investment exposure will be concentrated in (or substantially exposed to) the same industry or group of industries assigned to the Underlying Reference Index. As a result, the Fund may be more susceptible to loss due to adverse occurrences that affect the price of such industries more than the market as a whole. ETF Risks. <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zWBY3IjaWIs9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk. The Fund has a limited number of financial institutions that are authorized to purchase and redeem Shares directly from the Fund (known as “Authorized Participants” or “APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. Cash Redemption Risk. The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. By paying out higher annual capital gain distributions, investors may be subjected to increased capital gains taxes. Additionally, there may be brokerage costs or taxable gains or losses that may be imposed on the Fund in connection with a cash redemption that may not have occurred if the Fund had made a redemption in-kind. These costs could decrease the value of the Fund to the extent they are not offset by a transaction fee payable by an AP. Costs of Buying or Selling Shares. Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid-ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments. <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zZVqwoplgUgh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Shares May Trade at Prices Other Than NAV. As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant. Trading. Although Shares are listed on a national securities exchange, such as Cboe BZX Exchange (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active trading market for the Shares will develop or be maintained or that the Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares. Shares trade on the Exchange at market price that may be below, at or above the Fund’s NAV. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable. In addition, trading in Shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. As a result, the Fund could be adversely affected and be unable to implement its investment strategies in the event of an unscheduled closing. Economic and Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. The imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic and foreign markets. High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings. A high portfolio turnover rate increases transaction costs, which may increase the Fund’s expenses. Frequent trading may also cause adverse tax consequences for investors in the Fund due to an increase in short-term capital gains. Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline. Management Risk. The Fund is actively-managed and may not meet its investment objective based on the Adviser’s success or failure to implement investment strategies for the Fund. Money Market Instrument Risk. The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Repurchase agreements are contracts in which a seller of securities agrees to buy the securities back at a specified time and price. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments, including money market funds, may lose money through fees or other means. New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, 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. Operational Risk. The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and Adviser seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks. Tax Risk. The Fund intends to elect and to qualify each year to be treated as a regulated investment company (a “RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (“Code”). To qualify and maintain its status as a RIC, the Fund must derive at least 90% of its gross income each year from “qualifying income,” meet certain diversification tests at the end of each quarter and meet an annual distribution test. For purposes of the qualifying income requirement, the treatment of the swaps and other derivatives that provide exposure to the synthetic Autocallables is not entirely clear, and thus whether the income and gain therefrom is qualifying income is uncertain. If the Fund were to treat income or gain from particular instruments linked to the synthetic Autocallables as qualifying income, an adverse determination or future guidance by the Internal Revenue Service with respect to the treatment of income or gain from those investments may adversely affect the Fund’s ability to qualify as a RIC. For purposes of the diversification test, the identification of the issuer (or, in some cases, issuers) of a particular Fund investment can depend on the terms and conditions of that investment. In particular, there is no published Internal Revenue Service guidance or case law on how to determine the “issuer” of certain derivatives that the Fund will enter into. An adverse determination or future guidance by the Internal Revenue Service with respect to issuer identification for the Fund’s investments may adversely affect the Fund’s ability to qualify as a RIC. To comply with the asset diversification test applicable to a RIC, the Fund will attempt to ensure that the value of swap contracts on shares of a single issuer does not exceed 25% of the Fund’s value at the close of any quarter. For this purpose, it is likely that the Internal Revenue Service will consider the Index to be a single issuer. If the value of swap contracts on shares of a single issuer were to exceed 25% of the Fund’s total assets at the end of a tax quarter, the Fund, generally, has a grace period to cure such lack of compliance. If the Fund fails to timely cure, it may no longer be eligible to be treated as a RIC. As a RIC, the Fund will not be subject to U.S. federal income tax on the portion of its net investment income and net capital gain that it distributes to shareholders, provided