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annual shareholder report
YieldMax™ AI & Tech Portfolio Option Income ETF
GPTY
NYSEArca
This
<span id="xdx_90C_eoef--ShareholderReportAnnualOrSemiAnnual_c20250801__20260731__oef--ClassAxis__custom--C000255407Member_z99w8MMwRyy9">annual shareholder report</span> contains important information about the YieldMax™
AI & Tech Portfolio Option Income ETF (the "Fund") for the period August
1, 2025 to July 31, 2026.
annual shareholder report
You can find additional information
about the Fund at <span id="xdx_900_eoef--AddlInfoWebsite_c20250801__20260731__oef--ClassAxis__custom--C000255407Member_zz6VK2UqkMvl">www.yieldmaxetfs.com/our-etfs/gpty/</span>.
You can also request this information by contacting us at <span id="xdx_90D_eoef--AddlInfoPhoneNumber_c20250801__20260731__oef--ClassAxis__custom--C000255407Member_zk0aYIfH4wLe">(844) 737-3001</span>
or by writing to YieldMax™ AI & Tech Portfolio Option Income ETF,
c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201‑0701.
www.yieldmaxetfs.com/our-etfs/gpty/
(844) 737-3001
<p id="xdx_80A_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000255407Member_dU_zjgiIoc2j1HR" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: -4pt 0 0; text-align-last: auto; display: block; min-height: 20.52px; align-content: center; line-height: 20.53px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">What
were the Fund costs for the past year?</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: -2pt 0 2pt; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(based
on a hypothetical $10,000 investment)</span></span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto; padding-top: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal">
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Class
Name</span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Costs
of a $10,000 investment</span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Costs
paid as a percentage of a $10,000 investment</span></div></th></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_986_eoef--ClassName_c20250801__20260731__oef--ClassAxis__custom--C000255407Member_z6AvijCAjdvm" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">YieldMax™
AI & Tech Portfolio Option Income ETF</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98C_eoef--ExpensesPaidAmt_c20250801__20260731__oef--ClassAxis__custom--C000255407Member_fJiMxODU7_zYgXlBmUSVfz" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$115</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal"><span id="xdx_90E_eoef--ExpenseRatioPct_dp_c20250801__20260731__oef--ClassAxis__custom--C000255407Member_fKg_____zrUGRhGy2uth">1.02%</span>*</span></div></td></tr>
</table></div></div></div>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 8pt/10pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; display: block"></span></div></div>
<table cellpadding="0" cellspacing="0" style="font: 300 8pt/10pt Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td id="xdx_F01_zukBHstqZgmv" style="width: 15pt; text-align: right">*</td><td style="width: 5pt"></td><td id="xdx_F1F_zs7HqhojRtgl" style="text-align: justify">Costs paid as a percentage of a $10,000 investment is an annualized figure.</td>
</tr></table>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 1pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
YieldMax™ AI & Tech Portfolio Option Income ETF
115
0.0102
<p id="xdx_805_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000255407Member_dU_zJZNx1x82yYw" style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33.6px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center; font-weight: bold">Cumulative
Performance</p>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: -3pt 0 0; text-align-last: auto; display: block; min-height: 14.92px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: center">(Initial
Investment of $10,000)</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center">
<div style="box-sizing: border-box; text-align-last: auto; padding-top: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none">
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Date</div></td>
<td id="xdx_4B7_oef--ClassAxis_custom--C000255407Member_z2xv2zmHsNFr" style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">YieldMax™ AI & Tech Portfolio Option Income ETF
- at NAV - $13,964</div></td>
<td id="xdx_4B3_oef--BroadBasedIndexAxis_custom--SAndP500TotalReturnIndexMember_zS6r0wCrco8m" style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">S&P 500® Total Return Index - $12,539</div></td></tr>
<tr id="xdx_438_c20250122__20250122_eoef--AccmVal_zKXYZr8d2Q8n" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">1/22/2025</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10000</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10000</div></td></tr>
<tr id="xdx_43F_c20250122__20250430_eoef--AccmVal_ziYMikPLW1Lu" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">4/30/2025</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">8547</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">9182</div></td></tr>
<tr id="xdx_43B_c20250122__20250731_eoef--AccmVal_zTmsPWlOHTzK" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">7/31/2025</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11052</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10487</div></td></tr>
<tr id="xdx_43F_c20250122__20251031_eoef--AccmVal_z004uHKkpOuI" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10/31/2025</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">12750</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11350</div></td></tr>
<tr id="xdx_43B_c20250122__20260131_eoef--AccmVal_ziD3I5MlfADW" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">1/31/2026</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11722</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11550</div></td></tr>
<tr id="xdx_43C_c20250122__20260430_eoef--AccmVal_zGaKs5fbF3jY" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">4/30/2026</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">13319</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">12034</div></td></tr>
<tr id="xdx_432_c20250122__20260731_eoef--AccmVal_zZnVs4drgtYI" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">7/31/2026</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">13964</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">12539</div></td></tr>
</table></div></div><img alt="line" src="qesg2cw31mufwvs4l.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/></div></div></div>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 8pt Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; display: block"></span></div></div>
10000
10000
8547
9182
11052
10487
12750
11350
11722
11550
13319
12034
13964
12539
<p id="xdx_802_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000255407Member_dU_zB4HUlpPHTzB" style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33.6px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center; font-weight: bold">Annual
Performance</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; padding-top: 0; color: #4f4f4f; text-indent: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal">
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"></span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">1
Year</span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Since
Inception (<span id="xdx_907_eoef--PerfInceptionDate_c20250801__20260731__oef--ClassAxis__custom--C000255407Member_znLbcszzfYDn">1/22/25</span>)</span></div></th></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Yieldmax™
AI & Tech Portfolio Option Income ETF - at NAV</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98D_eoef--AvgAnnlRtrPct_dp_c20250801__20260731__oef--ClassAxis__custom--C000255407Member_zuuvJVNtYZsF" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">26.39%</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98D_eoef--AvgAnnlRtrPct_dp_c20250122__20260731__oef--ClassAxis__custom--C000255407Member_zTDI7zEVy8bH" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">24.55%</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">S&P
500® Total Return Index</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98F_eoef--AvgAnnlRtrPct_dp_c20250801__20260731__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_zZupNMB0oVQh" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">19.56%</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_980_eoef--AvgAnnlRtrPct_dp_c20250122__20260731__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_zs9gugugxZG1" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">16.04%</span></div></td></tr>
</table></div></div></div>
2025-01-22
0.2639
0.2455
0.1956
0.1604
The
Fund's past performance is not a good indicator of how the Fund will perform in the future.
The graph and table do not reflect the deduction
of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Visit
www.yieldmaxetfs.com/our-etfs/gpty/
for more recent performance information.
<p id="xdx_80B_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000255407Member_dU_zRL6kz8a2ALt" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: 16pt 0 2pt; text-align-last: auto; display: block; min-height: 20.52px; align-content: center; line-height: 20.53px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold"><b style="box-sizing: border-box; font-weight: bold">How
Did the Fund Perform During the Reporting Period?</b></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt/12pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: justify">
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 55.98px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0; display: block">During
the reporting period, GPTY generated positive total returns while providing shareholders with regular income distributions. The Fund generated
income through option premium received from its call spread strategy while maintaining exposure to a portfolio of AI and technology-related
equity securities.</p></div></div>
<p style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 20.52px; align-content: center; line-height: 20.53px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">What
Factors Influenced Performance?</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt/11pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; display: block; text-align: justify">
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 55.98px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0">Performance
was influenced by the returns of the Fund's underlying portfolio, which included companies operating in areas such as semiconductors,
software, cloud computing, and digital infrastructure. In addition, the Fund generated option premium income through the sale of call
spreads on its holdings.</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 18.66px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0">The
level of implied volatility across the portfolio affected the amount of option premium available for sale.</p></div></div>
<p style="font: 700 11pt/14pt Gotham Narrow-Bold,Arial; margin: 0 0 2pt; text-align-last: auto; min-height: 18.66px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; display: block; font-weight: bold">Positioning
of the Fund</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 55.98px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0">The
Fund remains invested in a portfolio of AI and technology-related companies and continues to employ its option strategy to generate income.
The Fund seeks to provide current income while maintaining exposure to the long-term performance of its underlying equity holdings.</p>
<p id="xdx_804_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000255407Member_dU_z3gC952FW2gf" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 24.26px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">Key
Fund Statistics</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(as
of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box; font-weight: normal">July 31, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">)</span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; padding-top: 0; color: #4f4f4f; text-indent: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse; line-height: normal">
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Fund
Size (Thousands)</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98F_eus-gaap--AssetsNet_iI_pn3n3_c20260731__oef--ClassAxis__custom--C000255407Member_zu0XzcsC8bNd" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$101,782</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Number
of Holdings</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98B_eoef--HoldingsCount_iI_uHoldings_c20260731__oef--ClassAxis__custom--C000255407Member_zmG47zCfUx1a" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">81</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Total
Advisory Fee Paid</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_983_eoef--AdvisoryFeesPaidAmt_c20250801__20260731__oef--ClassAxis__custom--C000255407Member_zyG93RK1ROQG" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$801,717</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Portfolio
Turnover</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98F_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20250801__20260731__oef--ClassAxis__custom--C000255407Member_zhR2vPzf9F7K" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">29%</span></div></td></tr>
</table></div></div></div>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 8pt Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; display: block"></span></div></div>
101782000
81
801717
0.29
<p id="xdx_800_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000255407Member_dU_zEVGAs8LC4bY" style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: -8pt 0 0; text-align-last: auto; display: block; min-height: 33.6px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">What
did the Fund invest in?</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: -2pt 0 8pt; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(as
of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box; font-weight: normal">July 31, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">)</span></p><div style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 12pt 0 0; text-align-last: auto; display: block; min-height: 24.26px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">Security
Type - Investments</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(%
of Net Assets)</span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto; padding-top: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none">
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Sector</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">%</div></td></tr>
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Common Stocks</div></td>
<td style="box-sizing: border-box">
<div id="xdx_987_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000255407Member__oef--IndustrySectorAxis__custom--CommonStocksMember_zicXDXPkQceI" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">98.2%</div></td></tr>
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Purchased Call Options</div></td>
<td style="box-sizing: border-box">
<div id="xdx_98E_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000255407Member__oef--IndustrySectorAxis__custom--PurchasedCallOptionsMember_zzkpEIRTjfJo" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">1.8%</div></td></tr>
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Cash & Cash Equivalents</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal"><span id="xdx_90C_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000255407Member__oef--IndustrySectorAxis__us-gaap--CashAndCashEquivalentsMember_fKg_____zNdxdiU226Zs">0.0%</span>*</div></td></tr>
</table></div></div><img alt="bar" src="qesg2cw31mug3gigp.jpg" style="box-sizing: border-box; width: 100%; height: auto"/></div></div>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 24.26px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">Security
Type - Other Financial Instruments</p>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 16.79px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(%
of Net Assets)</span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto; padding-top: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none">
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Sector</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">%</div></td></tr>
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Written Call Options</div></td>
<td style="box-sizing: border-box">
<div id="xdx_985_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000255407Member__oef--IndustrySectorAxis__custom--WrittenCallOptionsMember_zy0aKUmbzbc9" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">-2.6%</div></td></tr>
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Written Put Options</div></td>
<td style="box-sizing: border-box">
<div id="xdx_986_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000255407Member__oef--IndustrySectorAxis__custom--WrittenPutOptionsMember_zNsSBZb1Z1tp" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">-1.0%</div></td></tr>
</table></div></div><img alt="bar" src="qesg2cw31mug3hrla.jpg" style="box-sizing: border-box; width: 100%; height: auto"/></div></div>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<table cellpadding="0" cellspacing="0" style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td id="xdx_F07_zTLPLjZLZbGk" style="width: 15pt; text-align: right"><span style="font-weight: normal">*</span></td><td style="width: 5pt"></td><td style="text-align: justify"><span id="xdx_F1B_z0VR3wsOZPxW" style="font-weight: normal">Amount does not round to 0.1% or -0.1%.</span></td>
</tr></table>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 29.84px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-weight: normal">Percentages
are based on net assets. Cash & Cash Equivalents represents cash, short-term investments, and liabilities in excess of other assets.</span></p></div><div style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p></div>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/10pt Gotham Narrow-Light,Arial; margin: -20pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
0.982
0.018
0.000
-0.026
-0.010
<div id="xdx_806_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000255407Member_dU_zl7HhOjheBQ_zhmhjCmWW6xM" style="box-sizing: border-box; text-align-last: auto">
<table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal">
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Top
Holdings</span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">(%
of Net Assets)</span></div></th></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">NVIDIA
Corp.</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_986_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000255407Member__oef--LargestHoldingAxis__custom--NVIDIACorpMember_zDsjmKNfJo5Q" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">6.7</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Snowflake,
Inc. - Class A</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_986_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000255407Member__oef--LargestHoldingAxis__custom--SnowflakeIncClassAMember_zccL1O59zHxV" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">6.5</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Alphabet,
Inc. - Class A</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98C_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000255407Member__oef--LargestHoldingAxis__custom--AlphabetIncClassAMember_zkoAuahswDDU" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">6.2</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Amazon.com,
Inc.</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_983_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000255407Member__oef--LargestHoldingAxis__custom--AmazonComIncMember_zpoMzmfmgvgD" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">4.9</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Microsoft
Corp.</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_988_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000255407Member__oef--LargestHoldingAxis__custom--MicrosoftCorpMember_z487WThrKkdD" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">4.9</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Apple,
Inc.</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98F_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000255407Member__oef--LargestHoldingAxis__custom--AppleIncMember_zvGqiuDY7wAM" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">4.8</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">International
Business Machines Corp.</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98E_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000255407Member__oef--LargestHoldingAxis__custom--InternationalBusinessMachinesCorpMember_zu5i6TIXeqEG" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">4.7</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Advanced
Micro Devices, Inc.</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_989_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000255407Member__oef--LargestHoldingAxis__custom--AdvancedMicroDevicesIncMember_zpDp5gMGmNJ1" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">4.6</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Broadcom,
Inc.</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98C_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000255407Member__oef--LargestHoldingAxis__custom--BreadcomIncMember_zXOwr7YNBWmT" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">4.4</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Hut
8 Corp.</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_985_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000255407Member__oef--LargestHoldingAxis__custom--Hut8CorpMember_zmS1aTr3Dg5Q" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">4.3</span></div></td></tr>
</table></div>
0.067
0.065
0.062
0.049
0.049
0.048
0.047
0.046
0.044
0.043
<p id="xdx_80D_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000255407Member_dU_zDdR4E2f4eNz" style="font: 700 11pt/13pt Gotham Narrow-Bold,Arial; margin: -2pt 0 0; text-align-last: auto; display: block; min-height: 17.33px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold"><span style="box-sizing: border-box; font-size: 10pt; font-weight: bold">Fund
Changes</span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt/12pt Gotham Narrow-Light,Arial; margin: 2pt 0 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0">
<p style="font: 300 10pt/12pt Gotham Narrow-Light,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 31.99px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: 400"><span style="box-sizing: border-box; font-size: 10pt; font-weight: normal">Effective
<span id="xdx_903_eoef--MaterialChngDate_c20250801__20260731__oef--ClassAxis__custom--C000255407Member_z6DMRN3m5RRS">October 14, 2025</span> the Fund's payment of income distributions was changed to seek to make such distributions on a weekly basis.</span></span></p></div></div>
2025-10-14
YieldMax™ CRCL Option Income Strategy ETF
CRCO
NYSEArca
This
<span id="xdx_90E_eoef--ShareholderReportAnnualOrSemiAnnual_c20250801__20260731__oef--ClassAxis__custom--C000263787Member_z9UYuVrAI7H7">annual shareholder report</span> contains important information about the YieldMax™
CRCL Option Income Strategy ETF (the "Fund") for the period August 1,
2025 to July 31, 2026.
annual shareholder report
You can find additional information
about the Fund at <span id="xdx_90E_eoef--AddlInfoWebsite_c20250801__20260731__oef--ClassAxis__custom--C000263787Member_zfZoidCvW65q">www.yieldmaxetfs.com/our-etfs/crco/</span>.
You can also request this information by contacting us at <span id="xdx_909_eoef--AddlInfoPhoneNumber_c20250801__20260731__oef--ClassAxis__custom--C000263787Member_zDDnD2zut7EA">(844) 737-3001</span>
or by writing to YieldMax™ CRCL Option Income Strategy ETF, c/o
U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201‑0701.
www.yieldmaxetfs.com/our-etfs/crco/
(844) 737-3001
<p id="xdx_80A_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000263787Member_dU_zPOjXai1tR13" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: -4pt 0 0; text-align-last: auto; display: block; min-height: 20.52px; align-content: center; line-height: 20.53px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">What
were the Fund costs for the past year?</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: -2pt 0 2pt; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(based
on a hypothetical $10,000 investment)</span></span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto; padding-top: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal">
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Class
Name</span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Costs
of a $10,000 investment</span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Costs
paid as a percentage of a $10,000 investment</span></div></th></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_985_eoef--ClassName_c20250801__20260731__oef--ClassAxis__custom--C000263787Member_zFRxvp7AWuL9" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">YieldMax™
CRCL Option Income Strategy ETF</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$<span id="xdx_909_eoef--ExpensesPaidAmt_c20250801__20260731__oef--ClassAxis__custom--C000263787Member_fKg_____zNS3iVUJTO4D">83</span>*</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal"><span id="xdx_907_eoef--ExpenseRatioPct_dp_c20250801__20260731__oef--ClassAxis__custom--C000263787Member_fKio___zXbKZCnGs8P5">1.30%</span>**</span></div></td></tr>
</table></div></div></div>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 8pt/10pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0">
<table cellpadding="0" cellspacing="0" style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td id="xdx_F05_zeFGR0rn04aI" style="width: 15pt; text-align: right">*</td><td style="width: 5pt"></td><td id="xdx_F13_zYGit0CJhlui" style="text-align: justify"><span id="xdx_905_eoef--ExpensesShortPeriodFnTextBlock_c20250801__20260731__oef--ClassAxis__custom--C000263787Member_zEDvMxfr7AiU">The Fund commenced operations on September 29, 2025. Expenses for a full reporting period
would be higher than the figures shown.</span></td>
</tr></table>
</div></div>
<table cellpadding="0" cellspacing="0" style="font: 300 8pt/10pt Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td id="xdx_F02_zNz8zqv1wJFO" style="width: 15pt; text-align: right"><span style="font-weight: normal">**</span></td><td style="width: 5pt"></td><td id="xdx_F1A_zF0pQLBbVW6U" style="text-align: justify">Costs paid as a percentage of a $10,000 investment is an annualized figure.</td>
</tr></table>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 1pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
YieldMax™ CRCL Option Income Strategy ETF
83
0.0130
The Fund commenced operations on September 29, 2025. Expenses for a full reporting period
would be higher than the figures shown.
<p id="xdx_805_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000263787Member_dU_zYShdpgSYtsG" style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33.6px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center; font-weight: bold">Cumulative
Performance</p>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: -3pt 0 0; text-align-last: auto; display: block; min-height: 14.92px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: center">(Initial
Investment of $10,000)</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center">
<div style="box-sizing: border-box; text-align-last: auto; padding-top: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none">
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Date</div></td>
<td id="xdx_4B7_oef--ClassAxis_custom--C000263787Member_zP3amzQkd3q7" style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">YieldMax™ CRCL Option Income Strategy ETF - at NAV
- $5,463</div></td>
<td id="xdx_4B3_oef--BroadBasedIndexAxis_custom--SAndP500TotalReturnIndexMember_zF4UVgP4W3GI" style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">S&P 500® Total Return Index - $11,354</div></td></tr>
<tr id="xdx_436_c20250929__20250929_eoef--AccmVal_z8YHRU8LlOyB" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">9/29/2025</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10000</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10000</div></td></tr>
<tr id="xdx_437_c20250929__20251031_eoef--AccmVal_zoizfK9R8Vza" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10/31/2025</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">9402</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10277</div></td></tr>
<tr id="xdx_43F_c20250929__20260131_eoef--AccmVal_zC7TuzozPkqb" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">1/31/2026</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">5297</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10458</div></td></tr>
<tr id="xdx_43F_c20250929__20260430_eoef--AccmVal_zBeE2mk13xHO" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">4/30/2026</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">6975</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10896</div></td></tr>
<tr id="xdx_431_c20250929__20260731_eoef--AccmVal_zHAG4smraN7I" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">7/31/2026</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">5463</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11354</div></td></tr>
</table></div></div><img alt="line" src="qesg2cw31mufwuj11.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/></div></div></div>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 8pt Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; display: block"></span></div></div>
10000
10000
9402
10277
5297
10458
6975
10896
5463
11354
<p id="xdx_802_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000263787Member_dU_zb6K4DiNOAeE" style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33.6px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center; font-weight: bold">Annual
Performance</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; padding-top: 0; color: #4f4f4f; text-indent: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal">
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"></span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Since
Inception (<span id="xdx_900_eoef--PerfInceptionDate_c20250801__20260731__oef--ClassAxis__custom--C000263787Member_zHXrIZ5FmLUZ">9/29/25</span>)</span></div></th></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Yieldmax™
CRCL Option Income Strategy ETF - at NAV</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal"><span id="xdx_90B_eoef--AvgAnnlRtrPct_dp_c20250929__20260731__oef--ClassAxis__custom--C000263787Member_fKg_____z4kSbQiwWyww">-45.65</span>%*</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">S&P
500® Total Return Index</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98E_eoef--AvgAnnlRtrPct_dp_c20250929__20260731__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_zTIXDAVObGC3" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">13.54%</span></div></td></tr>
</table></div></div></div>
<table cellpadding="0" cellspacing="0" style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 15pt; text-align: right"><span id="xdx_F0B_z53kwlF9zIM9" style="font-weight: normal">*</span></td><td style="width: 5pt"></td><td style="text-align: justify"><span id="xdx_F1E_zM54rasbzZDw" style="font-weight: normal">Not Annualized for periods less than one year.</span></td>
</tr></table>
2025-09-29
-0.4565
0.1354
The
Fund's past performance is not a good indicator of how the Fund will perform in the future.
The graph and table do not reflect the deduction
of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Visit
www.yieldmaxetfs.com/our-etfs/crco/
for more recent performance information.
<p id="xdx_80B_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000263787Member_dU_zuFdC2YS0TPZ" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: 16pt 0 2pt; text-align-last: auto; display: block; min-height: 20.52px; align-content: center; line-height: 20.53px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold"><b style="box-sizing: border-box; font-weight: bold">How
Did the Fund Perform During the Reporting Period?</b></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt/12pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: justify"><span style="box-sizing: border-box; display: block; margin-bottom: 4pt; font-weight: normal">During
the reporting period, CRCO provided shareholders with regular income distributions while maintaining exposure to the performance of Circle
Internet Group, Inc. ("CRCL"). The Fund generated income through a call spread strategy designed to capture option premium from CRCL.</span></div></div>
<p style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 20.52px; align-content: center; line-height: 20.53px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">What
Factors Influenced Performance?</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt/11pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; display: block; text-align: justify"><span style="box-sizing: border-box; display: block; margin-bottom: 4pt; font-weight: normal">Performance
was influenced by the market performance and implied volatility of CRCL. The Fund's option strategy generated premium income, with higher
levels of implied volatility generally supporting higher option premiums.</span></div></div>
<p style="font: 700 11pt/14pt Gotham Narrow-Bold,Arial; margin: 0 0 2pt; text-align-last: auto; min-height: 18.66px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; display: block; font-weight: bold">Positioning
of the Fund</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt/12pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; display: block; text-align: justify"><span style="box-sizing: border-box; display: block; margin-bottom: 4pt; font-weight: normal">The
Fund continues to employ its option income strategy while maintaining exposure to CRCL. CRCO seeks to generate current income through
the systematic sale of call spreads while retaining exposure to a portion of the underlying security's performance.</span></div></div>
<p id="xdx_804_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000263787Member_dU_z1qsxE6tHlN_zTdRlh3T8GJ0" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 24.26px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">Key
Fund Statistics</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(as
of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box; font-weight: normal">July 31, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">)</span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; padding-top: 0; color: #4f4f4f; text-indent: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse; line-height: normal">
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Fund
Size (Thousands)</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98E_eus-gaap--AssetsNet_iI_pn3n3_c20260731__oef--ClassAxis__custom--C000263787Member_zWJw6ZnHLOaE" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$18,016</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Number
of Holdings</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_984_eoef--HoldingsCount_iI_uHoldings_c20260731__oef--ClassAxis__custom--C000263787Member_zhHsUoTcTbSi" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">10</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Total
Advisory Fee Paid</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_989_eoef--AdvisoryFeesPaidAmt_c20250801__20260731__oef--ClassAxis__custom--C000263787Member_zExBk1qgLCwH" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$221,142</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Portfolio
Turnover</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_986_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20250801__20260731__oef--ClassAxis__custom--C000263787Member_zIhSMXnlGR3f" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">0%</span></div></td></tr>
</table></div></div></div>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 8pt Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; display: block"></span></div></div>
18016000
10
221142
0
<p id="xdx_800_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000263787Member_dU_zljvtpsCHOEP" style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: -8pt 0 0; text-align-last: auto; display: block; min-height: 33.6px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">What
did the Fund invest in?</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: -2pt 0 8pt; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(as
of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box; font-weight: normal">July 31, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">)</span></p><div style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 12pt 0 0; text-align-last: auto; display: block; min-height: 24.26px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">Security
Type - Investments</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(%
of Net Assets)</span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto; padding-top: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none">
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Sector</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">%</div></td></tr>
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Pruchased Call Options</div></td>
<td style="box-sizing: border-box">
<div id="xdx_984_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000263787Member__oef--IndustrySectorAxis__custom--PruchasedCallOptionsMember_zl2I4onaRWCX" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">17.8%</div></td></tr>
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Cash & Cash Equivalents</div></td>
<td style="box-sizing: border-box">
<div id="xdx_98A_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000263787Member__oef--IndustrySectorAxis__us-gaap--CashAndCashEquivalentsMember_zJP8EmRmW3pr" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">82.2%</div></td></tr>
</table></div></div><img alt="bar" src="qes4dqejw1mumyronz.jpg" style="box-sizing: border-box; width: 100%; height: auto"/></div></div>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 24.26px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">Security
Type - Other Financial Instruments</p>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 16.79px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(%
of Net Assets)</span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto; padding-top: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none">
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Sector</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">%</div></td></tr>
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Written Put Options</div></td>
<td style="box-sizing: border-box">
<div id="xdx_984_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000263787Member__oef--IndustrySectorAxis__custom--WrittenPutOptionsMember_zX4bn57lDai6" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">-15.2%</div></td></tr>
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Written Call Options</div></td>
<td style="box-sizing: border-box">
<div id="xdx_980_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000263787Member__oef--IndustrySectorAxis__custom--WrittenCallOptionsMember_zIsWs5Xf857H" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">-8.2%</div></td></tr>
</table></div></div><img alt="bar" src="qes4dgct1mug3d0xo.jpg" style="box-sizing: border-box; width: 100%; height: auto"/></div></div>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box"></span></p>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 29.84px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-weight: normal">Percentages
are based on net assets. Cash & Cash Equivalents represents cash, short-term investments, and liabilities in excess of other assets.</span></p></div><div style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p></div>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/10pt Gotham Narrow-Light,Arial; margin: -20pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
0.178
0.822
-0.152
-0.082
<div id="xdx_805_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000263787Member_dU_zmuBqv8LDve3" style="box-sizing: border-box; text-align-last: auto">
<table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal">
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Top
Holdings</span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">(%
of Net Assets)</span></div></th></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">U.S.
