0001924868 2026-09-01 2026-09-01 0001924868 defiance:S000095912Member 2026-09-01 2026-09-01 0001924868 defiance:S000095912Member defiance:EtRisksMember 2026-09-01 2026-09-01 0001924868 defiance:S000095912Member defiance:IndirectInvestmentInEtRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095912Member defiance:EtTradingRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095912Member defiance:EtPerformanceRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095912Member defiance:OilGasAndConsumableFuelsIndustryRisksMember 2026-09-01 2026-09-01 0001924868 defiance:S000095912Member defiance:IndebtednessRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095912Member defiance:RegulatoryRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095912Member defiance:SingleIssuerRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095912Member defiance:CompoundingAndMarketVolatilityRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095912Member defiance:DailyCorrelationTrackingRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095912Member defiance:LeverageRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095912Member defiance:DerivativesRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095912Member defiance:SwapAgreementsMember 2026-09-01 2026-09-01 0001924868 defiance:S000095912Member defiance:OptionsContractsMember 2026-09-01 2026-09-01 0001924868 defiance:S000095912Member defiance:CounterpartyRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095912Member defiance:IntradayInvestmentRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095912Member defiance:FixedIncomeSecuritiesRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095912Member defiance:RebalancingRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095912Member defiance:EtfRisksMember 2026-09-01 2026-09-01 0001924868 defiance:S000095912Member defiance:AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095912Member defiance:CashRedemptionRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095912Member defiance:CostsOfBuyingOrSellingSharesMember 2026-09-01 2026-09-01 0001924868 defiance:S000095912Member defiance:SharesMayTradeAtPricesOtherThanNavMember 2026-09-01 2026-09-01 0001924868 defiance:S000095912Member defiance:TradingMember 2026-09-01 2026-09-01 0001924868 defiance:S000095912Member defiance:LiquidityRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095912Member defiance:EconomicAndMarketRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095912Member defiance:HighPortfolioTurnoverRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095912Member defiance:TrackingErrorRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095912Member defiance:LiquidityRisksMember 2026-09-01 2026-09-01 0001924868 defiance:S000095912Member defiance:MoneyMarketInstrumentRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095912Member defiance:NewFundRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095912Member oef:RiskNondiversifiedStatusMember 2026-09-01 2026-09-01 0001924868 defiance:S000095912Member defiance:TradingHaltRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095912Member defiance:OperationalRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095912Member defiance:USGovernmentAndUSAgencyObligationsRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095912Member defiance:TaxRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095913Member 2026-09-01 2026-09-01 0001924868 defiance:S000095913Member defiance:FigRisksMember 2026-09-01 2026-09-01 0001924868 defiance:S000095913Member defiance:LimitedOperatingHistoryRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095913Member defiance:IndirectInvestmentInFigRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095913Member defiance:FigTradingRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095913Member defiance:FigPerformanceRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095913Member defiance:SoftwareIndustryRisksMember 2026-09-01 2026-09-01 0001924868 defiance:S000095913Member defiance:CompetitionAndAiRisksMember 2026-09-01 2026-09-01 0001924868 defiance:S000095913Member defiance:KeyPersonRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095913Member defiance:IntellectualPropertyRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095913Member defiance:RegulatoryRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095913Member defiance:SingleIssuerRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095913Member defiance:CompoundingAndMarketVolatilityRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095913Member defiance:DailyCorrelationTrackingRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095913Member defiance:LeverageRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095913Member defiance:DerivativesRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095913Member defiance:SwapAgreementsMember 2026-09-01 2026-09-01 0001924868 defiance:S000095913Member defiance:OptionsContractsMember 2026-09-01 2026-09-01 0001924868 defiance:S000095913Member defiance:CounterpartyRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095913Member defiance:IntradayInvestmentRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095913Member defiance:FixedIncomeSecuritiesRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095913Member defiance:RebalancingRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095913Member defiance:EtfRisksMember 2026-09-01 2026-09-01 0001924868 defiance:S000095913Member defiance:AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095913Member defiance:CashRedemptionRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095913Member defiance:CostsOfBuyingOrSellingSharesMember 2026-09-01 2026-09-01 0001924868 defiance:S000095913Member defiance:SharesMayTradeAtPricesOtherThanNavMember 2026-09-01 2026-09-01 0001924868 defiance:S000095913Member defiance:TradingMember 2026-09-01 2026-09-01 0001924868 defiance:S000095913Member defiance:LiquidityRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095913Member defiance:EconomicAndMarketRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095913Member defiance:HighPortfolioTurnoverRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095913Member defiance:TrackingErrorRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095913Member defiance:LiquidityRisksMember 2026-09-01 2026-09-01 0001924868 defiance:S000095913Member defiance:MoneyMarketInstrumentRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095913Member defiance:NewFundRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095913Member oef:RiskNondiversifiedStatusMember 2026-09-01 2026-09-01 0001924868 defiance:S000095913Member defiance:TradingHaltRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095913Member defiance:OperationalRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095913Member defiance:USGovernmentAndUSAgencyObligationsRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095913Member defiance:TaxRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095914Member 2026-09-01 2026-09-01 0001924868 defiance:S000095914Member defiance:IrenRisksMember 2026-09-01 2026-09-01 0001924868 defiance:S000095914Member defiance:IndirectInvestmentInIrenRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095914Member defiance:IrenTradingRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095914Member defiance:IrenPerformanceRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095914Member defiance:SoftwareIndustryRisksMember 2026-09-01 2026-09-01 0001924868 defiance:S000095914Member defiance:FinancialReportingControlsRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095914Member defiance:LimitedOperatingHistoryRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095914Member defiance:DataCenterOperationsRisksMember 2026-09-01 2026-09-01 0001924868 defiance:S000095914Member defiance:EnergyRisksMember 2026-09-01 2026-09-01 0001924868 defiance:S000095914Member defiance:BitcoinRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095914Member defiance:ForeignIssuerRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095914Member defiance:CurrencyRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095914Member defiance:ForeignSecuritiesRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095914Member defiance:SingleIssuerRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095914Member defiance:CompoundingAndMarketVolatilityRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095914Member defiance:DailyCorrelationTrackingRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095914Member defiance:LeverageRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095914Member defiance:DerivativesRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095914Member defiance:SwapAgreementsMember 2026-09-01 2026-09-01 0001924868 defiance:S000095914Member defiance:OptionsContractsMember 2026-09-01 2026-09-01 0001924868 defiance:S000095914Member defiance:CounterpartyRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095914Member defiance:IntradayInvestmentRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095914Member defiance:FixedIncomeSecuritiesRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095914Member defiance:RebalancingRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095914Member defiance:EtfRisksMember 2026-09-01 2026-09-01 0001924868 defiance:S000095914Member defiance:AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095914Member defiance:CashRedemptionRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095914Member defiance:CostsOfBuyingOrSellingSharesMember 2026-09-01 2026-09-01 0001924868 defiance:S000095914Member defiance:SharesMayTradeAtPricesOtherThanNavMember 2026-09-01 2026-09-01 0001924868 defiance:S000095914Member defiance:TradingMember 2026-09-01 2026-09-01 0001924868 defiance:S000095914Member defiance:LiquidityRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095914Member defiance:EconomicAndMarketRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095914Member defiance:HighPortfolioTurnoverRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095914Member defiance:TrackingErrorRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095914Member defiance:LiquidityRisksMember 2026-09-01 2026-09-01 0001924868 defiance:S000095914Member defiance:MoneyMarketInstrumentRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095914Member defiance:NewerFundRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095914Member oef:RiskNondiversifiedStatusMember 2026-09-01 2026-09-01 0001924868 defiance:S000095914Member defiance:TradingHaltRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095914Member defiance:OperationalRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095914Member defiance:USGovernmentAndUSAgencyObligationsRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095914Member defiance:TaxRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095916Member 2026-09-01 2026-09-01 0001924868 defiance:S000095916Member defiance:QsRisksMember 2026-09-01 2026-09-01 0001924868 defiance:S000095916Member defiance:QsOperatingLossRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095916Member defiance:IndirectInvestmentInQsRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095916Member defiance:QsTradingRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095916Member defiance:QsPerformanceRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095916Member defiance:AutomobileComponentsIndustryRisksMember 2026-09-01 2026-09-01 0001924868 defiance:S000095916Member defiance:BusinessRisksMember 2026-09-01 2026-09-01 0001924868 defiance:S000095916Member defiance:CompetitionRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095916Member defiance:CollaborationRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095916Member defiance:RegulatoryRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095916Member defiance:SingleIssuerRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095916Member defiance:CompoundingAndMarketVolatilityRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095916Member defiance:DailyCorrelationTrackingRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095916Member defiance:LeverageRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095916Member defiance:DerivativesRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095916Member defiance:SwapAgreementsMember 2026-09-01 2026-09-01 0001924868 defiance:S000095916Member defiance:OptionsContractsMember 2026-09-01 2026-09-01 0001924868 defiance:S000095916Member defiance:CounterpartyRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095916Member defiance:IntradayInvestmentRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095916Member defiance:FixedIncomeSecuritiesRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095916Member defiance:RebalancingRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095916Member defiance:EtfRisksMember 2026-09-01 2026-09-01 0001924868 defiance:S000095916Member defiance:AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095916Member defiance:CashRedemptionRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095916Member defiance:CostsOfBuyingOrSellingSharesMember 2026-09-01 2026-09-01 0001924868 defiance:S000095916Member defiance:SharesMayTradeAtPricesOtherThanNavMember 2026-09-01 2026-09-01 0001924868 defiance:S000095916Member defiance:TradingMember 2026-09-01 2026-09-01 0001924868 defiance:S000095916Member defiance:LiquidityRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095916Member defiance:EconomicAndMarketRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095916Member defiance:HighPortfolioTurnoverRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095916Member defiance:TrackingErrorRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095916Member defiance:LiquidityRisksMember 2026-09-01 2026-09-01 0001924868 defiance:S000095916Member defiance:MoneyMarketInstrumentRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095916Member defiance:NewerFundRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095916Member oef:RiskNondiversifiedStatusMember 2026-09-01 2026-09-01 0001924868 defiance:S000095916Member defiance:TradingHaltRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095916Member defiance:OperationalRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095916Member defiance:USGovernmentAndUSAgencyObligationsRiskMember 2026-09-01 2026-09-01 0001924868 defiance:S000095916Member defiance:TaxRiskMember 2026-09-01 2026-09-01 0001924868 defiance:C000264694Member 2026-09-01 2026-09-01 0001924868 defiance:C000264695Member 2026-09-01 2026-09-01 0001924868 defiance:C000264696Member 2026-09-01 2026-09-01 0001924868 defiance:C000264698Member 2026-09-01 2026-09-01 0001924868 defiance:S000095912Member oef:RiskLoseMoneyMember 2026-09-01 2026-09-01 0001924868 defiance:S000095913Member oef:RiskLoseMoneyMember 2026-09-01 2026-09-01 0001924868 defiance:S000095914Member oef:RiskLoseMoneyMember 2026-09-01 2026-09-01 0001924868 defiance:S000095916Member oef:RiskLoseMoneyMember 2026-09-01 2026-09-01 iso4217:USD pure false 497 N-1A Tidal Trust II 2026-09-01 0001924868 2026-08-28 DEFIANCE DAILY TARGET 2X LONG ET ETF – FUND SUMMARY Investment Objective The Fund seeks daily investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price of Energy Transfer LP (NYSE: ET). The Fund does not seek to achieve its stated investment objective for a period other than a single trading day. 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_A86_eoef--AnnualFundOperatingExpensesTableTextBlock_zsN4DoDNZzyb"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zpGVW1E1b5eg" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td colspan="2" id="xdx_980_eoef--OperatingExpensesCaption_c20260901__20260901__dei--LegalEntityAxis__custom--S000095912Member_zobr4s0JjGa8" 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 style="border-bottom: black 1pt solid"> </td> <td id="xdx_496_20260901__20260901__oef--ClassAxis__custom--C000264694Member_zLMKJak08fr9" style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td></tr> <tr id="xdx_40C_eoef--ManagementFeesOverAssets_dpn_zdlyrmYoRNkg" style="vertical-align: bottom"> <td colspan="2">Management Fee </td> <td> </td> <td> </td> <td style="text-align: right">1.29</td> <td>%</td></tr> <tr id="xdx_408_eoef--DistributionAndService12b1FeesOverAssets_dpn_zDKHR7ajDJSk" style="vertical-align: bottom"> <td colspan="2">Distribution and Service (12b-1) Fees </td> <td> </td> <td> </td> <td style="text-align: right">None</td> <td> </td></tr> <tr id="xdx_408_eoef--OtherExpensesOverAssets_dpn_zMkodVZECVXa" style="vertical-align: bottom"> <td colspan="2" style="border-bottom: black 1pt solid">Other Expenses</td> <td style="border-bottom: black 1pt solid"> </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_40F_eoef--ExpensesOverAssets_dpn_z5wlah0lTkG5" style="vertical-align: bottom"> <td colspan="2">Total Annual Fund Operating Expenses(2)</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double; text-align: right">1.31</td> <td style="border-bottom: black 2.25pt double">%</td></tr> <tr style="vertical-align: top"> <td>(1)</td> <td colspan="5" id="xdx_F19_zOLX7aYLRc84" style="text-align: justify">The Fund’s investment adviser, Tidal Investments LLC (“Tidal” or the “Adviser”), a Tidal Financial Group company, will pay all of the Fund’s expenses incurred by the Fund (except for advisory) excluding 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> <tr> <td style="vertical-align: top"> </td> <td colspan="5"> </td></tr> <tr style="vertical-align: top"> <td>(2)</td> <td colspan="5" id="xdx_F19_zNYxJth9Fkb8" style="text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</td></tr> <tr> <td style="width: 2%"> </td> <td style="width: 91%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 4%"> </td> <td style="width: 1%"> </td></tr> </table> Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) 0.0129 0 0.0002 0.0131 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 redeem or hold 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_A86_eoef--ExpenseExampleWithRedemptionTableTextBlock_z2bwrwYtOHSl"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_z9qIfdvNFq2d" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_48B_eoef--ExpenseExampleYear01_zINtmgsEmnJc" style="border-top: black 1pt solid; width: 50%; text-align: center">1 Year</td> <td id="xdx_48F_eoef--ExpenseExampleYear03_zuiLHHVNHgwa" style="border-top: black 1pt solid; width: 50%; text-align: center">3 Years</td></tr> <tr id="xdx_414_20260901__20260901__oef--ClassAxis__custom--C000264694Member_zrHUh5HOJ9D9"> <td style="border-bottom: black 1pt solid; text-align: center">$133</td> <td style="border-bottom: black 1pt solid; text-align: center">$415</td></tr> </table> 133 415 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. Because the Fund has not yet commenced operations, portfolio turnover information is not yet available. Principal Investment Strategies The Fund is an actively managed exchange traded fund (“ETF”) that attempts to achieve two times (200%) the daily percentage change in the share price of the Underlying Security by employing derivatives, namely swap agreements and/or listed options contracts. The Fund aims to achieve this daily percentage change for a single day, and not for any other period. A “single day” means the period “from the close of regular trading on one trading day to the close on the next trading day.” If the Fund encounters limitations in implementing its strategies, whether due to market conditions, derivative availability, counterparty issues, or other factors, the Fund may not achieve investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Underlying Security, and may return substantially less during such periods. During such periods, the Fund’s actual leverage levels may differ substantially from its intended target, both intraday and at the close of trading, potentially resulting in significantly lower returns. The Fund may enter into one or more swap agreements with financial institutions for a specified period, which may range from one day to longer than a year. Through each swap agreement, the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Security’s share price. The gross return (meaning the return before deducting any fees or expenses) to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” (meaning the face amount of the instrument) e.g., the return on or change in value of a particular dollar amount representing the Underlying Security. The Fund may also utilize listed options to seek to achieve leveraged 2X exposure to the Underlying Security. The Fund will primarily employ short-dated (a month or less) in-the-money call options (options with strike prices below the current market price of the Underlying Security, offering immediate intrinsic value). Additionally, the Fund may use other option strategies to produce similar exposure to the Underlying Security, like buying calls and selling puts with identical strike prices. These options allow the Fund to adjust its leverage strategy in response to market conditions, liquidity constraints, or other factors that may affect the availability or pricing of swap agreements. The use of listed options provides additional flexibility in pursuing the Fund’s daily investment objective. In situations where swap availability is constrained, the Fund may rely more heavily on options contracts. Additionally, the Fund may use options in response to changing market dynamics. However, the use of option contracts is typically less efficient than swaps and may increase the likelihood that the Fund is unable to achieve its daily 2X objective. At the end of each day, the Fund’s swaps and options are valued using market valuations and the Fund’s investment adviser rebalances the Fund’s holdings in an attempt to maintain leveraged exposure for the Fund equal to approximately 200% of the Underlying Security’s share price. This daily rebalancing is expected to result in high portfolio turnover. For examples of a hypothetical investment in the Fund, see the section in the Fund’s Prospectus titled “Additional Information About the Fund – Principal Investment Strategies.” Fund performance for periods greater than one single day is primarily (but not solely) a function of the following factors: a) the Underlying Security volatility; b) the Underlying Security’s performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses. The Fund will hold assets to serve as collateral for its derivatives positions. For those collateral holdings, the Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality. The Fund has adopted a policy to have at least 80% exposure to financial instruments with economic characteristics that should perform 2X the daily performance of the Underlying Security’s shares. The Fund is expected to allocate between 40% and 60% of its assets as collateral for swap agreements or as premiums for purchased options contracts. The Fund is classified as “non-diversified” under the 1940 Act. The Fund’s investment strategy is expected to result in a high annual portfolio turnover rate. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security’s shares over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and because of daily rebalancing, the Underlying Security’s shares’ volatility and the effects of compounding, the Fund may lose money over time while the Underlying Security’s performance increases over a period longer than a single day. As a consequence, investors should not plan to hold shares of the Fund unmonitored for periods longer than a single trading day. Energy Transfer LP (“ET”) Energy Transfer LP is an energy company, specifically in the midstream sector (i.e., the transportation, storage, and processing of crude oil and natural gas after they are extracted), that owns and operates a network of pipelines and related infrastructure across the United States. ET is listed on the New York Stock Exchange (“NYSE”). Per ET’s most recent Form 10-K filing, the aggregate market value as of June 30, 2025, of the registrant’s Common Units held by non-affiliates of the registrant, based on the reported closing price of such Common Units on the New York Stock Exchange on such date, was $55.98 billion. ET is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the SEC by ET pursuant to the Exchange Act can be located by reference to SEC file number 1-32740 through the SEC’s website at www.sec.gov. In addition, information regarding ET may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. This document relates only to the securities offered hereby and does not relate to the shares of ET or other securities of Energy Transfer LP. The Fund has derived all disclosures contained in this document regarding ET from the publicly available documents. None of the Fund, Tidal Trust II (the “Trust”), or the Adviser, or their respective affiliates has participated in the preparation of such publicly available offering documents or made any due diligence inquiry regarding such documents with respect to ET. None of the Fund, the Trust, or the Adviser, or their respective affiliates makes any representation that such publicly available documents or any other publicly available information regarding ET is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of ET (and therefore the share price of the Fund at the time we price the securities) have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning ET could affect the value received with respect to the securities and therefore the value of the securities. None of the Fund, the Trust, the Adviser, or their respective affiliates makes any representation to you as to the performance of ET. NONE OF THE FUND, TIDAL TRUST II, OR TIDAL INVESTMENTS LLC IS AFFILIATED, CONNECTED, OR ASSOCIATED WITH ENERGY TRANSFER LP. THE FUND WAS NOT DEVELOPED OR CREATED BY, AND IS NOT SPONSORED, ENDORSED, OR APPROVED BY, ENERGY TRANSFER LP. Moreover, Energy Transfer LP has not participated in the development of the Fund’s investment strategy. Energy Transfer LP does not select or approve the Fund’s portfolio holdings, nor does it participate in the construction, design, or implementation of the Fund. Energy Transfer LP does not provide any assurances, guarantees, or representations regarding the Fund or its performance. Nothing herein shall be construed as an offer of any security by Energy Transfer LP. None of the Fund, the Trust, the Adviser, or their respective affiliates claim any ownership interest in any trademarks owned by ET or its affiliates. All rights in the trademarks are reserved by their respective owners. Due to the Fund’s investment strategy, the Fund’s investment exposure is concentrated in the same industry as that assigned to the Underlying Security. As of the date of the Prospectus, ET is assigned to the Oil, Gas & Consumable Fuels industry. The Fund has adopted a policy to have at least 80% exposure to financial instruments with economic characteristics that should perform 2X the daily performance of the Underlying Security’s shares. 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. ET Risks. The Fund invests in swap contracts and options that are based on the share price of ET. This subjects the Fund to certain of the same risks as if it owned shares of ET, even though it does not. By virtue of the Fund’s investments in swap contracts and options that are based on the value of ET, the Fund may also be subject to the following risks: <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentInEtRiskMember_zexbU8ioqTB6"></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: 0.4in"></td><td style="width: 0.4in">●</td><td style="text-align: justify">Indirect Investment in ET Risk. ET is not affiliated with the Trust, the Fund, or the Adviser, or their respective affiliates and is not involved with this offering in any way and has no obligation to consider your Shares in taking any corporate actions that might affect the value of Shares. Investors in the Fund will not have voting rights or influence over the management of ET but will be exposed to the performance of ET (the Underlying Security). Investors will also not have the right to receive dividends or other distributions from ET, but will remain subject to price fluctuations and other risks associated with ownership of the Underlying Security.</td></tr></table> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtTradingRiskMember_zMiSrJOYgrkg"></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: 0.4in"></td><td style="width: 0.4in">●</td><td style="text-align: justify">ET Trading Risk. The trading price of ET may be subject to volatility and could experience wide fluctuations due to various factors. Short sellers may also influence ET’s trading activity, contributing to market instability. Public perception and external factors beyond the company’s control may influence ET’s stock price disproportionately. Additionally, following periods of market volatility, companies have faced securities class action litigation. Any adverse judgment or future stockholder litigation could result in substantial costs and divert management’s attention and resources. In the event of a trading halt, delisting, or significant disruption in the market for ET’s shares, the Fund may experience difficulty entering, modifying, or liquidating its exposures. These conditions could impair the Fund’s ability to achieve its investment objective, result in significant tracking error, or, in extreme cases, force the Fund to liquidate entirely.</td></tr></table> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtPerformanceRiskMember_zteq42M8wIQe"></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: 0.4in"></td><td style="width: 0.4in">●</td><td style="text-align: justify">ET Performance Risk. ET may fail to meet its publicly announced guidelines or other expectations about its business, which could cause the price of ET to decline. Correctly identifying key factors affecting business conditions and predicting future events is inherently an uncertain process, and the guidance ET provides may not ultimately be accurate. If ET’s guidance is not accurate or varies from actual results due to its inability to meet the assumptions or the impact on its financial performance that could occur as a result of various risks and uncertainties, the market value of common stock issued by ET could decline significantly.</td></tr></table> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--OilGasAndConsumableFuelsIndustryRisksMember_zD3QF3VlM2ig"></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: 0.4in"></td><td style="width: 0.4in">●</td><td style="text-align: justify">Oil, Gas & Consumable Fuels Industry Risks. The oil, gas and consumable fuels industry is cyclical and highly dependent on the market price of fuel. The market value of companies in the oil, gas and consumable fuels industry are strongly affected by the levels and volatility of global commodity prices, supply and demand, capital expenditures on exploration and production, energy conservation efforts, the prices of alternative fuels, exchange rates and technological advances. Companies in this industry are subject to substantial government regulation and contractual fixed pricing, which may increase the cost of business and limit these companies’ earnings. A significant portion of their revenues depends on a relatively small number of customers, including governmental entities and utilities. As a result, governmental budget restraints may have a material adverse effect on the stock prices of companies in the industry.</td></tr></table> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndebtednessRiskMember_zdsacLigOJgl"></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: 0.4in"></td><td style="width: 0.4in">●</td><td style="text-align: justify">Indebtedness Risk. ET’s debt level and debt agreements may limit its future financial and operating flexibility, which could negatively impact the share price of ET. In addition, ET does not have the same flexibility as other types of organizations to accumulate cash, which may limit cash available to service debt or to repay debt at maturity. Unlike a corporation, ET’s partnership structure requires it to distribute, on a quarterly basis, 100% of its available cash to unitholders of record and its general partner. Available cash is generally all of ET’s cash on hand as of the end of a quarter, adjusted for cash distributions and net changes to reserves.</td></tr></table> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--RegulatoryRiskMember_zelpL67WE4Z8"></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: 0.4in"></td><td style="width: 0.4in">●</td><td style="text-align: justify">Regulatory Risk. ET is subject to the risk of government regulation impacting its operations, thereby negatively impacting the share price of ET. In particular, increased regulation of hydraulic fracturing or produced water disposal could result in reductions or delays in crude oil and natural gas production in ET’s areas of operation, which could adversely impact ET’s business and results of operations. In addition, increased regulation of the Dakota Access Pipeline or ET’s interstate natural gas pipelines could adversely affect ET’s business and results of operations. In addition, state regulatory measures could adversely affect the business and operations of ET’s midstream and intrastate pipeline and storage assets.</td></tr></table> Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security, may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole. Additionally, the Fund will seek to employ its investment strategy as it relates to the underlying issuer regardless of whether there are significant corporate actions such as restructurings, enforcement activity, or acquisitions or periods adverse market, economic, or other conditions and will not seek to take temporary defensive positions during such periods. Compounding and Market Volatility Risk. The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from two times (200%) the Underlying Security’s performance, before the Fund’s management fee and other expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate leveraged daily returns and that rebalance daily. For the Fund aiming to replicate two times the daily performance of an Underlying Security, if adverse daily performance of the Underlying Security reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if favorable daily performance of the Underlying Security increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes more pronounced as the Underlying Security’s volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund. The chart below provides examples of how the Underlying Security’s volatility could affect the Fund’s performance. The chart illustrates the impact of two factors that affect the Fund’s performance – the Underlying Security’s volatility and the Underlying Security’s performance. The Underlying Security’s performance shows the percentage change in the share price of the Underlying Security over the specified time period, while the Underlying Security’s volatility is a statistical measure of the magnitude of fluctuations in the returns during that time period. As illustrated below, even if the Underlying Security’s performance over two equal time periods is identical, different Underlying Security volatility (i.e., in magnitude of fluctuations in the share price of the Underlying Security) during the two time periods could result in drastically different Fund performance for the two time periods because of compounding daily returns during the time periods. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) the Underlying Security volatility; b) the Underlying Security performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses. The chart shows estimated Fund returns for a number of combinations of Underlying Security volatility and Underlying Security performance over a one-year period. Performance shown in the chart assumes that: (i) there were no Fund expenses; (ii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected the estimated returns would be different than those shown. Particularly during periods of higher Underlying Security volatility, compounding will cause results for periods longer than a trading day to vary from two times (200%) the performance of the Underlying Security. As shown in the chart below, the Fund would be expected to lose 6.1% if there was no change in the share price of the Underlying Security over a one-year period during which the Underlying Security experienced annualized volatility of 25%. If the Underlying Security’s annualized volatility were to rise to 75%, the hypothetical loss for a one-year period would widen to approximately -43%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if there were no change in the share price of the Underlying Security. For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative Underlying Security change in the share price of the Underlying Security for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than two times (200%) the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than two times (200%) the performance of the Underlying Security. The Fund’s actual performance may be significantly better or worse than the performance shown below as a result of any of the factors discussed above or in the “Daily Correlation/Tracking Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td colspan="4" style="vertical-align: top">Estimated Returns of 200% or Two Times Performance of the Underlying Security</td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Underlying Security Performance</td> <td colspan="5" style="border-bottom: black 1pt solid; text-align: center">One Year Volatility Rate</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; width: 22%; text-align: center">One Year Underlying Security</td> <td style="border-bottom: black 1pt solid; width: 1%"> </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 22%; text-align: center">2X Times (200%) the One Year Performance</td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center">10%</td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center">25%</td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center">50%</td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center">75%</td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center">100%</td></tr> <tr> <td style="text-align: center">-60%</td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center">-120%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-84.2%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-85.0%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-87.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-90.9%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-94.1%</td></tr> <tr> <td style="text-align: center">-50%</td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center">-100%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-75.2%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-76.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-80.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-85.8%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-90.8%</td></tr> <tr> <td style="text-align: center">-40%</td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center">-80%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-64.4%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-66.2%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-72.0%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-79.5%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-86.8%</td></tr> <tr> <td style="text-align: center">-30%</td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center">-60%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-51.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-54.0%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-61.8%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-72.1%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-82.0%</td></tr> <tr> <td style="text-align: center">-20%</td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center">-40%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-36.6%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-39.9%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-50.2%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-63.5%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-76.5%</td></tr> <tr> <td style="text-align: center">-10%</td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center">-20%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-19.8%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-23.9%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-36.9%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-53.8%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-70.2%</td></tr> <tr> <td style="text-align: center">0%</td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center">0%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-1.0%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-6.1%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-22.1%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-43.0%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-63.2%</td></tr> <tr> <td style="text-align: center">10%</td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center">20%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">19.8%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">13.7%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-5.8%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-31.1%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-55.5%</td></tr> <tr> <td style="text-align: center">20%</td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center">40%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">42.6%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">35.3%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">12.1%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-18.0%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-47.0%</td></tr> <tr> <td style="text-align: center">30%</td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center">60%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">67.3%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">58.8%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">31.6%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-3.7%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-37.8%</td></tr> <tr> <td style="text-align: center">40%</td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center">80%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">94.0%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">84.1%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">52.6%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">11.7%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-27.9%</td></tr> <tr> <td style="text-align: center">50%</td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center">100%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">122.8%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">111.4%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">75.2%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">28.2%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-17.2%</td></tr> <tr> <td style="text-align: center">60%</td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center">120%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">153.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">140.5%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">99.4%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">45.9%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-5.8%</td></tr> </table> The Underlying Security’s five-year annualized historical volatility rate for the period ended June 30, 2026 was 25.06]%. The Underlying Security’s highest volatility rate for any one calendar year during this period was 33.74%. The Underlying Security’s annualized performance during this period was 12.45%. Historical Underlying Security volatility and performance are not indications of what Underlying Security volatility and performance will be in the future. Daily Correlation/Tracking Risk. There is no guarantee that the Fund will achieve a high degree of leveraged correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. To achieve a high degree of leveraged correlation with the Underlying Security, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its daily leveraged investment objective. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and extreme volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. If there is a significant intra-day market event and/or the Underlying Security experiences a significant increase or decline, the Fund may not meet its investment objective, be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads. The Fund may have difficulty achieving its daily leveraged investment objective due to fees, expenses, transaction costs, financing costs related to the use of derivatives, investments in ETFs, directly or indirectly, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or derivatives held by the Fund. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. The Fund may take or refrain from taking positions to improve the tax efficiency or to comply with various regulatory restrictions, either of which may negatively impact the Fund’s leveraged correlation to the Underlying Security. Leverage Risk. The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the share price of the Underlying Security, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the share price of the Underlying Security declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Security’s share price. Derivatives Risk. 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, leverage, imperfect daily correlations 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 imperfect correlation between the share price of the Underlying Security 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. The Fund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily leveraged performance for the Fund. Swap Agreements. The use of swap transactions is a highly specialized activity, which 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 counterparties for those swap agreements. If the Adviser is unable to enter into swap agreements that provide leveraged exposure to the Underlying Security, the Fund may not meet its stated investment objective. Additionally, any financing, borrowing or other costs associated with using swap transactions may also have the effect of lowering the Fund’s return. 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 derivatives 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 or underlying 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 a basket of securities. If the Underlying Security has a dramatic move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately 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 achieve exposure consistent with the Fund’s investment objective. This may prevent the Fund from achieving its leveraged investment objective, even if the Underlying Security later reverses all or a portion of its movement. Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid. Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in derivatives which exposes the Fund to the risk that the counterparty will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund and the Fund may be unable to recover its investment from such counterparty or may obtain a limited and/or delayed recovery. Counterparties may seek to hedge their exposure to individual clients (such as the Fund) by establishing offsetting exposures with other clients, however, there is no guarantee that counterparties will do so under all circumstances. Should a counterparty (e.g., a swap counterparty) terminate its relationship with the Fund, the Fund will seek to utilize other counterparties to seek to maintain its exposures. In addition, the Fund may use options contracts to seek to generate the leverage necessary to implement its strategy. The use of options contracts introduces distinct risks, including heightened volatility, particularly intraday. While options may provide an ancillary benefit of mitigating some losses under specific scenarios, such as severe market downturns, their inherent leverage and rapid price fluctuations can amplify the Fund’s performance volatility and lead to greater risks of substantial losses. Refer to “Derivatives Risk – Options Contracts” for additional information on the risks of investing in options. In addition, the Fund may enter into swap agreements with a limited number of counterparties, which may increase the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its investment objective. Intra-Day Investment Risk. The Fund seeks investment results from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the share price of the Underlying Security at the market close on the first trading day and the share price of the Underlying Security at the time of purchase. If the share price of the Underlying Security rises, the Fund’s net assets will rise by approximately twice the amount as the Fund’s exposure. Conversely, if the share price of the Underlying Security declines, the Fund’s net assets will decline by approximately two times the amount as the Fund’s exposure. Thus, an investor that purchases Shares intra-day may experience performance that is greater than, or less than, the Fund’s stated leveraged performance of the Underlying Security. If there is a significant intra-day market event and/or the securities of the Underlying Security experience a significant increase or decrease, the Fund may not meet its investment objective or rebalance its portfolio appropriately. Fixed Income Securities Risk. When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s Share price and total return to be reduced and fluctuate more than other types of investments. Rebalancing Risk. If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated investment objective. As a result, the Fund may be exposed to leverage risk because it had not been properly rebalanced and may not achieve its investment objective. ETF Risks <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zXFj3y7pup8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; 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. The costs associated with cash redemptions may include brokerage costs that the Fund may not have incurred if it had made the redemptions in-kind. These costs could be imposed on the Fund, decreasing its NAV, to the extent these costs are not offset by a transaction fee payable by an authorized participant. 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. <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_z7iUobrUnFpj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; 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 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 underlying portfolio holdings, which can be significantly less liquid than Shares. This adverse effect on liquidity for the Fund’s shares may lead to wider bid-ask spreads and differences between the market price of the Fund’s shares and the underlying value of the shares. Liquidity Risk. In certain circumstances, such as the disruption of the orderly markets for the financial instruments in which the Fund invests, the Fund might not be able to acquire or dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. Markets for the financial instruments in which the Fund invests may be disrupted by a number of events, including but not limited to economic crises, health crises, natural disasters, excessive volatility, new legislation, or regulatory changes inside or outside of the U.S. These situations may have an impact on the liquidity of the Fund’s own shares.” 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. Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active market trading of the Fund’s Shares on exchanges (such as the Exchange), could cause more frequent creation and redemption activities, which could increase the number of portfolio transactions. Frequent and active trading may lead to higher transaction costs because of increased broker commissions resulting from such transactions. In addition, there is the possibility of significantly increased short-term capital gains (which will be taxable to shareholders as ordinary income when distributed to them). The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise the majority of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher. Tracking Error Risk. Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate two times the daily percentage change in the price of the Underlying Security. Tracking error may occur for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Security or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives, and therefore experience tracking error, as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Liquidity Risk. Some securities held by the Fund may be difficult to sell or be illiquid, particularly during times of market turmoil. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, epidemics/pandemics, new legislation or regulatory changes inside or outside the United States. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to sell an illiquid security at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. There is no assurance that a security that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses 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 may lose money. 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. There can be no assurance that the Fund will grow to or maintain an economically viable size. 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. This may increase the Fund’s volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund’s performance. Trading Halt Risk. Although the Underlying Security’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the Exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Security’s shares is expected, in turn, to result in a halt in the trading in the Fund’s Shares. Trading in the Underlying Security’s and/or Fund’s Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in the Underlying Security’s and/or Fund’s Shares inadvisable. In addition, trading in Underlying Security’s and/or Fund’s Shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. 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 the Fund’s investment advisor seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks. 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. 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”). 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 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. To comply with the asset diversification test applicable to a RIC, the Fund will attempt to ensure that the value of swap contracts and options on shares of a single issuer does not exceed 25% of the Fund’s value at the close of any quarter. If the value of swap contracts and options 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. 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 DAILY TARGET 2X LONG FIG ETF – FUND SUMMARY Investment Objective The Fund seeks daily investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price of Figma, Inc. (NYSE: FIG). The Fund does not seek to achieve its stated investment objective for a period other than a single trading day. 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_A81_eoef--AnnualFundOperatingExpensesTableTextBlock_zZQYVh97Tb51"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zlzbZneN0yxi" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td colspan="2" id="xdx_982_eoef--OperatingExpensesCaption_c20260901__20260901__dei--LegalEntityAxis__custom--S000095913Member_zwiZxz0dDRYa" 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 style="border-bottom: black 1pt solid"> </td> <td id="xdx_494_20260901__20260901__oef--ClassAxis__custom--C000264695Member_zldTO3Ej4WW" style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td></tr> <tr id="xdx_40C_eoef--ManagementFeesOverAssets_dpn_z2RRwVi8tshi" style="vertical-align: bottom"> <td colspan="2">Management Fee </td> <td> </td> <td> </td> <td style="text-align: right">1.29</td> <td>%</td></tr> <tr id="xdx_408_eoef--DistributionAndService12b1FeesOverAssets_dpn_z3AIwEePbZx2" style="vertical-align: bottom"> <td colspan="2">Distribution and Service (12b-1) Fees </td> <td> </td> <td> </td> <td style="text-align: right">None</td> <td> </td></tr> <tr id="xdx_408_eoef--OtherExpensesOverAssets_dpn_zG7iPgZF0H5g" style="vertical-align: bottom"> <td colspan="2" 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"> </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_40F_eoef--ExpensesOverAssets_dpn_zJsAU1Hm2Tb2" style="vertical-align: bottom"> <td colspan="2">Total Annual Fund Operating Expenses(3)</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double; text-align: right">1.31</td> <td style="border-bottom: black 2.25pt double">%</td></tr> <tr style="vertical-align: top"> <td>(1)</td> <td colspan="5" id="xdx_F1D_z3y2UG4Ca8Ad" style="text-align: justify">The Fund’s investment adviser, Tidal Investments LLC (“Tidal” or the “Adviser”), a Tidal Financial Group company, will pay all of the Fund’s expenses incurred by the Fund (except for advisory fees) excluding 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> <tr style="vertical-align: top"> <td>(2)</td> <td colspan="5" id="xdx_F15_zeKayhO3P6Cb" style="text-align: justify">Based on estimated amounts for the current fiscal year.</td></tr> <tr style="vertical-align: top"> <td>(3)</td> <td colspan="5" id="xdx_F16_zQ7XmHYrpZe5" style="text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</td></tr> <tr> <td style="width: 2%"> </td> <td style="width: 91%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 4%"> </td> <td style="width: 1%"> </td></tr> </table> Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) 0.0129 0 0.0002 0.0131 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 redeem or hold 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_A8A_eoef--ExpenseExampleWithRedemptionTableTextBlock_zkfbzPloJcZ"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_z62b2msXHtq7" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_480_eoef--ExpenseExampleYear01_zkaxzxcWXTE2" style="border-top: black 1pt solid; width: 50%; text-align: center">1 Year</td> <td id="xdx_48F_eoef--ExpenseExampleYear03_zloJJfn6Fl1k" style="border-top: black 1pt solid; width: 50%; text-align: center">3 Years</td></tr> <tr id="xdx_413_20260901__20260901__oef--ClassAxis__custom--C000264695Member_zET3XCzxQJpk"> <td style="border-bottom: black 1pt solid; text-align: center">$133</td> <td style="border-bottom: black 1pt solid; text-align: center">$415</td></tr> </table> 133 415 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. Because the Fund has not yet commenced operations, portfolio turnover information is not yet available. Principal Investment Strategies The Fund is an actively managed exchange traded fund (“ETF”) that attempts to achieve two times (200%) the daily percentage change in the share price of the Underlying Security by employing derivatives, namely swap agreements and/or listed options contracts. The Fund aims to achieve this daily percentage change for a single day, and not for any other period. A “single day” means the period “from the close of regular trading on one trading day to the close on the next trading day.” If the Fund encounters limitations in implementing its strategies, whether due to market conditions, derivative availability, counterparty issues, or other factors, the Fund may not achieve investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Underlying Security, and may return substantially less during such periods. During such periods, the Fund’s actual leverage levels may differ substantially from its intended target, both intraday and at the close of trading, potentially resulting in significantly lower returns. The Fund may enter into one or more swap agreements with financial institutions for a specified period, which may range from one day to longer than a year. Through each swap agreement, the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Security’s share price. The gross return (meaning the return before deducting any fees or expenses) to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” (meaning the face amount of the instrument) e.g., the return on or change in value of a particular dollar amount representing the Underlying Security. The Fund may also utilize listed options to seek to achieve leveraged 2X exposure to the Underlying Security. The Fund will primarily employ short-dated (a month or less) in-the-money call options (options with strike prices below the current market price of the Underlying Security, offering immediate intrinsic value). Additionally, the Fund may use other option strategies to produce similar exposure to the Underlying Security, like buying calls and selling puts with identical strike prices. These options allow the Fund to adjust its leverage strategy in response to market conditions, liquidity constraints, or other factors that may affect the availability or pricing of swap agreements. The use of listed options provides additional flexibility in pursuing the Fund’s daily investment objective. In situations where swap availability is constrained, the Fund may rely more heavily on options contracts. Additionally, the Fund may use options in response to changing market dynamics. However, the use of option contracts is typically less efficient than swaps and may increase the likelihood that the Fund is unable to achieve its daily 2X objective. At the end of each day, the Fund’s swaps and options are valued using market valuations and the Fund’s investment adviser rebalances the Fund’s holdings in an attempt to maintain leveraged exposure for the Fund equal to approximately 200% of the Underlying Security’s share price. This daily rebalancing is expected to result in high portfolio turnover. For examples of a hypothetical investment in the Fund, see the section in the Fund’s Prospectus titled “Additional Information About the Fund – Principal Investment Strategies.” Fund performance for periods greater than one single day is primarily (but not solely) a function of the following factors: a) the Underlying Security volatility; b) the Underlying Security’s performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses. The Fund will hold assets to serve as collateral for its derivatives positions. For those collateral holdings, the Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality. The Fund has adopted a policy to have at least 80% exposure to financial instruments with economic characteristics that should perform 2X the daily performance of the Underlying Security’s shares. The Fund is expected to allocate between 40% and 60% of its assets as collateral for swap agreements or as premiums for purchased options contracts. The Fund is classified as “non-diversified” under the 1940 Act. The Fund’s investment strategy is expected to result in a high annual portfolio turnover rate. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security’s shares over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and because of daily rebalancing, the Underlying Security’s shares’ volatility and the effects of compounding, the Fund may lose money over time while the Underlying Security’s performance increases over a period longer than a single day. As a consequence, investors should not plan to hold shares of the Fund unmonitored for periods longer than a single trading day. Figma, Inc. (“FIG”) Figma, Inc. provides software solutions that help users turn ideas into digital products and experiences. The Company’s AI-powered platform helps designers, developers, marketers, and other collaborators go from idea to shipped product. FIG is listed on the New York Stock Exchange (“NYSE”). FIG is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the SEC by FIG pursuant to the Exchange Act can be located by reference to SEC file number 001-42761 through the SEC’s website at www.sec.gov. In addition, information regarding FIG may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. This document relates only to the securities offered hereby and does not relate to the shares of FIG or other securities of Figma, Inc. The Fund has derived all disclosures contained in this document regarding FIG from the publicly available documents. None of the Fund, Tidal Trust II (the “Trust”), or the Adviser, or their respective affiliates has participated in the preparation of such publicly available offering documents or made any due diligence inquiry regarding such documents with respect to FIG. None of the Fund, the Trust, or the Adviser, or their respective affiliates makes any representation that such publicly available documents or any other publicly available information regarding FIG is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of FIG (and therefore the share price of the Fund at the time we price the securities) have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning FIG could affect the value received with respect to the securities and therefore the value of the securities. None of the Fund, the Trust, the Adviser, or their respective affiliates makes any representation to you as to the performance of FIG. NONE OF THE FUND, TIDAL TRUST II, OR TIDAL INVESTMENTS LLC IS AFFILIATED, CONNECTED, OR ASSOCIATED WITH FIGMA, INC. THE FUND WAS NOT DEVELOPED OR CREATED BY, AND IS NOT SPONSORED, ENDORSED, OR APPROVED BY, FIGMA, INC. Moreover, Figma, Inc. has not participated in the development of the Fund’s investment strategy. Figma, Inc. does not select or approve the Fund’s portfolio holdings, nor does it participate in the construction, design, or implementation of the Fund. Figma, Inc. does not provide any assurances, guarantees, or representations regarding the Fund or its performance. Nothing herein shall be construed as an offer of any security by Figma, Inc. None of the Fund, the Trust, the Adviser, or their respective affiliates claim any ownership interest in any trademarks owned by FIG or its affiliates. All rights in the trademarks are reserved by their respective owners. Due to the Fund’s investment strategy, the Fund’s investment exposure is concentrated in the same industry as that assigned to the Underlying Security. As of the date of the Prospectus, FIG is assigned to the Software industry. The Fund has adopted a policy to have at least 80% exposure to financial instruments with economic characteristics that should perform 2X the daily performance of the Underlying Security’s shares. 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. FIG Risks. The Fund invests in swap contracts and options that are based on the share price of FIG. This subjects the Fund to certain of the same risks as if it owned shares of FIG, even though it does not. By virtue of the Fund’s investments in swap contracts and options that are based on the value of FIG, the Fund may also be subject to the following risks: <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--LimitedOperatingHistoryRiskMember_zwt8IJslBZM8"></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: 0.4in"></td><td style="width: 0.4in">●</td><td style="text-align: justify">Limited Operating History Risk. FIG has a limited operating history at its current scale, which makes it difficult to evaluate FIG’s current business and future prospects and increases the risks associated with an investment in FIG. FIG continues to make significant expenditures related to the development and expansion of its business. FIG has encountered, and will continue to encounter, risks and uncertainties frequently experienced by growing companies in rapidly changing industries and sectors. Any predictions about FIG’s future revenue and expenses may not be as accurate as they would be if FIG had a longer operating history or operated in more predictable or established markets. If FIG’s assumptions regarding these risks and uncertainties are incorrect or change due to changing circumstances, or if FIG does not address these risks successfully, its operating and financial results could differ materially from FIG’s expectations, and its business and the trading price of FIG stock may be adversely affected.</td></tr></table> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentInFigRiskMember_zaEZt7Dvyi9j"></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: 0.4in"></td><td style="width: 0.4in">●</td><td style="text-align: justify">Indirect Investment in FIG Risk. FIG is not affiliated with the Trust, the Fund, or the Adviser, or their respective affiliates and is not involved with this offering in any way and has no obligation to consider your Shares in taking any corporate actions that might affect the value of Shares. Investors in the Fund will not have voting rights or influence over the management of FIG but will be exposed to the performance of FIG (the Underlying Security). Investors will also not have the right to receive dividends or other distributions from FIG, but will remain subject to price fluctuations and other risks associated with ownership of the Underlying Security.</td></tr></table> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--FigTradingRiskMember_zLfLKQfXnZrh"></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: 0.4in"></td><td style="width: 0.4in">●</td><td style="text-align: justify">FIG Trading Risk. The trading price of FIG may be subject to volatility and could experience wide fluctuations due to various factors. Short sellers may also influence FIG’s trading activity, contributing to market instability. Public perception and external factors beyond the company’s control may influence FIG’s stock price disproportionately. Additionally, following periods of market volatility, companies have faced securities class action litigation. Any adverse judgment or future stockholder litigation could result in substantial costs and divert management’s attention and resources. In the event of a trading halt, delisting, or significant disruption in the market for FIG’s shares, the Fund may experience difficulty entering, modifying, or liquidating its exposures. These conditions could impair the Fund’s ability to achieve its investment objective, result in significant tracking error, or, in extreme cases, force the Fund to liquidate entirely.</td></tr></table> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--FigPerformanceRiskMember_zAm1LU0smBa4"></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: 0.4in"></td><td style="width: 0.4in">●</td><td style="text-align: justify">FIG Performance Risk. FIG may fail to meet its publicly announced guidelines or other expectations about its business, which could cause the price of FIG to decline. Correctly identifying key factors affecting business conditions and predicting future events is inherently an uncertain process, and the guidance FIG provides may not ultimately be accurate. If FIG’s guidance is not accurate or varies from actual results due to its inability to meet the assumptions or the impact on its financial performance that could occur as a result of various risks and uncertainties, the market value of common stock issued by FIG could decline significantly.