0001924868 2026-08-25 2026-08-25 0001924868 chat:S000080348Member 2026-08-25 2026-08-25 0001924868 chat:S000080348Member chat:EquityMarketRiskMember 2026-08-25 2026-08-25 0001924868 chat:S000080348Member chat:ArtificialIntelligenceCompanyRiskMember 2026-08-25 2026-08-25 0001924868 chat:S000080348Member chat:TechnologySectorRiskMember 2026-08-25 2026-08-25 0001924868 chat:S000080348Member chat:ForeignSecuritiesRiskMember 2026-08-25 2026-08-25 0001924868 chat:S000080348Member chat:CurrencyExchangeRateRiskMember 2026-08-25 2026-08-25 0001924868 chat:S000080348Member chat:DepositaryReceiptRiskMember 2026-08-25 2026-08-25 0001924868 chat:S000080348Member chat:DevelopedMarketsRiskMember 2026-08-25 2026-08-25 0001924868 chat:S000080348Member chat:EmergingMarketsRiskMember 2026-08-25 2026-08-25 0001924868 chat:S000080348Member chat:IpoRiskMember 2026-08-25 2026-08-25 0001924868 chat:S000080348Member chat:MarketCapitalizationRiskMember 2026-08-25 2026-08-25 0001924868 chat:S000080348Member chat:LargeCapitalizationInvestingMember 2026-08-25 2026-08-25 0001924868 chat:S000080348Member chat:MidCapitalizationInvestingMember 2026-08-25 2026-08-25 0001924868 chat:S000080348Member chat:SmallCapitalizationInvestingMember 2026-08-25 2026-08-25 0001924868 chat:S000080348Member chat:MicroCapitalizationInvestingMember 2026-08-25 2026-08-25 0001924868 chat:S000080348Member oef:RiskNondiversifiedStatusMember 2026-08-25 2026-08-25 0001924868 chat:S000080348Member chat:ConcentrationRiskMember 2026-08-25 2026-08-25 0001924868 chat:S000080348Member chat:ETFRisksMember 2026-08-25 2026-08-25 0001924868 chat:S000080348Member chat:AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember 2026-08-25 2026-08-25 0001924868 chat:S000080348Member chat:CostsOfBuyingOrSellingSharesMember 2026-08-25 2026-08-25 0001924868 chat:S000080348Member chat:SharesMayTradeAtPricesOtherThanNAVMember 2026-08-25 2026-08-25 0001924868 chat:S000080348Member chat:TradingMember 2026-08-25 2026-08-25 0001924868 chat:S000080348Member chat:EconomicAndMarketRiskMember 2026-08-25 2026-08-25 0001924868 chat:S000080348Member chat:ManagementRiskMember 2026-08-25 2026-08-25 0001924868 chat:S000080348Member chat:ModelsAndDataRiskMember 2026-08-25 2026-08-25 0001924868 chat:S000080348Member chat:OperationalRiskMember 2026-08-25 2026-08-25 0001924868 chat:C000242695Member 2026-08-25 2026-08-25 0001924868 chat:S000080348Member oef:RiskLoseMoneyMember 2026-08-25 2026-08-25 0001924868 chat:C000242695Member 2024-01-01 2024-12-31 0001924868 chat:C000242695Member 2025-01-01 2025-12-31 0001924868 chat:C000242695Member 2023-05-17 2025-12-31 0001924868 chat:C000242695Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001924868 chat:C000242695Member oef:AfterTaxesOnDistributionsMember 2023-05-17 2025-12-31 0001924868 chat:C000242695Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001924868 chat:C000242695Member oef:AfterTaxesOnDistributionsAndSalesMember 2023-05-17 2025-12-31 0001924868 chat:SAndP500TotalReturnIndexMember 2025-01-01 2025-12-31 0001924868 chat:SAndP500TotalReturnIndexMember 2023-05-17 2025-12-31 iso4217:USD pure false 485BPOS 0001924868 2026-08-25 N-1A TIDAL TRUST II 2026-08-27 ROUNDHILL GENERATIVE AI & TECHNOLOGY ETF - FUND SUMMARY Investment Objective The Roundhill Generative AI & Technology ETF (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_A8A_eoef--AnnualFundOperatingExpensesTableTextBlock_zUvg3cwmTw7d"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zqIZvcDyXbL2" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td id="xdx_98C_eoef--OperatingExpensesCaption_c20260825__20260825__dei--LegalEntityAxis__custom--S000080348Member_zzpihAcJhQW9" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif;width: 89%; padding-top: 2pt; padding-left: 17.3pt; text-align: justify; text-indent: -8.65pt">Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment)</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif;width: 1%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td id="xdx_496_20260825__20260825__oef--ClassAxis__custom--C000242695Member_zFv5GfjgpAM1" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif;width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td></tr> <tr id="xdx_40A_eoef--ManagementFeesOverAssets_dpn_zPzwPJREqTCh" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif;padding-top: 2pt; padding-left: 25.9pt; text-align: justify; text-indent: -8.6pt">Management Fees</td> <td style="font: 10pt Times New Roman, Times, Serif;padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif;padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">0.75%</td></tr> <tr id="xdx_401_eoef--DistributionAndService12b1FeesOverAssets_dpn_zLta1Y8YZI3j" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif;padding-top: 2pt; padding-left: 25.9pt; text-align: justify; text-indent: -8.6pt">Distribution and/or Service (12b-1) Fees</td> <td style="font: 10pt Times New Roman, Times, Serif;padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif;padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">None</td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zUD92N745jfj" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif;padding-top: 2pt; padding-left: 25.9pt; text-align: justify; text-indent: -8.6pt">Other Expenses</td> <td style="font: 10pt Times New Roman, Times, Serif;padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif;padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">0.00%</td></tr> <tr id="xdx_40B_eoef--ExpensesOverAssets_dpn_zdvWo2KTm9O5" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif;padding-top: 2pt; padding-left: 17.3pt; text-align: justify; text-indent: -8.65pt">Total Annual Fund Operating Expenses</td> <td style="font: 10pt Times New Roman, Times, Serif;padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif;padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">0.75%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif;padding-top: 2pt; padding-left: 17.3pt; text-align: justify; text-indent: -8.65pt"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif;padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif;padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 25px; padding-top: 3pt">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; text-align: justify">The Fund’s investment adviser, Tidal Investments, LLC (“Tidal” or the “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”), litigation expenses, and other non-routine or extraordinary expenses.