Treasury Bills</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_982_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000263787Member__oef--LargestHoldingAxis__custom--USTreasuryBillsMember_zhZlQq9M0wgM" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">97.3</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Circle
Internet Group, Inc.,</span></div>
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Expiration:
9/18/2026; Exercise Price: $65.01</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98B_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000263787Member__oef--LargestHoldingAxis__custom--CircleInternetGroupIncExpiration9182026ExercisePrice6501Member_zrpzA5p84Vt9" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">-15.2</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Circle
Internet Group, Inc.,</span></div>
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Expiration:
9/18/2026; Exercise Price: $65.01</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_987_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000263787Member__oef--LargestHoldingAxis__custom--CircleInternetGroupIncExpiration9182026ExercisePrice6501OneMember_z3VLYLKzv2PO" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">11.9</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Circle
Internet Group, Inc.,</span></div>
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Expiration:
8/7/2026; Exercise Price: $61.00</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_988_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000263787Member__oef--LargestHoldingAxis__custom--CircleInternetGroupIncExpiration872026ExercisePrice6100Member_zcLHDYqWT0RI" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">-4.6</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Circle
Internet Group, Inc.,</span></div>
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Expiration:
8/7/2026; Exercise Price: $60.00</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98A_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000263787Member__oef--LargestHoldingAxis__custom--CircleInternetGroupIncExpiration872026ExercisePrice6000Member_zVOS0aydMqbe" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">-3.6</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Circle
Internet Group, Inc.,</span></div>
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Expiration:
8/7/2026; Exercise Price: $64.00</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98F_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000263787Member__oef--LargestHoldingAxis__custom--CircleInternetGroupIncExpiration872026ExercisePrice6400Member_zEnBAnF85t1E" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">3.3</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">First
American Government Obligations Fund - Class X, 3.58%</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98F_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000263787Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX358Member_zhSlwU4WzVAs" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">3.1</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Circle
Internet Group, Inc.,</span></div>
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Expiration:
8/7/2026; Exercise Price: $63.00</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_984_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000263787Member__oef--LargestHoldingAxis__custom--CircleInternetGroupIncExpiration872026ExercisePrice6300Member_znf7An3bcLC4" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">2.6</span></div></td></tr>
</table></div>
0.973
-0.152
0.119
-0.046
-0.036
0.033
0.031
0.026
<p id="xdx_80C_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000263787Member_dU_zSqadQTEwhwK" style="font: 700 11pt/13pt Gotham Narrow-Bold,Arial; margin: -2pt 0 0; text-align-last: auto; display: block; min-height: 17.33px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold"><span style="box-sizing: border-box; font-size: 10pt; font-weight: bold">Fund
Changes</span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt/12pt Gotham Narrow-Light,Arial; margin: 2pt 0 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0">
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; text-align-last: auto; min-height: 37.32px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0; display: block">Effective
<span id="xdx_90F_eoef--MaterialChngDate_c20250801__20260731__oef--ClassAxis__custom--C000263787Member_z3DrKUiRedmm">September 29, 2025</span> the Fund's payment of income distributions was changed to seek to make such distributions on a weekly basis.</p></div></div>
2025-09-29
YieldMax™ Crypto Industry & Tech Portfolio Option Income ETF
LFGY
NYSEArca
This
<span id="xdx_903_eoef--ShareholderReportAnnualOrSemiAnnual_c20250801__20260731__oef--ClassAxis__custom--C000255410Member_z8av33w4PsWA">annual shareholder report</span> contains important information about the YieldMax™
Crypto Industry & Tech Portfolio Option Income ETF (the "Fund") for the period August
1, 2025 to July 31, 2026.
annual shareholder report
You can find additional information
about the Fund at <span id="xdx_90F_eoef--AddlInfoWebsite_c20250801__20260731__oef--ClassAxis__custom--C000255410Member_zFYR6rur3tlO">www.yieldmaxetfs.com/our-etfs/lfgy/</span>.
You can also request this information by contacting us at <span id="xdx_906_eoef--AddlInfoPhoneNumber_c20250801__20260731__oef--ClassAxis__custom--C000255410Member_zF6vAjXZw5ub">(844) 737-3001</span>
or by writing to YieldMax™ Crypto Industry & Tech Portfolio Option
Income ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201‑0701.
www.yieldmaxetfs.com/our-etfs/lfgy/
(844) 737-3001
<p id="xdx_80A_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000255410Member_dU_zSERTPBVMNnY" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: -4pt 0 0; text-align-last: auto; display: block; min-height: 20.52px; align-content: center; line-height: 20.53px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">What
were the Fund costs for the past year?</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: -2pt 0 2pt; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(based
on a hypothetical $10,000 investment)</span></span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto; padding-top: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal">
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Class
Name</span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Costs
of a $10,000 investment</span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Costs
paid as a percentage of a $10,000 investment</span></div></th></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_987_eoef--ClassName_c20250801__20260731__oef--ClassAxis__custom--C000255410Member_zW1yPJShe4Fh" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; font-size: 8pt; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">YieldMax™
Crypto Industry & Tech Portfolio Option Income ETF</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98E_eoef--ExpensesPaidAmt_c20250801__20260731__oef--ClassAxis__custom--C000255410Member_fJiMxODU7_zbU45wG6bejP" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; font-size: 8pt; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$142</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; font-size: 8pt; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal"><span id="xdx_905_eoef--ExpenseRatioPct_dp_c20250801__20260731__oef--ClassAxis__custom--C000255410Member_fKg_____zdYPaGSCEE0R">1.47%</span>*</span></div></td></tr>
</table></div></div></div>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 8pt/10pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; display: block"></span></div></div>
<table cellpadding="0" cellspacing="0" style="font: 300 8pt/10pt Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td id="xdx_F05_zxshB4w0XOEc" style="width: 15pt; text-align: right">*</td><td style="width: 5pt"></td><td id="xdx_F1F_z4JNkMqHERHs" style="text-align: justify">Costs paid as a percentage of a $10,000 investment is an annualized figure.</td>
</tr></table>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 1pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
YieldMax™ Crypto Industry & Tech Portfolio Option Income ETF
142
0.0147
<p id="xdx_80F_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000255410Member_dU_zX3bQWBkLGvB" style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33.6px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center; font-weight: bold">Cumulative
Performance</p>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: -3pt 0 0; text-align-last: auto; display: block; min-height: 14.92px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: center">(Initial
Investment of $10,000)</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center">
<div style="box-sizing: border-box; text-align-last: auto; padding-top: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none">
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Date</div></td>
<td id="xdx_4B6_oef--ClassAxis_custom--C000255410Member_zaKIG8qxS5cL" style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">YieldMax™ Crypto Industry & Tech Portfolio Option
Income ETF - at NAV - $10,051</div></td>
<td id="xdx_4B3_oef--BroadBasedIndexAxis_custom--SAndP500TotalReturnIndexMember_z5aNEz2i5oNx" style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">S&P 500® Total Return Index - $13,078</div></td></tr>
<tr id="xdx_43E_c20250113__20250113_eoef--AccmVal_zFg9vCMi4zgy" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">1/13/2025</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10000</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10000</div></td></tr>
<tr id="xdx_43E_c20250113__20250430_eoef--AccmVal_zHrtzP1egisV" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">4/30/2025</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">8736</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">9578</div></td></tr>
<tr id="xdx_434_c20250113__20250731_eoef--AccmVal_zCEjyrFaAE6T" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">7/31/2025</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10627</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10938</div></td></tr>
<tr id="xdx_430_c20250113__20251031_eoef--AccmVal_zLR3KkUjsPBr" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10/31/2025</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11929</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11838</div></td></tr>
<tr id="xdx_437_c20250113__20260131_eoef--AccmVal_zePefEfDAGjQ" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">1/31/2026</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">9544</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">12047</div></td></tr>
<tr id="xdx_438_c20250113__20260430_eoef--AccmVal_zQ2a0J0gyayj" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">4/30/2026</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10244</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">12552</div></td></tr>
<tr id="xdx_439_c20250113__20260731_eoef--AccmVal_zGaTR98OIYLT" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">7/31/2026</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10051</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">13078</div></td></tr>
</table></div></div><img alt="line" src="qesg2cw31mufwtpw4.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/></div></div></div>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 8pt Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; display: block"></span></div></div>
10000
10000
8736
9578
10627
10938
11929
11838
9544
12047
10244
12552
10051
13078
<p id="xdx_807_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000255410Member_dU_zm8zrMPoH49T" style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33.6px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center; font-weight: bold">Annual
Performance</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; padding-top: 0; color: #4f4f4f; text-indent: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal">
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"></span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">1
Year</span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Since
Inception (<span id="xdx_90C_eoef--PerfInceptionDate_c20250801__20260731__oef--ClassAxis__custom--C000255410Member_z3ICRN7tWI6F">1/13/25</span>)</span></div></th></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Yieldmax™
Crypto Industry & Tech Portfolio Option Income ETF - at NAV</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_989_eoef--AvgAnnlRtrPct_dp_c20250801__20260731__oef--ClassAxis__custom--C000255410Member_zvlJuqRbmj87" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">-5.45%</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98D_eoef--AvgAnnlRtrPct_dp_c20250113__20260731__oef--ClassAxis__custom--C000255410Member_zBg1CojyL1Mf" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">0.33%</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">S&P
500® Total Return Index</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_984_eoef--AvgAnnlRtrPct_dp_c20250801__20260731_zd9623ydehh7" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">19.56%</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_989_eoef--AvgAnnlRtrPct_dp_c20250113__20260731__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_zQbpjUZf1NhT" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">18.97%</span></div></td></tr>
</table></div></div></div>
2025-01-13
-0.0545
0.0033
0.1956
0.1897
The
Fund's past performance is not a good indicator of how the Fund will perform in the future.
The graph and table do not reflect the deduction
of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Visit
www.yieldmaxetfs.com/our-etfs/lfgy/
for more recent performance information.
<p id="xdx_80F_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000255410Member_dU_z2w1g4sMTqCt" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: 16pt 0 2pt; text-align-last: auto; display: block; min-height: 20.52px; align-content: center; line-height: 20.53px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold"><b style="box-sizing: border-box; font-weight: bold">How
Did the Fund Perform During the Reporting Period?</b></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt/12pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: justify"><span style="box-sizing: border-box; display: block; margin-bottom: 4pt; font-weight: normal">During
the reporting period, LFGY generated a slightly negative total return, as income generated through its call spread strategy wasn’t
enough to offset periods of sharp weakness across crypto-related equities. The Fund provided shareholders with regular income distributions
throughout the period.</span></div></div>
<p style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 20.52px; align-content: center; line-height: 20.53px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">What
Factors Influenced Performance?</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt/11pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; display: block; text-align: justify"><span style="box-sizing: border-box; display: block; margin-bottom: 4pt; font-weight: normal">Performance
was influenced by the returns of the Fund's underlying portfolio, which included crypto infrastructure and technology companies such as
digital asset miners, exchanges, and payments-related businesses. The portfolio experienced significant volatility, including a pronounced
drawdown in the first half of 2026 as digital asset prices declined sharply. The Fund generated option premium income through its call
spread strategy, with elevated implied volatility across many of its holdings supporting higher premiums, particularly during periods
of market stress.</span></div></div>
<p style="font: 700 11pt/14pt Gotham Narrow-Bold,Arial; margin: 0 0 2pt; text-align-last: auto; min-height: 18.66px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; display: block; font-weight: bold">Positioning
of the Fund</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt/12pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; display: block; text-align: justify"><span style="box-sizing: border-box; display: block; margin-bottom: 4pt; font-weight: normal">The
Fund remains invested in a portfolio of crypto industry and technology-related companies and continues to employ its call spread strategy
to generate income. LFGY seeks to provide current income and capital appreciation through direct investments in a select portfolio of
approximately 15 to 30 crypto industry and technology companies.</span></div></div>
<p id="xdx_804_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000255410Member_dU_zP9r37W8BI5d" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 24.26px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">Key
Fund Statistics</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(as
of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box; font-weight: normal">July 31, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">)</span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; padding-top: 0; color: #4f4f4f; text-indent: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse; line-height: normal">
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Fund
Size (Thousands)</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98A_eus-gaap--AssetsNet_iI_pn3n3_c20260731__oef--ClassAxis__custom--C000255410Member_zJr1rVseSQ43" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$91,274</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Number
of Holdings</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_981_eoef--HoldingsCount_iI_uHoldings_c20260731__oef--ClassAxis__custom--C000255410Member_zPOjo6YCb2Yi" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">86</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Total
Advisory Fee Paid</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_984_eoef--AdvisoryFeesPaidAmt_c20250801__20260731__oef--ClassAxis__custom--C000255410Member_zyI0Kj3ePpNE" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$1,456,353</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Portfolio
Turnover</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_985_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20250801__20260731__oef--ClassAxis__custom--C000255410Member_zai5BLYxB4l9" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">56%</span></div></td></tr>
</table></div></div></div>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 8pt Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; display: block"></span></div></div>
91274000
86
1456353
0.56
<p id="xdx_800_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000255410Member_dU_zdho5qOHZCmb" style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: -8pt 0 0; text-align-last: auto; display: block; min-height: 33.6px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">What
did the Fund invest in?</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: -2pt 0 8pt; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(as
of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box; font-weight: normal">July 31, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">)</span></p><div style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 12pt 0 0; text-align-last: auto; display: block; min-height: 24.26px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">Security
Type - Investments</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(%
of Net Assets)</span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto; padding-top: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none">
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Sector</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">%</div></td></tr>
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Common Stocks</div></td>
<td style="box-sizing: border-box">
<div id="xdx_98E_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000255410Member__oef--IndustrySectorAxis__custom--CommonStocksMember_zqKfsMLLvwJo" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">84.8%</div></td></tr>
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Purchased Call Options</div></td>
<td style="box-sizing: border-box">
<div id="xdx_984_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000255410Member__oef--IndustrySectorAxis__custom--PurchasedCallOptionsMember_zegPV34zmtuq" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">7.9%</div></td></tr>
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Purchased Put Options</div></td>
<td style="box-sizing: border-box">
<div id="xdx_989_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000255410Member__oef--IndustrySectorAxis__custom--PurchasedPutOptionsMember_zmH9MCB7mOYG" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">0.3%</div></td></tr>
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Cash & Cash Equivalents</div></td>
<td style="box-sizing: border-box">
<div id="xdx_98E_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000255410Member__oef--IndustrySectorAxis__us-gaap--CashAndCashEquivalentsMember_zM2WkvwmpMTj" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">7.0%</div></td></tr>
</table></div></div><img alt="bar" src="qes4dqejw1mumzayq5.jpg" style="box-sizing: border-box; width: 100%; height: auto"/></div></div>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 24.26px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">Security
Type - Other Financial Instruments</p>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 16.79px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(%
of Net Assets)</span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto; padding-top: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none">
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Sector</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">%</div></td></tr>
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Written Call Options</div></td>
<td style="box-sizing: border-box">
<div id="xdx_985_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000255410Member__oef--IndustrySectorAxis__custom--WrittenCallOptionsMember_zPOibMAkT8sW" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">-5.0%</div></td></tr>
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Written Put Options</div></td>
<td style="box-sizing: border-box">
<div id="xdx_98D_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000255410Member__oef--IndustrySectorAxis__custom--WrittenPutOptionsMember_z6X7AkKOseFq" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">-2.4%</div></td></tr>
</table></div></div><img alt="bar" src="qes4dqejw1mumzez2f.jpg" style="box-sizing: border-box; width: 100%; height: auto"/></div></div>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box"></span></p>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 29.84px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-weight: normal">Percentages
are based on net assets. Cash & Cash Equivalents represents cash, short-term investments, and liabilities in excess of other assets.</span></p></div><div style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p></div>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/10pt Gotham Narrow-Light,Arial; margin: -20pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
0.848
0.079
0.003
0.070
-0.050
-0.024
<div id="xdx_800_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000255410Member_dU_zMn3sRJLacrl" style="box-sizing: border-box; text-align-last: auto">
<table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal">
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Top
Holdings</span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">(%
of Net Assets)</span></div></th></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">First
American Government Obligations Fund - Class X, 3.58%</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_989_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000255410Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX358Member_zpqGKqT2iK0u" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">10.2</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Block,
Inc. - Class A</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98D_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000255410Member__oef--LargestHoldingAxis__custom--BlockIncClassAMember_zfsWEON7RlyK" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">6.4</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">PayPal
Holdings, Inc.</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_982_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000255410Member__oef--LargestHoldingAxis__custom--PayPalHoldingsIncMember_z3G0FBJL5apa" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">6.2</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Opera
Ltd., ADR</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_988_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000255410Member__oef--LargestHoldingAxis__custom--OperaLtdADRMember_zVm0s0x8c1uh" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">5.9</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Cipher
Digital, Inc.</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_988_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000255410Member__oef--LargestHoldingAxis__custom--CipherDigitalIncMember_zBSWtIh1eg6_z4xVKHEqdWtC" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">5.8</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">NVIDIA
Corp.</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98A_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000255410Member__oef--LargestHoldingAxis__custom--NVIDIACorpMember_zGz09VeyNzBM" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">5.7</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Hut
8 Corp.</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_981_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000255410Member__oef--LargestHoldingAxis__custom--Hut8CorpMember_zMm84ZeAeJH8" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">5.7</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Riot
Platforms, Inc.</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98F_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000255410Member__oef--LargestHoldingAxis__custom--RiotPlatformsIncMember_za9Ss9UO0Hkv" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">5.1</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Core
Scientific, Inc.</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_982_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000255410Member__oef--LargestHoldingAxis__custom--CoreScientificIncMember_zY28BiFzHK5b" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">4.6</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">MercadoLibre,
Inc.</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_982_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000255410Member__oef--LargestHoldingAxis__custom--MercadoLibreIncMember_zVKGMTqXROTI" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">4.0</span></div></td></tr>
</table></div>
0.102
0.064
0.062
0.059
0.058
0.057
0.057
0.051
0.046
0.040
<p id="xdx_805_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000255410Member_dU_zykbcI2qpfEH" style="font: 700 11pt/13pt Gotham Narrow-Bold,Arial; margin: -2pt 0 0; text-align-last: auto; display: block; min-height: 17.33px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold"><span style="box-sizing: border-box; font-size: 10pt; font-weight: bold">Fund
Changes</span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt/12pt Gotham Narrow-Light,Arial; margin: 2pt 0 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0">
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; text-align-last: auto; min-height: 37.32px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0; display: block">Effective
<span id="xdx_90B_eoef--MaterialChngDate_c20250801__20260731__oef--ClassAxis__custom--C000255410Member_zalyjVwxr9Bx">October 14, 2025</span> the Fund's payment of income distributions was changed to seek to make such distributions on a weekly basis.</p></div></div>
2025-10-14
YieldMax™ GME Option Income Strategy ETF
GMEY
NYSEArca
This
<span id="xdx_900_eoef--ShareholderReportAnnualOrSemiAnnual_c20250801__20260731__oef--ClassAxis__custom--C000263275Member_zea7EYS9HcxM">annual shareholder report</span> contains important information about the YieldMax™
GME Option Income Strategy ETF (the "Fund") for the period August 1,
2025 to July 31, 2026.
annual shareholder report
You can find additional information
about the Fund at <span id="xdx_908_eoef--AddlInfoWebsite_c20250801__20260731__oef--ClassAxis__custom--C000263275Member_zAA8xZoIU8H5">www.yieldmaxetfs.com/our-etfs/gmey/</span>.
You can also request this information by contacting us at <span id="xdx_90F_eoef--AddlInfoPhoneNumber_c20250801__20260731__oef--ClassAxis__custom--C000263275Member_ze7ty2wAMol_z6TaDKyResfY">(844) 737-3001</span>
or by writing to YieldMax™ GME Option Income Strategy ETF, c/o U.S.
Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201‑0701.
www.yieldmaxetfs.com/our-etfs/gmey/
(844) 737-3001
<p id="xdx_80A_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000263275Member_dU_zuZqLmHDyf2u" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: -4pt 0 0; text-align-last: auto; display: block; min-height: 20.52px; align-content: center; line-height: 20.53px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">What
were the Fund costs for the past year?</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: -2pt 0 2pt; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(based
on a hypothetical $10,000 investment)</span></span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto; padding-top: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal">
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Class
Name</span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Costs
of a $10,000 investment</span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Costs
paid as a percentage of a $10,000 investment</span></div></th></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_983_eoef--ClassName_c20250801__20260731__oef--ClassAxis__custom--C000263275Member_zYkKLqOIxZA_zg4Y1tsfrSDo" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">YieldMax™
GME Option Income Strategy ETF</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$<span id="xdx_90D_eoef--ExpensesPaidAmt_c20250801__20260731__oef--ClassAxis__custom--C000263275Member_fKg_____zGy7WKT4v53z">86</span>*</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal"><span id="xdx_906_eoef--ExpenseRatioPct_dp_c20250801__20260731__oef--ClassAxis__custom--C000263275Member_fKio___zuhoK0impNvg">1.03%</span>**</span></div></td></tr>
</table></div></div></div>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 8pt/10pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0">
<table cellpadding="0" cellspacing="0" style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td id="xdx_F07_zflyHUVgpTl_zMW0T5mdiOJ5" style="width: 15pt; text-align: right">*</td><td style="width: 5pt"></td><td id="xdx_F1B_zG3PIZou0trs" style="text-align: justify"><span id="xdx_90D_eoef--ExpensesShortPeriodFnTextBlock_c20250801__20260731__oef--ClassAxis__custom--C000263275Member_z0uvugnI5hEx">The Fund commenced operations on September 8, 2025. Expenses for a full reporting period
would be higher than the figures shown.</span></td>
</tr></table>
</div></div>
<table cellpadding="0" cellspacing="0" style="font: 300 8pt/10pt Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 15pt; text-align: right"><span id="xdx_F0B_z6D2JQqps8kx" style="font-weight: normal">**</span></td><td style="width: 5pt"></td><td id="xdx_F1A_z4ufCyGsOKv1" style="text-align: justify">Costs paid as a percentage of a $10,000 investment is an annualized figure.</td>
</tr></table>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 1pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
YieldMax™ GME Option Income Strategy ETF
86
0.0103
The Fund commenced operations on September 8, 2025. Expenses for a full reporting period
would be higher than the figures shown.
<p id="xdx_805_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000263275Member_dU_z78UIuhOSU1l" style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33.6px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center; font-weight: bold">Cumulative
Performance</p>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: -3pt 0 0; text-align-last: auto; display: block; min-height: 14.92px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: center">(Initial
Investment of $10,000)</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center">
<div style="box-sizing: border-box; text-align-last: auto; padding-top: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none">
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Date</div></td>
<td id="xdx_4B7_oef--ClassAxis_custom--C000263275Member_zfqiB6KpykMS" style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">YieldMax™ GME Option Income Strategy ETF - at NAV
- $8,723</div></td>
<td id="xdx_4B3_oef--BroadBasedIndexAxis_custom--SAndP500TotalReturnIndexMember_zgnMWSJ53EaI" style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">S&P 500® Total Return Index - $11,650</div></td></tr>
<tr id="xdx_439_c20250908__20250908_eoef--AccmVal_zlRNH6CZGfEp" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">9/8/2025</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10000</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10000</div></td></tr>
<tr id="xdx_435_c20250908__20251031_eoef--AccmVal_zQzuEjNgRIy7" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10/31/2025</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">9431</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10545</div></td></tr>
<tr id="xdx_43C_c20250908__20260131_eoef--AccmVal_zmzYC70bLDBH" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">1/31/2026</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">9303</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10731</div></td></tr>
<tr id="xdx_43E_c20250908__20260430_eoef--AccmVal_ztbSWs4RW6e3" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">4/30/2026</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">9682</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11181</div></td></tr>
<tr id="xdx_430_c20250908__20260731_eoef--AccmVal_zqqDQIPOxbvM" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">7/31/2026</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">8723</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11650</div></td></tr>
</table></div></div><img alt="line" src="qesg2cw31mufwsfij.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/></div></div></div>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 8pt Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; display: block"></span></div></div>
10000
10000
9431
10545
9303
10731
9682
11181
8723
11650
<p id="xdx_802_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000263275Member_dU_z6KBhEYxwm24" style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33.6px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center; font-weight: bold">Annual
Performance</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; padding-top: 0; color: #4f4f4f; text-indent: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal">
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"></span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Since
Inception (<span id="xdx_905_eoef--PerfInceptionDate_c20250801__20260731__oef--ClassAxis__custom--C000263275Member_zIPe7gprZOvH">9/8/25</span>)</span></div></th></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Yieldmax™
GME Option Income Strategy ETF - at NAV</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal"><span id="xdx_90D_eoef--AvgAnnlRtrPct_dp_c20250908__20260731__oef--ClassAxis__custom--C000263275Member_fKg_____zFCiClClJC8i">-12.94%</span>*</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">S&P
500® Total Return Index</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98F_eoef--AvgAnnlRtrPct_dp_c20250908__20260731__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_znWwlkQCIpJg" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">16.50%</span></div></td></tr>
</table></div></div></div>
<table cellpadding="0" cellspacing="0" style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td id="xdx_F08_zfDgkCHic3VS" style="width: 15pt; text-align: right"><span style="font-weight: normal">*</span></td><td style="width: 5pt"></td><td style="text-align: justify"><span id="xdx_F1B_z41fsq3tJ2uM" style="font-weight: normal">Not Annualized for periods less than one year.</span></td>
</tr></table>
2025-09-08
-0.1294
0.1650
The
Fund's past performance is not a good indicator of how the Fund will perform in the future.
The graph and table do not reflect the deduction
of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Visit
www.yieldmaxetfs.com/our-etfs/gmey/
for more recent performance information.
<p id="xdx_80B_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000263275Member_dU_zwIaGpzOeflo" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: 16pt 0 2pt; text-align-last: auto; display: block; min-height: 20.52px; align-content: center; line-height: 20.53px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold"><b style="box-sizing: border-box; font-weight: bold">How
Did the Fund Perform During the Reporting Period?</b></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt/12pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: justify">
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; text-align-last: auto; min-height: 37.32px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0; display: block">The
Fund had a negative total return as declines in GameStop Corp. (“GME”) outweighed income generated by its call spread strategy.