</td></tr></table> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--SoftwareIndustryRisksMember_z8zUCXVeIjm"></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: 0.4in"></td><td style="width: 0.4in">●</td><td style="text-align: justify">Software Industry Risks. The software industry can be significantly affected by intense competition, aggressive pricing, technological innovations, and product obsolescence. Companies in the software industry are subject to significant competitive pressures, such as aggressive pricing, new market entrants, competition for market share, short product cycles due to an accelerated rate of technological developments and the potential for limited earnings and/or falling profit margins. These companies also face the risks that new services, equipment or technologies will not be accepted by consumers and businesses or will become rapidly obsolete. These factors can affect the profitability of these companies and, as a result, the value of their securities. Also, patent protection is integral to the success of many companies in this industry, and profitability can be affected materially by, among other things, the cost of obtaining (or failing to obtain) patent approvals, the cost of litigating patent infringement and the loss of patent protection for products (which significantly increases pricing pressures and can materially reduce profitability with respect to such products). In addition, many software companies have limited operating histories. Prices of these companies’ securities historically have been more volatile than other securities, especially over the short term. </td></tr></table> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--CompetitionAndAiRisksMember_zueZiF378fPg"></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: 0.4in"></td><td style="width: 0.4in">●</td><td style="text-align: justify">Competition and AI Risks. The markets in which FIG participates are rapidly evolving and highly competitive, and if FIG does not compete effectively, its business, operating results, and financial condition could be adversely impacted. In addition, developments in artificial intelligence (AI) are already impacting the software industry significantly, and FIG expects this impact to be even greater in the future. AI has become more prevalent in the markets in which FIG operates and may result in significant changes in the demand for its platform, including, but not limited to, reducing the difficulty and cost for competitors to build and launch competitive products, altering how consumers and businesses interact with websites and apps and consume content in ways that may result in a reduction in the overall value of interface design, or by otherwise making aspects of FIG’s platform obsolete or decreasing the number of designers, developers, and other collaborators that utilize FIG’s platform. Any of these changes could, in turn, lead to a loss of revenue and adversely impact FIG’s business, operating results, and financial condition.</td></tr></table> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--KeyPersonRiskMember_zHEOitJsg2p6"></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: 0.4in"></td><td style="width: 0.4in">●</td><td style="text-align: justify">Key Person Risk. FIGs future success is dependent, in part, on its ability to hire, integrate, train, manage, retain, and motivate the members of its management team and other key employees throughout the organization. The loss of key personnel, including key members of FIG’s management team or members of FIG’s Board of Directors, as well as certain of its key marketing, sales, finance, support, product development, legal, people team, or technology personnel, could disrupt FIG’s operations and have an adverse effect on our ability to grow our business.</td></tr></table> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntellectualPropertyRiskMember_zTQQ8pgtTgAd"></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: 0.4in"></td><td style="width: 0.4in">●</td><td style="text-align: justify">Intellectual Property Risk. FIG relies on a combination of patent, trademark, copyright, and trade secrets laws, and contractual provisions, including confidentiality agreements, to establish and protect its intellectual property and proprietary technology, including from unauthorized use or disclosure by customers and users, third-party partners, employees, and consultants. Failure to obtain, maintain, protect, or enforce its intellectual property and proprietary rights could enable others to copy or use aspects of FIG’s platform without compensating FIG, which could harm FIG’s brand, business, and operating results.</td></tr></table> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--RegulatoryRiskMember_zupvzlbcfDv8"></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: 0.4in"></td><td style="width: 0.4in">●</td><td style="text-align: justify">Regulatory Risk. FIG is subject to many U.S. and foreign federal, state, and local laws, regulations, and industry standards that involve matters central to its business, including laws and regulations that involve data privacy, data security, intellectual property, including copyright and patent laws, AI technologies, antitrust and competition, online safety and moderation, employment, labor, immigration, consumer protection, public health, workplace safety, and taxation. These laws and regulations are constantly evolving and may be interpreted, applied, created, or amended, in a manner that could harm FIG’s business.</td></tr></table> Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security, may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole. Additionally, the Fund will seek to employ its investment strategy as it relates to the underlying issuer regardless of whether there are significant corporate actions such as restructurings, enforcement activity, or acquisitions or periods adverse market, economic, or other conditions and will not seek to take temporary defensive positions during such periods. Compounding and Market Volatility Risk. The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from two times (200%) the Underlying Security’s performance, before the Fund’s management fee and other expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate leveraged daily returns and that rebalance daily. For the Fund aiming to replicate two times the daily performance of an Underlying Security, if adverse daily performance of the Underlying Security reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if favorable daily performance of the Underlying Security increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes more pronounced as the Underlying Security’s volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund. The chart below provides examples of how the Underlying Security’s volatility could affect the Fund’s performance. The chart illustrates the impact of two factors that affect the Fund’s performance – the Underlying Security’s volatility and the Underlying Security’s performance. The Underlying Security’s performance shows the percentage change in the share price of the Underlying Security over the specified time period, while the Underlying Security’s volatility is a statistical measure of the magnitude of fluctuations in the returns during that time period. As illustrated below, even if the Underlying Security’s performance over two equal time periods is identical, different Underlying Security volatility (i.e., in magnitude of fluctuations in the share price of the Underlying Security) during the two time periods could result in drastically different Fund performance for the two time periods because of compounding daily returns during the time periods. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) the Underlying Security volatility; b) the Underlying Security performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses. The chart shows estimated Fund returns for a number of combinations of Underlying Security volatility and Underlying Security performance over a one-year period. Performance shown in the chart assumes that: (i) there were no Fund expenses; (ii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected the estimated returns would be different than those shown. Particularly during periods of higher Underlying Security volatility, compounding will cause results for periods longer than a trading day to vary from two times (200%) the performance of the Underlying Security. As shown in the chart below, the Fund would be expected to lose 6.1% if there was no change in the share price of the Underlying Security over a one-year period during which the Underlying Security experienced annualized volatility of 25%. If the Underlying Security’s annualized volatility were to rise to 75%, the hypothetical loss for a one-year period would widen to approximately -43%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if there were no change in the share price of the Underlying Security. For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative Underlying Security change in the share price of the Underlying Security for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than two times (200%) the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than two times (200%) the performance of the Underlying Security. The Fund’s actual performance may be significantly better or worse than the performance shown below as a result of any of the factors discussed above or in the “Daily Correlation/Tracking Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td colspan="4" style="vertical-align: top">Estimated Returns of 200% or Two Times Performance of the Underlying Security</td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Underlying Security Performance</td> <td colspan="5" style="border-bottom: black 1pt solid; text-align: center">One Year Volatility Rate</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; width: 22%; text-align: center">One Year Underlying Security</td> <td style="border-bottom: black 1pt solid; width: 1%"> </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 22%; text-align: center">2X Times (200%) the One Year Performance</td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center">10%</td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center">25%</td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center">50%</td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center">75%</td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center">100%</td></tr> <tr> <td style="text-align: center">-60%</td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center">-120%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-84.2%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-85.0%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-87.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-90.9%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-94.1%</td></tr> <tr> <td style="text-align: center">-50%</td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center">-100%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-75.2%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-76.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-80.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-85.8%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-90.8%</td></tr> <tr> <td style="text-align: center">-40%</td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center">-80%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-64.4%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-66.2%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-72.0%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-79.5%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-86.8%</td></tr> <tr> <td style="text-align: center">-30%</td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center">-60%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-51.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-54.0%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-61.8%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-72.1%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-82.0%</td></tr> <tr> <td style="text-align: center">-20%</td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center">-40%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-36.6%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-39.9%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-50.2%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-63.5%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-76.5%</td></tr> <tr> <td style="text-align: center">-10%</td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center">-20%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-19.8%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-23.9%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-36.9%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-53.8%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-70.2%</td></tr> <tr> <td style="text-align: center">0%</td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center">0%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-1.0%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-6.1%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-22.1%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-43.0%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-63.2%</td></tr> <tr> <td style="text-align: center">10%</td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center">20%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">19.8%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">13.7%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-5.8%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-31.1%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-55.5%</td></tr> <tr> <td style="text-align: center">20%</td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center">40%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">42.6%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">35.3%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">12.1%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-18.0%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-47.0%</td></tr> <tr> <td style="text-align: center">30%</td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center">60%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">67.3%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">58.8%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">31.6%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-3.7%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-37.8%</td></tr> <tr> <td style="text-align: center">40%</td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center">80%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">94.0%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">84.1%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">52.6%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">11.7%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-27.9%</td></tr> <tr> <td style="text-align: center">50%</td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center">100%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">122.8%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">111.4%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">75.2%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">28.2%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-17.2%</td></tr> <tr> <td style="text-align: center">60%</td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center">120%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">153.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">140.5%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">99.4%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">45.9%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-5.8%</td></tr> </table> The Underlying Security’s annualized historical volatility rate for the period from July 30, 2025 (the earliest date available) to June 30, 2026 was 158.72%. The Underlying Security’s annualized performance during this period was -11.32%. Historical Underlying Security volatility and performance are not indications of what Underlying Security volatility and performance will be in the future. Daily Correlation/Tracking Risk. There is no guarantee that the Fund will achieve a high degree of leveraged correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. To achieve a high degree of leveraged correlation with the Underlying Security, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its daily leveraged investment objective. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and extreme volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. If there is a significant intra-day market event and/or the Underlying Security experiences a significant increase or decline, the Fund may not meet its investment objective, be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads. The Fund may have difficulty achieving its daily leveraged investment objective due to fees, expenses, transaction costs, financing costs related to the use of derivatives, investments in ETFs, directly or indirectly, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or derivatives held by the Fund. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. The Fund may take or refrain from taking positions to improve the tax efficiency or to comply with various regulatory restrictions, either of which may negatively impact the Fund’s leveraged correlation to the Underlying Security. Leverage Risk. The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the share price of the Underlying Security, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the share price of the Underlying Security declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Security’s share price. Derivatives Risk. 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, leverage, imperfect daily correlations 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 imperfect correlation between the share price of the Underlying Security 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. The Fund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily leveraged performance for the Fund. Swap Agreements. The use of swap transactions is a highly specialized activity, which 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 counterparties for those swap agreements. If the Adviser is unable to enter into swap agreements that provide leveraged exposure to the Underlying Security, the Fund may not meet its stated investment objective. Additionally, any financing, borrowing or other costs associated with using swap transactions may also have the effect of lowering the Fund’s return. 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 derivatives 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 or underlying 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 a basket of securities. If the Underlying Security has a dramatic move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately 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 achieve exposure consistent with the Fund’s investment objective. This may prevent the Fund from achieving its leveraged investment objective, even if the Underlying Security later reverses all or a portion of its movement. Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid. Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in derivatives which exposes the Fund to the risk that the counterparty will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund and the Fund may be unable to recover its investment from such counterparty or may obtain a limited and/or delayed recovery. Counterparties may seek to hedge their exposure to individual clients (such as the Fund) by establishing offsetting exposures with other clients, however, there is no guarantee that counterparties will do so under all circumstances. Should a counterparty (e.g., a swap counterparty) terminate its relationship with the Fund, the Fund will seek to utilize other counterparties to seek to maintain its exposures. In addition, the Fund may use options contracts to seek to generate the leverage necessary to implement its strategy. The use of options contracts introduces distinct risks, including heightened volatility, particularly intraday. While options may provide an ancillary benefit of mitigating some losses under specific scenarios, such as severe market downturns, their inherent leverage and rapid price fluctuations can amplify the Fund’s performance volatility and lead to greater risks of substantial losses. Refer to “Derivatives Risk – Options Contracts” for additional information on the risks of investing in options. In addition, the Fund may enter into swap agreements with a limited number of counterparties, which may increase the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its investment objective. Intra-Day Investment Risk. The Fund seeks investment results from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the share price of the Underlying Security at the market close on the first trading day and the share price of the Underlying Security at the time of purchase. If the share price of the Underlying Security rises, the Fund’s net assets will rise by approximately twice the amount as the Fund’s exposure. Conversely, if the share price of the Underlying Security declines, the Fund’s net assets will decline by approximately two times the amount as the Fund’s exposure. Thus, an investor that purchases Shares intra-day may experience performance that is greater than, or less than, the Fund’s stated leveraged performance of the Underlying Security. If there is a significant intra-day market event and/or the securities of the Underlying Security experience a significant increase or decrease, the Fund may not meet its investment objective or rebalance its portfolio appropriately. Fixed Income Securities Risk. When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s Share price and total return to be reduced and fluctuate more than other types of investments. Rebalancing Risk. If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated investment objective. As a result, the Fund may be exposed to leverage risk because it had not been properly rebalanced and may not achieve its investment objective. ETF Risks <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zQJHSqKFtbef" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; 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. The costs associated with cash redemptions may include brokerage costs that the Fund may not have incurred if it had made the redemptions in-kind. These costs could be imposed on the Fund, decreasing its NAV, to the extent these costs are not offset by a transaction fee payable by an authorized participant. 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. <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zN1mC9WdZuF4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; 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 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 underlying portfolio holdings, which can be significantly less liquid than Shares. This adverse effect on liquidity for the Fund’s shares may lead to wider bid-ask spreads and differences between the market price of the Fund’s shares and the underlying value of the shares. Liquidity Risk. In certain circumstances, such as the disruption of the orderly markets for the financial instruments in which the Fund invests, the Fund might not be able to acquire or dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. Markets for the financial instruments in which the Fund invests may be disrupted by a number of events, including but not limited to economic crises, health crises, natural disasters, excessive volatility, new legislation, or regulatory changes inside or outside of the U.S. These situations may have an impact on the liquidity of the Fund’s own shares.” 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. Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active market trading of the Fund’s Shares on exchanges (such as the Exchange), could cause more frequent creation and redemption activities, which could increase the number of portfolio transactions. Frequent and active trading may lead to higher transaction costs because of increased broker commissions resulting from such transactions. In addition, there is the possibility of significantly increased short-term capital gains (which will be taxable to shareholders as ordinary income when distributed to them). The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise the majority of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher. Tracking Error Risk. Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate two times the daily percentage change in the price of the Underlying Security. Tracking error may occur for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Security or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives, and therefore experience tracking error, as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Liquidity Risk. Some securities held by the Fund may be difficult to sell or be illiquid, particularly during times of market turmoil. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, epidemics/pandemics, new legislation or regulatory changes inside or outside the United States. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to sell an illiquid security at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. There is no assurance that a security that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses 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 may lose money. 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. There can be no assurance that the Fund will grow to or maintain an economically viable size. 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. This may increase the Fund’s volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund’s performance. Trading Halt Risk. Although the Underlying Security’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the Exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Security’s shares is expected, in turn, to result in a halt in the trading in the Fund’s Shares. Trading in the Underlying Security’s and/or Fund’s Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in the Underlying Security’s and/or Fund’s Shares inadvisable. In addition, trading in Underlying Security’s and/or Fund’s Shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. 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 the Fund’s investment advisor seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks. 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 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”). 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 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. To comply with the asset diversification test applicable to a RIC, the Fund will attempt to ensure that the value of swap contracts and options on shares of a single issuer does not exceed 25% of the Fund’s value at the close of any quarter. If the value of swap contracts and options 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. 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 DAILY TARGET 2X LONG IREN ETF – FUND SUMMARY Investment Objective The Fund seeks daily investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price of IREN Limited (NASDAQ: IREN). The Fund does not seek to achieve its stated investment objective for a period other than a single trading day. 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_A8C_eoef--AnnualFundOperatingExpensesTableTextBlock_zkf9FpmpjVw"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zEYyT51xGJ95" 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 colspan="2" id="xdx_98C_eoef--OperatingExpensesCaption_c20260901__20260901__dei--LegalEntityAxis__custom--S000095914Member_zvDzZ3flniR8" 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 style="border-bottom: black 1pt solid"> </td> <td id="xdx_490_20260901__20260901__oef--ClassAxis__custom--C000264696Member_zbc61rvoGAqi" style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td></tr> <tr id="xdx_40C_eoef--ManagementFeesOverAssets_dpn_zwi3GEQPDg7j" style="vertical-align: bottom"> <td colspan="2">Management Fee </td> <td> </td> <td> </td> <td style="text-align: right">1.29</td> <td>%</td></tr> <tr id="xdx_408_eoef--DistributionAndService12b1FeesOverAssets_dpn_zlN7WcMWNrQ4" style="vertical-align: bottom"> <td colspan="2">Distribution and Service (12b-1) Fees </td> <td> </td> <td> </td> <td style="text-align: right">None</td> <td> </td></tr> <tr id="xdx_408_eoef--OtherExpensesOverAssets_dpn_zrI8ZRtXkKH7" style="vertical-align: bottom"> <td colspan="2" style="border-bottom: black 1pt solid">Other Expenses</td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">0.06</td> <td style="border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zZxnuAXV9Ri2" style="vertical-align: bottom"> <td colspan="2">Total Annual Fund Operating Expenses(2)</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double; text-align: right">1.35</td> <td style="border-bottom: black 2.25pt double">%</td></tr> <tr style="vertical-align: top"> <td>(1)</td> <td colspan="5" id="xdx_F11_z1DuVZgKLS3g" style="text-align: justify">The Fund’s investment adviser, Tidal Investments LLC (“Tidal” or the “Adviser”), a Tidal Financial Group company, will pay all of the Fund’s expenses incurred by the Fund (except for advisory) excluding 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> <tr style="vertical-align: top"> <td> </td> <td colspan="5" style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td>(2)</td> <td colspan="5" id="xdx_F19_zYta3AMooiR4" style="text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</td></tr> <tr> <td style="width: 4%"> </td> <td style="width: 89%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 4%"> </td> <td style="width: 1%"> </td></tr> </table> Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) 0.0129 0 0.0006 0.0135 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 redeem or hold 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_A80_eoef--ExpenseExampleWithRedemptionTableTextBlock_zXwTTPHLVjxd"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zk6YFCjMMCt9" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr> <td id="xdx_48A_eoef--ExpenseExampleYear01_zayzZfIbyG4k" style="border-top: black 1pt solid; vertical-align: bottom; width: 25%; text-align: center">1 Year</td> <td id="xdx_483_eoef--ExpenseExampleYear03_zXTBkhikwC93" style="border-top: black 1pt solid; vertical-align: bottom; width: 25%; text-align: center">3 Years</td> <td id="xdx_488_eoef--ExpenseExampleYear05_zXXTYW86kSG6" style="border-top: black 1pt solid; vertical-align: top; width: 25%; text-align: center">5 Years</td> <td id="xdx_488_eoef--ExpenseExampleYear10_z0Mblmufgq5j" style="border-top: black 1pt solid; vertical-align: top; width: 25%; text-align: center">10 Years</td></tr> <tr id="xdx_41A_20260901__20260901__oef--ClassAxis__custom--C000264696Member_z2Vly2o5XeH1"> <td style="border-bottom: black 1pt solid; text-align: center">$137</td> <td style="border-bottom: black 1pt solid; text-align: center">$428</td> <td style="border-bottom: black 1pt solid; vertical-align: top; text-align: center">$739</td> <td style="border-bottom: black 1pt solid; vertical-align: top; text-align: center">$1,624</td></tr> </table> 137 428 739 1624 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. For the fiscal period October 20, 2025 (commencement of operations) to April 30, 2026, the Fund’s portfolio turnover rate was 80% of the average value of its portfolio. 0.80 Principal Investment Strategies The Fund is an actively managed exchange traded fund (“ETF”) that attempts to achieve two times (200%) the daily percentage change in the share price of the Underlying Security by employing derivatives, namely swap agreements and/or listed options contracts. The Fund aims to achieve this daily percentage change for a single day, and not for any other period. A “single day” means the period “from the close of regular trading on one trading day to the close on the next trading day.” If the Fund encounters limitations in implementing its strategies, whether due to market conditions, derivative availability, counterparty issues, or other factors, the Fund may not achieve investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Underlying Security, and may return substantially less during such periods. During such periods, the Fund’s actual leverage levels may differ substantially from its intended target, both intraday and at the close of trading, potentially resulting in significantly lower returns. The Fund may enter into one or more swap agreements with financial institutions for a specified period, which may range from one day to longer than a year. Through each swap agreement, the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Security’s share price. The gross return (meaning the return before deducting any fees or expenses) to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” (meaning the face amount of the instrument) e.g., the return on or change in value of a particular dollar amount representing the Underlying Security. The Fund may also utilize listed options to seek to achieve leveraged 2X exposure to the Underlying Security. The Fund will primarily employ short-dated (a month or less) in-the-money call options (options with strike prices below the current market price of the Underlying Security, offering immediate intrinsic value). Additionally, the Fund may use other option strategies to produce similar exposure to the Underlying Security, like buying calls and selling puts with identical strike prices. These options allow the Fund to adjust its leverage strategy in response to market conditions, liquidity constraints, or other factors that may affect the availability or pricing of swap agreements. The use of listed options provides additional flexibility in pursuing the Fund’s daily investment objective. In situations where swap availability is constrained, the Fund may rely more heavily on options contracts. Additionally, the Fund may use options in response to changing market dynamics. However, the use of option contracts is typically less efficient than swaps and may increase the likelihood that the Fund is unable to achieve its daily 2X objective. At the end of each day, the Fund’s swaps and options are valued using market valuations and the Fund’s investment adviser rebalances the Fund’s holdings in an attempt to maintain leveraged exposure for the Fund equal to approximately 200% of the Underlying Security’s share price. This daily rebalancing is expected to result in high portfolio turnover. For examples of a hypothetical investment in the Fund, see the section in the Fund’s Prospectus titled “Additional Information About the Fund – Principal Investment Strategies.” Fund performance for periods greater than one single day is primarily (but not solely) a function of the following factors: a) the Underlying Security volatility; b) the Underlying Security’s performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses. The Fund will hold assets to serve as collateral for its derivatives positions. For those collateral holdings, the Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality. The Fund has adopted a policy to have at least 80% exposure to financial instruments with economic characteristics that should perform 2X the daily performance of the Underlying Security’s shares. The Fund is expected to allocate between 40% and 60% of its assets as collateral for swap agreements or as premiums for purchased options contracts. The Fund is classified as “non-diversified” under the 1940 Act. The Fund’s investment strategy is expected to result in a high annual portfolio turnover rate. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security’s shares over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and because of daily rebalancing, the Underlying Security’s shares’ volatility and the effects of compounding, the Fund may lose money over time while the Underlying Security’s performance increases over a period longer than a single day. As a consequence, investors should not plan to hold shares of the Fund unmonitored for periods longer than a single trading day. IREN Limited (“IREN”) IREN Limited is an Australian company focused on operating data centers powered by 100% renewable energy. IREN is known for their grid-connected facilities designed for high-performance computing applications, particularly bitcoin mining and AI cloud services. IREN is listed on The Nasdaq Global Select Market (“NASDAQ”). The aggregate market value of the voting and non-voting common equity held by non-affiliates of the registrant, based on the closing price of the registrant’s Ordinary shares as reported by NASDAQ on December 31, 2025, was approximately $2,000,000,000. IREN is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the SEC by IREN pursuant to the Exchange Act can be located by reference to SEC file number 001-41072 through the SEC’s website at www.sec.gov. In addition, information regarding IREN may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. This document relates only to the securities offered hereby and does not relate to the shares of IREN or other securities of IREN Limited. The Fund has derived all disclosures contained in this document regarding IREN from the publicly available documents. None of the Fund, Tidal Trust II (the “Trust”), or the Adviser, or their respective affiliates has participated in the preparation of such publicly available offering documents or made any due diligence inquiry regarding such documents with respect to IREN. None of the Fund, the Trust, or the Adviser, or their respective affiliates makes any representation that such publicly available documents or any other publicly available information regarding IREN is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of IREN (and therefore the share price of the Fund at the time we price the securities) have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning IREN could affect the value received with respect to the securities and therefore the value of the securities. None of the Fund, the Trust, the Adviser, or their respective affiliates makes any representation to you as to the performance of IREN. NONE OF THE FUND, TIDAL TRUST II, OR TIDAL INVESTMENTS LLC IS AFFILIATED, CONNECTED, OR ASSOCIATED WITH IREN LIMITED. THE FUND WAS NOT DEVELOPED OR CREATED BY, AND IS NOT SPONSORED, ENDORSED, OR APPROVED BY, IREN LIMITED. Moreover, IREN Limited has not participated in the development of the Fund’s investment strategy. IREN Limited does not select or approve the Fund’s portfolio holdings, nor does it participate in the construction, design, or implementation of the Fund. IREN Limited does not provide any assurances, guarantees, or representations regarding the Fund or its performance. Nothing herein shall be construed as an offer of any security by IREN Limited. None of the Fund, the Trust, the Adviser, or their respective affiliates claim any ownership interest in any trademarks owned by IREN or its affiliates. All rights in the trademarks are reserved by their respective owners. Due to the Fund’s investment strategy, the Fund’s investment exposure is concentrated in the same industry as that assigned to the Underlying Security. As of the date of the Prospectus, IREN is assigned to the Software industry. The Fund has adopted a policy to have at least 80% exposure to financial instruments with economic characteristics that should perform 2X the daily performance of the Underlying Security’s shares. 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. IREN Risks. The Fund invests in swap contracts and options that are based on the share price of IREN. This subjects the Fund to certain of the same risks as if it owned shares of IREN, even though it does not. By virtue of the Fund’s investments in swap contracts and options that are based on the value of IREN, the Fund may also be subject to the following risks: <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentInIrenRiskMember_z2rk2LKsQSEe"></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: 0.5in"></td><td style="width: 0.5in">●</td><td style="text-align: justify">Indirect Investment in IREN Risk. IREN is not affiliated with the Trust, the Fund, or the Adviser, or their respective affiliates and is not involved with this offering in any way and has no obligation to consider your Shares in taking any corporate actions that might affect the value of Shares. Investors in the Fund will not have voting rights or influence over the management of IREN but will be exposed to the performance of IREN (the Underlying Security). Investors will also not have the right to receive dividends or other distributions from IREN, but will remain subject to price fluctuations and other risks associated with ownership of the Underlying Security.</td></tr></table> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--IrenTradingRiskMember_zDeY3zwerhch"></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: 0.5in"></td><td style="width: 0.5in">●</td><td style="text-align: justify">IREN Trading Risk. The trading price of IREN may be subject to volatility and could experience wide fluctuations due to various factors. Short sellers may also influence IREN’s trading activity, contributing to market instability. Public perception and external factors beyond the company’s control may influence IREN’s stock price disproportionately. Additionally, following periods of market volatility, companies have faced securities class action litigation. Any adverse judgment or future stockholder litigation could result in substantial costs and divert management’s attention and resources. In the event of a trading halt, delisting, or significant disruption in the market for IREN’s shares, the Fund may experience difficulty entering, modifying, or liquidating its exposures. These conditions could impair the Fund’s ability to achieve its investment objective, result in significant tracking error, or, in extreme cases, force the Fund to liquidate entirely.</td></tr></table> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--IrenPerformanceRiskMember_z5FjEOkqlyT8"></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: 0.5in"></td><td style="width: 0.5in">●</td><td style="text-align: justify">IREN Performance Risk. IREN may fail to meet its publicly announced guidelines or other expectations about its business, which could cause the price of IREN to decline. Correctly identifying key factors affecting business conditions and predicting future events is inherently an uncertain process, and the guidance IREN provides may not ultimately be accurate. If IREN’s guidance is not accurate or varies from actual results due to its inability to meet the assumptions or the impact on its financial performance that could occur as a result of various risks and uncertainties, the market value of common stock issued by IREN could decline significantly.</td></tr></table> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--SoftwareIndustryRisksMember_zlUvOblxJdZi"></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: 0.5in"></td><td style="width: 0.5in">●</td><td style="text-align: justify">Software Industry Risks. The software industry can be significantly affected by intense competition, aggressive pricing, technological innovations, and product obsolescence. Companies in the software industry are subject to significant competitive pressures, such as aggressive pricing, new market entrants, competition for market share, short product cycles due to an accelerated rate of technological developments and the potential for limited earnings and/or falling profit margins. These companies also face the risks that new services, equipment or technologies will not be accepted by consumers and businesses or will become rapidly obsolete. These factors can affect the profitability of these companies and, as a result, the value of their securities. Also, patent protection is integral to the success of many companies in this industry, and profitability can be affected materially by, among other things, the cost of obtaining (or failing to obtain) patent approvals, the cost of litigating patent infringement and the loss of patent protection for products (which significantly increases pricing pressures and can materially reduce profitability with respect to such products). In addition, many software companies have limited operating histories. Prices of these companies’ securities historically have been more volatile than other securities, especially over the short term.</td></tr></table> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--FinancialReportingControlsRiskMember_zgz2wlpJwgjk"></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: 0.5in"></td><td style="width: 0.5in">●</td><td style="text-align: justify">Financial Reporting Controls Risk. IREN has in the past and may in the future fail to maintain effective internal controls over financial reporting. If such failure occurs again, IREN may not be able to accurately report its financial results in a timely manner, which may adversely affect investor confidence in IREN and materially and adversely affect IREN’s business and operating results. In addition, should IREN fail to comply with required timelines governing its financial reporting, it’s possible IREN stock could be delisted, which would prevent the Fund from continuing to operate.</td></tr></table> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--LimitedOperatingHistoryRiskMember_zDjEHxIUKakk"></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: 0.5in"></td><td style="width: 0.5in">●</td><td style="text-align: justify">Limited Operating History Risk. IREN has a limited operating history, with operating losses as the business has grown. If IREN cannot sustain greater revenues than its operating costs, IREN will incur operating losses, which could adversely impact IREN’s operations, strategy and financial performance.</td></tr></table> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--DataCenterOperationsRisksMember_zAGVDbfr8b1c"></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: 0.5in"></td><td style="width: 0.5in">●</td><td style="text-align: justify">Data Center Operations Risks. Certain key pieces of electrical or data center equipment may represent single points of failure for some or all of the power capacity at IREN’s operating sites. Any failure or imminent risk of failure of such equipment may result in IREN’s inability to utilize some or all of its equipment in an affected location for the duration of time it takes to repair or remediate equipment, or procure and install replacement parts. Due to the long-lead times required to acquire some of the equipment used in its operations, the failure of such parts could result in lengthy outages at an affected location, and could materially impact IREN’s operations (including impacts on hosting high performance computing (HPC) solutions (including AI Cloud Services) customers), financial results and financial condition.