</td></tr> </table> Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) 0.0075 0 0.0000 0.0075 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_A84_eoef--ExpenseExampleWithRedemptionTableTextBlock_zXlbzIeD5bba"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zb3dh7LREuqc" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td id="xdx_48E_eoef--ExpenseExampleYear01_zEMRKht96ERl" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; padding-top: 0.65pt; text-align: center">1 Year</td> <td id="xdx_488_eoef--ExpenseExampleYear03_zJ47APBSXV1a" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 23%; padding-top: 0.65pt; text-align: center">3 Years</td> <td id="xdx_48B_eoef--ExpenseExampleYear05_zB7ltfUNwti1" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 23%; text-align: center"> 5 Year</td> <td id="xdx_48C_eoef--ExpenseExampleYear10_zHxC3DFRDSsc" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 23%; text-align: center">10 Years</td></tr> <tr id="xdx_418_20260825__20260825__oef--ClassAxis__custom--C000242695Member_ztEkHER4vvK2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 2.65pt; text-align: center">$77</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 2.65pt; text-align: center">$240</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">$417</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">$930</td></tr> </table> 77 240 417 930 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 Example above, affect the Fund’s performance. During the most recent fiscal year ended April 30, 2026, the Fund’s portfolio turnover rate was 92% of the average value of its portfolio. 0.92 Principal Investment Strategies The Fund is an actively managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by investing in the equity securities of exchange-listed companies globally, including those in emerging markets, which are involved in the investment theme of artificial intelligence (“AI”), focused on generative AI and related technologies. Under normal circumstances, the Fund will invest at least 80% of its net assets, plus borrowings for investment purposes, in equity securities of AI and Technology Companies (defined below). The Fund’s 80% policy is non-fundamental and can be changed without shareholder approval. However, Fund shareholders would be given at least 60 days notice prior to any such change. Overview of Generative AI: AI refers to computer simulation of human intelligence in computers that are programmed to think and learn like humans. It is a branch of computer science that deals with the creation of intelligent machines that work and react like humans. Some of the key techniques used in AI include: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">●</td><td>machine learning - learning a new task without being specifically programmed to do it,</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">●</td><td>deep learning - learning by example,</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">●</td><td>natural language processing - understanding human language text or speech,</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">●</td><td>computer vision - interpreting and understanding the visual world (e.g., distinguishing faces), and</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">●</td><td>expert systems - which simulate the judgment and behavior of humans with expertise in a particular field (e.g., medicine).</td> </tr></table> AI has a wide range of applications, such as self-driving cars, speech recognition, image recognition, natural language understanding, decision-making, and many more. With the advancement of technology and the increasing amount of data available, AI is becoming increasingly important in many industries. More specifically, generative AI refers to a set of technologies where computer systems can generate original content based on the data they have been trained in response to prompts from a user. It uses a type of deep learning called generative adversarial networks and has a wide range of applications, including creating images, text, and audio. AI and Technology Companies. For purposes of the Fund’s 80% requirement, the Fund considers a company to be an AI Company or a Technology Company if it derives 50% or more of its revenue in one or more of the following proprietary sectors: (i) AI software and/or generative AI software, including the development, training, and commercialization of large language models(“LLMs”), foundation models, and generative AI applications and tools (ii) cloud infrastructure services (e.g., services that provide infrastructure-as-a-service to support the training of AI models), (iii) AI semiconductors (e.g., designing and manufacturing of key semiconductors for AI applications), (iv) networking, connectivity, optical, data transmission technologies, and infrastructure, including servers, storage, networking and interconnect equipment, optical and photonic components, and related hardware supporting AI workloads, (v) AI