The Fund also provided shareholders with regular income distributions.</p></div></div>
<p style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 20.52px; align-content: center; line-height: 20.53px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">What
Factors Influenced Performance?</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt/11pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; display: block; text-align: justify"><span style="box-sizing: border-box; display: block; margin-bottom: 4pt; font-weight: normal">Performance
was primarily influenced by GME’s share price and implied volatility. Declines in GME detracted from results, while option premiums
partially offset those losses.</span></div></div>
<p style="font: 700 11pt/14pt Gotham Narrow-Bold,Arial; margin: 0 0 2pt; text-align-last: auto; min-height: 18.66px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; display: block; font-weight: bold">Positioning
of the Fund</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt/12pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; display: block; text-align: justify"><span style="box-sizing: border-box; display: block; margin-bottom: 4pt; font-weight: normal">The
Fund continued to sell call spreads to generate current income while maintaining exposure to a portion of GME’s performance.</span></div></div>
<p id="xdx_804_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000263275Member_dU_zGqyP71H9GCm" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 24.26px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">Key
Fund Statistics</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(as
of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box; font-weight: normal">July 31, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">)</span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; padding-top: 0; color: #4f4f4f; text-indent: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse; line-height: normal">
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Fund
Size (Thousands)</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_981_eus-gaap--AssetsNet_iI_pn3n3_c20260731__oef--ClassAxis__custom--C000263275Member_zAruiBXO5P0f" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$2,738</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Number
of Holdings</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_984_eoef--HoldingsCount_iI_uHoldings_c20260731__oef--ClassAxis__custom--C000263275Member_zg1Og7cr4TRX" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">9</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Total
Advisory Fee Paid</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98D_eoef--AdvisoryFeesPaidAmt_c20250801__20260731__oef--ClassAxis__custom--C000263275Member_z3yJlf4Nvl0N" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$86,135</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Portfolio
Turnover</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98F_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20250801__20260731__oef--ClassAxis__custom--C000263275Member_zpm2PHCCGt8l" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">0%</span></div></td></tr>
</table></div></div></div>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 8pt Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; display: block"></span></div></div>
2738000
9
86135
0
<p id="xdx_800_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000263275Member_dU_z5iSYKXBf5FX" style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: -8pt 0 0; text-align-last: auto; display: block; min-height: 33.6px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">What
did the Fund invest in?</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: -2pt 0 8pt; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(as
of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box; font-weight: normal">July 31, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">)</span></p><div style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 12pt 0 0; text-align-last: auto; display: block; min-height: 24.26px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">Security
Type - Investments</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(%
of Net Assets)</span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto; padding-top: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none">
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Sector</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">%</div></td></tr>
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Purchased Call Options</div></td>
<td style="box-sizing: border-box">
<div id="xdx_988_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000263275Member__oef--IndustrySectorAxis__custom--PruchasedCallOptionsMember_z7KfZ1NoRnUx" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">2.6%</div></td></tr>
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Cash & Cash Equivalents</div></td>
<td style="box-sizing: border-box">
<div id="xdx_986_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000263275Member__oef--IndustrySectorAxis__us-gaap--CashAndCashEquivalentsMember_znWPWQxf8V4r" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">97.4%</div></td></tr>
</table></div></div><img alt="bar" src="qes51kc1mun1594y.jpg" style="box-sizing: border-box; width: 100%; height: auto"/></div></div>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 24.26px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">Security
Type - Other Financial Instruments</p>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 16.79px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(%
of Net Assets)</span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto; padding-top: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none">
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Sector</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">%</div></td></tr>
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Written Put Options</div></td>
<td style="box-sizing: border-box">
<div id="xdx_980_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000263275Member__oef--IndustrySectorAxis__custom--WrittenPutOptionsMember_zMxrRQ9VuUz7" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">-3.2%</div></td></tr>
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Written Call Options</div></td>
<td style="box-sizing: border-box">
<div id="xdx_988_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000263275Member__oef--IndustrySectorAxis__custom--WrittenCallOptionsMember_zziof0cIC1Uu" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">-1.3%</div></td></tr>
</table></div></div><img alt="bar" src="qes4dgct1mug3648u.jpg" style="box-sizing: border-box; width: 100%; height: auto"/></div></div>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box"></span></p>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 29.84px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-weight: normal">Percentages
are based on net assets. Cash & Cash Equivalents represents cash, short-term investments and other assets in excess of liabilities.</span></p></div><div style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p></div>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/10pt Gotham Narrow-Light,Arial; margin: -20pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
0.026
0.974
-0.032
-0.013
<div id="xdx_80A_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000263275Member_dU_zMwwxyQ4zwgF" style="box-sizing: border-box; text-align-last: auto">
<table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal">
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Top
Holdings</span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">(%
of Net Assets)</span></div></th></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">First
American Government Obligations Fund - Class X, 3.58%</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_986_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000263275Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX358Member_zzfZ5aG77m2_zWaAKerwwNSB" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">58.7</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">U.S.
Treasury Bills</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_980_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000263275Member__oef--LargestHoldingAxis__custom--USTreasuryBillsMember_zWlmKxU90ydc" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">36.5</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">GameStop
Corp., Expiration: 8/21/2026; Exercise Price: $22.01</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_989_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000263275Member__oef--LargestHoldingAxis__custom--GameStopCorpExpiration8212026ExercisePrice2201Member_z7wJHfWtaBza" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">-3.2</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">GameStop
Corp., Expiration: 8/21/2026; Exercise Price: $22.01</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_988_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000263275Member__oef--LargestHoldingAxis__custom--GameStopCorpExpiration8212026ExercisePrice2201TwoMember_zNkB18UcMpes" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">2.2</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">GameStop
Corp., Expiration: 8/7/2026; Exercise Price: $21.50</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_983_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000263275Member__oef--LargestHoldingAxis__custom--GameStopCorpExpiration872026ExercisePrice2150Member_zAKjVbA2zEJk" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">-0.7</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">GameStop
Corp., Expiration: 8/7/2026; Exercise Price: $22.00</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98F_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000263275Member__oef--LargestHoldingAxis__custom--GameStopCorpExpiration872026ExercisePrice2200Member_zjpcWfdHlaLu" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">-0.6</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">GameStop
Corp., Expiration: 8/7/2026; Exercise Price: $23.00</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98F_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000263275Member__oef--LargestHoldingAxis__custom--GameStopCorpExpiration872026ExercisePrice2300Member_zFqfL9ZWxmS_z4qXIQ30Jtcd" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">0.2</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">GameStop
Corp., Expiration: 8/7/2026; Exercise Price: $22.50</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98A_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000263275Member__oef--LargestHoldingAxis__custom--GameStopCorpExpiration872026ExercisePrice2250Member_z66xH7p5jIuG" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">0.2</span></div></td></tr>
</table></div>
0.587
0.365
-0.032
0.022
-0.007
-0.006
0.002
0.002
<p id="xdx_80A_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000263275Member_dU_zGBGglHa00nm" style="font: 700 11pt/13pt Gotham Narrow-Bold,Arial; margin: -2pt 0 0; text-align-last: auto; display: block; min-height: 17.33px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold"><span style="box-sizing: border-box; font-size: 10pt; font-weight: bold">Fund
Changes</span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt/12pt Gotham Narrow-Light,Arial; margin: 2pt 0 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0">
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; text-align-last: auto; min-height: 37.32px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0; display: block">Effective
<span id="xdx_90B_eoef--MaterialChngDate_c20250801__20260731__oef--ClassAxis__custom--C000263275Member_zjiIBdrDZjSh">September 18, 2025</span> the Fund's payment of income distributions was changed to seek to make such distributions on a monthly or more frequent
basis.</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; text-align-last: auto; min-height: 37.32px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0; display: block">Effective
October 14, 2025 the Fund's payment of income distributions was changed to seek to make such distributions on a weekly basis.</p></div></div>
2025-09-18
YieldMax™ HIMS Option Income Strategy ETF
HIYY
NYSEArca
This
<span id="xdx_900_eoef--ShareholderReportAnnualOrSemiAnnual_c20250801__20260731__oef--ClassAxis__custom--C000263276Member_zfMMkWf9miBb">annual shareholder report</span> contains important information about the YieldMax™
HIMS Option Income Strategy ETF (the "Fund") for the period August 1,
2025 to July 31, 2026.
annual shareholder report
You can find additional information
about the Fund at <span id="xdx_908_eoef--AddlInfoWebsite_c20250801__20260731__oef--ClassAxis__custom--C000263276Member_zilEBo1rMqmD">www.yieldmaxetfs.com/our-etfs/hiyy/</span>.
You can also request this information by contacting us at <span id="xdx_90F_eoef--AddlInfoPhoneNumber_c20250801__20260731__oef--ClassAxis__custom--C000263276Member_zRICDoJKvywI">(844) 737-3001</span>
or by writing to YieldMax™ HIMS Option Income Strategy ETF, c/o
U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201‑0701.
www.yieldmaxetfs.com/our-etfs/hiyy/
(844) 737-3001
<p id="xdx_80A_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000263276Member_dU_zV7ovnZxHcvh" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: -4pt 0 0; text-align-last: auto; display: block; min-height: 20.52px; align-content: center; line-height: 20.53px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">What
were the Fund costs for the past year?</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: -2pt 0 2pt; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(based
on a hypothetical $10,000 investment)</span></span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto; padding-top: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal">
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Class
Name</span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Costs
of a $10,000 investment</span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Costs
paid as a percentage of a $10,000 investment</span></div></th></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_983_eoef--ClassName_c20250801__20260731__oef--ClassAxis__custom--C000263276Member_z3VoU1mhBZdy" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">YieldMax™
HIMS Option Income Strategy ETF</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$<span id="xdx_90A_eoef--ExpensesPaidAmt_c20250801__20260731__oef--ClassAxis__custom--C000263276Member_fKg_____zZ7O4A7Rr5wx">121</span>*</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal"><span id="xdx_90D_eoef--ExpenseRatioPct_dp_c20250801__20260731__oef--ClassAxis__custom--C000263276Member_fKio___zl71gVxF9aNb">1.89%</span>**</span></div></td></tr>
</table></div></div></div>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 8pt/10pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0">
<table cellpadding="0" cellspacing="0" style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td id="xdx_F00_z924GcPJsUmI" style="width: 15pt; text-align: right">*</td><td style="width: 5pt"></td><td id="xdx_F11_zDuXY2penu3S" style="text-align: justify"><span id="xdx_90A_eoef--ExpensesShortPeriodFnTextBlock_c20250801__20260731__oef--ClassAxis__custom--C000263276Member_zmmtA3CKdrTt">The Fund commenced operations on September 22, 2025. Expenses for a full reporting period
would be higher than the figures shown.</span></td>
</tr></table>
</div></div>
<table cellpadding="0" cellspacing="0" style="font: 300 8pt/10pt Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 15pt; text-align: right"><span id="xdx_F0C_zNQVycVfuqJ7" style="font-weight: normal">**</span></td><td style="width: 5pt"></td><td id="xdx_F1B_zUpORLNtCyYx" style="text-align: justify">Costs paid as a percentage of a $10,000 investment is an annualized figure.</td>
</tr></table>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 1pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
YieldMax™ HIMS Option Income Strategy ETF
121
0.0189
The Fund commenced operations on September 22, 2025. Expenses for a full reporting period
would be higher than the figures shown.
<p id="xdx_805_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000263276Member_dU_zvYPBg6pMg5F" style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33.6px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center; font-weight: bold">Cumulative
Performance</p>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: -3pt 0 0; text-align-last: auto; display: block; min-height: 14.92px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: center">(Initial
Investment of $10,000)</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center">
<div style="box-sizing: border-box; text-align-last: auto; padding-top: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none">
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Date</div></td>
<td id="xdx_4B7_oef--ClassAxis_custom--C000263276Member_zoW7MSdiSxPi" style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">YieldMax™ HIMS Option Income Strategy ETF - at NAV
- $5,266</div></td>
<td id="xdx_4B3_oef--BroadBasedIndexAxis_custom--SAndP500TotalReturnIndexMember_zQOTZ8GtAEmG" style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">S&P 500® Total Return Index - $11,299</div></td></tr>
<tr id="xdx_430_c20250922__20250922_eoef--AccmVal_ze4Bz2RkGJzR" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">9/22/2025</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10000</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10000</div></td></tr>
<tr id="xdx_434_c20250922__20251031_eoef--AccmVal_ztxnV7IM1r8L" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10/31/2025</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">7918</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10228</div></td></tr>
<tr id="xdx_434_c20250922__20260131_eoef--AccmVal_zFwFbnOj7U5j" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">1/31/2026</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">5253</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10408</div></td></tr>
<tr id="xdx_433_c20250922__20260430_eoef--AccmVal_zS3CKP3zj6iO" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">4/30/2026</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">5178</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10844</div></td></tr>
<tr id="xdx_439_c20250922__20260731_eoef--AccmVal_z2ca3Jwq6smy" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">7/31/2026</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">5266</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11299</div></td></tr>
</table></div></div><img alt="line" src="qesg2cw31mufwrjat.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/></div></div></div>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 8pt Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; display: block"></span></div></div>
10000
10000
7918
10228
5253
10408
5178
10844
5266
11299
<p id="xdx_802_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000263276Member_dU_ztvSpBjaiCoI" style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33.6px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center; font-weight: bold">Annual
Performance</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; padding-top: 0; color: #4f4f4f; text-indent: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal">
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"></span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Since
Inception (<span id="xdx_90F_eoef--PerfInceptionDate_c20250801__20260731__oef--ClassAxis__custom--C000263276Member_zJ5qxjN2kdWU">9/22/25</span>)</span></div></th></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Yieldmax™
HIMS Option Income Strategy ETF - at NAV</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal"><span id="xdx_906_eoef--AvgAnnlRtrPct_dp_c20250922__20260731__oef--ClassAxis__custom--C000263276Member_fKg_____zg899ADBYvUa">-48.42%</span>*</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">S&P
500® Total Return Index</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_980_eoef--AvgAnnlRtrPct_dp_c20250922__20260731__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_z5dQviSu23Oe" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">12.99%</span></div></td></tr>
</table></div></div></div>
<table cellpadding="0" cellspacing="0" style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 15pt; text-align: right"><span id="xdx_F06_z1pZKFCN2Ys7" style="font-weight: normal">*</span></td><td style="width: 5pt"></td><td style="text-align: justify"><span id="xdx_F1B_zbLcRV6Nlt8i" style="font-weight: normal">Not Annualized for periods less than one year.</span></td>
</tr></table>
2025-09-22
-0.4842
0.1299
The
Fund's past performance is not a good indicator of how the Fund will perform in the future.
The graph and table do not reflect the deduction
of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Visit
www.yieldmaxetfs.com/our-etfs/hiyy/
for more recent performance information.
<p id="xdx_80B_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000263276Member_dU_zwb7k720Px5W" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: 16pt 0 2pt; text-align-last: auto; display: block; min-height: 20.52px; align-content: center; line-height: 20.53px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold"><b style="box-sizing: border-box; font-weight: bold">How
Did the Fund Perform During the Reporting Period?</b></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt/12pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: justify">
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; text-align-last: auto; min-height: 37.32px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0; display: block">The
Fund had a negative total return as declines in Hims & Hers Health, Inc. (“HIMS”) outweighed income generated by its call
spread strategy. The Fund also provided shareholders with regular income distributions.</p></div></div>
<p style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 20.52px; align-content: center; line-height: 20.53px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">What
Factors Influenced Performance?</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt/11pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; display: block; text-align: justify"><span style="box-sizing: border-box; display: block; margin-bottom: 4pt; font-weight: normal">Performance
was primarily influenced by HIMS’s share price and implied volatility. Declines in HIMS detracted from results, while option premiums
partially offset those losses.</span></div></div>
<p style="font: 700 11pt/14pt Gotham Narrow-Bold,Arial; margin: 0 0 2pt; text-align-last: auto; min-height: 18.66px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; display: block; font-weight: bold">Positioning
of the Fund</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt/12pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; display: block; text-align: justify"><span style="box-sizing: border-box; display: block; margin-bottom: 4pt; font-weight: normal">The
Fund continued to sell call spreads to generate current income while maintaining exposure to a portion of HIMS’s performance.</span></div></div>
<p id="xdx_804_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000263276Member_dU_zlzXh9M3NCRT" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 24.26px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">Key
Fund Statistics</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(as
of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box; font-weight: normal">July 31, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">)</span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; padding-top: 0; color: #4f4f4f; text-indent: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse; line-height: normal">
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Fund
Size (Thousands)</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_981_eus-gaap--AssetsNet_iI_pn3n3_c20260731__oef--ClassAxis__custom--C000263276Member_zk1WBeuBOfoB" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$13,387</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Number
of Holdings</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_984_eoef--HoldingsCount_iI_uHoldings_c20260731__oef--ClassAxis__custom--C000263276Member_zbVjni85KUZj" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">12</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Total
Advisory Fee Paid</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98D_eoef--AdvisoryFeesPaidAmt_c20250801__20260731__oef--ClassAxis__custom--C000263276Member_zOm9KkRV8jxm" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$139,333</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Portfolio
Turnover</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98F_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20250801__20260731__oef--ClassAxis__custom--C000263276Member_z3xycjDdx8z7" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">0%</span></div></td></tr>
</table></div></div></div>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 8pt Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; display: block"></span></div></div>
13387000
12
139333
0
<p id="xdx_800_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000263276Member_dU_zpOOoE5vV42D" style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: -8pt 0 0; text-align-last: auto; display: block; min-height: 33.6px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">What
did the Fund invest in?</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: -2pt 0 8pt; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(as
of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box; font-weight: normal">July 31, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">)</span></p><div style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 12pt 0 0; text-align-last: auto; display: block; min-height: 24.26px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">Security
Type - Investments</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(%
of Net Assets)</span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto; padding-top: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none">
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Sector</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">%</div></td></tr>
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Purchased Call Options</div></td>
<td style="box-sizing: border-box">
<div id="xdx_988_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000263276Member__oef--IndustrySectorAxis__custom--PruchasedCallOptionsMember_zfEl6syE1QZj" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">18.2%</div></td></tr>
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Cash & Cash Equivalents</div></td>
<td style="box-sizing: border-box">
<div id="xdx_986_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000263276Member__oef--IndustrySectorAxis__us-gaap--CashAndCashEquivalentsMember_z5aayHPH9PG5" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">81.8%</div></td></tr>
</table></div></div><img alt="bar" src="qes51kc1mumz6hg9.jpg" style="box-sizing: border-box; width: 100%; height: auto"/></div></div>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 24.26px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">Security
Type - Other Financial Instruments</p>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 16.79px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(%
of Net Assets)</span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto; padding-top: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none">
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Sector</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">%</div></td></tr>
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Written Put Options</div></td>
<td style="box-sizing: border-box">
<div id="xdx_980_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000263276Member__oef--IndustrySectorAxis__custom--WrittenPutOptionsMember_zcZHqDx8kA69" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">-13.8%</div></td></tr>
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Written Call Options</div></td>
<td style="box-sizing: border-box">
<div id="xdx_988_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000263276Member__oef--IndustrySectorAxis__custom--WrittenCallOptionsMember_zC2PSBMV0OQ8" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">-6.3%</div></td></tr>
</table></div></div><img alt="bar" src="qes4dgct1mug2zpnu.jpg" style="box-sizing: border-box; width: 100%; height: auto"/></div></div>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box"></span></p>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 29.84px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-weight: normal">Percentages
are based on net assets. Cash & Cash Equivalents represents cash, short-term investments, and liabilities in excess of other assets.</span></p></div><div style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p></div>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/10pt Gotham Narrow-Light,Arial; margin: -20pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
0.182
0.818
-0.138
-0.063
<div id="xdx_80A_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000263276Member_dU_zrZAaxdJSRd0" style="box-sizing: border-box; text-align-last: auto">
<table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal">
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Top
Holdings</span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">(%
of Net Assets)</span></div></th></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">U.S.
Treasury Bills</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98E_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000263276Member__oef--LargestHoldingAxis__custom--USTreasuryBillsMember_zNBqEsgzWSuD" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">77.0</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Hims
& Hers Health, Inc., Expiration: 9/18/2026; Exercise Price: $27.01</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_983_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000263276Member__oef--LargestHoldingAxis__custom--HimsAndHersHealthIncExpiration9182026ExercisePrice2701Member_zCEzPsA5wsax" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">15.5</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Hims
& Hers Health, Inc., Expiration: 9/18/2026; Exercise Price: $27.01</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_989_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000263276Member__oef--LargestHoldingAxis__custom--HimsAndHersHealthIncExpiration9182026ExercisePrice2701OneMember_z3Byg26xOFxc" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">-13.8</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">First
American Government Obligations Fund - Class X, 3.58%</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98A_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000263276Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX358Member_zaRmGCS7Wi4V" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">12.1</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Hims
& Hers Health, Inc., Expiration: 8/7/2026; Exercise Price: $26.50</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98C_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000263276Member__oef--LargestHoldingAxis__custom--HimsAndHersHealthIncExpiration872026ExercisePrice2650Member_zLo5dLTVJIcE" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">-2.6</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Hims
& Hers Health, Inc., Expiration: 8/7/2026; Exercise Price: $27.50</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_989_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000263276Member__oef--LargestHoldingAxis__custom--HimsAndHersHealthIncExpiration872026ExercisePrice2750Member_z5X95G4LGWR8" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">-2.1</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Hims
& Hers Health, Inc., Expiration: 8/7/2026; Exercise Price: $27.00</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98D_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000263276Member__oef--LargestHoldingAxis__custom--HimsAndHersHealthIncExpiration872026ExercisePrice2750OneMember_z0ggGIeY6kvK" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">-1.6</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Hims
& Hers Health, Inc., Expiration: 8/7/2026; Exercise Price: $29.50</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_988_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000263276Member__oef--LargestHoldingAxis__custom--HimsAndHersHealthIncExpiration872026ExercisePrice2950Member_zUjymna47o55" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">1.5</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Hims
& Hers Health, Inc., Expiration: 8/7/2026; Exercise Price: $28.50</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_987_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000263276Member__oef--LargestHoldingAxis__custom--HimsAndHersHealthIncExpiration872026ExercisePrice2850Member_zhhTK54QSluA" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">1.2</span></div></td></tr>
</table></div>
0.770
0.155
-0.138
0.121
-0.026
-0.021
-0.016
0.015
0.012
<p id="xdx_80A_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000263276Member_dU_zuWcSP6fRARG" style="font: 700 11pt/13pt Gotham Narrow-Bold,Arial; margin: -2pt 0 0; text-align-last: auto; display: block; min-height: 17.33px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold"><span style="box-sizing: border-box; font-size: 10pt; font-weight: bold">Fund
Changes</span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt/12pt Gotham Narrow-Light,Arial; margin: 2pt 0 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0">
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; text-align-last: auto; min-height: 37.32px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0; display: block">Effective
<span id="xdx_90B_eoef--MaterialChngDate_c20250801__20260731__oef--ClassAxis__custom--C000263276Member_z1KlRlAWNsMG">September 18, 2025</span> the Fund's payment of income distributions was changed to seek to make such distributions on a monthly or more frequent
basis.</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; text-align-last: auto; min-height: 37.32px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0; display: block">Effective
October 14, 2025 the Fund's payment of income distributions was changed to seek to make such distributions on a weekly basis.</p></div></div>
2025-09-18
YieldMax™ MSTR Performance & Distribution Target 25 ETF
MSST
CboeBZX
This
<span id="xdx_900_eoef--ShareholderReportAnnualOrSemiAnnual_c20250801__20260731__oef--ClassAxis__custom--C000260102Member_zHnJxr0J0sA0">annual shareholder report</span> contains important information about the YieldMax™
MSTR Performance & Distribution Target 25 ETF (the "Fund") for the period August
1, 2025 to July 31, 2026.
annual shareholder report
You can find additional information
about the Fund at <span id="xdx_908_eoef--AddlInfoWebsite_c20250801__20260731__oef--ClassAxis__custom--C000260102Member_zUS62uxTusTg">www.yieldmaxetfs.com/our-etfs/msst/</span>.
You can also request this information by contacting us at <span id="xdx_90F_eoef--AddlInfoPhoneNumber_c20250801__20260731__oef--ClassAxis__custom--C000260102Member_zR741HDTdNEz">(844) 737-3001</span>
or by writing to YieldMax™ MSTR Performance & Distribution Target 25
ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201‑0701.
www.yieldmaxetfs.com/our-etfs/msst/
(844) 737-3001
<p id="xdx_80A_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000260102Member_dU_zdXHP8UGUcVW" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: -4pt 0 0; text-align-last: auto; display: block; min-height: 20.52px; align-content: center; line-height: 20.53px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">What
were the Fund costs for the past year?</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: -2pt 0 2pt; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(based
on a hypothetical $10,000 investment)</span></span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto; padding-top: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal">
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Class
Name</span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Costs
of a $10,000 investment</span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Costs
paid as a percentage of a $10,000 investment</span></div></th></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_983_eoef--ClassName_c20250801__20260731__oef--ClassAxis__custom--C000260102Member_zOPetNxh7gbx" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">YieldMax™
MSTR Performance & Distribution Target 25 ETF</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$<span id="xdx_90C_eoef--ExpensesPaidAmt_c20250801__20260731__oef--ClassAxis__custom--C000260102Member_fKg_____zKlE13Tbe8Y2">54</span>*</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal"><span id="xdx_901_eoef--ExpenseRatioPct_dp_c20250801__20260731__oef--ClassAxis__custom--C000260102Member_fKio___zTvE0rsbmBWl">1.02%</span>**</span></div></td></tr>
</table></div></div></div>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 8pt/10pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0">
<table cellpadding="0" cellspacing="0" style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td id="xdx_F0F_zemEORxoA1C_zsW538vv9WWV" style="width: 15pt; text-align: right">*</td><td style="width: 5pt"></td><td id="xdx_F13_zrsMguWkRIyy" style="text-align: justify"><span id="xdx_90D_eoef--ExpensesShortPeriodFnTextBlock_c20250801__20260731__oef--ClassAxis__custom--C000260102Member_zlbPeIa8rXrs">The Fund commenced operations on November 17, 2025. Expenses for a full reporting period
would be higher than the figures shown.</span></td>
</tr></table>
</div></div>
<table cellpadding="0" cellspacing="0" style="font: 300 8pt/10pt Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 15pt; text-align: right"><span id="xdx_F0A_zzxBbIq6OqFS" style="font-weight: normal">**</span></td><td style="width: 5pt"></td><td id="xdx_F1C_z5yppd4Evy0L" style="text-align: justify">Costs paid as a percentage of a $10,000 investment is an annualized figure.</td>
</tr></table>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 1pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
YieldMax™ MSTR Performance & Distribution Target 25 ETF
54
0.0102
The Fund commenced operations on November 17, 2025. Expenses for a full reporting period
would be higher than the figures shown.