that it satisfies certain income, diversification and distribution requirements of the Code. If the Fund does not qualify as a RIC for any taxable year and certain relief provisions are not available, the Fund’s taxable income will be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed. The federal income tax treatment of the swaps and other derivatives may not be as favorable as a direct investment in an underlying asset and may adversely affect the timing, character and amount of income the Fund realizes from its investments. As a result, a larger portion of the Fund’s distributions may be treated as ordinary income rather than capital gains. In addition, certain derivatives are subject to mark-to-market or straddle provisions of the Code. If such provisions are applicable, there could be an increase (or decrease) in the amount of taxable dividends paid by the Fund. U.S. Government and U.S. Agency Obligations Risk. The Fund may invest in securities issued by the U.S. government or its agencies or instrumentalities. U.S. Government obligations include securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, such as the U.S. Treasury. Payment of principal and interest on U.S. Government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. In the latter case, the investor must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate repayment, which agency or instrumentality may be privately owned. There can be no assurance that the U.S. Government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so. Performance Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. Updated performance information will be available on the Fund’s website at www.defianceetfs.com. Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. www.defianceetfs.com DEFIANCE SILVER AUTOCALLABLE ETF - FUND SUMMARY Investment Objective The Fund seeks long-term capital appreciation. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. <div id="xdx_A85_eoef--AnnualFundOperatingExpensesTableTextBlock_zPIRZF3vGC2b"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zZNtHVZ0aTJi" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td id="xdx_982_eoef--OperatingExpensesCaption_c20260622__20260622__dei--LegalEntityAxis__custom--S000105470Member_zY5e2J0qemsk" style="border-bottom: black 1pt solid">Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment)</td> <td style="border-bottom: black 1pt solid"> </td> <td id="xdx_495_20260622__20260622__oef--ClassAxis__custom--C000276246Member_zHSsvQbNQwfk" style="border-bottom: black 1pt solid">1</td> <td style="border-bottom: black 1pt solid"> </td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_znHlQUrRdTkf" style="vertical-align: bottom"> <td style="width: 89%">Management Fee</td> <td style="width: 1%"> </td> <td style="width: 9%; text-align: right">0.99</td> <td style="width: 1%">%</td></tr> <tr id="xdx_401_eoef--DistributionAndService12b1FeesOverAssets_dpn_z6ubLd71kMqc" style="vertical-align: bottom"> <td>Distribution and Service (12b-1) Fees</td> <td> </td> <td style="text-align: right">None</td> <td> </td></tr> <tr id="xdx_403_eoef--OtherExpensesOverAssets_dpn_zJU7DqRGmtq" style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid">Other Expenses(2)</td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">0.02</td> <td style="border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_401_eoef--ExpensesOverAssets_dpn_zd9kZzyzryK" style="vertical-align: bottom"> <td>Total Annual Fund Operating Expenses</td> <td style="border-bottom: black 1.5pt double"> </td> <td style="border-bottom: black 1.5pt double; text-align: right">1.01</td> <td style="border-bottom: black 1.5pt double">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0pt"></td><td style="width: 0.25in">(1) </td><td style="text-align: justify">The Fund’s adviser will pay, or require a sub-adviser to pay, all of the Fund’s expenses, except for the following: advisory fees and sub-advisory fees, interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses, and other non-routine or extraordinary expenses.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0pt"></td><td style="width: 0.25in">(2) </td><td style="text-align: justify">Based on estimated amounts for the current fiscal year.</td></tr></table> Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) 0.0099 0 0.0002 0.0101 Based on estimated amounts for the current fiscal year. Expense Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A89_eoef--ExpenseExampleWithRedemptionTableTextBlock_zcL5ghKG9zOf"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zbDzEp5jQgpj" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 60%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: top"> <td id="xdx_484_eoef--ExpenseExampleYear01_zfs16qp0AVTd" style="border-top: black 1pt solid; width: 50%; text-align: center">1 Year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_z1vnGvmXu8Vj" style="border-top: black 1pt solid; width: 50%; text-align: center">3 Years</td></tr> <tr id="xdx_41E_20260622__20260622__oef--ClassAxis__custom--C000276246Member_zyT0WjAMX7Z8" style="vertical-align: top"> <td style="border-bottom: black 1pt solid; text-align: center">$103</td> <td style="border-bottom: black 1pt solid; text-align: center">$322</td></tr> </table> 103 322 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in total annual fund operating expenses or in the expense example above, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available. Principal Investment Strategies Overview The Fund is an actively managed exchange-traded fund (“ETF”) that seeks long-term capital appreciation from a structured strategy tied to equity market conditions, rather than direct participation in equity market returns. The strategy uses swap agreements tied to a model portfolio of autocallable investments whose performance depends on part on coupon payments and other outcomes based