services (e.g., consulting and implementation services for generative AI software), (vi) software and information technology services companies, (vii) manufacturers and distributors of technology hardware and equipment (e.g., communications equipment, cellular phones, computers and peripherals, electronic equipment and related instruments), (viii) semiconductors and semiconductor equipment, (ix) interactive media and services, (x) diversified consumer services, broadline retail, and entertainment companies involved in the foregoing, and (xi) other products, services, or technologies that enable, support, or benefit from the development, adoption, or application of AI and related technologies. Portfolio Construction: The Fund’s sub-adviser, Roundhill Financial Inc. (“Roundhill” or the “Sub-Adviser”), uses a proprietary methodology in an attempt to assess companies best positioned to benefit from the anticipated growth of generative AI and related technologies. The Sub-Adviser utilizes a proprietary exposure score to assess the relevance of companies to generative AI, including a transcript score and sector score. The transcript score utilizes proprietary keyword analysis from publicly available documents including company filings, transcripts, presentations, and press releases to identify references to various AI and related technology terms. The sector score utilizes a proprietary sector methodology to categorize companies related to AI, including AI software, cloud infrastructure services, semiconductors, network infrastructure and AI services. The score assesses the materiality of generative AI and related technologies to the company’s expected financial performance, including revenue, profit and research and development (R&D) spending. Companies that are expected to derive 50% or more of their revenue or profit from generative AI and related technologies or invest 50% or more of their R&D budget into these areas receive the highest score. Companies expected to derive at least 10% and up to 50% of revenue and profit from generative AI and related technologies or invest at least 10% and up to 50% of their R&D budget in these areas receive a lesser score. Companies expected to derive no more than 10% of revenue and profit or invest no more than 10% of their R&D budget in generative AI and related technologies receive the lowest score. The transcript score and sector score are combined to create an aggregate exposure score and are weighted by their exposure to the score subject to market capitalization (at least $250 million in market capitalization) and liquidity constraints (a minimum average daily trading volume of at least $500,000). As a result, the Fund’s investments may include micro-, small-, medium- and large-capitalization companies. The Fund’s portfolio will generally consist of between 25 and 50 securities. The Fund may invest in securities offered in an initial public offering (“IPO”) or in companies that have recently completed an IPO. The Fund may invest in foreign securities directly or indirectly via depositary receipts (e.g., American Depositary Receipts (ADRs) and Global Depositary Receipts (GDRs)). The Fund will operate as a non-diversified fund under the Investment Company Act of 1940, as amended (the 1940 Act), which means that 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. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in securities of companies with principal business activities in groups of industries that comprise the technology sector. Under normal circumstances, the Fund will invest at least 80% of its net assets, plus borrowings for investment purposes, in equity securities of AI and Technology Companies (defined below). As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. Equity Market Risk. Common stocks are generally exposed to greater risk than other types of securities, such as preferred stock and debt obligations, because common stockholders generally have inferior rights to receive payment from specific issuers. The equity securities held in the Fund’s portfolio may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific issuers, industries, or sectors in which the Fund invests. Artificial Intelligence Company Risk. Companies involved in, or exposed to, artificial intelligence related businesses may have limited product lines, markets, financial resources or personnel. These companies face intense competition and potentially rapid product obsolescence, and many depend significantly on retaining and growing the consumer base of their respective products and services. Many of these companies are also reliant on the end user demand of products and services in various industries that may in part utilize robotics and artificial intelligence. Technology Sector Risk. The Fund will invest substantially in companies in the information technology sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector. Market or economic factors impacting technology companies and companies that rely heavily on technological advances could have a significant effect on the value of the Fund’s investments. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Foreign Securities Risk. Investments in securities or other instruments of non-U.S. issuers involve certain risks not involved in domestic investments and may experience more rapid and extreme changes in value than investments in securities of U.S. companies. Financial markets in foreign countries often are not as developed, efficient, or liquid as financial markets in the United States, and therefore, the prices of non-U.S. securities and instruments can be more volatile. In addition, the Fund will be subject to risks associated with adverse political and economic developments in foreign countries, which may include the imposition of economic sanctions. Generally, there is less readily available and reliable information about non-U.S. issuers due to less rigorous disclosure or accounting standards and regulatory practices. Investments in foreign companies securities, including investments via depositary receipts, are subject to special risks, including the following: <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyExchangeRateRiskMember_zQTHU55i3Mhb"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 38px"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 38px">●</td> <td style="font: 10pt Times New Roman, Times, Serif">Currency Exchange Rate Risk. The Fund’s assets may include exposure to investments denominated in non-U.S. currencies or in securities or other assets that provide exposure to such currencies. Changes in currency exchange rates and the relative value of non-U.S. currencies will affect the value of the Fund’s investments and the value of your Fund shares. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the value of an investment in the Fund may change quickly and without warning and you may lose money. </td></tr> </table> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--DepositaryReceiptRiskMember_z8STlumNnsuf"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 38px"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 38px">●</td> <td style="font: 10pt Times New Roman, Times, Serif">Depositary Receipt Risk. Depositary receipts involve risks similar to those associated with investments in foreign securities and give rise to certain additional risks. Depositary receipts listed on U.S. or foreign exchanges are issued by banks or trust companies, and entitle the holder to all dividends and capital gains that are paid out on the underlying foreign shares (Underlying Shares). When the Fund invests in depositary receipts as a substitute for an investment directly in the Underlying Shares, the Fund is exposed to the risk that the depositary receipts may not provide a return that corresponds precisely with that of the Underlying Shares. </td></tr> </table> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--DevelopedMarketsRiskMember_z7uKc0CQw9h5"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 38px"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 38px">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Developed Markets Risk. Developed market countries generally tend to rely on the services sectors (e.g., the financial services sector) as the primary source of economic growth and may be susceptible to the risks of individual service sectors. Many developed market countries have heavy indebtedness, which may lead downward pressure on the economies of these countries. As a result, it is possible that interest rates on debt of certain developed countries may rise to levels that make it difficult for such countries to service high debt levels without significant help from other countries or from a central bank. Developed market countries generally are dependent on the economies of certain key trading partners. Changes in any one economy may cause an adverse impact on several developed countries.</td></tr> </table> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsRiskMember_z1T2ZIrnhpNe"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 38px"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 38px">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Emerging Markets Risk. The Fund may invest in indirectly, via ADRs, in securities issued by companies domiciled or headquartered in emerging market nations. Investments in securities traded in developing or emerging markets, or that provide exposure to such securities or markets, can involve additional risks relating to political, economic, currency, or regulatory conditions not associated with investments in U.S. securities and investments in more developed international markets. Such conditions may impact the ability of the Fund to buy, sell or otherwise transfer securities, adversely affect the trading market and price for Fund Shares and cause the Fund to decline in value.</td></tr> </table> IPO Risk. The Fund may invest in securities offered in an IPO or in companies that have recently completed an IPO. The market value of IPO shares can have significant volatility due to factors such as the absence of a prior public market, unseasoned trading, a small number of shares available for trading and limited information about the issuer. The purchase of IPO shares may involve high transaction costs, and the Fund may lose money on an investment in such securities. Market Capitalization Risk. <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationInvestingMember_zLCEt9YsT3Kc"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 38px"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 38px">○</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Large-Capitalization Investing. The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore subject to slower growth during times of economic expansion. Large-capitalization companies may also be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes.</td></tr> </table> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--MidCapitalizationInvestingMember_z7wrViBvqygg"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 38px"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 38px">○</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Mid-Capitalization Investing. The securities of mid-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of large-capitalization companies. The securities of mid-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than large-capitalization stocks or the stock market as a whole.