<p id="xdx_805_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000260102Member_dU_z8sUjcAsPyIq" style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33.6px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center; font-weight: bold">Cumulative
Performance</p>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: -3pt 0 0; text-align-last: auto; display: block; min-height: 14.92px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: center">(Initial
Investment of $10,000)</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center">
<div style="box-sizing: border-box; text-align-last: auto; padding-top: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none">
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Date</div></td>
<td id="xdx_4B7_oef--ClassAxis_custom--C000260102Member_zMT5hIDtfTqX" style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">YieldMax™ MSTR Performance & Distribution Target
25 ETF - at NAV - $5,228</div></td>
<td id="xdx_4B3_oef--BroadBasedIndexAxis_custom--SAndP500TotalReturnIndexMember_zMxAkfvxoaq7" style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">S&P 500® Total Return Index - $11,317</div></td></tr>
<tr id="xdx_43C_c20251117__20251117_eoef--AccmVal_zoF1PhsBvpoz" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11/17/2025</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10000</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10000</div></td></tr>
<tr id="xdx_43D_c20251117__20251130_eoef--AccmVal_zQmFIVlrYhoA" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11/30/2025</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">9280</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10269</div></td></tr>
<tr id="xdx_433_c20251117__20260131_eoef--AccmVal_zcpEBoqTXb2d" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">1/31/2026</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">8259</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10425</div></td></tr>
<tr id="xdx_430_c20251117__20260430_eoef--AccmVal_zj56ll30ojkM" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">4/30/2026</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">8996</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10862</div></td></tr>
<tr id="xdx_434_c20251117__20260731_eoef--AccmVal_zFwk0A5vRT72" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">7/31/2026</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">5228</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11317</div></td></tr>
</table></div></div><img alt="line" src="qesg2cw31mufwxyiy.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/></div></div></div>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 8pt Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; display: block"></span></div></div>
10000
10000
9280
10269
8259
10425
8996
10862
5228
11317
<p id="xdx_802_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000260102Member_dU_zezIyadIPvEh" style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33.6px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center; font-weight: bold">Annual
Performance</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; padding-top: 0; color: #4f4f4f; text-indent: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal">
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"></span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Since
Inception (<span id="xdx_90E_eoef--PerfInceptionDate_c20250801__20260731__oef--ClassAxis__custom--C000260102Member_zoRW5K7RXVnY">11/17/2025</span>)</span></div></th></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Yieldmax™
MSTR Performance & Distribution Target 25 ETF - at NAV</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal"><span id="xdx_905_eoef--AvgAnnlRtrPct_dp_c20251117__20260731__oef--ClassAxis__custom--C000260102Member_fKg_____zKYY3UVXNPC8">-47.72%</span>*</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">S&P
500® Total Return Index</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_984_eoef--AvgAnnlRtrPct_dp_c20251117__20260731__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_zPn36BmPOwl8" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">13.17%</span></div></td></tr>
</table></div></div></div>
<table cellpadding="0" cellspacing="0" style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td id="xdx_F0A_zrHAQcFFrjF2" style="width: 15pt; text-align: right"><span style="font-weight: normal">*</span></td><td style="width: 5pt"></td><td style="text-align: justify"><span id="xdx_F1D_zwkEVtMBU4w9" style="font-weight: normal">Not Annualized for periods less than one year.</span></td>
</tr></table>
2025-11-17
-0.4772
0.1317
The
Fund's past performance is not a good indicator of how the Fund will perform in the future.
The graph and table do not reflect the deduction
of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Visit
www.yieldmaxetfs.com/our-etfs/msst/
for more recent performance information.
<p id="xdx_80B_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000260102Member_dU_zC0HgL63dVQR" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: 16pt 0 2pt; text-align-last: auto; display: block; min-height: 20.52px; align-content: center; line-height: 20.53px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold"><b style="box-sizing: border-box; font-weight: bold">How
Did the Fund Perform During the Reporting Period?</b></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt/12pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: justify"><span style="box-sizing: border-box; display: block; margin-bottom: 4pt; font-weight: normal">The
Fund had a negative total return as declines in Strategy Inc. (“MSTR”) outweighed income generated by its options strategies.
The Fund also made regular distributions.</span></div></div>
<p style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 20.52px; align-content: center; line-height: 20.53px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">What
Factors Influenced Performance?</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt/11pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; display: block; text-align: justify"><span style="box-sizing: border-box; display: block; margin-bottom: 4pt; font-weight: normal">Performance
was primarily influenced by MSTR’s share price and implied volatility. Declines in MSTR detracted from results, while option premiums
partially offset those losses.</span></div></div>
<p style="font: 700 11pt/14pt Gotham Narrow-Bold,Arial; margin: 0 0 2pt; text-align-last: auto; min-height: 18.66px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; display: block; font-weight: bold">Positioning
of the Fund</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt/12pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; display: block; text-align: justify"><span style="box-sizing: border-box; display: block; margin-bottom: 4pt; font-weight: normal">The
Fund maintained synthetic exposure to MSTR and employed options strategies to generate premiums. MSST targets annual cash distributions
of approximately 25% of net asset value while seeking capital appreciation.</span></div></div>
<p id="xdx_804_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000260102Member_dU_zDntRnzOQemC" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 24.26px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">Key
Fund Statistics</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(as
of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box; font-weight: normal">July 31, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">)</span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; padding-top: 0; color: #4f4f4f; text-indent: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse; line-height: normal">
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Fund
Size (Thousands)</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_981_eus-gaap--AssetsNet_iI_pn3n3_c20260731__oef--ClassAxis__custom--C000260102Member_z2GDE0lhjTiX" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$1,103</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Number
of Holdings</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_984_eoef--HoldingsCount_iI_uHoldings_c20260731__oef--ClassAxis__custom--C000260102Member_zlVXTnFmoWYA" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">7</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Total
Advisory Fee Paid</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98D_eoef--AdvisoryFeesPaidAmt_c20250801__20260731__oef--ClassAxis__custom--C000260102Member_zEcrB086TGAn" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$20,885</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Portfolio
Turnover</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98F_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20250801__20260731__oef--ClassAxis__custom--C000260102Member_zHXyIwQAv3Tr" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">0%</span></div></td></tr>
</table></div></div></div>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 8pt Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; display: block"></span></div></div>
1103000
7
20885
0
<p id="xdx_800_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000260102Member_dU_zo97kNtXA2VX" style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: -8pt 0 0; text-align-last: auto; display: block; min-height: 33.6px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">What
did the Fund invest in?</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: -2pt 0 8pt; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(as
of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box; font-weight: normal">July 31, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">)</span></p><div style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 12pt 0 0; text-align-last: auto; display: block; min-height: 24.26px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">Security
Type - Investments</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(%
of Net Assets)</span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto; padding-top: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none">
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Sector</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">%</div></td></tr>
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Purchased Call Options</div></td>
<td style="box-sizing: border-box">
<div id="xdx_988_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000260102Member__oef--IndustrySectorAxis__custom--PruchasedCallOptionsMember_zlSc7ab53OsO" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">9.7%</div></td></tr>
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Cash & Cash Equivalents</div></td>
<td style="box-sizing: border-box">
<div id="xdx_986_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000260102Member__oef--IndustrySectorAxis__us-gaap--CashAndCashEquivalentsMember_zWrH0f5dcGrT" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">90.3%</div></td></tr>
</table></div></div><img alt="bar" src="qes4dqejw1mun7b92c.jpg" style="box-sizing: border-box; width: 100%; height: auto"/></div></div>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 24.26px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">Security
Type - Other Financial Instruments</p>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 16.79px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(%
of Net Assets)</span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto; padding-top: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none">
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Sector</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">%</div></td></tr>
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Written Put Options</div></td>
<td style="box-sizing: border-box">
<div id="xdx_980_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000260102Member__oef--IndustrySectorAxis__custom--WrittenPutOptionsMember_zjZzF10lgLkv" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">-14.8%</div></td></tr>
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Written Call Options</div></td>
<td style="box-sizing: border-box">
<div id="xdx_988_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000260102Member__oef--IndustrySectorAxis__custom--WrittenCallOptionsMember_zZP5w9Hgjzfb" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">-3.1%</div></td></tr>
</table></div></div><img alt="bar" src="qesg2cw31mug3y5uq.jpg" style="box-sizing: border-box; width: 100%; height: auto"/></div></div>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box"></span></p>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 29.84px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-weight: normal">Percentages
are based on net assets. Cash & Cash Equivalents represents cash, short-term investments, and liabilities in excess of other assets.</span></p></div><div style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p></div>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/10pt Gotham Narrow-Light,Arial; margin: -20pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
0.097
0.903
-0.148
-0.031
<div id="xdx_809_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000260102Member_dU_zBF2IibDSFt3" style="box-sizing: border-box; text-align-last: auto">
<table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal">
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Top
Holdings</span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">(%
of Net Assets)</span></div></th></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">U.S.
Treasury Bills</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_989_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000260102Member__oef--LargestHoldingAxis__custom--USTreasuryBillsMember_zgtPo51cVHVl" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">101.7</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Strategy,
Inc., Expiration: 9/18/2026;</span></div>
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Exercise
Price: $100.01</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_981_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000260102Member__oef--LargestHoldingAxis__custom--StrategyIncExpiration9182026ExercisePrice10001Member_z7C0NEWpJFIV" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">-14.8</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Strategy,
Inc., Expiration: 9/18/2026;</span></div>
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Exercise
Price: $100.01</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98D_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000260102Member__oef--LargestHoldingAxis__custom--StrategyIncExpiration9182026ExercisePrice10001OneMember_zwacUoBGB8Ya" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">8.4</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Strategy,
Inc., Expiration: 8/21/2026;</span></div>
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Exercise
Price: $105.00</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98D_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000260102Member__oef--LargestHoldingAxis__custom--StrategyIncExpiration8212026ExercisePrice10500Member_zpDO292aCSiA" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">-3.0</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">First
American Government Obligations Fund - Class X, 3.58%</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_987_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000260102Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX358Member_zIe0TUMNJirb" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">2.1</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Strategy,
Inc., Expiration: 8/21/2026;</span></div>
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Exercise
Price: $115.00</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_980_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000260102Member__oef--LargestHoldingAxis__custom--StrategyIncExpiration8212026ExercisePrice11500Member_ze9Qf0ugCCy2" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">1.3</span></div></td></tr>
</table></div>
1.017
-0.148
0.084
-0.030
0.021
0.013
<p id="xdx_80A_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000260102Member_dU_zb5HOOSdJEDt" style="font: 700 11pt/13pt Gotham Narrow-Bold,Arial; margin: -2pt 0 0; text-align-last: auto; display: block; min-height: 17.33px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold"><span style="box-sizing: border-box; font-size: 10pt; font-weight: bold">Fund
Changes</span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt/12pt Gotham Narrow-Light,Arial; margin: 2pt 0 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0">
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; text-align-last: auto; min-height: 18.66px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0; display: block">Effective
<span id="xdx_90B_eoef--MaterialChngDate_c20250801__20260731__oef--ClassAxis__custom--C000260102Member_z3clv2SsguGn">November 12, 2025</span> the Fund's listing exchange was changed to Cboe BZX Exchange, Inc.</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; text-align-last: auto; min-height: 18.66px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0; display: block">Effective
November 14, 2025 the Fund's ticker symbol was changed to MSST.</p></div></div>
2025-11-12
YieldMax™ MSTR Short Option Income ETF
WNTR
NYSEArca
This
<span id="xdx_900_eoef--ShareholderReportAnnualOrSemiAnnual_c20250801__20260731__oef--ClassAxis__custom--C000258136Member_zJQ7KHejRuaH">annual shareholder report</span> contains important information about the YieldMax™
MSTR Short Option Income ETF (the "Fund") for the period August 1,
2025 to July 31, 2026.
annual shareholder report
You can find additional information
about the Fund at <span id="xdx_908_eoef--AddlInfoWebsite_c20250801__20260731__oef--ClassAxis__custom--C000258136Member_znv13oXIfH1b">www.yieldmaxetfs.com/our-etfs/wntr/</span>.
You can also request this information by contacting us at <span id="xdx_90F_eoef--AddlInfoPhoneNumber_c20250801__20260731__oef--ClassAxis__custom--C000258136Member_znW2U1Y5aatS">(844) 737-3001</span>
or by writing to YieldMax™ MSTR Short Option Income ETF, c/o U.S.
Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201‑0701.
www.yieldmaxetfs.com/our-etfs/wntr/
(844) 737-3001
<p id="xdx_80A_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000258136Member_dU_zwCNvDhjNRUa" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: -4pt 0 0; text-align-last: auto; display: block; min-height: 20.52px; align-content: center; line-height: 20.53px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">What
were the Fund costs for the past year?</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: -2pt 0 2pt; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(based
on a hypothetical $10,000 investment)</span></span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto; padding-top: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal">
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Class
Name</span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Costs
of a $10,000 investment</span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Costs
paid as a percentage of a $10,000 investment</span></div></th></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_983_eoef--ClassName_c20250801__20260731__oef--ClassAxis__custom--C000258136Member_zlnViQ0CYAtK" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">YieldMax™
MSTR Short Option Income Strategy ETF</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$<span id="xdx_90F_eoef--ExpensesPaidAmt_c20250801__20260731__oef--ClassAxis__custom--C000258136Member_zZuSTefOgON8">156</span></span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal"><span id="xdx_908_eoef--ExpenseRatioPct_dp_c20250801__20260731__oef--ClassAxis__custom--C000258136Member_fKg_____zPCFecA9pM1i">1.00%</span>*</span></div></td></tr>
</table></div></div></div>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 8pt/10pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; display: block"></span></div></div>
<table cellpadding="0" cellspacing="0" style="font: 300 8pt/10pt Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td id="xdx_F0C_zgyd9CMGs1ix" style="width: 15pt; text-align: right">*</td><td style="width: 5pt"></td><td id="xdx_F1D_zA6jyPpXmOTY" style="text-align: justify">Costs paid as a percentage of a $10,000 investment is an annualized figure.</td>
</tr></table>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 1pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
YieldMax™ MSTR Short Option Income Strategy ETF
156
0.0100
<p id="xdx_805_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000258136Member_dU_zJVbIcH7DeZP" style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33.6px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center; font-weight: bold">Cumulative
Performance</p>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: -3pt 0 0; text-align-last: auto; display: block; min-height: 14.92px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: center">(Initial
Investment of $10,000)</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center">
<div style="box-sizing: border-box; text-align-last: auto; padding-top: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none">
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Date</div></td>
<td id="xdx_4B7_oef--ClassAxis_custom--C000258136Member_zx0n9MMzTEAB" style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">YieldMax™ MSTR Short Option Income Strategy ETF -
at NAV - $17,106</div></td>
<td id="xdx_4B3_oef--BroadBasedIndexAxis_custom--SAndP500TotalReturnIndexMember_zVxDgjJbGghv" style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">S&P 500® Total Return Index - $13,326</div></td></tr>
<tr id="xdx_433_c20250326__20250326_eoef--AccmVal_z4l9s05IrSue" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">3/26/2025</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10000</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10000</div></td></tr>
<tr id="xdx_432_c20250326__20250430_eoef--AccmVal_zFTSQ409pI_zLxi9TxfxlQI" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">4/30/2025</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">8554</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">9759</div></td></tr>
<tr id="xdx_431_c20250326__20250731_eoef--AccmVal_zak90jeIuL5W" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">7/31/2025</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">8002</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11145</div></td></tr>
<tr id="xdx_43F_c20250326__20251031_eoef--AccmVal_zxeSFJ13av5F" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10/31/2025</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10472</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">12062</div></td></tr>
<tr id="xdx_43D_c20250326__20260131_eoef--AccmVal_zg2Zk5j6VnHF" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">1/31/2026</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">14913</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">12275</div></td></tr>
<tr id="xdx_43B_c20250326__20260430_eoef--AccmVal_zCh4JFxuEe2z" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">4/30/2026</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">12177</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">12790</div></td></tr>
<tr id="xdx_43D_c20250326__20260731_eoef--AccmVal_z5wqxT7w9g84" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">7/31/2026</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">17106</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">13326</div></td></tr>
</table></div></div><img alt="line" src="qes4dgct1mufwqizo.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/></div></div></div>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 8pt Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; display: block"></span></div></div>
10000
10000
8554
9759
8002
11145
10472
12062
14913
12275
12177
12790
17106
13326
<p id="xdx_802_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000258136Member_dU_zRVysnRsFq2N" style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33.6px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center; font-weight: bold">Annual
Performance</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; padding-top: 0; color: #4f4f4f; text-indent: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal">
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"></span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">1
Year</span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Since
Inception (<span id="xdx_90A_eoef--PerfInceptionDate_c20250801__20260731__oef--ClassAxis__custom--C000258136Member_zZ97TNMWRc3x">3/26/25</span>)</span></div></th></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Yieldmax™
MSTR Short Option Income ETF - at NAV</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_986_eoef--AvgAnnlRtrPct_dp_c20250801__20260731__oef--ClassAxis__custom--C000258136Member_fKg_____z3oqmit7H5i3" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">113.92%</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_980_eoef--AvgAnnlRtrPct_dp_c20250326__20260731__oef--ClassAxis__custom--C000258136Member_fKg_____zaxmCSpDGBfd" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">48.93%</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">S&P
500® Total Return Index</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98A_eoef--AvgAnnlRtrPct_dp_c20250801__20260731__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_z1RvIsst6SiI" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">19.56%</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_982_eoef--AvgAnnlRtrPct_dp_c20250326__20260731__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_zGghpgr8xL8_zVtzUp4JZ3JK" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">23.74%</span></div></td></tr>
</table></div></div></div>
2025-03-26
1.1392
0.4893
0.1956
0.2374
The
Fund's past performance is not a good indicator of how the Fund will perform in the future.
The graph and table do not reflect the deduction
of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Visit
www.yieldmaxetfs.com/our-etfs/wntr/
for more recent performance information.
<p id="xdx_80B_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000258136Member_dU_zLRoF5TJU7Ab" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: 16pt 0 2pt; text-align-last: auto; display: block; min-height: 20.52px; align-content: center; line-height: 20.53px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold"><b style="box-sizing: border-box; font-weight: bold">How
Did the Fund Perform During the Reporting Period?</b></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt/12pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: justify"><span style="box-sizing: border-box; display: block; margin-bottom: 4pt; font-weight: normal">During
the reporting period, the Fund generated positive total returns while making regular distributions to shareholders. The Fund's performance
was driven primarily by its inverse ex-posure to Strategy, Inc. ("MSTR") and income generated through its options strategy</span></div></div>
<p style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 20.52px; align-content: center; line-height: 20.53px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">What
Factors Influenced Performance?</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt/11pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; display: block; text-align: justify"><span style="box-sizing: border-box; display: block; margin-bottom: 4pt; font-weight: normal">The
Fund's performance was affected principally by changes in the market price of MSTR and the premiums generated through the Fund's options
strategy. As a result of its inverse expo-sure, the Fund generally benefited from declines in MSTR's share price. The level of implied
volatility also influenced the amount of option premium available during the reporting peri-od.</span></div></div>
<p style="font: 700 11pt/14pt Gotham Narrow-Bold,Arial; margin: 0 0 2pt; text-align-last: auto; min-height: 18.66px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; display: block; font-weight: bold">Positioning
of the Fund</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt/12pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; display: block; text-align: justify"><span style="box-sizing: border-box; display: block; margin-bottom: 4pt; font-weight: normal">The
Fund seeks to provide current income while maintaining inverse exposure to MSTR through a systematic options strategy. WNTR seeks to generate
current income through the systematic sale of puts and put spreads while retaining inverse exposure to a portion of the underlying security's
performance.</span></div></div>
<p id="xdx_804_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000258136Member_dU_zWpdvzb4cJdH" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 24.26px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">Key
Fund Statistics</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(as
of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box; font-weight: normal">July 31, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">)</span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; padding-top: 0; color: #4f4f4f; text-indent: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse; line-height: normal">
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Fund
Size (Thousands)</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_981_eus-gaap--AssetsNet_iI_pn3n3_c20260731__oef--ClassAxis__custom--C000258136Member_z69B8uW2LIdT" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$83,918</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Number
of Holdings</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_984_eoef--HoldingsCount_iI_uHoldings_c20260731__oef--ClassAxis__custom--C000258136Member_zV6DCOLvYQKO" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">21</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Total
Advisory Fee Paid</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98D_eoef--AdvisoryFeesPaidAmt_c20250801__20260731__oef--ClassAxis__custom--C000258136Member_zVtnMJRpaN7B" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$644,158</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Portfolio
Turnover</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98F_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20250801__20260731__oef--ClassAxis__custom--C000258136Member_zy3j00tvWTle" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">123%</span></div></td></tr>
</table></div></div></div>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 8pt Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; display: block"></span></div></div>
83918000
21
644158
1.23
<p id="xdx_800_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000258136Member_dU_zj861t1tLWMX" style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: -8pt 0 0; text-align-last: auto; display: block; min-height: 33.6px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">What
did the Fund invest in?</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: -2pt 0 8pt; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(as
of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box; font-weight: normal">July 31, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">)</span></p><div style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 12pt 0 0; text-align-last: auto; display: block; min-height: 24.26px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">Security
Type - Investments</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(%
of Net Assets)</span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto; padding-top: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none">
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Sector</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">%</div></td></tr>
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Purchased Put Options</div></td>
<td style="box-sizing: border-box">
<div id="xdx_984_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000258136Member__oef--IndustrySectorAxis__custom--PurchasedPutOptionsMember_zTqJFx1tauoA" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">9.5%</div></td></tr>
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Purchased Call Options</div></td>
<td style="box-sizing: border-box">
<div id="xdx_988_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000258136Member__oef--IndustrySectorAxis__custom--PruchasedCallOptionsMember_zVDABVdaV1H8" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">0.1%</div></td></tr>
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Cash & Cash Equivalents</div></td>
<td style="box-sizing: border-box">
<div id="xdx_986_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000258136Member__oef--IndustrySectorAxis__us-gaap--CashAndCashEquivalentsMember_zzzr7yFX5iMv" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">90.4%</div></td></tr>
</table></div></div><img alt="bar" src="qes51kc1mun7ah7j.jpg" style="box-sizing: border-box; width: 100%; height: auto"/></div></div>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 24.26px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">Security
Type - Other Financial Instruments</p>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 16.79px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(%
of Net Assets)</span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto; padding-top: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none">
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Sector</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">%</div></td></tr>
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Written Call Options</div></td>
<td style="box-sizing: border-box">
<div id="xdx_980_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000258136Member__oef--IndustrySectorAxis__custom--WrittenPutOptionsMember_zYThYdwzwOSX" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">-6.3%</div></td></tr>
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Written Put Options</div></td>
<td style="box-sizing: border-box">
<div id="xdx_988_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000258136Member__oef--IndustrySectorAxis__custom--WrittenCallOptionsMember_zJ4WBjHu4PyI" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">-2.3%</div></td></tr>
</table></div></div><img alt="bar" src="qes4dgct1mug5idh1.jpg" style="box-sizing: border-box; width: 100%; height: auto"/></div></div>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box"></span></p>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 29.84px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-weight: normal">Percentages
are based on net assets. Cash & Cash Equivalents represents cash, short-term investments and other assets in excess of liabilities.</span></p></div><div style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p></div>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/10pt Gotham Narrow-Light,Arial; margin: -20pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
0.095
0.001
0.904
-0.063
-0.023
<div id="xdx_80D_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000258136Member_dU_zEQOGjcPwR09" style="box-sizing: border-box; text-align-last: auto">
<table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal">
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Top
Holdings</span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">(%
of Net Assets)</span></div></th></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">U.S.
Treasury Bills</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_982_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000258136Member__oef--LargestHoldingAxis__custom--USTreasuryBillsMember_zd7gKhegxkgn" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">60.8</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">First
American Government Obligations Fund - Class X, 3.58%</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_986_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000258136Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX358Member_z86sJGo6Y6h8" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">7.4</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Strategy,
Inc., Expiration: 8/21/2026;</span></div>
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Exercise
Price: $95.02</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_987_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000258136Member__oef--LargestHoldingAxis__custom--StrategyIncExpiration8212026ExercisePrice9502Member_z7e25KO3wITM" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">5.9</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Strategy,
Inc., Expiration: 8/21/2026;</span></div>
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Exercise
Price: $95.02</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_984_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000258136Member__oef--LargestHoldingAxis__custom--StrategyIncExpiration8212026ExercisePrice9502OneMember_z7NQI449QUyL" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">-4.8</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Strategy,
Inc., Expiration: 9/18/2026;</span></div>
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Exercise
Price: $100.02</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_985_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000258136Member__oef--LargestHoldingAxis__custom--StrategyIncExpiration9182026ExercisePrice10002Member_znnHOw0OEWAI" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">2.7</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Strategy,
Inc., Expiration: 9/18/2026;</span></div>
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Exercise
Price: $100.02</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98E_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000258136Member__oef--LargestHoldingAxis__custom--StrategyIncExpiration9182026ExercisePrice10002OneMember_zElfhNvpQuNL" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">-1.5</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Strategy,
Inc., Expiration 8/7/2026;</span></div>
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Exercise
Price: $88.00</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98B_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000258136Member__oef--LargestHoldingAxis__custom--StrategyIncExpiration872026ExercisePrice8800Member_z0pfScNGgqUo" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">-0.7</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Strategy,
Inc., Expiration 8/7/2026;</span></div>
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Exercise
Price: $90.00</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98C_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000258136Member__oef--LargestHoldingAxis__custom--StrategyIncExpiration872026ExercisePrice9000Member_zEWo8RQz863S" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">-0.6</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Strategy,
Inc., Expiration 8/7/2026;</span></div>
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Exercise
Price: $94.00</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98A_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000258136Member__oef--LargestHoldingAxis__custom--StrategyIncExpiration872026ExercisePrice9400Member_zRbk90IqepI4" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">-0.5</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Strategy,
Inc., Expiration 8/7/2026;</span></div>
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Exercise
Price: $91.00</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98C_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000258136Member__oef--LargestHoldingAxis__custom--StrategyIncExpiration872026ExercisePrice9100Member_zr30cD5jBXVB" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">-0.5</span></div></td></tr>
</table></div>
0.608
0.074
0.059
-0.048
0.027
-0.015
-0.007
-0.006
-0.005
-0.005
<p id="xdx_80A_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000258136Member_dU_zc4kA9qchFPZ" style="font: 700 11pt/13pt Gotham Narrow-Bold,Arial; margin: -2pt 0 0; text-align-last: auto; display: block; min-height: 17.33px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold"><span style="box-sizing: border-box; font-size: 10pt; font-weight: bold">Fund
Changes</span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt/12pt Gotham Narrow-Light,Arial; margin: 2pt 0 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0">
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; text-align-last: auto; min-height: 37.32px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0; display: block">Effective
<span id="xdx_90B_eoef--MaterialChngDate_c20250801__20260731__oef--ClassAxis__custom--C000258136Member_zXUXjt8pDQDL">September 18, 2025</span> the Fund intends to pay out dividends and interest income, if any, at least monthly, and distribute any net realized
capital gains to its shareholders at least annually.</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; text-align-last: auto; min-height: 37.32px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0; display: block">Effective
October 14, 2025 the Fund's payment of income distributions were changed to seek to make such distributions on a weekly basis.</p></div></div>
2025-09-18
YieldMax™ Nasdaq 100 0DTE Covered Call Strategy ETF
QDTY
NASDAQ
This
<span id="xdx_900_eoef--ShareholderReportAnnualOrSemiAnnual_c20250801__20260731__oef--ClassAxis__custom--C000256915Member_zlZ9E8H6phJG">annual shareholder report</span> contains important information about the YieldMax™
Nasdaq 100 0DTE Covered Call Strategy ETF (the "Fund") for the period August
1, 2025 to July 31, 2026.
annual shareholder report
You can find additional information
about the Fund at <span id="xdx_908_eoef--AddlInfoWebsite_c20250801__20260731__oef--ClassAxis__custom--C000256915Member_zlkVJvcz2qI_zxtZQG1SFlqS">www.yieldmaxetfs.com/our-etfs/qdty/</span>.