on market conditions. The strategy aims to generate positive returns across different market environments, but that involves tradeoffs, including limited upside in strong markets and exposure to losses in declining markets. The Fund does not invest directly in autocallable securities or in an index. Instead, it uses swap agreements (a type of derivative instrument) to gain exposure to the performance of a model-based index (the “Autocallable Index”). The Autocallable Index simulates the performance of a portfolio of autocallable instruments. In turn, each autocallable instrument is linked to a separate market index, here, the Cboe Edge Silver 35% Volatility Target 6% Decrement Index (the “Underlying Reference Index”). The level of the Underlying Reference Index determines whether each autocallable instrument modeled in the Autocallable Index pays coupons, is redeemed early, or incurs losses. Those outcomes drive the performance of the Autocallable Index and, in turn, affect the Fund’s performance. Important: The Fund does not invest directly in silver. The Fund does not invest directly in derivatives that track the performance of silver. Investors seeking direct exposure to the price of silver should consider an investment other than the Fund. Autocallable Strategy Overview Autocallables are structured investments that can: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">pay coupons if the Underlying Reference Index is above a set level on specified observation dates,</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">be redeemed early if the Underlying Reference Index reaches a specified level on specified observation dates, and</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">lose value if the Underlying Reference Index declines below a set level at maturity.</td></tr></table> If the Underlying Reference Index does not meet the required levels on the relevant observation date, no coupon payment is generated for that period. If an autocallable is redeemed early based on the level of the Underlying Reference Index on the relevant observation date, it stops generating coupon payments. If an autocallable reaches maturity and the Underlying Reference Index is below a specified level, losses occur and such losses increase as the Underlying Reference Index declines further. When an autocallable incurs a loss, that loss is reflected as a loss in the Autocallable Index, and this modelled loss impacts the returns the Fund receives through its swap agreements. When an autocallable generates a coupon, that coupon is reflected as a positive return component in the Autocallable Index (which assumes the coupon is reinvested), and this modeled return component contributes to the returns the Fund receives through its swap agreements. The Autocallable Index The Autocallable Index is a rules-based model. It does not hold actual investments. The Autocallable Index: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">models a portfolio of autocallables, each linked to the Underlying Reference Index,</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">uses the level of the Underlying Reference Index on scheduled observation dates to determine outcomes for each modeled autocallable, and</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">combines modeled coupon payments, early redemptions, reinvestment, and losses into a single index value.</td></tr></table> The Autocallable Index assumes positions are added over time and that proceeds (whether from coupons, upon early redemption or maturity) are reinvested. Its performance is based on assumptions and may differ from real-world results. Although the Autocallable Index is designed to reflect prevailing market conditions and the performance of relevant market measures, its performance is hypothetical and based on assumptions that may differ from the terms, pricing, liquidity, and performance of actual autocallable investments available in the market. The Fund does not invest directly in the Autocallable Index. Instead, it uses swap agreements to seek returns linked to the Index’s Autocallable performance. Changes in the Autocallable Index level, including the effect of its modeled proceeds or losses, are reflected in the value of the Fund’s swap positions and, in turn, the Fund’s overall performance, but do not result in direct cash payments to and from the Fund. The Autocallable Index is sponsored and maintained by Citigroup Global Markets Limited. The autocallables included in the Autocallable Index are hypothetical instruments and are not actual tradable securities. Rather, the Autocallable Index reflects the performance of a hypothetical portfolio of autocallables that is maintained in accordance with the index’s rules-based methodology established by Citigroup Global Markets Limited. Portfolio Construction/Management Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in swap agreements that provide exposure to the Autocallable Index. For purposes of compliance with this investment policy, the swaps will be valued at their notional value. The Adviser actively manages the Fund by exercising discretion over the level, timing, and composition of the Fund’s swap exposures, including using staggered entry points (as described below), and by adjusting those exposures in response to market conditions, pricing, and risk considerations. The Fund expects to obtain most of its exposure through unfunded total return swaps (derivatives that do not require full upfront payment; the Fund exchanges index returns for a financing payment with a counterparty). Unlike fully funded swaps, which typically require the Fund full upfront payment, unfunded swaps generally require posting of collateral (margin) upfront and periodic payments. Using unfunded swaps, the Adviser can manage the Fund’s exposure using staggered entry points, (i.e., entering into positions