</td></tr> </table> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallCapitalizationInvestingMember_zD5YiKVMUc0e"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 38px"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 38px">○</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Small-Capitalization Investing. The securities of small-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of large- or mid-capitalization companies. The securities of small-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than large- or mid-capitalization stocks or the stock market as a whole. There is typically less publicly available information concerning smaller-capitalization companies than for larger, more established companies.</td></tr> </table> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--MicroCapitalizationInvestingMember_zVcSNy8KPRT8"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 38px"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 38px">○</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Micro-Capitalization Investing. Micro-capitalization companies often have limited product lines, narrower markets for their goods and/or services and more limited managerial and financial resources than larger, more established companies, including companies which are considered small- or mid-capitalization. As a result, their performance can be more volatile and they face greater risk of business failure, which could increase the volatility of the Fund’s portfolio.</td></tr> </table> 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. Concentration Risk. The Fund will be concentrated in securities of issuers having their principal business activities in the technology group of industries. To the extent that the Fund concentrates in a group of industries, it will be subject to the risk that economic, political, or other conditions that have a negative effect on that group of industries will negatively impact them to a greater extent than if its assets were invested in a wider variety of industries. ETF Risks. <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_z3y4SdsqO4Ye"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 38px"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 38px">○</td> <td style="font: 10pt Times New Roman, Times, Serif; 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. Any such decisions by market makers or authorized participants to reduce their role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying value of the Fund’s portfolio securities and the Fund’s market price. This reduced effectiveness could result in Fund shares trading at a premium or discount to its NAV and also greater than normal intraday bid-ask spreads.</td></tr> </table> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zArtiyGkYtWf"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 38px"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 38px">○</td> <td style="font: 10pt Times New Roman, Times, Serif">Costs of Buying or Selling Shares. Buying or selling Shares involves certain costs, including brokerage commissions, other charges imposed by brokers, and bid-ask spreads. The bid-ask spread represents the difference between the price at which an investor is willing to buy Shares and the price at which an investor is willing to sell Shares. The spread varies over time based on the Shares’ trading volume and market liquidity. The spread is generally lower if Shares have more trading volume and market liquidity and higher if Shares have little trading volume and market liquidity. Due to the costs of buying or selling Shares, frequent trading of Shares may reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments. </td></tr> </table> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNAVMember_zxJDUbzTmJ1e"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 38px"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 38px">○</td> <td style="font: 10pt Times New Roman, Times, Serif">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 and there may be widening bid-ask spreads. 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 and there may be furthering widening bid-ask spreads. </td></tr> </table> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zh8yAjkfC1b"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 38px"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 38px">○</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Trading. Although Shares are listed for trading on a national securities exchange, such as NYSE Arca, Inc. (the Exchange), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that 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 portfolio holdings, which can be significantly less liquid than Shares.</td></tr> </table> 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. Management Risk. The Fund is actively-managed and may not meet its investment objective based on the Sub-Adviser’s success or failure to implement investment strategies for the Fund. Models and Data Risk. The Sub-Adviser’s evaluation of potential Fund portfolio holdings is heavily dependent on proprietary quantitative models as well as information and data supplied by third parties (“Models and Data”). When Models and Data prove to be incorrect or incomplete, any decisions made in reliance thereon may lead to the inclusion or exclusion of securities from the Fund’s portfolio that would have been excluded or included had the Models and Data been correct and complete. 