You can also request this information by contacting us at <span id="xdx_90F_eoef--AddlInfoPhoneNumber_c20250801__20260731__oef--ClassAxis__custom--C000256915Member_zDpTDYvtNjjw">(844) 737-3001</span>
or by writing to YieldMax™ Nasdaq 100 0DTE Covered Call Strategy ETF,
c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201‑0701.
www.yieldmaxetfs.com/our-etfs/qdty/
(844) 737-3001
<p id="xdx_80A_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000256915Member_dU_zW9wB0IQRzmr" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: -4pt 0 0; text-align-last: auto; display: block; min-height: 20.52px; align-content: center; line-height: 20.53px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">What
were the Fund costs for the past year?</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: -2pt 0 2pt; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(based
on a hypothetical $10,000 investment)</span></span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto; padding-top: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal">
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Class
Name</span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Costs
of a $10,000 investment</span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Costs
paid as a percentage of a $10,000 investment</span></div></th></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_983_eoef--ClassName_c20250801__20260731__oef--ClassAxis__custom--C000256915Member_zqfcITHljmHg" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">YieldMax™
Nasdaq 100 0DTE Covered Call Strategy ETF</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$<span id="xdx_900_eoef--ExpensesPaidAmt_c20250801__20260731__oef--ClassAxis__custom--C000256915Member_zk0W0nyRclXJ">120</span></span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal"><span id="xdx_909_eoef--ExpenseRatioPct_dp_c20250801__20260731__oef--ClassAxis__custom--C000256915Member_fKg_____zdBJ6vLIC5TX">1.09</span>%*</span></div></td></tr>
</table></div></div></div>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 8pt/10pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; display: block"></span></div></div>
<table cellpadding="0" cellspacing="0" style="font: 300 8pt/10pt Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td id="xdx_F03_zlRrbDyapgTi" style="width: 15pt; text-align: right">*</td><td style="width: 5pt"></td><td id="xdx_F18_ziQCz6y7lhPO" style="text-align: justify">Costs paid as a percentage of a $10,000 investment is an annualized figure.</td>
</tr></table>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 1pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
YieldMax™ Nasdaq 100 0DTE Covered Call Strategy ETF
120
0.0109
<p id="xdx_805_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000256915Member_dU_z1Bu67kQWsUa" style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33.6px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center; font-weight: bold">Cumulative
Performance</p>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: -3pt 0 0; text-align-last: auto; display: block; min-height: 14.92px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: center">(Initial
Investment of $10,000)</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center">
<div style="box-sizing: border-box; text-align-last: auto; padding-top: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none">
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Date</div></td>
<td id="xdx_4B7_oef--ClassAxis_custom--C000256915Member_zT1IF19xSeHI" style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">YieldMax™ Nasdaq 100 0DTE Covered Call Strategy ETF
- at NAV - $12,331</div></td>
<td id="xdx_4B3_oef--BroadBasedIndexAxis_custom--SAndP500TotalReturnIndexMember_znjy2Wncmng8" style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">S&P 500® Total Return Index - $12,602</div></td></tr>
<tr id="xdx_43B_c20250212__20250212_eoef--AccmVal_znRT7FkkIKmw" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">2/12/2025</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10000</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10000</div></td></tr>
<tr id="xdx_432_c20250212__20250430_eoef--AccmVal_zAqAXKnHGiA8" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">4/30/2025</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">8422</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">9229</div></td></tr>
<tr id="xdx_435_c20250212__20250731_eoef--AccmVal_zwUOSd3AqxuP" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">7/31/2025</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10246</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10540</div></td></tr>
<tr id="xdx_43C_c20250212__20251031_eoef--AccmVal_zV5TubHlX362" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10/31/2025</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11316</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11407</div></td></tr>
<tr id="xdx_437_c20250212__20260131_eoef--AccmVal_zbl5Qrsz94DF" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">1/31/2026</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11467</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11608</div></td></tr>
<tr id="xdx_433_c20250212__20260430_eoef--AccmVal_z1DwlT58qWPp" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">4/30/2026</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11850</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">12095</div></td></tr>
<tr id="xdx_437_c20250212__20260731_eoef--AccmVal_zkGNs003ve2M" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">7/31/2026</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">12331</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">12602</div></td></tr>
</table></div></div><img alt="line" src="qesg2cw31mufwpgko.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/></div></div></div>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 8pt Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; display: block"></span></div></div>
10000
10000
8422
9229
10246
10540
11316
11407
11467
11608
11850
12095
12331
12602
<p id="xdx_802_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000256915Member_dU_z8IEC8aOSjtI" style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33.6px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center; font-weight: bold">Annual
Performance</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; padding-top: 0; color: #4f4f4f; text-indent: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal">
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"></span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">1
Year</span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Since
Inception (<span id="xdx_902_eoef--PerfInceptionDate_c20250801__20260731__oef--ClassAxis__custom--C000256915Member_z9velmcwz6JX">2/12/25</span>)</span></div></th></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Yieldmax™
Nasdaq 100 0DTE Covered Call Strategy ETF - at NAV</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_989_eoef--AvgAnnlRtrPct_dp_c20251001__20260731__oef--ClassAxis__custom--C000256915Member_fKg_____zouxRhaOHZ2A" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">20.51%</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_987_eoef--AvgAnnlRtrPct_dp_c20250212__20260731__oef--ClassAxis__custom--C000256915Member_fKg_____zRNJt7r2BBrZ" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">15.40%</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">S&P
500® Total Return Index</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_980_eoef--AvgAnnlRtrPct_dp_c20251001__20260731__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_zVe9N2B0lzkf" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">19.56%</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_988_eoef--AvgAnnlRtrPct_dp_c20250212__20260731__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_zle0GfF5jxTd" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">17.13%</span></div></td></tr>
</table></div></div></div>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 8pt Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; display: block"></span></div></div>
2025-02-12
0.2051
0.1540
0.1956
0.1713
The
Fund's past performance is not a good indicator of how the Fund will perform in the future.
The graph and table do not reflect the deduction
of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Visit
www.yieldmaxetfs.com/our-etfs/qdty/
for more recent performance information.
<p id="xdx_80B_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000256915Member_dU_zwWsE36TJdxx" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: 16pt 0 2pt; text-align-last: auto; display: block; min-height: 20.52px; align-content: center; line-height: 20.53px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold"><b style="box-sizing: border-box; font-weight: bold">How
Did the Fund Perform During the Reporting Period?</b></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt/12pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: justify">
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; text-align-last: auto; min-height: 37.32px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0; display: block">The
Fund had a positive total return as gains in the Nasdaq-100 Index and income generated by its options strategy contributed to performance.
The Fund also provided shareholders with regular income distributions.</p></div></div>
<p style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 20.52px; align-content: center; line-height: 20.53px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">What
Factors Influenced Performance?</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt/11pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; display: block; text-align: justify"><span style="box-sizing: border-box; display: block; margin-bottom: 4pt; font-weight: normal">Performance
was primarily influenced by movements in the Nasdaq-100 Index and index volatility. Index gains and premiums from daily zero-days-to-expiration
(“0DTE”) call options contributed positively to results.</span></div></div>
<p style="font: 700 11pt/14pt Gotham Narrow-Bold,Arial; margin: 0 0 2pt; text-align-last: auto; min-height: 18.66px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; display: block; font-weight: bold">Positioning
of the Fund</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; text-align-last: auto; min-height: 55.98px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0; display: block">The
Fund continued to employ a synthetic covered call strategy designed to generate current income while maintaining exposure to the Nasdaq-100
Index. The Fund sold 0DTE call options daily and starting in mid-September of 2025, began distributing income weekly.</p>
<p id="xdx_804_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000256915Member_dU_zKNYkVTCiybV" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 24.26px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">Key
Fund Statistics</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(as
of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box; font-weight: normal">July 31, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">)</span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; padding-top: 0; color: #4f4f4f; text-indent: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse; line-height: normal">
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Fund
Size (Thousands)</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_981_eus-gaap--AssetsNet_iI_pn3n3_c20260731__oef--ClassAxis__custom--C000256915Member_zMCPk0vMghCb" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$24,324</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Number
of Holdings</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_984_eoef--HoldingsCount_iI_uHoldings_c20260731__oef--ClassAxis__custom--C000256915Member_z2US0As8PhTF" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">4</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Total
Advisory Fee Paid</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98D_eoef--AdvisoryFeesPaidAmt_c20250801__20260731__oef--ClassAxis__custom--C000256915Member_zlAKW8mWR3xD" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$215,443</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Portfolio
Turnover</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98F_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20250801__20260731__oef--ClassAxis__custom--C000256915Member_zBdAI1txMPFe" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">20%</span></div></td></tr>
</table></div></div></div>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 8pt Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; display: block"></span></div></div>
24324000
4
215443
0.20
<div id="xdx_800_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000256915Member_dU_zWmGgTuXuKR0" style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: -8pt 0 0; text-align-last: auto; display: block; min-height: 33.6px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">What
did the Fund invest in?</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: -2pt 0 8pt; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(as
of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box; font-weight: normal">July 31, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">)</span></p></div>
<div style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 12pt 0 0; text-align-last: auto; display: block; min-height: 24.26px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">Security
Type - Investments</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(%
of Net Assets)</span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto; padding-top: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none">
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Sector</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">%</div></td></tr>
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Purchased Call Options</div></td>
<td style="box-sizing: border-box">
<div id="xdx_988_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000256915Member__oef--IndustrySectorAxis__custom--PruchasedCallOptionsMember_zihTR4TMcbK2" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">95.1%</div></td></tr>
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Cash & Cash Equivalents</div></td>
<td style="box-sizing: border-box">
<div id="xdx_986_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000256915Member__oef--IndustrySectorAxis__us-gaap--CashAndCashEquivalentsMember_ztfPBsVNOFcM" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">4.9%</div></td></tr>
</table></div></div><img alt="bar" src="qes4dqejw1mun20c0n.jpg" style="box-sizing: border-box; width: 100%; height: auto"/></div></div>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 31.71px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt"></span><span style="box-sizing: border-box; font-weight: normal">Percentages
are based on net assets. Cash & Cash Equivalents represents cash, short-term investments and other assets in excess of liabilities.</span></p></div><div style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p></div>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/10pt Gotham Narrow-Light,Arial; margin: -20pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
0.951
0.049
<div id="xdx_802_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000256915Member_dU_z5Na7licZjrs" style="box-sizing: border-box; text-align-last: auto">
<table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal">
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Top
Holdings</span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">(%
of Net Assets)</span></div></th></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Nasdaq-100
Index, Expiration: 12/18/2026; Exercise Price: $1,001.26</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98B_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000256915Member__oef--LargestHoldingAxis__custom--Nasdaq100IndexExpiration12182026ExercisePrice100126Member_zG6bzzlcb479" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">89.5</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Nasdaq-100
Micro Index, Expiration: 12/18/2026; Exercise Price: $10.02</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_985_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000256915Member__oef--LargestHoldingAxis__custom--Nasdaq100MicroIndexExpiration12182026ExercisePrice1002Member_zPKV8Cld7FMD" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">5.6</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">First
American Government Obligations Fund - Class X, 3.58%</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_986_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000256915Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX358Member_zg3i70jpFQfo" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">3.8</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">U.S.
Treasury Bills</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98E_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000256915Member__oef--LargestHoldingAxis__custom--USTreasuryBillsMember_zahyISjiz6rk" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">0.1</span></div></td></tr>
</table></div>
0.895
0.056
0.038
0.001
<p id="xdx_80A_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000256915Member_dU_zM0czm2bJoWL" style="font: 700 11pt/13pt Gotham Narrow-Bold,Arial; margin: -2pt 0 0; text-align-last: auto; display: block; min-height: 17.33px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold"><span style="box-sizing: border-box; font-size: 10pt; font-weight: bold">Fund
Changes</span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt/12pt Gotham Narrow-Light,Arial; margin: 2pt 0 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; display: block; margin-bottom: 4pt; font-weight: normal">Effective
<span id="xdx_90B_eoef--MaterialChngDate_c20250801__20260731__oef--ClassAxis__custom--C000256915Member_zX3zGZYTrBO3">September 12, 2025</span> the Fund intends to pay out dividends and interest income, if any, weekly, and distribute any net realized capital
gains to its shareholders at least annually. The Fund intends to distribute to its shareholders substantially all of its investment company
taxable income (computed without regard to the deduction for dividends paid), its net tax-exempt income, if any, and any net capital gain
(net long-term capital gains in excess of net short-term capital losses, taking into account any capital loss carryforwards).</span></div></div>
2025-09-12
YieldMax™ NVDA Performance & Distribution Target 25 ETF
NVIT
CboeBZX
This
<span id="xdx_902_eoef--ShareholderReportAnnualOrSemiAnnual_c20250801__20260731__oef--ClassAxis__custom--C000260103Member_zh5bJAgXG9hb">annual shareholder report</span> contains important information about the YieldMax™
NVDA Performance & Distribution Target 25 ETF (the "Fund") for the period August
1, 2025 to July 31, 2026.
annual shareholder report
You can find additional information
about the Fund at <span id="xdx_902_eoef--AddlInfoWebsite_c20250801__20260731__oef--ClassAxis__custom--C000260103Member_zTENPLeYCwWT">www.yieldmaxetfs.com/our-etfs/nvit/</span>.
You can also request this information by contacting us at <span id="xdx_904_eoef--AddlInfoPhoneNumber_c20250801__20260731__oef--ClassAxis__custom--C000260103Member_zzi7KHIweaTR">(844) 737-3001</span>
or by writing to YieldMax™ NVDA Performance & Distribution Target 25
ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201‑0701.
www.yieldmaxetfs.com/our-etfs/nvit/
(844) 737-3001
<p id="xdx_80A_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000260103Member_dU_z4esYxvge1tt" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: -4pt 0 0; text-align-last: auto; display: block; min-height: 20.52px; align-content: center; line-height: 20.53px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">What
were the Fund costs for the past year?</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: -2pt 0 2pt; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(based
on a hypothetical $10,000 investment)</span></span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto; padding-top: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal">
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Class
Name</span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Costs
of a $10,000 investment</span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Costs
paid as a percentage of a $10,000 investment</span></div></th></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_986_eoef--ClassName_c20250801__20260731__oef--ClassAxis__custom--C000260103Member_zwxdmECbYLzw" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">YieldMax™
NVDA Performance & Distribution Target 25 ETF</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$<span id="xdx_90B_eoef--ExpensesPaidAmt_c20250801__20260731__oef--ClassAxis__custom--C000260103Member_fKg_____zszpE18v9dE6">74</span>*</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal"><span id="xdx_90F_eoef--ExpenseRatioPct_dp_c20250801__20260731__oef--ClassAxis__custom--C000260103Member_fKio___zilkLgoliPsh">0.99%</span>**</span></div></td></tr>
</table></div></div></div>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 8pt/10pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0">
<table cellpadding="0" cellspacing="0" style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td id="xdx_F02_zuZKa29ZOcBO" style="width: 15pt; text-align: right">*</td><td style="width: 5pt"></td><td id="xdx_F1A_zNSyEKuWZ7tM" style="text-align: justify"><span id="xdx_902_eoef--ExpensesShortPeriodFnTextBlock_c20250801__20260731__oef--ClassAxis__custom--C000260103Member_zXLyx64QF2ZX">The Fund commenced operations on November 17, 2025. Expenses for a full reporting period
would be higher than the figures shown.</span></td>
</tr></table>
</div></div>
<table cellpadding="0" cellspacing="0" style="font: 300 8pt/10pt Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 15pt; text-align: right"><span id="xdx_F0C_zj3DSzY8G42_zoFTWX59DzBi" style="font-weight: normal">**</span></td><td style="width: 5pt"></td><td id="xdx_F1B_z2ouUeWxv3Dk" style="text-align: justify">Costs paid as a percentage of a $10,000 investment is an annualized figure.</td>
</tr></table>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 1pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
YieldMax™ NVDA Performance & Distribution Target 25 ETF
74
0.0099
The Fund commenced operations on November 17, 2025. Expenses for a full reporting period
would be higher than the figures shown.
<p id="xdx_805_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000260103Member_dU_zhxsRVqAx7gj" style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33.6px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center; font-weight: bold">Cumulative
Performance</p>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: -3pt 0 0; text-align-last: auto; display: block; min-height: 14.92px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: center">(Initial
Investment of $10,000)</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center">
<div style="box-sizing: border-box; text-align-last: auto; padding-top: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none">
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Date</div></td>
<td id="xdx_4B7_oef--ClassAxis_custom--C000260103Member_zW2eXFuhJQVJ" style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">YieldMax™ NVDA Performance & Distribution Target
25 ETF - at NAV - $11,368</div></td>
<td id="xdx_4B3_oef--BroadBasedIndexAxis_custom--SAndP500TotalReturnIndexMember_zUhbxiOELFbl" style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">S&P 500® Total Return Index - $11,317</div></td></tr>
<tr id="xdx_436_c20251117__20251117_eoef--AccmVal_zaDvcIwtKO5E" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11/17/2025</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10000</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10000</div></td></tr>
<tr id="xdx_43D_c20251117__20260131_eoef--AccmVal_zAyefvqNyftg" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">1/31/2026</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10411</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10425</div></td></tr>
<tr id="xdx_437_c20251117__20260430_eoef--AccmVal_zR2kJHzudtIf" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">4/30/2026</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11059</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10862</div></td></tr>
<tr id="xdx_437_c20251117__20260731_eoef--AccmVal_zwD2NYwvhUpC" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">7/31/2026</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11368</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11317</div></td></tr>
</table></div></div><img alt="line" src="qes4dgct1mufx2b8u.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/></div></div></div>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 8pt Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; display: block"></span></div></div>
10000
10000
10411
10425
11059
10862
11368
11317
<p id="xdx_802_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000260103Member_dU_zanJOy7QArIl" style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33.6px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center; font-weight: bold">Annual
Performance</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; padding-top: 0; color: #4f4f4f; text-indent: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal">
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"></span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Since
Inception (<span id="xdx_902_eoef--PerfInceptionDate_c20250801__20260731__oef--ClassAxis__custom--C000260103Member_zGEyo11F89il">11/17/25</span>)</span></div></th></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Yieldmax™
NVDA Performance & Distribution Target 25 ETF - at NAV</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal"><span id="xdx_907_eoef--AvgAnnlRtrPct_dp_c20251117__20260731__oef--ClassAxis__custom--C000260103Member_fKg_____zgHyDW4a4lhR">13.68%</span>*</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">S&P
500® Total Return Index</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98A_eoef--AvgAnnlRtrPct_dp_c20251117__20260731__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_zgVXh9klEm7H" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">13.17%</span></div></td></tr>
</table></div></div></div>
<table cellpadding="0" cellspacing="0" style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 15pt; text-align: right"><span id="xdx_F0A_z0sDGoLme8V2" style="font-weight: normal">*</span></td><td style="width: 5pt"></td><td style="text-align: justify"><span id="xdx_F14_zDBvAcBvL4Q9" style="font-weight: normal">Not Annualized for periods less than one year.</span></td>
</tr></table>
2025-11-17
0.1368
0.1317
The
Fund's past performance is not a good indicator of how the Fund will perform in the future.
The graph and table do not reflect the deduction
of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Visit
www.yieldmaxetfs.com/our-etfs/nvit/
for more recent performance information.
<p id="xdx_80B_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000260103Member_dU_zwKQOMKygQr7" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: 16pt 0 2pt; text-align-last: auto; display: block; min-height: 20.52px; align-content: center; line-height: 20.53px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold"><b style="box-sizing: border-box; font-weight: bold">How
Did the Fund Perform During the Reporting Period?</b></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt/12pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: justify">
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; text-align-last: auto; min-height: 37.32px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0; display: block">The
Fund had a positive total return as appreciation in NVIDIA Corporation (“NVDA”) and income generated by its options strategies
contributed to performance. The Fund also made regular distributions.</p></div></div>
<p style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 20.52px; align-content: center; line-height: 20.53px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">What
Factors Influenced Performance?</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt/11pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; display: block; text-align: justify"><span style="box-sizing: border-box; display: block; margin-bottom: 4pt; font-weight: normal">Performance
was primarily influenced by NVDA’s share price and implied volatility. Gains in NVDA and option premiums contributed to results</span></div></div>
<p style="font: 700 11pt/14pt Gotham Narrow-Bold,Arial; margin: 0 0 2pt; text-align-last: auto; min-height: 18.66px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; display: block; font-weight: bold">Positioning
of the Fund</p>
<div style="font: 300 10pt/12pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; display: block; text-align: justify"><span style="box-sizing: border-box; display: block; margin-bottom: 4pt; font-weight: normal">The
Fund maintained synthetic exposure to NVDA and employed options strategies to generate premiums. NVIT targets annual cash distributions
of approximately 25% of net asset value while seeking capital appreciation.</span></div>
<p id="xdx_804_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000260103Member_dU_z6VKsvscszUS" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 24.26px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">Key
Fund Statistics</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(as
of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box; font-weight: normal">July 31, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">)</span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; padding-top: 0; color: #4f4f4f; text-indent: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse; line-height: normal">
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Fund
Size (Thousands)</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_983_eus-gaap--AssetsNet_iI_pn3n3_c20260731__oef--ClassAxis__custom--C000260103Member_zwpBCmI1dVlc" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$10,817</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Number
of Holdings</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98E_eoef--HoldingsCount_iI_uHoldings_c20260731__oef--ClassAxis__custom--C000260103Member_zbs53FqjS9cH" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">10</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Total
Advisory Fee Paid</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_984_eoef--AdvisoryFeesPaidAmt_c20250801__20260731__oef--ClassAxis__custom--C000260103Member_zHnghwimKQ7_zJr0Sj4UQJZI" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$39,517</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Portfolio
Turnover</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98E_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20250801__20260731__oef--ClassAxis__custom--C000260103Member_zCivzGCUQhSV" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">0%</span></div></td></tr>
</table></div></div></div>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 8pt Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; display: block"></span></div></div>
10817000
10
39517
0
<div id="xdx_800_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000260103Member_dU_zYup7gNApOjL" style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: -8pt 0 0; text-align-last: auto; display: block; min-height: 33.6px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">What
did the Fund invest in?</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: -2pt 0 8pt; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(as
of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box; font-weight: normal">July 31, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">)</span></p></div>
<div style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 12pt 0 0; text-align-last: auto; display: block; min-height: 24.26px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">Security
Type - Investments</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(%
of Net Assets)</span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto; padding-top: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none">
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Sector</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">%</div></td></tr>
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Purchased Call Options</div></td>
<td style="box-sizing: border-box">
<div id="xdx_984_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000260103Member__oef--IndustrySectorAxis__custom--PurchasedCallOptionsMember_zk884I0vhiN_zzksJzIw1tFw" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">7.0%</div></td></tr>
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Cash & Cash Equivalents</div></td>
<td style="box-sizing: border-box">
<div id="xdx_98F_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000260103Member__oef--IndustrySectorAxis__us-gaap--CashAndCashEquivalentsMember_zbxMtglX5Rmi" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">93.0%</div></td></tr>
</table></div></div><img alt="bar" src="qes51kc1mun1w62l.jpg" style="box-sizing: border-box; width: 100%; height: auto"/></div></div>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 24.26px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">Security
Type - Other Financial Instruments</p>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 16.79px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(%
of Net Assets)</span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto; padding-top: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none">
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Sector</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">%</div></td></tr>
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Written Put Options</div></td>
<td style="box-sizing: border-box">
<div id="xdx_98A_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000260103Member__oef--IndustrySectorAxis__custom--WrittenPutOptionsMember_zI4uXyWikngE" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">-5.7%</div></td></tr>
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Written Call Options</div></td>
<td style="box-sizing: border-box">
<div id="xdx_980_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000260103Member__oef--IndustrySectorAxis__custom--WrittenCallOptionsMember_zwXtfltyfuPy" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">-1.8%</div></td></tr>
</table></div></div><img alt="bar" src="qesg2cw31mug4f86d.jpg" style="box-sizing: border-box; width: 100%; height: auto"/></div></div>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box"></span></p>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 29.84px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-weight: normal">Percentages
are based on net assets. Cash & Cash Equivalents represents cash, short-term investments and other assets in excess of liabilities.</span></p></div><div style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p></div>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/10pt Gotham Narrow-Light,Arial; margin: -20pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
0.070
0.930
-0.057
-0.018
<div id="xdx_803_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000260103Member_dU_zlW9AKnxVSwj" style="box-sizing: border-box; text-align-last: auto">
<table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal">
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Top
Holdings</span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">(%
of Net Assets)</span></div></th></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">U.S.