at different times rather than all at once), which may reduce the Fund’s sensitivity to any single market entry point and help produce a more even pattern of modeled cash flows over time. The Fund’s returns from these swaps are generally reflected as changes in the value of the swaps and/or periodic net payments, rather than as direct receipt of income from underlying investments Additional Fund Attributes The Fund may invest in short-term U.S. Treasury securities (with one year or less to maturity), cash and cash equivalents, and other eligible collateral investments to meet margin requirements and manage liquidity. Eligible collateral investments include investment-grade fixed income securities; floating- or variable-rate instruments (including benchmark-linked notes) issued by governments or U.S. or European investment-grade companies; commercial paper; and money market funds. The Fund is classified as “non-diversified” under the 1940 Act, which means it may invest in a smaller number of holdings than a “diversified” fund. The Fund’s investment strategy is expected to result in high portfolio turnover on an annual basis. To the extent the Underlying Reference Index concentrates (i.e., holds more than 25% of its total assets) in the securities of a particular industry or group of related industries, the Fund will have concentrated investment exposure to approximately the same extent as the Index. The Underlying Reference Index The Cboe Edge Silver 35% Volatility Target 6% Decrement Index (the “Underlying Reference Index”) measures the performance of a strategy that uses leverage (borrowing or increased market exposure intended to amplify gains and losses) to obtain exposure to a silver-related exchange-traded fund (“ETF”) index (the “Equity Component”). The Equity Component is based on silver ETFs, including ETFs such as iShares Silver Trust (“SLV”), and is intended to reflect the performance of those silver ETFs. The amount of leverage used by the Underlying Reference Index is determined using a forward-looking estimate of market volatility (the expected level of market price fluctuations). The Underlying Reference Index is made up of five separate subindices, each of which rebalances (adjusts its exposure) on a different day of the week. On each rebalancing date, the amount of leverage is determined based on a target volatility level and implied volatility (market expectations of future volatility) derived from options on SLV. Each subindex is also subject to a leverage cap, which limits the maximum amount of exposure it can obtain. The overall index seeks to maintain equal weighting among the five subindices by rebalancing each subindex on its scheduled rebalancing day. The Underlying Reference Index does not maintain a fixed exposure to the Equity Component. Instead, it increases or decreases its exposure based on market conditions. In generally calmer markets, when expected volatility is lower, the Index may increase its exposure to the Equity Component. In more volatile markets, when expected volatility is higher, the Index may reduce its exposure and increase its allocation to a cash position. In addition, the Underlying Reference Index reflects certain assumed trading and financing costs, referred to as a “decrement,” associated with maintaining and rebalancing exposure to the Equity Component. A decrement is a daily deduction that reduces the Index level over time, regardless of market performance. These deductions are intended to reflect costs that could be incurred in implementing the Index’s methodology, but they act as a consistent drag on returns. Third-Party Information Indices: None of the Fund, Tidal Trust II (the “Trust”), the Adviser or their respective affiliates makes any representation to you as to the performance of the Autocallable Index or the Underlying Reference Index. NONE OF THE FUND, THE TRUST, THE ADVISER ARE AFFILIATED OR ENDORSED BY THE AUTOCALLABLE INDEX OR THE UNDERLYING REFERENCE INDEX. The Fund was not developed or created by, and is not sponsored, endorsed, or approved by the index provider, sponsor, or owner of any of the Autocallable Index, the Underlying Reference Index®, or any of their respective affiliates (collectively, the “Index Providers”), including Citigroup Global Markets Limited in its capacity as sponsor and maintainer of the Autocallable Index. The Index Providers do not make any representation regarding the advisability of investing in the Fund. The Fund was not developed, issued, sponsored, endorsed, sold, or promoted by any Index Provider. No Index Provider participated in the determination of the Fund’s investment strategy, the design or construction of the Fund, or the selection of the Fund’s portfolio holdings. The provider of the Autocallable Index has contracted with CBOE Global Indices, LLC to license the Underlying Reference Index in connection with the Autocallable Index. The Autocallable Index is not owned, endorsed, or approved by or associated with the Underlying Reference Index. The Autocallable Index and the Underlying Reference Index are calculated and maintained independently of the Fund, the Trust, and the Adviser. The Index Providers do not provide any assurances, guarantees, or representations, express or implied, regarding the accuracy, completeness, or timeliness of any index data or the results obtained by the Fund. An investment in the Fund is not an investment in any security issued or sponsored by any Index Provider. All rights in trademarks are reserved by their respective owners. SLV: iShares Silver Trust’s (“SLV”) is a grantor trust and its investment objective is to reflect generally the performance of the price of Silver, before payment of SLV’s expenses and liabilities. SLV is a passively-managed fund that primarily invests in Silver and may also hold cash. The investment strategy of SLV involves holding