</td></tr></table> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--EnergyRisksMember_zuJFizQM2W95"></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: 0.5in"></td><td style="width: 0.5in">●</td><td style="text-align: justify">Energy Risks. IREN targets markets with high levels of renewable energy penetration and IREN’s energy is primarily sourced from renewable sources, whether from clean or renewable sources, as reported by BC Hydro, or through the purchase of renewable energy certificates (RECs). While renewable energy generally is less exposed to carbon pricing and underlying commodity price risks of fossil fuels, there is a risk that regulatory constraints placed on energy-intensive industries may restrict or ban the operation of, or increase the cost of operating, data centers and bitcoin mining or high performance computing (HPC) activities. </td></tr></table> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--BitcoinRiskMember_zFrCrPosKtH4"></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: 0.5in"></td><td style="width: 0.5in">●</td><td style="text-align: justify">Bitcoin Risk. While the Fund will not directly invest in digital assets, it will be subject to the risks associated with bitcoin by virtue of its exposure to IREN. IREN primarily generates its revenue from the sale of bitcoin as a result of rewards and transaction fees received in exchange for contributing computational power to mining pools to validate transactions on the bitcoin network. Similarly, IREN’s operating cash flow substantially depends on its ability to sell bitcoin for fiat currency as needed. In developing its business plan and operating budget, as well as expansion plans, IREN makes certain assumptions regarding future bitcoin prices. The prices that IREN receives for its bitcoin depend on numerous market factors beyond its control. Accordingly, some underlying bitcoin price assumptions IREN relies on may materially change and actual bitcoin prices may differ materially from those expected, which could adversely impact IREN’s operations financial performance.</td></tr></table> Additional risks related to bitcoin include uncertainty surrounding new technology, limited evaluation due to bitcoin’s short trading history, and the potential decline in adoption and value over the long term. The extreme volatility of bitcoin’s price is also a risk factor. Regulatory uncertainties, such as potential government interventions and conflicting regulations across jurisdictions, can impact the demand for bitcoin and restrict its usage. Additionally, risks associated with the sale of newly mined bitcoin, bitcoin trading platforms, competition from alternative digital assets, mining operations, network modifications, and intellectual property claims pose further challenges to bitcoin-linked investments. <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignIssuerRiskMember_zFTSTtuHEffi"></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: 0.5in"></td><td style="width: 0.5in">●</td><td style="text-align: justify">Foreign Issuer Risk: IREN is an Australian company. Because the Fund has indirect exposure to a foreign company, the Fund may be subject to risks associated with foreign investments.</td></tr></table> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyRiskMember_z5X7hqTP3IKg"></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: 1.5in"></td><td style="width: 0.5in">○</td><td style="text-align: justify">Currency Risk: Indirect exposure to foreign currencies subjects the Fund to the risk that currencies will decline in value relative to the U.S. dollar. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political developments in the U.S. or abroad.</td></tr></table> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_zUHLT6OQpxdk"></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: 1.5in"></td><td style="width: 0.5in">○</td><td style="text-align: justify">Foreign Securities Risk: Investments in securities of non-U.S. issuers involve certain risks that may not be present with investments in securities of U.S. issuers, such as risk of loss due to foreign currency fluctuations or to political or economic instability, as well as varying regulatory requirements applicable to investments in non-U.S. issuers. There may be less information publicly available about a non-U.S. issuer than a U.S. issuer. Non-U.S. issuers may also be subject to different regulatory, accounting, auditing, financial reporting and investor protection standards than U.S. issuers.</td></tr></table> Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security, may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole. Additionally, the Fund will seek to employ its investment strategy as it relates to the underlying issuer regardless of whether there are significant corporate actions such as restructurings, enforcement activity, or acquisitions or periods adverse market, economic, or other conditions and will not seek to take temporary defensive positions during such periods. Compounding and Market Volatility Risk. The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from two times (200%) the Underlying Security’s performance, before the Fund’s management fee and other expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate leveraged daily returns and that rebalance daily. For the Fund aiming to replicate two times the daily performance of an Underlying Security, if adverse daily performance of the Underlying Security reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if favorable daily performance of the Underlying Security increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes more pronounced as the Underlying Security’s volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund. The chart below provides examples of how the Underlying Security’s volatility could affect the Fund’s performance. The chart illustrates the impact of two factors that affect the Fund’s performance – the Underlying Security’s volatility and the Underlying Security’s performance. The Underlying Security’s performance shows the percentage change in the share price of the Underlying Security over the specified time period, while the Underlying Security’s volatility is a statistical measure of the magnitude of fluctuations in the returns during that time period. As illustrated below, even if the Underlying Security’s performance over two equal time periods is identical, different Underlying Security volatility (i.e., in magnitude of fluctuations in the share price of the Underlying Security) during the two time periods could result in drastically different Fund performance for the two time periods because of compounding daily returns during the time periods. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) the Underlying Security volatility; b) the Underlying Security performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses. The chart shows estimated Fund returns for a number of combinations of Underlying Security volatility and Underlying Security performance over a one-year period. Performance shown in the chart assumes that: (i) there were no Fund expenses; (ii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected the estimated returns would be different than those shown. Particularly during periods of higher Underlying Security volatility, compounding will cause results for periods longer than a trading day to vary from two times (200%) the performance of the Underlying Security. As shown in the chart below, the Fund would be expected to lose 6.1% if there was no change in the share price of the Underlying Security over a one-year period during which the Underlying Security experienced annualized volatility of 25%. If the Underlying Security’s annualized volatility were to rise to 75%, the hypothetical loss for a one-year period would widen to approximately -43%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if there were no change in the share price of the Underlying Security. For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative Underlying Security change in the share price of the Underlying Security for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than two times (200%) the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than two times (200%) the performance of the Underlying Security. The Fund’s actual performance may be significantly better or worse than the performance shown below as a result of any of the factors discussed above or in the “Daily Correlation/Tracking Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td colspan="4" style="vertical-align: top">Estimated Returns of 200% or Two Times Performance of the Underlying Security</td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Underlying Security Performance</td> <td colspan="5" style="border-bottom: black 1pt solid; text-align: center">One Year Volatility Rate</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; width: 22%; text-align: center">One Year Underlying Security</td> <td style="border-bottom: black 1pt solid; width: 1%"> </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 22%; text-align: center">2X Times (200%) the One Year Performance</td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center">10%</td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center">25%</td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center">50%</td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center">75%</td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center">100%</td></tr> <tr> <td style="text-align: center">-60%</td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center">-120%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-84.2%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-85.0%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-87.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-90.9%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-94.1%</td></tr> <tr> <td style="text-align: center">-50%</td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center">-100%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-75.2%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-76.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-80.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-85.8%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-90.8%</td></tr> <tr> <td style="text-align: center">-40%</td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center">-80%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-64.4%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-66.2%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-72.0%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-79.5%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-86.8%</td></tr> <tr> <td style="text-align: center">-30%</td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center">-60%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-51.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-54.0%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-61.8%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-72.1%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-82.0%</td></tr> <tr> <td style="text-align: center">-20%</td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center">-40%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-36.6%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-39.9%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-50.2%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-63.5%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-76.5%</td></tr> <tr> <td style="text-align: center">-10%</td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center">-20%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-19.8%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-23.9%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-36.9%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-53.8%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-70.2%</td></tr> <tr> <td style="text-align: center">0%</td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center">0%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-1.0%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-6.1%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-22.1%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-43.0%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-63.2%</td></tr> <tr> <td style="text-align: center">10%</td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center">20%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">19.8%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">13.7%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-5.8%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-31.1%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-55.5%</td></tr> <tr> <td style="text-align: center">20%</td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center">40%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">42.6%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">35.3%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">12.1%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-18.0%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-47.0%</td></tr> <tr> <td style="text-align: center">30%</td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center">60%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">67.3%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">58.8%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">31.6%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-3.7%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-37.8%</td></tr> <tr> <td style="text-align: center">40%</td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center">80%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">94.0%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">84.1%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">52.6%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">11.7%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-27.9%</td></tr> <tr> <td style="text-align: center">50%</td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center">100%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">122.8%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">111.4%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">75.2%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">28.2%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-17.2%</td></tr> <tr> <td style="text-align: center">60%</td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center">120%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">153.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">140.5%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">99.4%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">45.9%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-5.8%</td></tr> </table> The Underlying Security’s annualized historical volatility rate for the period from November 16, 2021 (the earliest date available) to June 30, 2026 was 115.39%. The Underlying Security’s highest volatility rate for any one calendar year during this period was 123.80%. The Underlying Security’s annualized performance during this period was 10.30%. Historical Underlying Security volatility and performance are not indications of what Underlying Security volatility and performance will be in the future. Daily Correlation/Tracking Risk. There is no guarantee that the Fund will achieve a high degree of leveraged correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. To achieve a high degree of leveraged correlation with the Underlying Security, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its daily leveraged investment objective. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and extreme volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. If there is a significant intra-day market event and/or the Underlying Security experiences a significant increase or decline, the Fund may not meet its investment objective, be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads. The Fund may have difficulty achieving its daily leveraged investment objective due to fees, expenses, transaction costs, financing costs related to the use of derivatives, investments in ETFs, directly or indirectly, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or derivatives held by the Fund. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. The Fund may take or refrain from taking positions to improve the tax efficiency or to comply with various regulatory restrictions, either of which may negatively impact the Fund’s leveraged correlation to the Underlying Security. Leverage Risk. The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the share price of the Underlying Security, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the share price of the Underlying Security declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Security’s share price. Derivatives Risk. 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, leverage, imperfect daily correlations 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 imperfect correlation between the share price of the Underlying Security 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. The Fund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily leveraged performance for the Fund. Swap Agreements. The use of swap transactions is a highly specialized activity, which 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 counterparties for those swap agreements. If the Adviser is unable to enter into swap agreements that provide leveraged exposure to the Underlying Security, the Fund may not meet its stated investment objective. Additionally, any financing, borrowing or other costs associated with using swap transactions may also have the effect of lowering the Fund’s return. 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 derivatives 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 or underlying 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 a basket of securities. If the Underlying Security has a dramatic move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately 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 achieve exposure consistent with the Fund’s investment objective. This may prevent the Fund from achieving its leveraged investment objective, even if the Underlying Security later reverses all or a portion of its movement. Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid. Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in derivatives which exposes the Fund to the risk that the counterparty will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund and the Fund may be unable to recover its investment from such counterparty or may obtain a limited and/or delayed recovery. Counterparties may seek to hedge their exposure to individual clients (such as the Fund) by establishing offsetting exposures with other clients, however, there is no guarantee that counterparties will do so under all circumstances. Should a counterparty (e.g., a swap counterparty) terminate its relationship with the Fund, the Fund will seek to utilize other counterparties to seek to maintain its exposures. In addition, the Fund may use options contracts to seek to generate the leverage necessary to implement its strategy. The use of options contracts introduces distinct risks, including heightened volatility, particularly intraday. While options may provide an ancillary benefit of mitigating some losses under specific scenarios, such as severe market downturns, their inherent leverage and rapid price fluctuations can amplify the Fund’s performance volatility and lead to greater risks of substantial losses. Refer to “Derivatives Risk – Options Contracts” for additional information on the risks of investing in options. In addition, the Fund may enter into swap agreements with a limited number of counterparties, which may increase the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its investment objective. Intra-Day Investment Risk. The Fund seeks investment results from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the share price of the Underlying Security at the market close on the first trading day and the share price of the Underlying Security at the time of purchase. If the share price of the Underlying Security rises, the Fund’s net assets will rise by approximately twice the amount as the Fund’s exposure. Conversely, if the share price of the Underlying Security declines, the Fund’s net assets will decline by approximately two times the amount as the Fund’s exposure. Thus, an investor that purchases Shares intra-day may experience performance that is greater than, or less than, the Fund’s stated leveraged performance of the Underlying Security. If there is a significant intra-day market event and/or the securities of the Underlying Security experience a significant increase or decrease, the Fund may not meet its investment objective or rebalance its portfolio appropriately. Fixed Income Securities Risk. When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s Share price and total return to be reduced and fluctuate more than other types of investments. Rebalancing Risk. If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated investment objective. As a result, the Fund may be exposed to leverage risk because it had not been properly rebalanced and may not achieve its investment objective. ETF Risks <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_z2czVNMLq5mc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; 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. The costs associated with cash redemptions may include brokerage costs that the Fund may not have incurred if it had made the redemptions in-kind. These costs could be imposed on the Fund, decreasing its NAV, to the extent these costs are not offset by a transaction fee payable by an authorized participant. 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. <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zkKTB77NcBag" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; 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 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 underlying portfolio holdings, which can be significantly less liquid than Shares. This adverse effect on liquidity for the Fund’s shares may lead to wider bid-ask spreads and differences between the market price of the Fund’s shares and the underlying value of the shares. Liquidity Risk. In certain circumstances, such as the disruption of the orderly markets for the financial instruments in which the Fund invests, the Fund might not be able to acquire or dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. Markets for the financial instruments in which the Fund invests may be disrupted by a number of events, including but not limited to economic crises, health crises, natural disasters, excessive volatility, new legislation, or regulatory changes inside or outside of the U.S. These situations may have an impact on the liquidity of the Fund’s own shares.” 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. Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active market trading of the Fund’s Shares on exchanges (such as the Exchange), could cause more frequent creation and redemption activities, which could increase the number of portfolio transactions. Frequent and active trading may lead to higher transaction costs because of increased broker commissions resulting from such transactions. In addition, there is the possibility of significantly increased short-term capital gains (which will be taxable to shareholders as ordinary income when distributed to them). The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise the majority of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher. Tracking Error Risk. Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate two times the daily percentage change in the price of the Underlying Security. Tracking error may occur for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Security or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives, and therefore experience tracking error, as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Liquidity Risk. Some securities held by the Fund may be difficult to sell or be illiquid, particularly during times of market turmoil. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, epidemics/pandemics, new legislation or regulatory changes inside or outside the United States. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to sell an illiquid security at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. There is no assurance that a security that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses 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 may lose money. Newer Fund Risk. The Fund is a recently organized management investment company with a limited operating history. As a result, prospective investors have only a limited track record or history on which to base their investment decisions. There can be no assurance that the Fund will grow to or maintain an economically viable size. 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. This may increase the Fund’s volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund’s performance. Trading Halt Risk. Although the Underlying Security’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the Exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Security’s shares is expected, in turn, to result in a halt in the trading in the Fund’s Shares. Trading in the Underlying Security’s and/or Fund’s Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in the Underlying Security’s and/or Fund’s Shares inadvisable. In addition, trading in Underlying Security’s and/or Fund’s Shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. 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 the Fund’s investment advisor seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks. 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. 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”). 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 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. To comply with the asset diversification test applicable to a RIC, the Fund will attempt to ensure that the value of swap contracts and options on shares of a single issuer does not exceed 25% of the Fund’s value at the close of any quarter. If the value of swap contracts and options 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. 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 is 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 DAILY TARGET 2X LONG QS ETF – FUND SUMMARY Investment Objective The Fund seeks daily investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price of QuantumScape Corporation (Nasdaq: QS). The Fund does not seek to achieve its stated investment objective for a period other than a single trading day. 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_A8E_eoef--AnnualFundOperatingExpensesTableTextBlock_zH1W7U4jonk7"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zQLJ6NOKMRwg" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td colspan="2" id="xdx_984_eoef--OperatingExpensesCaption_c20260901__20260901__dei--LegalEntityAxis__custom--S000095916Member_zqdo219H6Puc" 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 style="border-bottom: black 1pt solid"> </td> <td id="xdx_494_20260901__20260901__oef--ClassAxis__custom--C000264698Member_zUhTMWuEz5N2" style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td></tr> <tr id="xdx_40C_eoef--ManagementFeesOverAssets_dpn_z8f9CjyZEsMi" style="vertical-align: bottom"> <td colspan="2">Management Fee </td> <td> </td> <td> </td> <td style="text-align: right">1.29</td> <td>%</td></tr> <tr id="xdx_408_eoef--DistributionAndService12b1FeesOverAssets_dpn_zmrHgcuKnE69" style="vertical-align: bottom"> <td colspan="2">Distribution and Service (12b-1) Fees </td> <td> </td> <td> </td> <td style="text-align: right">None</td> <td> </td></tr> <tr id="xdx_408_eoef--OtherExpensesOverAssets_dpn_zHcEUc8N3uyg" style="vertical-align: bottom"> <td colspan="2" style="border-bottom: black 1pt solid">Other Expenses</td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">0.03</td> <td style="border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_z89ZYTU03U7j" style="vertical-align: bottom"> <td colspan="2">Total Annual Fund Operating Expenses(2)</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double; text-align: right">1.32</td> <td style="border-bottom: black 2.25pt double">%</td></tr> <tr style="vertical-align: top"> <td>(1)</td> <td colspan="5" id="xdx_F15_zMiR6f64afol" style="text-align: justify">The Fund’s investment adviser, Tidal Investments LLC (“Tidal” or the “Adviser”), a Tidal Financial Group company, will pay all of the Fund’s expenses incurred by the Fund (except for advisory fees) excluding 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> <tr style="vertical-align: top"> <td>(2)</td> <td colspan="5" id="xdx_F1C_zg6LsVjQZyob" style="text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</td></tr> <tr> <td style="width: 3%"> </td> <td style="width: 90%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 4%"> </td> <td style="width: 1%"> </td></tr> </table> Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) 0.0129 0 0.0003 0.0132 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 redeem or hold 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_A85_eoef--ExpenseExampleWithRedemptionTableTextBlock_zAHsc5iphBpf"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zOm4YpLnDZIk" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr> <td id="xdx_483_eoef--ExpenseExampleYear01_zlJmXMYPwvvb" style="border-top: black 1pt solid; vertical-align: bottom; width: 25%; text-align: center">1 Year</td> <td id="xdx_487_eoef--ExpenseExampleYear03_zN03qHvrifSi" style="border-top: black 1pt solid; vertical-align: bottom; width: 25%; text-align: center">3 Years </td> <td id="xdx_489_eoef--ExpenseExampleYear05_z9b51ouQEHff" style="border-top: black 1pt solid; vertical-align: top; width: 25%; text-align: center">5 Years</td> <td id="xdx_481_eoef--ExpenseExampleYear10_z5ESOlGUGQwh" style="border-top: black 1pt solid; vertical-align: top; width: 25%; text-align: center">10 Years</td></tr> <tr id="xdx_41C_20260901__20260901__oef--ClassAxis__custom--C000264698Member_z9OLHcS3TiI"> <td style="border-bottom: black 1pt solid; text-align: center">$134</td> <td style="border-bottom: black 1pt solid; text-align: center">$418</td> <td style="border-bottom: black 1pt solid; vertical-align: top; text-align: center">$723</td> <td style="border-bottom: black 1pt solid; vertical-align: top; text-align: center">$1,590</td></tr> </table> 134 418 723 1590 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. For the fiscal period October 20, 2025 (commencement of operations) to April 30, 2026, the Fund’s portfolio turnover rate was 0% of the average value of its portfolio. 0 Principal Investment Strategies The Fund is an actively managed exchange traded fund (“ETF”) that attempts to achieve two times (200%) the daily percentage change in the share price of the Underlying Security by employing derivatives, namely swap agreements and/or listed options contracts. The Fund aims to achieve this daily percentage change for a single day, and not for any other period. A “single day” means the period “from the close of regular trading on one trading day to the close on the next trading day.” If the Fund encounters limitations in implementing its strategies, whether due to market conditions, derivative availability, counterparty issues, or other factors, the Fund may not achieve investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Underlying Security, and may return substantially less during such periods. During such periods, the Fund’s actual leverage levels may differ substantially from its intended target, both intraday and at the close of trading, potentially resulting in significantly lower returns. The Fund may enter into one or more swap agreements with financial institutions for a specified period, which may range from one day to longer than a year. Through each swap agreement, the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Security’s share price. The gross return (meaning the return before deducting any fees or expenses) to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” (meaning the face amount of the instrument) e.g., the return on or change in value of a particular dollar amount representing the Underlying Security. The Fund may also utilize listed options to seek to achieve leveraged 2X exposure to the Underlying Security. The Fund will primarily employ short-dated (a month or less) in-the-money call options (options with strike prices below the current market price of the Underlying Security, offering immediate intrinsic value). Additionally, the Fund may use other option strategies to produce similar exposure to the Underlying Security, like buying calls and selling puts with identical strike prices. These options allow the Fund to adjust its leverage strategy in response to market conditions, liquidity constraints, or other factors that may affect the availability or pricing of swap agreements. The use of listed options provides additional flexibility in pursuing the Fund’s daily investment objective. In situations where swap availability is constrained, the Fund may rely more heavily on options contracts. Additionally, the Fund may use options in response to changing market dynamics. However, the use of option contracts is typically less efficient than swaps and may increase the likelihood that the Fund is unable to achieve its daily 2X objective. At the end of each day, the Fund’s swaps and options are valued using market valuations and the Fund’s investment adviser rebalances the Fund’s holdings in an attempt to maintain leveraged exposure for the Fund equal to approximately 200% of the Underlying Security’s share price. This daily rebalancing is expected to result in high portfolio turnover. For examples of a hypothetical investment in the Fund, see the section in the Fund’s Prospectus titled “Additional Information About the Fund – Principal Investment Strategies.” Fund performance for periods greater than one single day is primarily (but not solely) a function of the following factors: a) the Underlying Security volatility; b) the Underlying Security’s performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses. The Fund will hold assets to serve as collateral for its derivatives positions. For those collateral holdings, the Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality. The Fund has adopted a policy to have at least 80% exposure to financial instruments with economic characteristics that should perform 2X the daily performance of the Underlying Security’s shares. The Fund is expected to allocate between 40% and 60% of its assets as collateral for swap agreements or as premiums for purchased options contracts. The Fund is classified as “non-diversified” under the 1940 Act. The Fund’s investment strategy is expected to result in a high annual portfolio turnover rate. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security’s shares over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and because of daily rebalancing, the Underlying Security’s shares’ volatility and the effects of compounding, the Fund may lose money over time while the Underlying Security’s performance increases over a period longer than a single day. As a consequence, investors should not plan to hold shares of the Fund unmonitored for periods longer than a single trading day. QuantumScape Corporation (“QS”) QuantumScape Corporation is a company focused on developing and commercializing next-generation, solid-state lithium-metal batteries for electric vehicles (EVs) and other applications. QS is listed on the Nasdaq Stock Market LLC (“Nasdaq”). As of June 30, 2025, the aggregate market value of the voting and non-voting common equity held by non-affiliates of the registrant, based on the closing price of the shares of common stock on the Nasdaq, was approximately $3.0 billion. QS is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the SEC by QS pursuant to the Exchange Act can be located by reference to SEC file number 001-39345 through the SEC’s website at www.sec.gov. In addition, information regarding QS may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. This document relates only to the securities offered hereby and does not relate to the shares of QS or other securities of QuantumScape Corporation. The Fund has derived all disclosures contained in this document regarding QS from the publicly available documents. None of the Fund, Tidal Trust II (the “Trust”), or the Adviser, or their respective affiliates has participated in the preparation of such publicly available offering documents or made any due diligence inquiry regarding such documents with respect to QS. None of the Fund, the Trust, or the Adviser, or their respective affiliates makes any representation that such publicly available documents or any other publicly available information regarding QS is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of QS (and therefore the share price of the Fund at the time we price the securities) have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning QS could affect the value received with respect to the securities and therefore the value of the securities. None of the Fund, the Trust, the Adviser, or their respective affiliates makes any representation to you as to the performance of QS. NONE OF THE FUND, TIDAL TRUST II, OR TIDAL INVESTMENTS LLC IS AFFILIATED, CONNECTED, OR ASSOCIATED WITH QUANTUMSCAPE CORPORATION. THE FUND WAS NOT DEVELOPED OR CREATED BY, AND IS NOT SPONSORED, ENDORSED, OR APPROVED BY QUANTUMSCAPE CORPORATION. Moreover, QuantumScape Corporation has not participated in the development of the Fund’s investment strategy. QuantumScape Corporation does not select or approve the Fund’s portfolio holdings, nor does it participate in the construction, design, or implementation of the Fund. QuantumScape Corporation does not provide any assurances, guarantees, or representations regarding the Fund or its performance. Nothing herein shall be construed as an offer of any security by QuantumScape Corporation. None of the Fund, the Trust, the Adviser, or their respective affiliates claim any ownership interest in any trademarks owned by QS or its affiliates. All rights in the trademarks are reserved by their respective owners. Due to the Fund’s investment strategy, the Fund’s investment exposure is concentrated in the same industry as that assigned to the Underlying Security. As of the date of the Prospectus, QS is assigned to the Automobile Components industry. The Fund has adopted a policy to have at least 80% exposure to financial instruments with economic characteristics that should perform 2X the daily performance of the Underlying Security’s shares. 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. QS Risks. The Fund invests in swap contracts and options that are based on the share price of QS. This subjects the Fund to certain of the same risks as if it owned shares of QS, even though it does not. By virtue of the Fund’s investments in swap contracts and options that are based on the value of QS, the Fund may also be subject to the following risks: <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--QsOperatingLossRiskMember_zvi6SGvWGbu4"></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: 0.5in"></td><td style="width: 0.5in">●</td><td style="text-align: justify">QS Operating Loss Risk. QS has incurred an accumulated deficit of approximately $3.8 billion from its inception in 2010 through December 31, 2025. QS believes that it will continue to incur operating losses each quarter until at least the time significant production of its lithium-metal solid-state batteries begins, and such production is not expected to begin in the near future. QS expects the rate at which it will incur losses to be significantly higher in future periods as QS, among other things, continues to incur significant expenses in connection with the design, development and manufacturing of its batteries; expand its research and development activities; invest in manufacturing capabilities; build up inventories of components for its batteries; increase sales and marketing activities; develop distribution infrastructure; and increase general and administrative functions to support its growing operations.</td></tr></table> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentInQsRiskMember_zp9s1IcHoJal"></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: 0.5in"></td><td style="width: 0.5in">●</td><td style="text-align: justify">Indirect Investment in QS Risk. QS is not affiliated with the Trust, the Fund, or the Adviser, or their respective affiliates and is not involved with this offering in any way and has no obligation to consider your Shares in taking any corporate actions that might affect the value of Shares. Investors in the Fund will not have voting rights or influence over the management of QS but will be exposed to the performance of QS (the Underlying Security). Investors will also not have the right to receive dividends or other distributions from QS, but will remain subject to price fluctuations and other risks associated with ownership of the Underlying Security.</td></tr></table> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--QsTradingRiskMember_ztS2JcSbewL"></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: 0.5in"></td><td style="width: 0.5in">●</td><td style="text-align: justify">QS Trading Risk. The trading price of QS may be subject to volatility and could experience wide fluctuations due to various factors. Short sellers may also influence QS’s trading activity, contributing to market instability. Public perception and external factors beyond the company’s control may influence QS’s stock price disproportionately. Additionally, following periods of market volatility, companies have faced securities class action litigation. Any adverse judgment or future stockholder litigation could result in substantial costs and divert management’s attention and resources. In the event of a trading halt, delisting, or significant disruption in the market for QS’s shares, the Fund may experience difficulty entering, modifying, or liquidating its exposures. These conditions could impair the Fund’s ability to achieve its investment objective, result in significant tracking error, or, in extreme cases, force the Fund to liquidate entirely.</td></tr></table> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--QsPerformanceRiskMember_zNIqSgK3CRA2"></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: 0.5in"></td><td style="width: 0.5in">●</td><td style="text-align: justify">QS Performance Risk. QS may fail to meet its publicly announced guidelines or other expectations about its business, which could cause the price of QS to decline. Correctly identifying key factors affecting business conditions and predicting future events is inherently an uncertain process, and the guidance QS provides may not ultimately be accurate. If QS’s guidance is not accurate or varies from actual results due to its inability to meet the assumptions or the impact on its financial performance that could occur as a result of various risks and uncertainties, the market value of common stock issued by QS could decline significantly.</td></tr></table> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--AutomobileComponentsIndustryRisksMember_zxKkKY4afSPe"></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: 0.5in"></td><td style="width: 0.5in">●</td><td style="text-align: justify">Automobile Components Industry Risks. Companies operating in the automobile components industry, particularly those related to EVs, are subject to various risks, including but not limited to, part supplier constraints or delays, consumer demand for EVs and competition from existing competitors. Governmental policies affecting the automotive industry, such as taxes, tariffs, duties, subsidies, and import and export restrictions on automotive products can influence industry profitability. In addition, such companies must comply with environmental laws and regulations, for which there may be severe consequences for non-compliance.</td></tr></table> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--BusinessRisksMember_zSR6AR6p0Vp"></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: 0.5in"></td><td style="width: 0.5in">●</td><td style="text-align: justify">Business Risks. Developing lithium-metal solid-state batteries that meet the requirements for wide adoption by automotive original equipment manufacturers (OEMs) is a difficult undertaking and, as far as QS is aware, has never been done before. QS is still in the development stage and faces significant challenges in completing the development of its battery cells and in producing battery cells in commercial volumes with acceptable performance, quality, consistency, reliability, throughput, safety, and costs. Delays or failures in accomplishing QS’ development objectives may delay or prevent successful commercialization of QS’ technology and negatively impact QS’ business. QS’s future growth and success is also dependent upon consumers’ willingness to adopt elective vehicles.</td></tr></table> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--CompetitionRiskMember_z7mEfaLTFfal"></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: 0.5in"></td><td style="width: 0.5in">●</td><td style="text-align: justify">Competition Risk. The battery market in which QS competes continues to evolve and is highly competitive. To date, QS has focused its efforts on its lithium-metal solid-state battery technology, which is being designed to outperform conventional lithium-ion battery technology. However, lithium-ion battery technology has been widely adopted and QS’ current competitors have, and future competitors may have, greater resources than QS does and may also be able to devote greater resources to the development of their current and future technologies. QS must continue to commit significant resources to develop its battery technology to establish a competitive position, and these commitments will be made without knowing whether such investments will result in products potential customers will find acceptable. There is no assurance QS will successfully identify new customer requirements, develop and bring its batteries to market on a timely basis, or that products and technologies developed by others will not render QS’ batteries obsolete or noncompetitive, any of which would adversely affect QS’ business and operating results.</td></tr></table> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--CollaborationRiskMember_zD55ruOmsUpd"></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: 0.5in"></td><td style="width: 0.5in">●</td><td style="text-align: justify">Collaboration Risk. In July 2024, QS entered into a collaboration agreement with PowerCo SE (“PowerCo”), a battery cell company wholly owned by Volkswagen, with the goal of industrializing the solid-state lithium-metal battery technology it intends to use in its first planned product—the QSE-5. There is no assurance that QS will be able to complete the development of the solid-state battery cells or achieve the technical milestones in the time frame required by the collaboration agreement or to satisfy PowerCo’s business needs. If QS does not complete this development in a timely manner, PowerCo may terminate the collaboration agreement, which could result in a material adverse effect on QE’s business and financial results.