Treasury Bills</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_988_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000260103Member__oef--LargestHoldingAxis__custom--USTreasuryBillsMember_zpPrImEGYcQn" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">53.2</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">First
American Government Obligations Fund - Class X, 3.58%</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98D_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000260103Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX358Member_zItQoJrs2giJ" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">34.8</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">NVIDIA
Corp., Expiration: 9/18/2026;</span></div>
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Exercise
Price: $200.01</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98A_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000260103Member__oef--LargestHoldingAxis__custom--NVIDIACorpExpiration9182026ExercisePrice20001Member_zP66cNIVc178" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">6.5</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">NVIDIA
Corp., Expiration: 9/18/2026;</span></div>
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Exercise
Price: $200.01</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_982_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000260103Member__oef--LargestHoldingAxis__custom--NVIDIACorpExpiration9182026ExercisePrice20001OneMember_zcDCpdSg77w_zOn8ITiH7AwA" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">-5.7</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">NVIDIA
Corp., Expiration: 8/21/2026;</span></div>
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Exercise
Price: $210.00</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_988_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000260103Member__oef--LargestHoldingAxis__custom--NVIDIACorpExpiration8212026ExercisePrice21000Member_za1lJlVUqkmv" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">-1.8</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">NVIDIA
Corp., Expiration: 8/21/2026;</span></div>
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Exercise
Price: $225.00</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_987_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000260103Member__oef--LargestHoldingAxis__custom--NVIDIACorpExpiration8212026ExercisePrice22500Member_zRTDjXmKgflq" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">0.5</span></div></td></tr>
</table></div>
0.532
0.348
0.065
-0.057
-0.018
0.005
<p id="xdx_800_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000260103Member_dU_z6MnHwa1Drf5" style="font: 700 11pt/13pt Gotham Narrow-Bold,Arial; margin: -2pt 0 0; text-align-last: auto; display: block; min-height: 17.33px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold"><span style="box-sizing: border-box; font-size: 10pt; font-weight: bold">Fund
Changes</span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt/12pt Gotham Narrow-Light,Arial; margin: 2pt 0 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; display: block; margin-bottom: 4pt; font-weight: normal">Effective
<span id="xdx_907_eoef--MaterialChngDate_c20250801__20260731__oef--ClassAxis__custom--C000260103Member_zGoDrCUAMlYH">November 12, 2025</span> the Fund's listing exchange was changed to Cboe BZX Exchange, Inc.</span></div></div>
2025-11-12
YieldMax™ R2000 0DTE Covered Call Strategy ETF
RDTY
NASDAQ
This
<span id="xdx_90E_eoef--ShareholderReportAnnualOrSemiAnnual_c20250801__20260731__oef--ClassAxis__custom--C000256916Member_z2ALv0vibjAF">annual shareholder report</span> contains important information about the YieldMax™
R2000 0DTE Covered Call Strategy ETF (the "Fund") for the period August
1, 2025 to July 31, 2026.
annual shareholder report
You can find additional information
about the Fund at <span id="xdx_901_eoef--AddlInfoWebsite_c20250801__20260731__oef--ClassAxis__custom--C000256916Member_zI9qgi4pyGFO">www.yieldmaxetfs.com/our-etfs/rdty/</span>.
You can also request this information by contacting us at <span id="xdx_90B_eoef--AddlInfoPhoneNumber_c20250801__20260731__oef--ClassAxis__custom--C000256916Member_zFDRjgomHy47">(844) 737-3001</span>
or by writing to YieldMax™ R2000 0DTE Covered Call Strategy ETF,
c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201‑0701.
www.yieldmaxetfs.com/our-etfs/rdty/
(844) 737-3001
<p id="xdx_80A_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000256916Member_dU_zmanTSkre81B" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: -4pt 0 0; text-align-last: auto; display: block; min-height: 20.52px; align-content: center; line-height: 20.53px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">What
were the Fund costs for the past year?</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: -2pt 0 2pt; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(based
on a hypothetical $10,000 investment)</span></span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto; padding-top: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal">
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Class
Name</span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Costs
of a $10,000 investment</span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Costs
paid as a percentage of a $10,000 investment</span></div></th></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_981_eoef--ClassName_c20250801__20260731__oef--ClassAxis__custom--C000256916Member_zz19lhQrceBg" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">YieldMax™
R2000 0DTE Covered Call Strategy ETF</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98A_eoef--ExpensesPaidAmt_c20250801__20260731__oef--ClassAxis__custom--C000256916Member_fJiMxODU7_z2UbPTWtREDm" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$139</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal"><span id="xdx_90F_eoef--ExpenseRatioPct_dp_c20250801__20260731__oef--ClassAxis__custom--C000256916Member_fKg_____z9uv5Eb9gK6k">1.24%</span>*</span></div></td></tr>
</table></div></div></div>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 8pt/10pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; display: block"></span></div></div>
<table cellpadding="0" cellspacing="0" style="font: 300 8pt/10pt Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td id="xdx_F02_zEWd1H4l1UfT" style="width: 15pt; text-align: right">*</td><td style="width: 5pt"></td><td id="xdx_F17_zMeRXUkMleI0" style="text-align: justify">Costs paid as a percentage of a $10,000 investment is an annualized figure.</td>
</tr></table>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 1pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
YieldMax™ R2000 0DTE Covered Call Strategy ETF
139
0.0124
<p id="xdx_800_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000256916Member_dU_zKerFaaUHf8a" style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33.6px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center; font-weight: bold">Cumulative
Performance</p>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: -3pt 0 0; text-align-last: auto; display: block; min-height: 14.92px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: center">(Initial
Investment of $10,000)</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center">
<div style="box-sizing: border-box; text-align-last: auto; padding-top: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none">
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Date</div></td>
<td id="xdx_4B8_oef--ClassAxis_custom--C000256916Member_zpKPuAw06OFu" style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">YieldMax™ R2000 0DTE Covered Call Strategy ETF - at
NAV - $12,979</div></td>
<td id="xdx_4B3_oef--BroadBasedIndexAxis_custom--SAndP500TotalReturnIndexMember_zzlmYN0okFIa" style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">S&P 500® Total Return Index - $13,041</div></td></tr>
<tr id="xdx_435_c20250305__20250305_eoef--AccmVal_zicjixiv0WOk" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">3/5/2025</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10000</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10000</div></td></tr>
<tr id="xdx_43E_c20250305__20250430_eoef--AccmVal_z81xnJ8Zq9dF" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">4/30/2025</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">9045</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">9551</div></td></tr>
<tr id="xdx_436_c20250305__20250731_eoef--AccmVal_z7OEAEQK5FvW" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">7/31/2025</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10360</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10907</div></td></tr>
<tr id="xdx_434_c20250305__20251031_eoef--AccmVal_zLtJVUnKfPxA" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10/31/2025</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11145</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11805</div></td></tr>
<tr id="xdx_43C_c20250305__20260131_eoef--AccmVal_zcrialxzkDXI" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">1/31/2026</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11376</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">12013</div></td></tr>
<tr id="xdx_43D_c20250305__20260430_eoef--AccmVal_zNukiLbZgA5A" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">4/30/2026</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">12154</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">12516</div></td></tr>
<tr id="xdx_432_c20250305__20260731_eoef--AccmVal_zfvA5y8h0LNr" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">7/31/2026</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">12979</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">13041</div></td></tr>
</table></div></div><img alt="line" src="qes4dgct1mufwn9e4.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/></div></div></div>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 8pt Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; display: block"></span></div></div>
10000
10000
9045
9551
10360
10907
11145
11805
11376
12013
12154
12516
12979
13041
<p id="xdx_80B_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000256916Member_dU_zacXO6pYutrH" style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33.6px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center; font-weight: bold">Annual
Performance</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; padding-top: 0; color: #4f4f4f; text-indent: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal">
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"></span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">1
Year</span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Since
Inception</span></div>
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">(<span id="xdx_906_eoef--PerfInceptionDate_c20250801__20260731__oef--ClassAxis__custom--C000256916Member_zW7JpKHfiLEy">3/5/25</span>)</span></div></th></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Yieldmax™
R2000 0DTE Covered</span></div>
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Call
Strategy ETF - at NAV</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98F_eoef--AvgAnnlRtrPct_dp_c20250801__20260731__oef--ClassAxis__custom--C000256916Member_zlvskhevIms7" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">25.22%</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98E_eoef--AvgAnnlRtrPct_dp_c20250305__20260731__oef--ClassAxis__custom--C000256916Member_zF2nsNW3Uf4I" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">20.38%</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">S&P
500® Total Return Index</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_981_eoef--AvgAnnlRtrPct_dp_c20250801__20260731__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_zLB28cQolkQd" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">19.56%</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98A_eoef--AvgAnnlRtrPct_dp_c20250305__20260731__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_zEpYbH3AsPyS" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">20.80%</span></div></td></tr>
</table></div></div></div>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 8pt Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; display: block"></span></div></div>
2025-03-05
0.2522
0.2038
0.1956
0.2080
The
Fund's past performance is not a good indicator of how the Fund will perform in the future.
The graph and table do not reflect the deduction
of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Visit
www.yieldmaxetfs.com/our-etfs/rdty/
for more recent performance information.
<p id="xdx_808_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000256916Member_dU_zGNh8zXGR3z6" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: 16pt 0 2pt; text-align-last: auto; display: block; min-height: 20.52px; align-content: center; line-height: 20.53px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold"><b style="box-sizing: border-box; font-weight: bold">How
Did the Fund Perform During the Reporting Period?</b></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt/12pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: justify">
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; text-align-last: auto; min-height: 37.32px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0; display: block">The
Fund had a positive total return as gains in the Russell 2000 Index and income generated by its options strategy contributed to performance.
The Fund also provided shareholders with regular income distributions.</p></div></div>
<p style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 20.52px; align-content: center; line-height: 20.53px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">What
Factors Influenced Performance?</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt/11pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; display: block; text-align: justify">
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; text-align-last: auto; min-height: 37.32px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0; display: block">Performance
was primarily influenced by movements in the Russell 2000 Index and index volatility. Index gains and premiums from daily zero-days-to-expiration
(“0DTE”) call options contributed positively to results.</p></div></div>
<p style="font: 700 11pt/14pt Gotham Narrow-Bold,Arial; margin: 0 0 2pt; text-align-last: auto; min-height: 18.66px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; display: block; font-weight: bold">Positioning
of the Fund</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; text-align-last: auto; min-height: 55.98px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0; display: block">The
Fund continued to employ a synthetic covered call strategy designed to generate current income while maintaining exposure to the Russell
2000 Index. The Fund sold 0DTE call options daily and, starting in mid-September 2025, began distributing income weekly.</p>
<p id="xdx_808_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000256916Member_dU_zLxWvayXTJlB" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 24.26px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">Key
Fund Statistics</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(as
of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box; font-weight: normal">July 31, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">)</span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; padding-top: 0; color: #4f4f4f; text-indent: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse; line-height: normal">
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Fund
Size (Thousands)</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98A_eus-gaap--AssetsNet_iI_pn3n3_c20260731__oef--ClassAxis__custom--C000256916Member_zk4lpd7bRYvu" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$30,921</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Number
of Holdings</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_989_eoef--HoldingsCount_iI_uHoldings_c20260731__oef--ClassAxis__custom--C000256916Member_zE7M58ZcnyO_zWXkKaWHTz7K" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">3</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Total
Advisory Fee Paid</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_987_eoef--AdvisoryFeesPaidAmt_c20250801__20260731__oef--ClassAxis__custom--C000256916Member_zvhAbePYCjdY" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$138,067</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Portfolio
Turnover</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_981_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20250801__20260731__oef--ClassAxis__custom--C000256916Member_zsIHszZ7zY4h" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">3%</span></div></td></tr>
</table></div></div></div>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 8pt Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; display: block"></span></div></div>
30921000
3
138067
0.03
<div id="xdx_80A_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000256916Member_dU_zHCKwebc0vtE" style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: -8pt 0 0; text-align-last: auto; display: block; min-height: 33.6px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">What
did the Fund invest in?</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: -2pt 0 8pt; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(as
of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box; font-weight: normal">July 31, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">)</span></p></div>
<div style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 12pt 0 0; text-align-last: auto; display: block; min-height: 24.26px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">Security
Type - Investments</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(%
of Net Assets)</span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto; padding-top: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none">
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Sector</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">%</div></td></tr>
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Purchased Call Options</div></td>
<td style="box-sizing: border-box">
<div id="xdx_981_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000256916Member__oef--IndustrySectorAxis__custom--PurchasedCallOptionsMember_z55BeiIWADE_zBWhUMagypiK" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">88.5%</div></td></tr>
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Cash & Cash Equivalents</div></td>
<td style="box-sizing: border-box">
<div id="xdx_988_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000256916Member__oef--IndustrySectorAxis__us-gaap--CashAndCashEquivalentsMember_zT85jaQuvPQo" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11.5%</div></td></tr>
</table></div></div><img alt="bar" src="qes51kc1mun23xfr.jpg" style="box-sizing: border-box; width: 100%; height: auto"/></div></div>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 29.84px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-weight: normal">Percentages
are based on net assets. Cash & Cash Equivalents represents cash, short-term investments and other assets in excess of liabilities.</span></p></div><div style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p></div>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/10pt Gotham Narrow-Light,Arial; margin: -20pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
0.885
0.115
<div id="xdx_80E_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000256916Member_dU_z09QaYT0RGtj" style="box-sizing: border-box; text-align-last: auto">
<table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal">
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Top
Holdings</span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">(%
of Net Assets)</span></div></th></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Russell
2000 Index, Expiration: 12/18/2026; Exercise Price: $310.26</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_986_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000256916Member__oef--LargestHoldingAxis__custom--Russell2000IndexExpiration12182026ExercisePrice31026Member_zqaTmL1YrfwD" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">88.5</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">First
American Government Obligations Fund - Class X, 3.58%</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_981_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000256916Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX358Member_zJuj7eZz637e" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">9.8</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">U.S.
Treasury Bills</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_982_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000256916Member__oef--LargestHoldingAxis__custom--USTreasuryBillsMember_zpgo2a3CSz6k" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">0.1</span></div></td></tr>
</table></div>
0.885
0.098
0.001
<p id="xdx_807_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000256916Member_dU_zIzhXhALU4hu" style="font: 700 11pt/13pt Gotham Narrow-Bold,Arial; margin: -2pt 0 0; text-align-last: auto; display: block; min-height: 17.33px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold"><span style="box-sizing: border-box; font-size: 10pt; font-weight: bold">Fund
Changes</span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt/12pt Gotham Narrow-Light,Arial; margin: 2pt 0 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; display: block; margin-bottom: 4pt; font-weight: normal">Effective
<span id="xdx_90D_eoef--MaterialChngDate_c20250801__20260731__oef--ClassAxis__custom--C000256916Member_zkUVQ4DgwRzU">September 12, 2025</span> the Fund intends to pay out dividends and interest income, if any, weekly, and distribute any net realized capital
gains to its shareholders at least annually. The Fund intends to distribute to its shareholders substantially all of its investment company
taxable income (computed without regard to the deduction for dividends paid), its net tax-exempt income, if any, and any net capital gain
(net long-term capital gains in excess of net short-term capital losses, taking into account any capital loss carryforwards).</span></div></div>
2025-09-12
YieldMax™ RDDT Option Income Strategy ETF
RDYY
NYSEArca
This
<span id="xdx_904_eoef--ShareholderReportAnnualOrSemiAnnual_c20250801__20260731__oef--ClassAxis__custom--C000263278Member_zDHCpoFWDHyg">annual shareholder report</span> contains important information about the YieldMax™
RDDT Option Income Strategy ETF (the "Fund") for the period August 1,
2025 to July 31, 2026.
annual shareholder report
You can find additional information
about the Fund at <span id="xdx_903_eoef--AddlInfoWebsite_c20250801__20260731__oef--ClassAxis__custom--C000263278Member_zQGUnS7K4ISb">www.yieldmaxetfs.com/our-etfs/rdyy/</span>.
You can also request this information by contacting us at <span id="xdx_907_eoef--AddlInfoPhoneNumber_c20250801__20260731__oef--ClassAxis__custom--C000263278Member_z5yBTU5yfE2U">(844) 737-3001</span>
or by writing to YieldMax™ RDDT Option Income Strategy ETF, c/o
U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201‑0701.
www.yieldmaxetfs.com/our-etfs/rdyy/
(844) 737-3001
<p id="xdx_80A_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000263278Member_dU_zQLsCdop4ouc" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: -4pt 0 0; text-align-last: auto; display: block; min-height: 20.52px; align-content: center; line-height: 20.53px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">What
were the Fund costs for the past year?</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: -2pt 0 2pt; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(based
on a hypothetical $10,000 investment)</span></span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto; padding-top: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal">
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Class
Name</span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Costs
of a $10,000 investment</span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Costs
paid as a percentage of a $10,000 investment</span></div></th></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_983_eoef--ClassName_c20250801__20260731__oef--ClassAxis__custom--C000263278Member_z1Ge8Vzbymg7" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">YieldMax™
RDDT Option Income Strategy ETF</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$<span id="xdx_90B_eoef--ExpensesPaidAmt_c20250801__20260731__oef--ClassAxis__custom--C000263278Member_fKg_____zUKbo8DS9b97">74</span>*</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal"><span id="xdx_909_eoef--ExpenseRatioPct_dp_c20250801__20260731__oef--ClassAxis__custom--C000263278Member_fKio___z9E8dDSQi6b6">1.02%</span>**</span></div></td></tr>
</table></div></div></div>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 8pt/10pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0">
<table cellpadding="0" cellspacing="0" style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td id="xdx_F0B_z6CesgqmTgpb" style="width: 15pt; text-align: right">*</td><td style="width: 5pt"></td><td id="xdx_F1E_z8VMu2TYaCZD" style="text-align: justify"><span id="xdx_90D_eoef--ExpensesShortPeriodFnTextBlock_c20250801__20260731__oef--ClassAxis__custom--C000263278Member_zYKsB2jifc8K">The Fund commenced operations on September 8, 2025. Expenses for a full reporting period
would be higher than the figures shown.</span></td>
</tr></table>
</div></div>
<table cellpadding="0" cellspacing="0" style="font: 300 8pt/10pt Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 15pt; text-align: right"><span id="xdx_F01_zoKLzCDM2LPA" style="font-weight: normal">**</span></td><td style="width: 5pt"></td><td id="xdx_F1B_zRi1d0w9ueTO" style="text-align: justify">Costs paid as a percentage of a $10,000 investment is an annualized figure.</td>
</tr></table>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 1pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
YieldMax™ RDDT Option Income Strategy ETF
74
0.0102
The Fund commenced operations on September 8, 2025. Expenses for a full reporting period
would be higher than the figures shown.
<p id="xdx_800_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000263278Member_dU_zyrdMAbl3d80" style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33.6px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center; font-weight: bold">Cumulative
Performance</p>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: -3pt 0 0; text-align-last: auto; display: block; min-height: 14.92px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: center">(Initial
Investment of $10,000)</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center">
<div style="box-sizing: border-box; text-align-last: auto; padding-top: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none">
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Date</div></td>
<td id="xdx_4B8_oef--ClassAxis_custom--C000263278Member_z2oPVWCO2BQO" style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">YieldMax™ RDDT Option Income Strategy ETF - at NAV
- $6,407</div></td>
<td id="xdx_4B3_oef--BroadBasedIndexAxis_custom--SAndP500TotalReturnIndexMember_zYePzxUMwQV_z8LFTdHHg0pj" style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">S&P 500® Total Return Index - $11,650</div></td></tr>
<tr id="xdx_43B_c20250908__20250908_eoef--AccmVal_z87lhxuft8as" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">9/8/2025</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10000</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10000</div></td></tr>
<tr id="xdx_436_c20250908__20251031_eoef--AccmVal_zjBkjvPHopkV" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10/31/2025</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">9252</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10545</div></td></tr>
<tr id="xdx_439_c20250908__20260131_eoef--AccmVal_zS88gxxqX2wM" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">1/31/2026</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">7710</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10731</div></td></tr>
<tr id="xdx_438_c20250908__20260430_eoef--AccmVal_ztLO4dJXZMU_zUPhRy7OiBkb" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">4/30/2026</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">6566</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11181</div></td></tr>
<tr id="xdx_438_c20250908__20260731_eoef--AccmVal_zwCXfwXiBAdN" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">7/31/2026</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">6407</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11650</div></td></tr>
</table></div></div><img alt="line" src="qesg2cw31mufwlmlg.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/></div></div></div>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 8pt Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; display: block"></span></div></div>
10000
10000
9252
10545
7710
10731
6566
11181
6407
11650
<p id="xdx_80B_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000263278Member_dU_zVMsUsij6P3W" style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33.6px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center; font-weight: bold">Annual
Performance</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; padding-top: 0; color: #4f4f4f; text-indent: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal">
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"></span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Since
Inception (<span id="xdx_902_eoef--PerfInceptionDate_c20250801__20260731__oef--ClassAxis__custom--C000263278Member_ztJEUrkpXmjv">9/8/25</span>)</span></div></th></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Yieldmax™
RDDT Option Income Strategy ETF - at NAV</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal"><span id="xdx_900_eoef--AvgAnnlRtrPct_dp_c20250908__20260731__oef--ClassAxis__custom--C000263278Member_fKg_____z1oH2HvUpU7p">-36.84%</span>*</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">S&P
500® Total Return Index</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_984_eoef--AvgAnnlRtrPct_dp_c20250908__20260731__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_zQky7698jiGP" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">16.50%</span></div></td></tr>
</table></div></div></div>
<table cellpadding="0" cellspacing="0" style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 15pt; text-align: right"><span id="xdx_F08_zfEyOyT8bjdC" style="font-weight: normal">*</span></td><td style="width: 5pt"></td><td style="text-align: justify"><span id="xdx_F16_zGxG4Fksd85q" style="font-weight: normal">Not Annualized for periods less than one year.</span></td>
</tr></table>
2025-09-08
-0.3684
0.1650
The
Fund's past performance is not a good indicator of how the Fund will perform in the future.
The graph and table do not reflect the deduction
of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Visit
www.yieldmaxetfs.com/our-etfs/rdyy/
for more recent performance information.
<p id="xdx_808_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000263278Member_dU_zr0xwMnyuSLX" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: 16pt 0 2pt; text-align-last: auto; display: block; min-height: 20.52px; align-content: center; line-height: 20.53px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold"><b style="box-sizing: border-box; font-weight: bold">How
Did the Fund Perform During the Reporting Period?</b></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt/12pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: justify">
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; text-align-last: auto; min-height: 37.32px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0; display: block">The
Fund had a negative total return as declines in Reddit, Inc. (“RDDT”) outweighed income generated by its call spread strategy.
The Fund also provided shareholders with regular income distributions.</p></div></div>
<p style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 20.52px; align-content: center; line-height: 20.53px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">What
Factors Influenced Performance?</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt/11pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; display: block; text-align: justify"><span style="box-sizing: border-box; display: block; margin-bottom: 4pt; font-weight: normal">Performance
was primarily influenced by RDDT’s share price and implied volatility. Declines in RDDT detracted from results, while option premiums
partially offset those losses.</span></div></div>
<p style="font: 700 11pt/14pt Gotham Narrow-Bold,Arial; margin: 0 0 2pt; text-align-last: auto; min-height: 18.66px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; display: block; font-weight: bold">Positioning
of the Fund</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt/12pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; display: block; text-align: justify"><span style="box-sizing: border-box; display: block; margin-bottom: 4pt; font-weight: normal">The
Fund continued to sell call spreads to generate current income while maintaining exposure to a portion of RDDT’s performance.</span></div></div>
<p id="xdx_808_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000263278Member_dU_ziCVRGe00gj1" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 24.26px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">Key
Fund Statistics</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(as
of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box; font-weight: normal">July 31, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">)</span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; padding-top: 0; color: #4f4f4f; text-indent: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse; line-height: normal">
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Fund
Size (Thousands)</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_980_eus-gaap--AssetsNet_iI_pn3n3_c20260731__oef--ClassAxis__custom--C000263278Member_z8zOkQ2wUyHu" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$12,589</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Number
of Holdings</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98D_eoef--HoldingsCount_iI_uHoldings_c20260731__oef--ClassAxis__custom--C000263278Member_zmHtAkgBV3mm" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">12</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Total
Advisory Fee Paid</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_988_eoef--AdvisoryFeesPaidAmt_c20250801__20260731__oef--ClassAxis__custom--C000263278Member_zATCoZ1h4kFr" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$169,267</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Portfolio
Turnover</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98D_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20250801__20260731__oef--ClassAxis__custom--C000263278Member_zkfkTUPSIgoV" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">0%</span></div></td></tr>
</table></div></div></div>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 8pt Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; display: block"></span></div></div>
12589000
12
169267
0
<div id="xdx_80A_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000263278Member_dU_zf7QZMuhVk0e" style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: -8pt 0 0; text-align-last: auto; display: block; min-height: 33.6px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">What
did the Fund invest in?</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: -2pt 0 8pt; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(as
of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box; font-weight: normal">July 31, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">)</span></p></div>
<div style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 12pt 0 0; text-align-last: auto; display: block; min-height: 24.26px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">Security
Type - Investments</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(%
of Net Assets)</span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto; padding-top: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none">
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Sector</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">%</div></td></tr>
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Purchased Call Options</div></td>
<td style="box-sizing: border-box">
<div id="xdx_98C_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000263278Member__oef--IndustrySectorAxis__custom--PurchasedCallOptionsMember_zPB0jDzCghsL" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11.1%</div></td></tr>
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Cash & Cash Equivalents</div></td>
<td style="box-sizing: border-box">
<div id="xdx_98A_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000263278Member__oef--IndustrySectorAxis__us-gaap--CashAndCashEquivalentsMember_zMgLhWj62wWH" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">88.9%</div></td></tr>
</table></div></div><img alt="bar" src="qes4dqejw1mun25u3w.jpg" style="box-sizing: border-box; width: 100%; height: auto"/></div></div>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 24.26px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">Security
Type - Other Financial Instruments</p>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 16.79px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(%
of Net Assets)</span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto; padding-top: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none">
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Sector</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">%</div></td></tr>
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Written Put Options</div></td>
<td style="box-sizing: border-box">
<div id="xdx_98C_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000263278Member__oef--IndustrySectorAxis__custom--WrittenPutOptionsMember_zYLDUnw8HPVg" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">-9.9%</div></td></tr>
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Written Call Options</div></td>
<td style="box-sizing: border-box">
<div id="xdx_980_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000263278Member__oef--IndustrySectorAxis__custom--WrittenCallOptionsMember_z9b4srrZUt5C" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">-3.2%</div></td></tr>
</table></div></div><img alt="bar" src="qesg2cw31mug21z0p.jpg" style="box-sizing: border-box; width: 100%; height: auto"/></div></div>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box"></span></p>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 29.84px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-weight: normal">Percentages
are based on net assets. Cash & Cash Equivalents represents cash, short-term investments, and liabilities in excess of other assets.</span></p></div><div style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p></div>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/10pt Gotham Narrow-Light,Arial; margin: -20pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
0.111
0.889
-0.099
-0.032
<div id="xdx_80E_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000263278Member_dU_zmfhMioYHmJl" style="box-sizing: border-box; text-align-last: auto">
<table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal">
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Top
Holdings</span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">(%
of Net Assets)</span></div></th></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">U.S.