Silver bullion, which is stored in secure vaults. SLV is listed on the NYSE Arca stock exchange. SLV’s shares are backed by SLV’s assets. SLV’s arrangements with its custodian contemplate that at the end of each business day there can be in SLV’s account maintained by the custodian no more than 1,100 ounces of silver in an unallocated form. Accordingly, the bulk of SLV’s silver holdings is represented by physical silver, identified on the custodian’s books in allocated and unallocated accounts on behalf of SLV. The Fund, the Trust, the Adviser, and their respective affiliates do not provide any representation regarding the performance of SLV. The Fund, Trust and Adviser, are not affiliated with iShares® Silver Trust (SLV), iShares® Delaware Trust Sponsor LLC, or Blackrock, Inc. None of the Fund, the Trust, the Adviser, or their respective affiliates claim any ownership interest in any trademarks owned by iShares® Silver Trust (SLV), iShares® Delaware Trust Sponsor LLC, or Blackrock, Inc. Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in swap agreements that provide exposure to the Autocallable Index. The Fund may not achieve its investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--AutocallableIndexAndPayoffStructureRisksMember_zN0DZENcejf2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Autocallable Index and Payoff Structure Risks. The Autocallable Index is theoretical and represents the performance of a model-based, synthetic portfolio of autocallable instruments rather than actual tradable securities. The Autocallable Index relies on rules, assumptions, and quantitative models to simulate coupon payments, early redemptions, reinvestment, and maturity outcomes, which may not reflect actual market conditions or the performance of real-world autocallable instruments. The Autocallable Index’s behavior depends on assumed parameters, including barrier levels, observation schedules, reinvestment timing, and the characteristics of the Underlying Reference Index, and may perform differently than expected. Errors in index design, calculation, data inputs, or assumptions, or changes to the Autocallable Index methodology, could adversely affect the Autocallable Index and, consequently, the Fund. The Fund’s return characteristics are largely driven by the structural features of autocallable instruments reflected in the Autocallable Index, including contingent income payments, early redemption provisions, and contingent repayment of principal. Distributions are expected to be based in part on modelled coupon payments that are contingent on the Underlying Reference Index meeting specified performance thresholds on observation dates, and no coupon is assumed to be paid if those conditions are not met, which may result in reduced, irregular, or no distributions. Declines, heightened volatility, or prolonged drawdowns in the Underlying Reference Index increase the likelihood that coupon and autocall conditions will not be met. Early redemption features may limit the Fund’s participation in sustained or sharp increases in the Underlying Reference Index, causing the Fund to underperform traditional equity investments during strong market rallies. If an Autocallable is not redeemed prior to maturity and the Underlying Reference Index is below the applicable maturity barrier at maturity, the modelled principal repayment is reduced to reflect the negative performance of the Underlying Reference Index, and the Fund may experience significant losses, which could be substantial. Underlying Reference Index Risk. The Fund’s performance is significantly dependent on the performance and characteristics of the Cboe Edge Silver 35% Volatility Target 6% Decrement Index (the “Underlying Reference Index”). The Underlying Reference Index is rules-based and provides exposure to silver through silver futures contracts rather than direct investment in physical silver, and the performance of silver futures may diverge from the performance of spot silver prices due to factors such as contango, backwardation, roll yield, storage costs, liquidity conditions, and margin requirements. The Underlying Reference Index seeks to target a specified volatility level by increasing or decreasing its silver futures exposure based on observed market volatility, which may cause the Underlying Reference Index to reduce exposure during periods of elevated volatility and miss subsequent recoveries or sustained price increases. Silver prices have historically exhibited significant volatility, which may result in frequent and material exposure adjustments. The Underlying Reference Index generally adjusts exposure daily based on realized volatility and other model-driven signals, which may increase market timing risk and reduce returns in choppy, rapidly reversing, or highly volatile markets. The Underlying Reference Index may also incorporate trend-based features that may perform poorly in sideways or whipsaw markets and may cause exposure to be increased or decreased at unfavorable times. In addition, the Underlying Reference Index applies a fixed annual decrement of 6% and reflects assumed trading, roll, and financing costs that reduce the index level over time regardless of market performance, creating a persistent drag on returns. The Underlying Reference Index’s performance is path dependent, meaning results may be materially affected by the sequence and volatility of silver price movements, even if silver prices increase over a given period. The Underlying Reference Index relies on quantitative models, rules, and data inputs, and errors in index design or calculation, disruptions in the silver futures markets, or changes to index methodology could adversely affect the Underlying Reference Index and, consequently, the Fund. SLV Risk. The Fund does not invest directly in SLV but may have indirect exposure to SLV through autocallable