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, Adviser, and Sub-Adviser seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks. Performance The following performance information provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance over time. The following bar chart shows the Fund’s annual returns. The table illustrates how the Fund’s average annual returns for the 1-year and since inception periods compare with those of a broad measure of market performance. The Fund’s past performance, before and after taxes, does not necessarily indicate how the Fund will perform in the future. Updated performance information is available on the Fund’s website at www.roundhillinvestments.com/etf/chat. The following performance information provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance over time. The Fund’s past performance, before and after taxes, does not necessarily indicate how the Fund will perform in the future. www.roundhillinvestments.com/etf/chat Calendar Year Ended December 31 <div id="xdx_A8C_eoef--BarChartTableTextBlock_zAEN1g5ySIfl"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zJi2UPj97zf3" style="font: 10pt Times New Roman, Times, Serif; display: none; border-collapse: collapse; width: 100%; visibility: hidden" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; width: 50%; visibility: hidden"> </td> <td id="xdx_48B_eoef--AnnlRtrPct_dp_zMzdXqMoMrma" style="display: none; width: 50%; visibility: hidden"> </td></tr> <tr id="xdx_41F_20240101__20241231__oef--ClassAxis__custom--C000242695Member_zPm6JDF1wd2f" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2024</td> <td style="display: none; visibility: hidden">49.83%</td></tr> <tr id="xdx_417_20250101__20251231__oef--ClassAxis__custom--C000242695Member_ztoFTfp2gNxd" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden"> 2025</td> <td style="display: none; visibility: hidden"> 30.90%</td></tr> </table> <img alt="" src="chat485bpos002.jpg" style="height: 273px; width: 400px"/> 0.4983 0.3090 The Fund’s calendar year-to-date return as of June 30, 2026 was 66.01%. During the period of time shown in the bar chart, the highest return for a calendar quarter was 39.44% (quarter ended June 30, 2025) and the lowest return for a calendar quarter was -13.77% (quarter ended March 31, 2025). calendar year-to-date return 2026-06-30 0.6601 highest return for a calendar quarter 0.3944 2025-06-30 lowest return for a calendar quarter -0.1377 2025-03-31 Average Annual Total Returns For the Periods Ended December 31, 2025 <div id="xdx_A87_eoef--PerformanceTableTextBlock_z9OrHZ0200dc"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zp9g8dQQuAwc" style="font: 10pt Times New Roman, Times, Serif; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="2" style="border-top: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td id="xdx_499_20250101__20251231_z1MBI2SLKgn5" style="border-top: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1 Year</td> <td id="xdx_499_20230517__20251231_z862QsxaDOA3" style="border-top: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Since Inception (5/17/2023)</td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000242695Member_zV9e1xRiRpe7" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Return Before Taxes</td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">49.83%</td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">39.49%</td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000242695Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zqnEZmS4WCGi" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Return After Taxes on Distributions</td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">48.15%</td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">38.89%</td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000242695Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zBDrT1iJH9D5" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Return After Taxes on Distributions and Sale of Fund Shares</td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">29.51%</td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">31.51%</td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500TotalReturnIndexMember_zjRxjYB0nTF2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">S&P 500 Total Return Index(1) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">17.88%</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">22.60%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 3pt"> (1)</td> <td colspan="3" style="font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; text-align: justify">The Fund changed its benchmark index to correct an inadvertent change to the benchmark reflected in the prior year’s prospectus.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 88%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 12%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 11%"> </td></tr> </table> 2023-05-17 0.4983 0.3949 0.4815 0.3889 0.2951 0.3151 (reflects no deduction for fees, expenses, or taxes) 0.1788 0.2260 After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Shares through tax-deferred or other tax-advantaged arrangements such as an individual retirement account (“IRA”). In certain cases, the figures representing “Return After Taxes on Distributions and Sale of Fund Shares” may be higher than the other figures for the same period. A higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Shares through tax-deferred or other tax-advantaged arrangements such as an individual retirement account (“IRA”). A higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. The Fund’s investment adviser, Tidal Investments, LLC (“Tidal” or the “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”), litigation expenses, and other non-routine or extraordinary expenses. The Fund changed its benchmark index to correct an inadvertent change to the benchmark reflected in the prior year’s prospectus.