Treasury Bills</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_986_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000263278Member__oef--LargestHoldingAxis__custom--USTreasuryBillsMember_zxMmsyuOumBg" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">96.1</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Reddit,
Inc., Expiration: 9/18/2026;</span></div>
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Exercise
Price: $140.01</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98B_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000263278Member__oef--LargestHoldingAxis__custom--RedditIncExpiration9182026ExercisePrice14001Member_zH2TvgGVVoOI" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">-9.8</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Reddit,
Inc., Expiration: 9/18/2026;</span></div>
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Exercise
Price: $140.01</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_987_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000263278Member__oef--LargestHoldingAxis__custom--RedditIncExpiration9182026ExercisePrice14001OneMember_zqab2GxesNjX" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">9.6</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">First
American Government Obligations Fund - Class X, 3.58%</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_980_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000263278Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX358Member_z8TkSSBPW6YA" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">4.1</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Reddit,
Inc., Expiration: 8/7/2026;</span></div>
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Exercise
Price: $144.00</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98A_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000263278Member__oef--LargestHoldingAxis__custom--RedditIncExpiration872026ExercisePrice14400Member_zXg0oNOpzAID" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">-2.1</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Reddit,
Inc., Expiration: 8/7/2026;</span></div>
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Exercise
Price: $140.00</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_988_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000263278Member__oef--LargestHoldingAxis__custom--RedditIncExpiration872026ExercisePrice14000Member_z1byxgVTLgS4" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">-1.2</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Reddit,
Inc., Expiration: 8/7/2026;</span></div>
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Exercise
Price: $152.50</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_982_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000263278Member__oef--LargestHoldingAxis__custom--RedditIncExpiration872026ExercisePrice15250Member_zFoa53Ohy6NU" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">0.9</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Reddit,
Inc., Expiration: 8/7/2026;</span></div>
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Exercise
Price: $147.00</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98F_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000263278Member__oef--LargestHoldingAxis__custom--RedditIncExpiration872026ExercisePrice14700Member_z1WKWA3U2BHn" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">0.6</span></div></td></tr>
</table></div>
0.961
-0.098
0.096
0.041
-0.021
-0.012
0.009
0.006
<p id="xdx_80C_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000263278Member_dU_zIlLblnin3FC" style="font: 700 11pt/13pt Gotham Narrow-Bold,Arial; margin: -2pt 0 0; text-align-last: auto; display: block; min-height: 17.33px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold"><span style="box-sizing: border-box; font-size: 10pt; font-weight: bold">Fund
Changes</span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt/12pt Gotham Narrow-Light,Arial; margin: 2pt 0 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0">
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; text-align-last: auto; min-height: 37.32px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0; display: block">Effective
<span id="xdx_902_eoef--MaterialChngDate_c20250801__20260731__oef--ClassAxis__custom--C000263278Member_z7sPgKxdO1Yj">September 18, 2025</span> the Fund's payment of income distributions was changed to seek to make such distributions on a monthly or more frequent
basis.</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; text-align-last: auto; min-height: 37.32px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0; display: block">Effective
October 14, 2025 the Fund's payment of income distributions was changed to seek to make such distributions on a weekly basis.</p></div></div>
2025-09-18
YieldMax™ S&P 500 0DTE Covered Call Strategy ETF
SDTY
NASDAQ
This
<span id="xdx_901_eoef--ShareholderReportAnnualOrSemiAnnual_c20250801__20260731__oef--ClassAxis__custom--C000256917Member_z2WBTbAEbaz2">annual shareholder report</span> contains important information about the YieldMax™
S&P 500 0DTE Covered Call Strategy ETF (the "Fund") for the period August
1, 2025 to July 31, 2026.
annual shareholder report
You can find additional information
about the Fund at <span id="xdx_903_eoef--AddlInfoWebsite_c20250801__20260731__oef--ClassAxis__custom--C000256917Member_z4GtiaYqmdGM">www.yieldmaxetfs.com/our-etfs/sdty/</span>.
You can also request this information by contacting us at <span id="xdx_905_eoef--AddlInfoPhoneNumber_c20250801__20260731__oef--ClassAxis__custom--C000256917Member_zhHUHh8LtQsG">(844) 737-3001</span>
or by writing to YieldMax™ S&P 500 0DTE Covered Call Strategy ETF,
c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201‑0701.
www.yieldmaxetfs.com/our-etfs/sdty/
(844) 737-3001
<p id="xdx_801_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000256917Member_dU_zMt8zyskwlgx" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: -4pt 0 0; text-align-last: auto; display: block; min-height: 20.52px; align-content: center; line-height: 20.53px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">What
were the Fund costs for the past year?</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: -2pt 0 2pt; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(based
on a hypothetical $10,000 investment)</span></span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto; padding-top: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal">
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Class
Name</span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Costs
of a $10,000 investment</span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Costs
paid as a percentage of a $10,000 investment</span></div></th></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal"><span id="xdx_90C_eoef--ClassName_c20250801__20260731__oef--ClassAxis__custom--C000256917Member_z3HiA8nBkVIp">YieldMax™
S&P 500 0DTE Covered Call Strategy ETF</span></span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98B_eoef--ExpensesPaidAmt_c20250801__20260731__oef--ClassAxis__custom--C000256917Member_fJiMxODU7_z566XGN3q64K" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$110</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal"><span id="xdx_901_eoef--ExpenseRatioPct_dp_c20250801__20260731__oef--ClassAxis__custom--C000256917Member_fKg_____z23MAXDTl9sx">1.02%</span>*</span></div></td></tr>
</table></div></div></div>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 8pt/10pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; display: block"></span></div></div>
<table cellpadding="0" cellspacing="0" style="font: 300 8pt/10pt Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td id="xdx_F02_zfyZPYHJczgB" style="width: 15pt; text-align: right">*</td><td style="width: 5pt"></td><td id="xdx_F13_zX9cvmCfeD7d" style="text-align: justify">Costs paid as a percentage of a $10,000 investment is an annualized figure.</td>
</tr></table>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 1pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
YieldMax™ S&P 500 0DTE Covered Call Strategy ETF
110
0.0102
<p id="xdx_80B_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000256917Member_dU_zutK6jTiKZ8S" style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33.6px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center; font-weight: bold">Cumulative
Performance</p>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: -3pt 0 0; text-align-last: auto; display: block; min-height: 14.92px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: center">(Initial
Investment of $10,000)</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center">
<div style="box-sizing: border-box; text-align-last: auto; padding-top: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none">
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Date</div></td>
<td id="xdx_4B2_oef--ClassAxis_custom--C000256917Member_zw8iNnasEM1s" style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">YieldMax™ S&P 500 0DTE Covered Call Strategy ETF
- at NAV - $12,021</div></td>
<td id="xdx_4BA_oef--BroadBasedIndexAxis_custom--SAndP500TotalReturnIndexMember_zvXFrAkoqwB6" style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">S&P 500® Total Return Index - $12,587</div></td></tr>
<tr id="xdx_439_c20250205__20250205_eoef--AccmVal_zAFPORCcVkRK" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">2/5/2025</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10000</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10000</div></td></tr>
<tr id="xdx_432_c20250205__20250430_eoef--AccmVal_zcjUooOZrcFF" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">4/30/2025</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">8841</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">9218</div></td></tr>
<tr id="xdx_43D_c20250205__20250731_eoef--AccmVal_zMUjooITOIHh" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">7/31/2025</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10228</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10527</div></td></tr>
<tr id="xdx_430_c20250205__20251031_eoef--AccmVal_zfzcIfvHa35p" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10/31/2025</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10932</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11393</div></td></tr>
<tr id="xdx_43D_c20250205__20260131_eoef--AccmVal_zN6W2MAIbQst" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">1/31/2026</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11258</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11594</div></td></tr>
<tr id="xdx_439_c20250205__20260430_eoef--AccmVal_zmKadDmnvSvD" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">4/30/2026</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11488</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">12080</div></td></tr>
<tr id="xdx_439_c20250205__20260731_eoef--AccmVal_zFlJZisofoQ5" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">7/31/2026</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">12021</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">12587</div></td></tr>
</table></div></div><img alt="line" src="qesg2cw31mufwknwo.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/></div></div></div>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 8pt Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; display: block"></span></div></div>
10000
10000
8841
9218
10228
10527
10932
11393
11258
11594
11488
12080
12021
12587
<p id="xdx_800_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000256917Member_dU_zL3it8fF8VB_z55uAXnKgyum" style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33.6px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center; font-weight: bold">Annual
Performance</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; padding-top: 0; color: #4f4f4f; text-indent: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal">
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"></span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">1
Year</span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Since
Inception (<span id="xdx_900_eoef--PerfInceptionDate_c20250801__20260731__oef--ClassAxis__custom--C000256917Member_zz2ywUCt7Vck">2/5/25</span>)</span></div></th></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Yieldmax™
S&P 500 0DTE Covered Call Strategy ETF - at NAV</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98E_eoef--AvgAnnlRtrPct_dp_c20250801__20260731__oef--ClassAxis__custom--C000256917Member_zXdVWm0zXMaf" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">17.56%</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_985_eoef--AvgAnnlRtrPct_dp_c20250205__20260731__oef--ClassAxis__custom--C000256917Member_zNWslNK6KnLs" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">13.23%</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">S&P
500® Total Return Index</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98D_eoef--AvgAnnlRtrPct_dp_c20250801__20260731__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_zMwyZ3gQ7I69" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">19.56%</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98A_eoef--AvgAnnlRtrPct_dp_c20250205__20260731__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_zaGftzb2FEJ0" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">16.79%</span></div></td></tr>
</table></div></div></div>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 8pt Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; display: block"></span></div></div>
2025-02-05
0.1756
0.1323
0.1956
0.1679
The
Fund's past performance is not a good indicator of how the Fund will perform in the future.
The graph and table do not reflect the deduction
of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Visit
www.yieldmaxetfs.com/our-etfs/sdty/
for more recent performance information.
<p id="xdx_804_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000256917Member_dU_z5puVSkmD3pH" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: 16pt 0 2pt; text-align-last: auto; display: block; min-height: 20.52px; align-content: center; line-height: 20.53px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold"><b style="box-sizing: border-box; font-weight: bold">How
Did the Fund Perform During the Reporting Period?</b></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt/12pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: justify">
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; text-align-last: auto; min-height: 37.32px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0; display: block">The
Fund had a positive total return as gains in the S&P 500 Index and income generated by its options strategy contributed to performance.
The Fund also provided shareholders with regular income distributions.</p></div></div>
<p style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 20.52px; align-content: center; line-height: 20.53px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">What
Factors Influenced Performance?</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt/11pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; display: block; text-align: justify"><span style="box-sizing: border-box; display: block; margin-bottom: 4pt; font-weight: normal">Performance
was primarily influenced by movements in the S&P 500 Index and index volatility. Index gains and premiums from daily zero-days-to-expiration
(“0DTE”) call options contributed positively to results.</span></div></div>
<p style="font: 700 11pt/14pt Gotham Narrow-Bold,Arial; margin: 0 0 2pt; text-align-last: auto; min-height: 18.66px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; display: block; font-weight: bold">Positioning
of the Fund</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; text-align-last: auto; min-height: 55.98px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0; display: block">The
Fund continued to employ a synthetic covered call strategy designed to generate current income while maintaining exposure to the S&P
500 Index. The Fund sold 0DTE call options daily and beginning in mid-September 2025, started distributing income weekly.</p>
<p id="xdx_804_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000256917Member_dU_zdPa0kjGaDNM" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 24.26px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">Key
Fund Statistics</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(as
of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box; font-weight: normal">July 31, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">)</span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; padding-top: 0; color: #4f4f4f; text-indent: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse; line-height: normal">
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Fund
Size (Thousands)</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98F_eus-gaap--AssetsNet_iI_pn3n3_c20260731__oef--ClassAxis__custom--C000256917Member_zpC40ixHivgt" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$46,284</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Number
of Holdings</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_984_eoef--HoldingsCount_iI_uHoldings_c20260731__oef--ClassAxis__custom--C000256917Member_zwatrjkuXdyJ" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">5</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Total
Advisory Fee Paid</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_984_eoef--AdvisoryFeesPaidAmt_c20250801__20260731__oef--ClassAxis__custom--C000256917Member_zAWoyEJrtw27" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$213,011</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Portfolio
Turnover</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal"><span id="xdx_902_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20250801__20260731__oef--ClassAxis__custom--C000256917Member_fKg_____zuXB9RgxGV7W">0%</span>*</span></div></td></tr>
</table></div></div></div>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 8pt Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0">
<table cellpadding="0" cellspacing="0" style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td id="xdx_F02_zkf1yls8rz1H" style="width: 15pt; text-align: right">*</td><td style="width: 5pt"></td><td id="xdx_F1A_z8kUrdMxr5Dv" style="text-align: justify">Does not round to 1%.</td>
</tr></table>
</div></div>
46284000
5
213011
0
<div id="xdx_80B_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000256917Member_dU_zOpXtnuOVqzI" style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: -8pt 0 0; text-align-last: auto; display: block; min-height: 33.6px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">What
did the Fund invest in?</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: -2pt 0 8pt; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(as
of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box; font-weight: normal">July 31, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">)</span></p></div>
<div style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 12pt 0 0; text-align-last: auto; display: block; min-height: 24.26px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">Security
Type - Investments</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(%
of Net Assets)</span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto; padding-top: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none">
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Sector</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">%</div></td></tr>
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Purchased Call Options</div></td>
<td style="box-sizing: border-box">
<div id="xdx_98B_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000256917Member__oef--IndustrySectorAxis__custom--PurchasedCallOptionsMember_zlPPrklEgGDG" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">84.0%</div></td></tr>
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Cash & Cash Equivalents</div></td>
<td style="box-sizing: border-box">
<div id="xdx_98E_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000256917Member__oef--IndustrySectorAxis__us-gaap--CashAndCashEquivalentsMember_z1057Afwt0PZ" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">16.0%</div></td></tr>
</table></div></div><img alt="bar" src="qes4dqejw1mun40fym.jpg" style="box-sizing: border-box; width: 100%; height: auto"/></div></div>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 29.84px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-weight: normal">Percentages
are based on net assets. Cash & Cash Equivalents represents cash, short-term investments and other assets in excess of liabilities.</span></p></div><div style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p></div>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/10pt Gotham Narrow-Light,Arial; margin: -20pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
0.840
0.160
<div id="xdx_805_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000256917Member_dU_z48uia62hLJh" style="box-sizing: border-box; text-align-last: auto">
<table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal">
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Top
Holdings</span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">(%
of Net Assets)</span></div></th></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">S&P
500 Index, Expiration: 12/18/2026; Exercise Price: $1,200.26</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98D_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000256917Member__oef--LargestHoldingAxis__custom--SandP500IndexExpiration12182026ExercisePrice120026Member_zxVEhwALFViF" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">84.0</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">First
American Government Obligations Fund - Class X, 3.58%</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_983_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000256917Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX358Member_zBlso8PMr4J_zWBVOYkM8ajn" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">12.2</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">U.S.
Treasury Bills</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98F_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000256917Member__oef--LargestHoldingAxis__custom--USTreasuryBillsMember_zfkxm6wSVxKz" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">1.6</span></div></td></tr>
</table></div>
0.840
0.122
0.016
<p id="xdx_802_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000256917Member_dU_zJ3GQIP837Gl" style="font: 700 11pt/13pt Gotham Narrow-Bold,Arial; margin: -2pt 0 0; text-align-last: auto; display: block; min-height: 17.33px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold"><span style="box-sizing: border-box; font-size: 10pt; font-weight: bold">Fund
Changes</span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt/12pt Gotham Narrow-Light,Arial; margin: 2pt 0 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; display: block; margin-bottom: 4pt; font-weight: normal">Effective
<span id="xdx_906_eoef--MaterialChngDate_c20250801__20260731__oef--ClassAxis__custom--C000256917Member_zjujLnzyb3Ts">September 12, 2025</span> the Fund intends to pay out dividends and interest income, if any, weekly, and distribute any net realized capital
gains to its shareholders at least annually. The Fund intends to distribute to its shareholders substantially all of its investment company
taxable income (computed without regard to the deduction for dividends paid), its net tax-exempt income, if any, and any net capital gain
(net long-term capital gains in excess of net short-term capital losses, taking into account any capital loss carryforwards).</span></div></div>
2025-09-12
YieldMax™ Semiconductor Portfolio Option Income ETF
CHPY
NYSEArca
This
<span id="xdx_90D_eoef--ShareholderReportAnnualOrSemiAnnual_c20250801__20260731__oef--ClassAxis__custom--C000255411Member_z2DZXFFYPJj6">annual shareholder report</span> contains important information about the YieldMax™
Semiconductor Portfolio Option Income ETF (the "Fund") for the period August
1, 2025 to July 31, 2026.
annual shareholder report
You can find additional information
about the Fund at <span id="xdx_90F_eoef--AddlInfoWebsite_c20250801__20260731__oef--ClassAxis__custom--C000255411Member_z4kAWY73Eylh">www.yieldmaxetfs.com/our-etfs/chpy/</span>.
You can also request this information by contacting us at <span id="xdx_90B_eoef--AddlInfoPhoneNumber_c20250801__20260731__oef--ClassAxis__custom--C000255411Member_zlPjL8N9qUAK">(844) 737-3001</span>
or by writing to YieldMax™ Semiconductor Portfolio Option Income ETF,
c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201‑0701.
www.yieldmaxetfs.com/our-etfs/chpy/
(844) 737-3001
<p id="xdx_80E_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000255411Member_dU_z8hpf7mm5iJF" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: -4pt 0 0; text-align-last: auto; display: block; min-height: 20.52px; align-content: center; line-height: 20.53px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">What
were the Fund costs for the past year?</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: -2pt 0 2pt; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(based
on a hypothetical $10,000 investment)</span></span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto; padding-top: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal">
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Class
Name</span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Costs
of a $10,000 investment</span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Costs
paid as a percentage of a $10,000 investment</span></div></th></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal"><span id="xdx_904_eoef--ClassName_c20250801__20260731__oef--ClassAxis__custom--C000255411Member_zu1HJCOQ2qZo">YieldMax™
Semiconductor Portfolio Option Income ETF</span></span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98E_eoef--ExpensesPaidAmt_c20250801__20260731__oef--ClassAxis__custom--C000255411Member_fJiMxODU7_z8PgPaU3uPCJ" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$144</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal"><span id="xdx_904_eoef--ExpenseRatioPct_dp_c20250801__20260731__oef--ClassAxis__custom--C000255411Member_fKg_____zwdfFI761CjU">0.99%</span>*</span></div></td></tr>
</table></div></div></div>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 8pt/10pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; display: block"></span></div></div>
<table cellpadding="0" cellspacing="0" style="font: 300 8pt/10pt Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td id="xdx_F09_zlJjLaHUQaMS" style="width: 15pt; text-align: right">*</td><td style="width: 5pt"></td><td id="xdx_F11_zDNhYB4KTwRL" style="text-align: justify">Costs paid as a percentage of a $10,000 investment is an annualized figure.</td>
</tr></table>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 1pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
YieldMax™ Semiconductor Portfolio Option Income ETF
144
0.0099
<p id="xdx_802_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000255411Member_dU_z9bW2KtLPsk_zqpQNezPYWTu" style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33.6px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center; font-weight: bold">Cumulative
Performance</p>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: -3pt 0 0; text-align-last: auto; display: block; min-height: 14.92px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: center">(Initial
Investment of $10,000)</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center">
<div style="box-sizing: border-box; text-align-last: auto; padding-top: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none">
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Date</div></td>
<td id="xdx_4B7_oef--ClassAxis_custom--C000255411Member_zvuFRxLA2poL" style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">YieldMax™ Semiconductor Portfolio Option Income ETF
- at NAV - $23,049</div></td>
<td id="xdx_4BC_oef--BroadBasedIndexAxis_custom--SAndP500TotalReturnIndexMember_zNQ2G3lSLthN" style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">S&P 500® Total Return Index - $13,420</div></td></tr>
<tr id="xdx_432_c20250402__20250402_eoef--AccmVal_zBTAt5bN2lpf" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">4/2/2025</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10000</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10000</div></td></tr>
<tr id="xdx_433_c20250402__20250430_eoef--AccmVal_zxa3jz4Vo29E" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">4/30/2025</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">9805</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">9828</div></td></tr>
<tr id="xdx_432_c20250402__20250731_eoef--AccmVal_zzw5xtABXiHE" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">7/31/2025</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">12041</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11224</div></td></tr>
<tr id="xdx_436_c20250402__20251031_eoef--AccmVal_zj4aaXdTj09V" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10/31/2025</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">14738</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">12148</div></td></tr>
<tr id="xdx_433_c20250402__20260131_eoef--AccmVal_zfgnq8hcEnhV" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">1/31/2026</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">16514</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">12362</div></td></tr>
<tr id="xdx_43D_c20250402__20260430_eoef--AccmVal_z623Jn6fKXUk" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">4/30/2026</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">21294</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">12880</div></td></tr>
<tr id="xdx_43B_c20250402__20260731_eoef--AccmVal_zIb4xeUvt5fz" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">7/31/2026</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">23049</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">13420</div></td></tr>
</table></div></div><img alt="line" src="qes4dgct1mufwiezp.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/></div></div></div>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 8pt Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; display: block"></span></div></div>
10000
10000
9805
9828
12041
11224
14738
12148
16514
12362
21294
12880
23049
13420
<p id="xdx_800_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000255411Member_dU_zSDo7rcOTFD4" style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33.6px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center; font-weight: bold">Annual
Performance</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; padding-top: 0; color: #4f4f4f; text-indent: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal">
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"></span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">1
Year</span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Since
Inception (<span id="xdx_903_eoef--PerfInceptionDate_c20250801__20260731__oef--ClassAxis__custom--C000255411Member_zPjwklu8KOkj">4/2/25</span>)</span></div></th></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Yieldmax™
Semiconductor Portfolio Option Income ETF - at NAV</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_984_eoef--AvgAnnlRtrPct_dp_c20250801__20260731__oef--ClassAxis__custom--C000255411Member_zAd21R3sNYG_zNZyUrMZSkbn" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">91.24%</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_981_eoef--AvgAnnlRtrPct_dp_c20250402__20260731__oef--ClassAxis__custom--C000255411Member_zxIAqM2hPUTI" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">87.47%</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">S&P
500® Total Return Index</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_984_eoef--AvgAnnlRtrPct_dp_c20250801__20260731__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_z2HWFFfRsjPT" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">19.56%</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_981_eoef--AvgAnnlRtrPct_dp_c20250402__20260731__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_zIA6wZ7EjoiE" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">24.78%</span></div></td></tr>
</table></div></div></div>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 8pt Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; display: block"></span></div></div>
2025-04-02
0.9124
0.8747
0.1956
0.2478
The
Fund's past performance is not a good indicator of how the Fund will perform in the future.
The graph and table do not reflect the deduction
of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Visit
www.yieldmaxetfs.com/our-etfs/chpy/
for more recent performance information.
<p id="xdx_80A_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000255411Member_dU_zLPPmU6jFljj" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: 16pt 0 2pt; text-align-last: auto; display: block; min-height: 20.52px; align-content: center; line-height: 20.53px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold"><b style="box-sizing: border-box; font-weight: bold">How
Did the Fund Perform During the Reporting Period?</b></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt/12pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: justify">
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; text-align-last: auto; min-height: 37.32px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0; display: block">During
the reporting period, CHPY generated a positive total return, driven by strong gains across its semiconductor holdings, while providing
shareholders with substantial income distributions, which started being paid out weekly in mid-October 2025.</p></div></div>
<p style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 20.52px; align-content: center; line-height: 20.53px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">What
Factors Influenced Performance?</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt/11pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; display: block; text-align: justify"><span style="box-sizing: border-box; display: block; margin-bottom: 4pt; font-weight: normal">Performance
was primarily influenced by the returns of the Fund's underlying portfolio of semiconductor companies, which benefited from continued
demand tied to artificial intelligence infrastructure buildout. The Fund also generated meaningful option premium income through its call
spread strategy. Elevated implied volatility within the semiconductor sector supported a high level of premium income, though the Fund's
use of call spreads capped a portion of its upside participation in the sector's advance.</span></div></div>
<p style="font: 700 11pt/14pt Gotham Narrow-Bold,Arial; margin: 0 0 2pt; text-align-last: auto; min-height: 18.66px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; display: block; font-weight: bold">Positioning
of the Fund</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt/12pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; display: block; text-align: justify"><span style="box-sizing: border-box; display: block; margin-bottom: 4pt; font-weight: normal">The
Fund continues to be invested in a portfolio of approximately 15 to 30 semiconductor companies selected based on liquidity, price level,
and implied volatility, and continues to employ its call spread strategy in seeking to generate current income while capturing a portion
of the sector's capital appreciation potential.</span></div></div>
<p id="xdx_80E_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000255411Member_dU_z0pGKOOhl5Xh" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 24.26px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">Key
Fund Statistics</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(as
of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box; font-weight: normal">July 31, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">)</span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; padding-top: 0; color: #4f4f4f; text-indent: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse; line-height: normal">
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Fund
Size (Thousands)</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_985_eus-gaap--AssetsNet_iI_pn3n3_c20260731__oef--ClassAxis__custom--C000255411Member_zBennPTVLngC" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$1,023,356</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Number
of Holdings</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_982_eoef--HoldingsCount_iI_uHoldings_c20260731__oef--ClassAxis__custom--C000255411Member_zrGOJmVL28qv" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">89</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Total
Advisory Fee Paid</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98D_eoef--AdvisoryFeesPaidAmt_c20250801__20260731__oef--ClassAxis__custom--C000255411Member_zbQTh4iJRrL9" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$4,131,039</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Portfolio
Turnover</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_983_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20250801__20260731__oef--ClassAxis__custom--C000255411Member_zR5KRpSg402H" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">38%</span></div></td></tr>
</table></div></div></div>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 8pt Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; display: block"></span></div></div>
1023356000
89
4131039
0.38
<div id="xdx_80A_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000255411Member_dU_zqJkJsAL5g2C" style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: -8pt 0 0; text-align-last: auto; display: block; min-height: 33.6px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">What
did the Fund invest in?</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: -2pt 0 8pt; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(as
of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box; font-weight: normal">July 31, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">)</span></p></div>
<div style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 12pt 0 0; text-align-last: auto; display: block; min-height: 24.26px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">Security
Type - Investments</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(%
of Net Assets)</span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto; padding-top: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none">
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Sector</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">%</div></td></tr>
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Common Stocks</div></td>
<td style="box-sizing: border-box">
<div id="xdx_985_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000255411Member__oef--IndustrySectorAxis__custom--CommonStocksMember_zZN1cob7FCRQ" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">100.6%</div></td></tr>
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Purchased Call Options</div></td>
<td style="box-sizing: border-box">
<div id="xdx_98B_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000255411Member__oef--IndustrySectorAxis__custom--PurchasedCallOptionsMember_zMmsMl3Xn697" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">2.4%</div></td></tr>
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Cash & Cash Equivalents</div></td>
<td style="box-sizing: border-box">
<div id="xdx_98D_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000255411Member__oef--IndustrySectorAxis__us-gaap--CashAndCashEquivalentsMember_z6X2KiRgMZs0" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">-3.0%</div></td></tr>
</table></div></div><img alt="bar" src="qes4dgct1mug1v3c1.jpg" style="box-sizing: border-box; width: 100%; height: auto"/></div></div>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 24.26px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">Security
Type - Other Financial Instruments</p>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 16.79px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(%
of Net Assets)</span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto; padding-top: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none">
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Sector</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">%</div></td></tr>
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Written Call Options</div></td>
<td style="box-sizing: border-box">
<div id="xdx_98D_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000255411Member__oef--IndustrySectorAxis__custom--WrittenCallOptionsMember_zkm9HHU9mOc4" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">-3.5%</div></td></tr>
</table></div></div><img alt="bar" src="qesg2cw31mug4qze0.jpg" style="box-sizing: border-box; width: 100%; height: auto"/></div></div>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box"></span></p>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 29.84px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-weight: normal">Percentages
are based on net assets. Cash & Cash Equivalents represents cash, short-term investments, and liabilities in excess of other assets.</span></p></div><div style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p></div>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/10pt Gotham Narrow-Light,Arial; margin: -20pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
1.006
0.024
-0.030
-0.035
<div id="xdx_809_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000255411Member_dU_zv6G2VO1W1tp" style="box-sizing: border-box; text-align-last: auto">
<table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal">
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Top
Holdings</span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">(%
of Net</span></div>
<div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Assets)</span></div></th></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">NVIDIA
Corp.</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98E_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000255411Member__oef--LargestHoldingAxis__custom--NVIDIACorpMember_zxbcx2Ukz1Dk" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">6.1</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Broadcom,
Inc.</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_984_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000255411Member__oef--LargestHoldingAxis__custom--BroadcomIncMember_zjjvHYmes3dW" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">5.9</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Advanced
Micro Devices, Inc.</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_982_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000255411Member__oef--LargestHoldingAxis__custom--AdvancedMicroDevicesIncMember_zJCXkiHf56YA" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">5.3</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Lam
Research Corp.</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_988_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000255411Member__oef--LargestHoldingAxis__custom--LamResearchCorpMember_zbWT95KedwWI" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">5.2</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Marvell
Technology, Inc.</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_988_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000255411Member__oef--LargestHoldingAxis__custom--MarvellTechnologyIncMember_z6gQHHYFiRvq" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">4.6</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Intel
Corp.</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98B_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000255411Member__oef--LargestHoldingAxis__custom--IntelCorpMember_zXqmmqcv6XMA" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">4.5</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Astera
Labs, Inc.</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98E_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000255411Member__oef--LargestHoldingAxis__custom--AsteraLabsIncMember_zXGPgesaJVEm" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">4.3</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Micron
Technology, Inc.</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_983_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000255411Member__oef--LargestHoldingAxis__custom--MicronTechnologyIncMember_zYJgkNwRBZuY" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">4.3</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">ASML
Holding NV</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_981_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000255411Member__oef--LargestHoldingAxis__custom--ASMLHoldingNVMember_zsz34siV1S1A" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">4.1</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">United
Microelectronics Corp., ADR</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_983_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000255411Member__oef--LargestHoldingAxis__custom--UnitedMicroelectronicsCorpADRMember_zBFAz8rqgppl" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">4.0</span></div></td></tr>
</table></div>
0.061
0.059
0.053
0.052
0.046
0.045
0.043
0.043
0.041
0.040
<p id="xdx_803_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000255411Member_dU_zE6bqXrEFsdd" style="font: 700 11pt/13pt Gotham Narrow-Bold,Arial; margin: -2pt 0 0; text-align-last: auto; display: block; min-height: 17.33px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold"><span style="box-sizing: border-box; font-size: 10pt; font-weight: bold">Fund
Changes</span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt/12pt Gotham Narrow-Light,Arial; margin: 2pt 0 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0">
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; text-align-last: auto; min-height: 37.32px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0; display: block">Effective
<span id="xdx_905_eoef--MaterialChngDate_c20250801__20260731__oef--ClassAxis__custom--C000255411Member_z8ienFXuWRbg">October 14, 2025</span> the Fund's payment of income distributions was changed to seek to make such distributions on a weekly basis.</p></div></div>
2025-10-14
YieldMax™ SPCX Option Income Strategy ETF
YSPC
NYSEArca
This
<span id="xdx_90E_eoef--ShareholderReportAnnualOrSemiAnnual_c20250801__20260731__oef--ClassAxis__custom--C000277211Member_zErltwDaDg9Q">annual shareholder report</span> contains important information about the YieldMax™
SPCX Option Income Strategy ETF (the "Fund") for the period August 1,
2025 to July 31, 2026.