instruments linked to a reference index that obtains silver-related exposure through SLV. As a result, the Fund may be exposed to certain risks associated with SLV even though it does not own SLV shares. SLV’s performance is driven primarily by the price of silver, which is historically volatile and may fluctuate sharply due to global economic conditions, industrial demand, investor sentiment, interest rates, inflation expectations, currency movements, geopolitical events, and changes in silver supply and production. Because silver has significant industrial uses, economic downturns may reduce demand and adversely affect prices. In addition, increased hedging activity by silver producers or shifts in speculative positioning could contribute to rapid price declines. SLV’s net asset value is based on the LBMA Silver Price, which is determined through an electronic auction process administered by ICE Benchmark Administration. Disruptions, delays, technological failures, or concerns regarding the integrity or potential manipulation of this benchmark could adversely affect SLV’s valuation and market price. A loss of confidence in the benchmark process may also negatively impact investor demand for SLV and silver more broadly. SLV is concentrated solely in silver and therefore is more susceptible to price volatility than more diversified investment vehicles. Constraints in the physical silver market, including shortages of silver meeting SLV’s specifications, could impair the creation of new shares and cause SLV’s market price to trade at a premium or discount to its net asset value, increasing volatility. SLV is not affiliated with the Fund or its Adviser and is not registered under the 1940 Act. Fund shareholders have no rights with respect to SLV, including voting rights or rights to receive distributions, and do not benefit from the investor protections applicable to registered investment companies. Derivatives Risks. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be an imperfect correlation between the value of the underlying reference asset and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. In addition, the Fund’s investments in derivatives are subject to the following risks: <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapAgreementsMember_zptShBb1lmC1"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">Swap Agreements. The use of swap transactions is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Whether the Fund will be successful in using swap agreements to achieve its investment goal depends on the ability of the Adviser to structure such swap agreements in accordance with the Fund’s investment objective and to identify appropriate counterparties. If the Adviser is unable to enter into swap agreements that provide the desired synthetic exposure to the Underlying Security, the Fund may not meet its stated investment objective. Additionally, any financing, transaction, or other costs associated with using swap transactions may have the effect of lowering the Fund’s return.</td></tr></table> The swap agreements in which the Fund invests are generally traded in the over-the-counter market, which generally has less transparency than exchange-traded derivative instruments. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference assets, securities, or instruments. The gross return to be exchanged or “swapped” between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in the reference asset. If the Underlying Security experiences a significant price movement that causes a material change in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to close out the swap transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to maintain exposure consistent with its investment objective. This may temporarily reduce the Fund’s ability to maintain its intended level of synthetic exposure until replacement transactions can be established. Certain of the swap agreements entered into by the Fund may be unfunded total return swaps, pursuant to which the Fund does not make an initial investment of the full notional amount of the swap. As a result, the Fund is exposed to the risk that its counterparty will be unable to meet its obligations under the swap agreement, and the Fund’s exposure to a counterparty generally equals the net amount owed to the Fund based on the daily change in value of the reference asset. In the event of a counterparty default or insolvency, the Fund may incur losses in excess of the collateral, if any, posted by the counterparty, and the timing and amount of any recovery may be uncertain. In addition, the use of unfunded swap agreements may create economic leverage for the Fund, which may magnify gains and losses and increase the volatility of the Fund’s returns. Cayman Subsidiary Risk. By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the Subsidiary’s investments. The futures contracts and other investments held by the Subsidiary are subject to the same economic risks that apply to similar investments if held directly by the Fund. The Subsidiary is not registered under the 1940 Act, and, unless otherwise noted in this Prospectus, is not subject to all the investor protections of the 1940 Act. Changes in the laws of the United States and the Cayman Islands could result in the inability of the Fund and/or the Subsidiary to continue to operate as it does currently and could adversely affect the Fund. For example, the Cayman Islands does not currently impose any income, corporate or capital gains tax or withholding tax on the Subsidiary. If Cayman Islands law changes such that the Subsidiary must pay Cayman Islands taxes, Fund shareholders would likely suffer decreased investment returns. In addition, the Subsidiary is also subject to many of the risks to which the Fund is subject, such as tax risks, commodity related risks, and market and data risks. Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in swap agreements. Transactions in some types of derivatives, including certain swap agreements, 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. Since the Fund is not a member of clearing houses and only members of a clearing house (“clearing members”) can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members. In cleared derivatives positions, the Fund will make payments (including margin payments) to and receive payments from a clearing house through its accounts at clearing members. Customer collateral held at a clearing organization in connection with cleared derivatives is held in an omnibus account and, although such collateral is legally segregated by customer, it is operationally commingled. As a result, in the event of a clearing member’s bankruptcy, the Fund may be limited to recovering only a pro rata share of the assets segregated on behalf of the clearing member’s customers for the relevant account class. In addition, although clearing members guarantee performance of their clients’ obligations to the clearing house, there is a risk that the assets of the Fund might not be fully protected in the event of a clearing member’s insolvency. The Fund is also subject to the risk that a limited number of clearing members are willing to transact on the Fund’s behalf, which heightens the risks associated with a clearing member’s default. If a clearing member defaults, the Fund could lose some or all of the benefits of a transaction entered into by the Fund. If the Fund cannot find a clearing member to transact with on the Fund’s behalf, the Fund may be unable to effectively implement its investment strategy. Commodity Pool Regulatory Risk. The Fund’s strategies will cause it to be deemed to be a commodity pool, thereby subjecting the Fund to regulation under the CEA and CFTC rules. The Adviser is registered as a commodity pool operator (“CPO”), the Futures Trading Advisor is also registered as a CPO as well as a commodity trading advisor (“CTA’) and the Fund will be operated in accordance with applicable CFTC rules, as well as the regulatory scheme applicable to registered investment companies. Registration as a CPO or CTA imposes additional compliance obligations on the Adviser and Futures Trading Advisor, as applicable, and the Fund related to additional laws, regulations, and enforcement policies, which could increase compliance costs and may affect the operations and financial performance of the Fund. However, the Fund’s status as a commodity pool and the Adviser’s and Futures Trading Advisor’s registration as a CPO (and CTA, as applicable), are not expected to materially adversely affect the Fund’s ability to achieve its investment objective. The CFTC has not passed on the adequacy of this Prospectus. Concentration Risk. The Fund’s investment exposure will be concentrated in (or substantially exposed to) the same industry or group of industries assigned to the Underlying Reference Index. As a result, the Fund may be more susceptible to loss due to adverse occurrences that affect the price of such industries more than the market as a whole. ETF Risks. <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zufqNhH0wKul" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk. The Fund has a limited number of financial institutions that are authorized to purchase and redeem Shares directly from the Fund (known as “Authorized Participants” or “APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. Cash Redemption Risk. The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. By paying out higher annual capital gain distributions, investors may be subjected to increased capital gains taxes. Additionally, there may be brokerage costs or taxable gains or losses that may be imposed on the Fund in connection with a cash redemption that may not have occurred if the Fund had made a redemption in-kind. These costs could decrease the value of the Fund to the extent they are not offset by a transaction fee payable by an AP. Costs of Buying or Selling Shares. Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid-ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments. <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zAkpOZi0vDV8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Shares May Trade at Prices Other Than NAV. As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant. Trading. Although Shares are listed on a national securities exchange, such as Cboe BZX Exchange (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active trading market for the Shares will develop or be maintained or that the Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares. Shares trade on the Exchange at market price that may be below, at or above the Fund’s NAV. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable. In addition, trading in Shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. As a result, the Fund could be adversely affected and be unable to implement its investment strategies in the event of an unscheduled closing. Economic and Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. The imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic and foreign markets. High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings. A high portfolio turnover rate increases transaction costs, which may increase the Fund’s expenses. Frequent trading may also cause adverse tax consequences for investors in the Fund due to an increase in short-term capital gains. Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline. Management Risk. The Fund is actively-managed and may not meet its investment objective based on the Adviser’s success or failure to implement investment strategies for the Fund. Money Market Instrument Risk. The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Repurchase agreements are contracts in which a seller of securities agrees to buy the securities back at a specified time and price. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments, including money market funds, may lose money through fees or other means. New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, 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. Operational Risk. The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and Adviser seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks. Tax Risk. The Fund intends to elect and to qualify each year to be treated as a regulated investment company (a “RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (“Code”). To qualify and maintain its status as a RIC, the Fund must derive at least 90% of its gross income each year from “qualifying income,” meet certain diversification tests at the end of each quarter and meet an annual distribution test. For purposes of the qualifying income requirement, the treatment of the swaps and other derivatives that provide exposure to the synthetic Autocallables is not entirely clear, and thus whether the income and gain therefrom is qualifying income is uncertain. If the Fund were to treat income or gain from particular instruments linked to the synthetic Autocallables as qualifying income, an adverse determination or future guidance by the Internal Revenue Service with respect to the treatment of income or gain from those investments may adversely affect the Fund’s ability to qualify as a RIC. For purposes of the diversification test, the identification of the issuer (or, in some cases, issuers) of a particular Fund investment can depend on the terms and conditions of that investment. In particular, there is no published Internal Revenue Service guidance or case law on how to determine the “issuer” of certain derivatives that the Fund will enter into. An adverse determination or future guidance by the Internal Revenue Service with respect to issuer identification for the Fund’s investments may adversely affect the Fund’s ability to qualify as a RIC. To comply with the asset diversification test applicable to a RIC, the Fund will attempt to ensure that the value of swap contracts on shares of a single issuer does not exceed 25% of the Fund’s value at the close of any quarter. For this purpose, it is likely that the Internal Revenue Service will consider the Index to be a single issuer. If the value of swap contracts on shares of a single issuer were to exceed 25% of the Fund’s total assets at the end of a tax quarter, the Fund, generally, has a grace period to cure such lack of compliance. If the Fund fails to timely cure, it may no longer be eligible to be treated as a RIC. As a RIC, the Fund will not be subject to U.S. federal income tax on the portion of its net investment income and net capital gain that it distributes to shareholders, provided that it satisfies certain income, diversification and distribution requirements of the Code. If the Fund does not qualify as a RIC for any taxable year and certain relief provisions are not available, the Fund’s taxable income will be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed. The federal income tax treatment of the swaps and other derivatives may not be as favorable as a direct investment in an underlying asset and may adversely affect the timing, character and amount of income the Fund realizes from its investments. As a result, a larger portion of the Fund’s distributions may be treated as ordinary income rather than capital gains. In addition, certain derivatives are subject to mark-to-market or straddle provisions of the Code. If such provisions are applicable, there could be an increase (or decrease) in the amount of taxable dividends paid by the Fund. U.S. Government and U.S. Agency Obligations Risk. The Fund may invest in securities issued by the U.S. government or its agencies or instrumentalities. U.S. Government obligations include securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, such as the U.S. Treasury. Payment of principal and interest on U.S. Government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. In the latter case, the investor must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate repayment, which agency or instrumentality may be privately owned. There can be no assurance that the U.S. Government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so. Performance Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. Updated performance information will be available on the Fund’s website at www.defianceetfs.com. Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. www.defianceetfs.com The Fund’s adviser will pay, or require a sub-adviser to pay, all of the Fund’s expenses, except for the following: advisory fees and sub-advisory fees, interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses, and other non-routine or extraordinary expenses. Based on estimated amounts for the current fiscal year. The Fund’s adviser will pay, or require a sub-adviser to pay, all of the Fund’s expenses, except for the following: advisory fees and sub-advisory fees, interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses, and other non-routine or extraordinary expenses. Based on estimated amounts for the current fiscal year. The Fund’s adviser will pay, or require a sub-adviser to pay, all of the Fund’s expenses, except for the following: advisory fees and sub-advisory fees, interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses, and other non-routine or extraordinary expenses. Based on estimated amounts for the current fiscal year. The Fund’s adviser will pay, or require a sub-adviser to pay, all of the Fund’s expenses, except for the following: advisory fees and sub-advisory fees, interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses, and other non-routine or extraordinary expenses. Based on estimated amounts for the current fiscal year.