</td></tr></table> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--RegulatoryRiskMember_zbJUFtIPwoq8"></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: 0.5in"></td><td style="width: 0.5in">●</td><td style="text-align: justify">Regulatory Risk. QS’ batteries, and the sale of EVs and motor vehicles in general, are subject to substantial regulation under international, federal, state and local laws, including export control laws. QS expects to incur significant costs in complying with these regulations. Regulations related to the battery and EV industry and alternative energy are currently evolving and QS faces risks associated with changes to these regulations as well as potential for heightened regulatory scrutiny. For example, laws and regulations may be passed that make manufacturers financially responsible for the collection, treatment, recycling and disposal of certain products, including batteries for EVs. The costs of complying with such requirements, as they now exist or as may be introduced in the future, and the associated administrative burden, could adversely affect QS’ financial condition and results of operations, particularly if QS is unable to pass on such costs to its customers. </td></tr></table> Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security, may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole. Additionally, the Fund will seek to employ its investment strategy as it relates to the underlying issuer regardless of whether there are significant corporate actions such as restructurings, enforcement activity, or acquisitions or periods adverse market, economic, or other conditions and will not seek to take temporary defensive positions during such periods. Compounding and Market Volatility Risk. The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from two times (200%) the Underlying Security’s performance, before the Fund’s management fee and other expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate leveraged daily returns and that rebalance daily. For the Fund aiming to replicate two times the daily performance of an Underlying Security, if adverse daily performance of the Underlying Security reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if favorable daily performance of the Underlying Security increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes more pronounced as the Underlying Security’s volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund. The chart below provides examples of how the Underlying Security’s volatility could affect the Fund’s performance. The chart illustrates the impact of two factors that affect the Fund’s performance – the Underlying Security’s volatility and the Underlying Security’s performance. The Underlying Security’s performance shows the percentage change in the share price of the Underlying Security over the specified time period, while the Underlying Security’s volatility is a statistical measure of the magnitude of fluctuations in the returns during that time period. As illustrated below, even if the Underlying Security’s performance over two equal time periods is identical, different Underlying Security volatility (i.e., in magnitude of fluctuations in the share price of the Underlying Security) during the two time periods could result in drastically different Fund performance for the two time periods because of compounding daily returns during the time periods. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) the Underlying Security volatility; b) the Underlying Security performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses. The chart shows estimated Fund returns for a number of combinations of Underlying Security volatility and Underlying Security performance over a one-year period. Performance shown in the chart assumes that: (i) there were no Fund expenses; (ii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected the estimated returns would be different than those shown. Particularly during periods of higher Underlying Security volatility, compounding will cause results for periods longer than a trading day to vary from two times (200%) the performance of the Underlying Security. As shown in the chart below, the Fund would be expected to lose 6.1% if there was no change in the share price of the Underlying Security over a one-year period during which the Underlying Security experienced annualized volatility of 25%. If the Underlying Security’s annualized volatility were to rise to 75%, the hypothetical loss for a one-year period would widen to approximately -43%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if there were no change in the share price of the Underlying Security. For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative Underlying Security change in the share price of the Underlying Security for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than two times (200%) the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than two times (200%) the performance of the Underlying Security. The Fund’s actual performance may be significantly better or worse than the performance shown below as a result of any of the factors discussed above or in the “Daily Correlation/Tracking Risk” below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td colspan="4" style="vertical-align: top">Estimated Returns of 200% or Two Times Performance of the Underlying Security</td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Underlying Security Performance</td> <td colspan="5" style="border-bottom: black 1pt solid; text-align: center">One Year Volatility Rate</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; width: 22%; text-align: center">One Year Underlying Security</td> <td style="border-bottom: black 1pt solid; width: 1%"> </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 22%; text-align: center">2X Times (200%) the One Year Performance</td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center">10%</td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center">25%</td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center">50%</td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center">75%</td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center">100%</td></tr> <tr> <td style="text-align: center">-60%</td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center">-120%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-84.2%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-85.0%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-87.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-90.9%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-94.1%</td></tr> <tr> <td style="text-align: center">-50%</td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center">-100%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-75.2%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-76.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-80.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-85.8%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-90.8%</td></tr> <tr> <td style="text-align: center">-40%</td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center">-80%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-64.4%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-66.2%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-72.0%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-79.5%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-86.8%</td></tr> <tr> <td style="text-align: center">-30%</td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center">-60%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-51.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-54.0%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-61.8%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-72.1%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-82.0%</td></tr> <tr> <td style="text-align: center">-20%</td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center">-40%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-36.6%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-39.9%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-50.2%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-63.5%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-76.5%</td></tr> <tr> <td style="text-align: center">-10%</td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center">-20%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-19.8%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-23.9%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-36.9%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-53.8%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-70.2%</td></tr> <tr> <td style="text-align: center">0%</td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center">0%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-1.0%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-6.1%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-22.1%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-43.0%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-63.2%</td></tr> <tr> <td style="text-align: center">10%</td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center">20%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">19.8%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">13.7%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-5.8%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-31.1%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-55.5%</td></tr> <tr> <td style="text-align: center">20%</td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center">40%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">42.6%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">35.3%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">12.1%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-18.0%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-47.0%</td></tr> <tr> <td style="text-align: center">30%</td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center">60%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">67.3%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">58.8%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">31.6%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-3.7%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-37.8%</td></tr> <tr> <td style="text-align: center">40%</td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center">80%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">94.0%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">84.1%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">52.6%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">11.7%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-27.9%</td></tr> <tr> <td style="text-align: center">50%</td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center">100%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">122.8%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">111.4%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">75.2%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">28.2%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-17.2%</td></tr> <tr> <td style="text-align: center">60%</td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center">120%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">153.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">140.5%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">99.4%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">45.9%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-5.8%</td></tr> </table> The Underlying Security’s five-year annualized historical volatility rate for the period ended June 30, 2026 was 83.56%. The Underlying Security’s highest volatility rate for any one calendar year during this period was 90.90%. The Underlying Security’s annualized performance during this period was -23.70%. Historical Underlying Security volatility and performance are not indications of what Underlying Security volatility and performance will be in the future. Daily Correlation/Tracking Risk. There is no guarantee that the Fund will achieve a high degree of leveraged correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. To achieve a high degree of leveraged correlation with the Underlying Security, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its daily leveraged investment objective. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and extreme volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. If there is a significant intra-day market event and/or the Underlying Security experiences a significant increase or decline, the Fund may not meet its investment objective, be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads. The Fund may have difficulty achieving its daily leveraged investment objective due to fees, expenses, transaction costs, financing costs related to the use of derivatives, investments in ETFs, directly or indirectly, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or derivatives held by the Fund. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. The Fund may take or refrain from taking positions to improve the tax efficiency or to comply with various regulatory restrictions, either of which may negatively impact the Fund’s leveraged correlation to the Underlying Security. Leverage Risk. The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the share price of the Underlying Security, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the share price of the Underlying Security declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Security’s share price. Derivatives Risk. 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, leverage, imperfect daily correlations 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 imperfect correlation between the share price of the Underlying Security 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. The Fund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily leveraged performance for the Fund. Swap Agreements. The use of swap transactions is a highly specialized activity, which 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 counterparties for those swap agreements. If the Adviser is unable to enter into swap agreements that provide leveraged exposure to the Underlying Security, the Fund may not meet its stated investment objective. Additionally, any financing, borrowing or other costs associated with using swap transactions may also have the effect of lowering the Fund’s return. 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 derivatives 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 or underlying 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 a basket of securities. If the Underlying Security has a dramatic move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately 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 achieve exposure consistent with the Fund’s investment objective. This may prevent the Fund from achieving its leveraged investment objective, even if the Underlying Security later reverses all or a portion of its movement. Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid. Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in derivatives which exposes the Fund to the risk that the counterparty will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund and the Fund may be unable to recover its investment from such counterparty or may obtain a limited and/or delayed recovery. Counterparties may seek to hedge their exposure to individual clients (such as the Fund) by establishing offsetting exposures with other clients, however, there is no guarantee that counterparties will do so under all circumstances. Should a counterparty (e.g., a swap counterparty) terminate its relationship with the Fund, the Fund will seek to utilize other counterparties to seek to maintain its exposures. In addition, the Fund may use options contracts to seek to generate the leverage necessary to implement its strategy. The use of options contracts introduces distinct risks, including heightened volatility, particularly intraday. While options may provide an ancillary benefit of mitigating some losses under specific scenarios, such as severe market downturns, their inherent leverage and rapid price fluctuations can amplify the Fund’s performance volatility and lead to greater risks of substantial losses. Refer to “Derivatives Risk – Options Contracts” for additional information on the risks of investing in options. In addition, the Fund may enter into swap agreements with a limited number of counterparties, which may increase the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its investment objective. Intra-Day Investment Risk. The Fund seeks investment results from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the share price of the Underlying Security at the market close on the first trading day and the share price of the Underlying Security at the time of purchase. If the share price of the Underlying Security rises, the Fund’s net assets will rise by approximately twice the amount as the Fund’s exposure. Conversely, if the share price of the Underlying Security declines, the Fund’s net assets will decline by approximately two times the amount as the Fund’s exposure. Thus, an investor that purchases Shares intra-day may experience performance that is greater than, or less than, the Fund’s stated leveraged performance of the Underlying Security. If there is a significant intra-day market event and/or the securities of the Underlying Security experience a significant increase or decrease, the Fund may not meet its investment objective or rebalance its portfolio appropriately. Fixed Income Securities Risk. When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s Share price and total return to be reduced and fluctuate more than other types of investments. Rebalancing Risk. If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated investment objective. As a result, the Fund may be exposed to leverage risk because it had not been properly rebalanced and may not achieve its investment objective. ETF Risks <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zWogtaBe1RH3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; 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. The costs associated with cash redemptions may include brokerage costs that the Fund may not have incurred if it had made the redemptions in-kind. These costs could be imposed on the Fund, decreasing its NAV, to the extent these costs are not offset by a transaction fee payable by an authorized participant. 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. <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zXWkye4i8v57" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; 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 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 underlying portfolio holdings, which can be significantly less liquid than Shares. This adverse effect on liquidity for the Fund’s shares may lead to wider bid-ask spreads and differences between the market price of the Fund’s shares and the underlying value of the shares. Liquidity Risk. In certain circumstances, such as the disruption of the orderly markets for the financial instruments in which the Fund invests, the Fund might not be able to acquire or dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. Markets for the financial instruments in which the Fund invests may be disrupted by a number of events, including but not limited to economic crises, health crises, natural disasters, excessive volatility, new legislation, or regulatory changes inside or outside of the U.S. These situations may have an impact on the liquidity of the Fund’s own shares.” 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. Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active market trading of the Fund’s Shares on exchanges (such as the Exchange), could cause more frequent creation and redemption activities, which could increase the number of portfolio transactions. Frequent and active trading may lead to higher transaction costs because of increased broker commissions resulting from such transactions. In addition, there is the possibility of significantly increased short-term capital gains (which will be taxable to shareholders as ordinary income when distributed to them). The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise the majority of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher. Tracking Error Risk. Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate two times the daily percentage change in the price of the Underlying Security. Tracking error may occur for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Security or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives, and therefore experience tracking error, as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. Liquidity Risk. Some securities held by the Fund may be difficult to sell or be illiquid, particularly during times of market turmoil. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, epidemics/pandemics, new legislation or regulatory changes inside or outside the United States. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to sell an illiquid security at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. There is no assurance that a security that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses 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 may lose money. Newer Fund Risk. The Fund is a recently organized management investment company with a limited operating history. As a result, prospective investors have only a limited 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. This may increase the Fund’s volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund’s performance. Trading Halt Risk. Although the Underlying Security’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the Exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Security’s shares is expected, in turn, to result in a halt in the trading in the Fund’s Shares. Trading in the Underlying Security’s and/or Fund’s Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in the Underlying Security’s and/or Fund’s Shares inadvisable. In addition, trading in Underlying Security’s and/or Fund’s Shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy. 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 the Fund’s investment advisor seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks. 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. 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”). 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 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. To comply with the asset diversification test applicable to a RIC, the Fund will attempt to ensure that the value of swap contracts and options on shares of a single issuer does not exceed 25% of the Fund’s value at the close of any quarter. If the value of swap contracts and options 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. 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 is 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 investment adviser, Tidal Investments LLC (“Tidal” or the “Adviser”), a Tidal Financial Group company, will pay all of the Fund’s expenses incurred by the Fund (except for advisory) excluding 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. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s investment adviser, Tidal Investments LLC (“Tidal” or the “Adviser”), a Tidal Financial Group company, will pay all of the Fund’s expenses incurred by the Fund (except for advisory fees) excluding 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 cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s investment adviser, Tidal Investments LLC (“Tidal” or the “Adviser”), a Tidal Financial Group company, will pay all of the Fund’s expenses incurred by the Fund (except for advisory) excluding 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. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s investment adviser, Tidal Investments LLC (“Tidal” or the “Adviser”), a Tidal Financial Group company, will pay all of the Fund’s expenses incurred by the Fund (except for advisory fees) excluding 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. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.