annual shareholder report
You can find additional information
about the Fund at <span id="xdx_902_eoef--AddlInfoWebsite_c20250801__20260731__oef--ClassAxis__custom--C000277211Member_zXWBAF6dpwWk">www.yieldmaxetfs.com/our-etfs/yspc/</span>.
You can also request this information by contacting us at <span id="xdx_908_eoef--AddlInfoPhoneNumber_c20250801__20260731__oef--ClassAxis__custom--C000277211Member_zRioK20FFRni">(844) 737-3001</span>
or by writing to YieldMax™ SPCX Option Income Strategy ETF, c/o
U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201‑0701.
www.yieldmaxetfs.com/our-etfs/yspc/
(844) 737-3001
<p id="xdx_80E_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000277211Member_dU_zSRmuUKdJdlH" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: -4pt 0 0; text-align-last: auto; display: block; min-height: 20.52px; align-content: center; line-height: 20.53px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">What
were the Fund costs for the past year?</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: -2pt 0 2pt; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(based
on a hypothetical $10,000 investment)</span></span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto; padding-top: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal">
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Class
Name</span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Costs
of a $10,000 investment</span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Costs
paid as a percentage of a $10,000 investment</span></div></th></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal"><span id="xdx_901_eoef--ClassName_c20250801__20260731__oef--ClassAxis__custom--C000277211Member_zia5IceRitbH">YieldMax™
SPCX Option Income Strategy ETF</span></span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$<span id="xdx_905_eoef--ExpensesPaidAmt_c20250801__20260731__oef--ClassAxis__custom--C000277211Member_fKg_____zrCvUIfbQJZU">4</span>*</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal"><span id="xdx_908_eoef--ExpenseRatioPct_dp_c20250801__20260731__oef--ClassAxis__custom--C000277211Member_fKio___zc5KdKZspaq3">0.99%</span>**</span></div></td></tr>
</table></div></div></div>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 8pt/10pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0">
<table cellpadding="0" cellspacing="0" style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td id="xdx_F0D_z21sBJFeoKK_zYGdBvvGdB8y" style="width: 15pt; text-align: right">*</td><td style="width: 5pt"></td><td id="xdx_F18_z0WhBSwrHzKF" style="text-align: justify"><span id="xdx_90A_eoef--ExpensesShortPeriodFnTextBlock_c20250801__20260731__oef--ClassAxis__custom--C000277211Member_zJFbNIr2rnNw">The Fund commenced operations on July 14, 2026. Expenses for a full reporting period would
be higher than the figures shown.</span></td>
</tr></table>
</div></div>
<table cellpadding="0" cellspacing="0" style="font: 300 8pt/10pt Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 15pt; text-align: right"><span id="xdx_F00_z92UEdaQa2Vb" style="font-weight: normal">**</span></td><td style="width: 5pt"></td><td id="xdx_F16_zLXcg3kwsc1Y" style="text-align: justify">Costs paid as a percentage of a $10,000 investment is an annualized figure.</td>
</tr></table>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 1pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
YieldMax™ SPCX Option Income Strategy ETF
4
0.0099
The Fund commenced operations on July 14, 2026. Expenses for a full reporting period would
be higher than the figures shown.
<p id="xdx_802_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000277211Member_dU_zNoWFaI76xzk" style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33.6px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center; font-weight: bold">Cumulative
Performance</p>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: -3pt 0 0; text-align-last: auto; display: block; min-height: 14.92px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: center">(Initial
Investment of $10,000)</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center">
<div style="box-sizing: border-box; text-align-last: auto; padding-top: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none">
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Date</div></td>
<td id="xdx_4B7_oef--ClassAxis_custom--C000277211Member_zTiQTNrPdNow" style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">YieldMax™ SPCX Option Income Strategy ETF - at NAV
- $8,415</div></td>
<td id="xdx_4B2_oef--BroadBasedIndexAxis_custom--SAndP500TotalReturnIndexMember_zGN8jJVvyepo" style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">S&P 500® Total Return Index - $9,932</div></td></tr>
<tr id="xdx_43B_c20260714__20260714_eoef--AccmVal_z61ZANcwzrHY" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">7/14/2026</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10000</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10000</div></td></tr>
<tr id="xdx_43D_c20260714__20260731_eoef--AccmVal_zPjJOtxv2q2Z" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">7/31/2026</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">8415</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">9932</div></td></tr>
</table></div></div><img alt="line" src="qes51kc1mun79kzb.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/></div></div></div>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 8pt Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; display: block"></span></div></div>
10000
10000
8415
9932
<p id="xdx_80D_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000277211Member_dU_zg1QPC7gVudf" style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33.6px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center; font-weight: bold">Annual
Performance</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; padding-top: 0; color: #4f4f4f; text-indent: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal">
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"></span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Since
Inception (<span id="xdx_900_eoef--PerfInceptionDate_c20250801__20260731__oef--ClassAxis__custom--C000277211Member_zAoK2d7l6A9g">7/14/26</span>)</span></div></th></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Yieldmax™
SPCX Option Income Strategy ETF - at NAV</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal"><span id="xdx_900_eoef--AvgAnnlRtrPct_dp_c20260714__20260731__oef--ClassAxis__custom--C000277211Member_fKg_____zoPfiNZe3YTk">-16.75%</span>*</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">S&P
500® Total Return Index</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_985_eoef--AvgAnnlRtrPct_dp_c20260714__20260731__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_z0eCEXuuWGhD" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">-0.68%</span></div></td></tr>
</table></div></div></div>
<table cellpadding="0" cellspacing="0" style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 15pt; text-align: right"><span id="xdx_F09_zGwxSBnWwMY7" style="font-weight: normal">*</span></td><td style="width: 5pt"></td><td style="text-align: justify"><span id="xdx_F14_zir6sHKxf4GP" style="font-weight: normal">Not Annualized for periods less than one year.</span></td>
</tr></table>
2026-07-14
-0.1675
-0.0068
The
Fund's past performance is not a good indicator of how the Fund will perform in the future.
The graph and table do not reflect the deduction
of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Visit
www.yieldmaxetfs.com/our-etfs/yspc/
for more recent performance information.
<p id="xdx_80A_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000277211Member_dU_z0tifCOPRmZ9" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: 16pt 0 2pt; text-align-last: auto; display: block; min-height: 20.52px; align-content: center; line-height: 20.53px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold"><b style="box-sizing: border-box; font-weight: bold">How
Did the Fund Perform During the Reporting Period?</b></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt/12pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: justify">
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; text-align-last: auto; min-height: 37.32px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0; display: block">The
Fund had a negative total return as declines in Space Exploration Technologies Corp. (“SPCX”) outweighed income generated
by its call spread strategy. The Fund also made an income distribution.</p></div></div>
<p style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 20.52px; align-content: center; line-height: 20.53px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">What
Factors Influenced Performance?</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt/11pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; display: block; text-align: justify"><span style="box-sizing: border-box; display: block; margin-bottom: 4pt; font-weight: normal">Performance
was primarily influenced by SPCX’s share price and implied volatility. Declines in SPCX detracted from results, while option premiums
partially offset those losses.</span></div></div>
<p style="font: 700 11pt/14pt Gotham Narrow-Bold,Arial; margin: 0 0 2pt; text-align-last: auto; min-height: 18.66px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; display: block; font-weight: bold">Positioning
of the Fund</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt/12pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; display: block; text-align: justify"><span style="box-sizing: border-box; display: block; margin-bottom: 4pt; font-weight: normal">The
Fund continued to sell call spreads to generate current income while maintaining exposure to a portion of SPCX’s performance.</span></div></div>
<p id="xdx_80E_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000277211Member_dU_zwwy3g9Rfr3B" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 24.26px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">Key
Fund Statistics</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(as
of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box; font-weight: normal">July 31, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">)</span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; padding-top: 0; color: #4f4f4f; text-indent: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse; line-height: normal">
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Fund
Size (Thousands)</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_985_eus-gaap--AssetsNet_iI_pn3n3_c20260731__oef--ClassAxis__custom--C000277211Member_zpu1594iFMSK" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$2,060</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Number
of Holdings</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_986_eoef--HoldingsCount_iI_uHoldings_c20260731__oef--ClassAxis__custom--C000277211Member_zm83C9aK7MCp" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">8</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Total
Advisory Fee Paid</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_980_eoef--AdvisoryFeesPaidAmt_c20250801__20260731__oef--ClassAxis__custom--C000277211Member_z9POkLiDcIgN" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$491</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Portfolio
Turnover</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98C_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20250801__20260731__oef--ClassAxis__custom--C000277211Member_zmlCDJm1iq1L" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">0%</span></div></td></tr>
</table></div></div></div>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 8pt Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; display: block"></span></div></div>
2060000
8
491
0
<div id="xdx_80A_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000277211Member_dU_zJW2SzbynJ9j" style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: -8pt 0 0; text-align-last: auto; display: block; min-height: 33.6px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">What
did the Fund invest in?</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: -2pt 0 8pt; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(as
of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box; font-weight: normal">July 31, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">)</span></p></div>
<div style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 12pt 0 0; text-align-last: auto; display: block; min-height: 24.26px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">Security
Type - Investments</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(%
of Net Assets)</span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto; padding-top: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none">
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Sector</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">%</div></td></tr>
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Purchased Call Options</div></td>
<td style="box-sizing: border-box">
<div id="xdx_986_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000277211Member__oef--IndustrySectorAxis__custom--PurchasedCallOptionsMember_zLGDBSX4tKN8" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11.8%</div></td></tr>
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Cash & Cash Equivalents</div></td>
<td style="box-sizing: border-box">
<div id="xdx_988_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000277211Member__oef--IndustrySectorAxis__us-gaap--CashAndCashEquivalentsMember_zoY0M6xwF5zv" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">88.2%</div></td></tr>
</table></div></div><img alt="bar" src="qes51kc1mun42q06.jpg" style="box-sizing: border-box; width: 100%; height: auto"/></div></div>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 24.26px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">Security
Type - Other Financial Instruments</p>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 16.79px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(%
of Net Assets)</span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto; padding-top: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none">
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Sector</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">%</div></td></tr>
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Written Put Options</div></td>
<td style="box-sizing: border-box">
<div id="xdx_980_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000277211Member__oef--IndustrySectorAxis__custom--WrittenPutOptionsMember_z9KmsEbG4kc_zTSVF1K8y8w4" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">-13.1%</div></td></tr>
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Written Call Options</div></td>
<td style="box-sizing: border-box">
<div id="xdx_980_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000277211Member__oef--IndustrySectorAxis__custom--WrittenCallOptionsMember_zFjE36cQBm9x" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">-6.7%</div></td></tr>
</table></div></div><img alt="bar" src="qesg2cw31mug4q00f.jpg" style="box-sizing: border-box; width: 100%; height: auto"/></div></div>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box"></span></p>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 29.84px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-weight: normal">Percentages
are based on net assets. Cash & Cash Equivalents represents cash, short-term investments, and liabilities in excess of other assets.</span></p></div><div style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p></div>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/10pt Gotham Narrow-Light,Arial; margin: -20pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
0.118
0.882
-0.131
-0.067
<div id="xdx_809_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000277211Member_dU_zfWCF97yyecl" style="box-sizing: border-box; text-align-last: auto">
<table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal">
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Top
Holdings</span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">(%
of Net Assets)</span></div></th></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">U.S.
Treasury Bills</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98F_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000277211Member__oef--LargestHoldingAxis__custom--USTreasuryBillsMember_zOyssaDHPm3E" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">98.0</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Space
Exploration Technologies Corp.,</span></div>
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Expiration:
8/14/2026; Exercise Price: $114.01</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_982_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000277211Member__oef--LargestHoldingAxis__custom--SpaceExplorationTechnologiesCorpExpiration8142026ExercisePrice11401Member_zxwdR8rsujd5" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">-13.0</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Space
Exploration Technologies Corp.,</span></div>
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Expiration:
8/14/2026; Exercise Price: $114.01</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98E_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000277211Member__oef--LargestHoldingAxis__custom--SpaceExplorationTechnologiesCorpExpiration8142026ExercisePrice11401OneMember_zRCYXsG3RBj9" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">7.9</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">First
American Government Obligations Fund - Class X, 3.58%</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98E_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000277211Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX358Member_z5NvZTxk76xl" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">3.9</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Space
Exploration Technologies Corp.,</span></div>
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Expiration:
8/7/2026; Exercise Price: $110.00</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98B_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000277211Member__oef--LargestHoldingAxis__custom--SpaceExplorationTechnologiesCorpExpiration872026ExercisePrice11000Member_z8C2c6BDYxBz" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">-3.7</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Space
Exploration Technologies Corp.,</span></div>
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Expiration:
8/7/2026; Exercise Price: $115.00</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98C_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000277211Member__oef--LargestHoldingAxis__custom--SpaceExplorationTechnologiesCorpExpiration872026ExercisePrice11500Member_z0i1AAWJWrnc" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">-3.0</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Space
Exploration Technologies Corp.,</span></div>
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Expiration:
8/7/2026; Exercise Price: $120.00</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_984_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000277211Member__oef--LargestHoldingAxis__custom--SpaceExplorationTechnologiesCorpExpiration872026ExercisePrice12000Member_z0rSd2Go3kAt" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">2.3</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Space
Exploration Technologies Corp.,</span></div>
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Expiration:
8/7/2026; Exercise Price: $126.00</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98F_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000277211Member__oef--LargestHoldingAxis__custom--SpaceExplorationTechnologiesCorpExpiration872026ExercisePrice12600Member_zdXoP9kxj48j" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">1.7</span></div></td></tr>
</table></div>
0.980
-0.130
0.079
0.039
-0.037
-0.030
0.023
0.017
<p id="xdx_80C_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000277211Member_dU_zRacTtgrDPt1" style="font: 700 11pt/13pt Gotham Narrow-Bold,Arial; margin: -2pt 0 0; text-align-last: auto; display: block; min-height: 17.33px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold"><span style="box-sizing: border-box; font-size: 10pt; font-weight: bold">Fund
Changes</span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt/12pt Gotham Narrow-Light,Arial; margin: 2pt 0 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; display: block; margin-bottom: 4pt; font-weight: normal">There
were no material changes during the reporting period.</span></div></div>
YieldMax™ Strategic Metals & Mining Portfolio Option Income ETF
MINY
NYSEArca
This
<span id="xdx_904_eoef--ShareholderReportAnnualOrSemiAnnual_c20250801__20260731__oef--ClassAxis__custom--C000271821Member_zH2T7Eqzz7fy">annual shareholder report</span> contains important information about the YieldMax™
Strategic Metals & Mining Portfolio Option Income ETF (the "Fund") for the period August
1, 2025 to July 31, 2026.
annual shareholder report
You can find additional information
about the Fund at <span id="xdx_90E_eoef--AddlInfoWebsite_c20250801__20260731__oef--ClassAxis__custom--C000271821Member_z0tSBYgivnvF">www.yieldmaxetfs.com/our-etfs/miny/</span>.
You can also request this information by contacting us at <span id="xdx_902_eoef--AddlInfoPhoneNumber_c20250801__20260731__oef--ClassAxis__custom--C000271821Member_zYREbst4WjCD">(844) 737-3001</span>
or by writing to YieldMax™ Strategic Metals & Mining Portfolio Option
Income ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201‑0701.
www.yieldmaxetfs.com/our-etfs/miny/
(844) 737-3001
<p id="xdx_80E_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000271821Member_dU_zRcjcvSxJ7kA" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: -4pt 0 0; text-align-last: auto; display: block; min-height: 20.52px; align-content: center; line-height: 20.53px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">What
were the Fund costs for the past year?</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: -2pt 0 2pt; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(based
on a hypothetical $10,000 investment)</span></span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto; padding-top: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal">
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Class
Name</span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Costs
of a $10,000 investment</span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Costs
paid as a percentage of a $10,000 investment</span></div></th></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; font-size: 8pt; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal"><span id="xdx_906_eoef--ClassName_c20250801__20260731__oef--ClassAxis__custom--C000271821Member_zHAfb3YgY652">YieldMax™
Strategic Metals & Mining Portfolio Option Income ETF</span></span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; font-size: 8pt; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$<span id="xdx_90C_eoef--ExpensesPaidAmt_c20250801__20260731__oef--ClassAxis__custom--C000271821Member_fKg_____zE5myVqdOYsv">38</span>*</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; font-size: 8pt; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal"><span id="xdx_906_eoef--ExpenseRatioPct_dp_c20250801__20260731__oef--ClassAxis__custom--C000271821Member_fKio___zlurbtlQdHd5">0.99%</span>**</span></div></td></tr>
</table></div></div></div>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 8pt/10pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0">
<table cellpadding="0" cellspacing="0" style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td id="xdx_F08_zcH2GpKpkrZo" style="width: 15pt; text-align: right">*</td><td style="width: 5pt"></td><td id="xdx_F14_z0IhYmxvZLT7" style="text-align: justify"><span id="xdx_900_eoef--ExpensesShortPeriodFnTextBlock_c20250801__20260731__oef--ClassAxis__custom--C000271821Member_zvHdG4tqTo21">The Fund commenced operations on February 26, 2026. Expenses for a full reporting period
would be higher than the figures shown.</span></td>
</tr></table>
</div></div>
<table cellpadding="0" cellspacing="0" style="font: 300 8pt/10pt Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 15pt; text-align: right"><span id="xdx_F0B_z5kCRcNChGV8" style="font-weight: normal">**</span></td><td style="width: 5pt"></td><td id="xdx_F1E_z1SjDjjXllGg" style="text-align: justify">Costs paid as a percentage of a $10,000 investment is an annualized figure.</td>
</tr></table>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 1pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
YieldMax™ Strategic Metals & Mining Portfolio Option Income ETF
38
0.0099
The Fund commenced operations on February 26, 2026. Expenses for a full reporting period
would be higher than the figures shown.
<p id="xdx_802_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000271821Member_dU_zAddAoFq1Cqy" style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33.6px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center; font-weight: bold">Cumulative
Performance</p>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: -3pt 0 0; text-align-last: auto; display: block; min-height: 14.92px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: center">(Initial
Investment of $10,000)</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center">
<div style="box-sizing: border-box; text-align-last: auto; padding-top: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none">
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Date</div></td>
<td id="xdx_4B7_oef--ClassAxis_custom--C000271821Member_z9MNBzlLe30U" style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">YieldMax™ Strategic Metals & Mining Portfolio
Option Income ETF - at NAV - $8,043</div></td>
<td id="xdx_4BC_oef--BroadBasedIndexAxis_custom--SAndP500TotalReturnIndexMember_zRe3usM189aE" style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">S&P 500® Total Return Index - $10,893</div></td></tr>
<tr id="xdx_43C_c20260226__20260226_eoef--AccmVal_zwfPUU80GhGe" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">2/26/2026</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10000</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10000</div></td></tr>
<tr id="xdx_430_c20260226__20260331_eoef--AccmVal_zIlVlsXVG4HC" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">3/31/2026</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">8928</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">9462</div></td></tr>
<tr id="xdx_43A_c20260226__20260430_eoef--AccmVal_zUbsoBwcsq8K" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">4/30/2026</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">9470</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10454</div></td></tr>
<tr id="xdx_43B_c20260226__20260531_eoef--AccmVal_zSmf1eK73vx_z4e92wcdWvOp" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">5/31/2026</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">9456</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11005</div></td></tr>
<tr id="xdx_432_c20260226__20260630_eoef--AccmVal_zDD1XkXCq3Yk" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">6/30/2026</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">8423</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10900</div></td></tr>
<tr id="xdx_439_c20260226__20260731_eoef--AccmVal_zfsJZZS4t92R" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">7/31/2026</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">8043</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10893</div></td></tr>
</table></div></div><img alt="line" src="qes4dgct1mug5285y.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/></div></div></div>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 8pt Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; display: block"></span></div></div>
10000
10000
8928
9462
9470
10454
9456
11005
8423
10900
8043
10893
<p id="xdx_800_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000271821Member_dU_zNl2jWLQX14q" style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33.6px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center; font-weight: bold">Annual
Performance</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; padding-top: 0; color: #4f4f4f; text-indent: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal">
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"></span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Since
Inception (<span id="xdx_90E_eoef--PerfInceptionDate_c20250801__20260731__oef--ClassAxis__custom--C000271821Member_zUnetMOUOSyd">2/26/26</span>)</span></div></th></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Yieldmax™
Strategic Metals & Mining Portfolio Option Income ETF - at NAV</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal"><span id="xdx_90C_eoef--AvgAnnlRtrPct_dp_c20260226__20260731__oef--ClassAxis__custom--C000271821Member_fKg_____z8LYoXOMi0F5">-19.76%</span>*</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">S&P
500® Total Return Index</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98B_eoef--AvgAnnlRtrPct_dp_c20260226__20260731__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_zsSilaoQwI57" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">8.93%</span></div></td></tr>
</table></div></div></div>
<table cellpadding="0" cellspacing="0" style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 15pt; text-align: right"><span id="xdx_F0C_zIvY2qRJdGFF" style="font-weight: normal">*</span></td><td style="width: 5pt"></td><td style="text-align: justify"><span id="xdx_F1F_zRRMbgeSlT39" style="font-weight: normal">Not Annualized for periods less than one year.</span></td>
</tr></table>
2026-02-26
-0.1976
0.0893
The
Fund's past performance is not a good indicator of how the Fund will perform in the future.
The graph and table do not reflect the deduction
of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Visit
www.yieldmaxetfs.com/our-etfs/miny/
for more recent performance information.
<p id="xdx_80A_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000271821Member_dU_zvEl1SjY8tVT" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: 16pt 0 2pt; text-align-last: auto; display: block; min-height: 20.52px; align-content: center; line-height: 20.53px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold"><b style="box-sizing: border-box; font-weight: bold">How
Did the Fund Perform During the Reporting Period?</b></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt/12pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: justify"><span style="box-sizing: border-box; display: block; margin-bottom: 4pt; font-weight: normal">Since
its inception in February 2026, which is less than the full reporting period, MINY generated a negative total return, as weakness across
strategic metals and mining companies drove performance. The Fund provides shareholders with regular income distributions which offset
the underlying equity losses over this time frame.</span></div></div>
<p style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 20.52px; align-content: center; line-height: 20.53px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">What
Factors Influenced Performance?</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt/11pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; display: block; text-align: justify"><span style="box-sizing: border-box; display: block; margin-bottom: 4pt; font-weight: normal">Performance
was primarily influenced by the returns of the Fund's underlying portfolio of metals and mining companies, which experienced a sustained
selloff in precious and strategic metals prices. The Fund generated option premium income through its options strategy, with elevated
implied volatility across many holdings supporting meaningful premium income.</span></div></div>
<p style="font: 700 11pt/14pt Gotham Narrow-Bold,Arial; margin: 0 0 2pt; text-align-last: auto; min-height: 18.66px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; display: block; font-weight: bold">Positioning
of the Fund</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt/12pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; display: block; text-align: justify"><span style="box-sizing: border-box; display: block; margin-bottom: 4pt; font-weight: normal">The
Fund maintains a portfolio of U.S.-listed strategic metals and mining companies and employs an options strategy across its holdings. MINY
seeks to provide current income and, secondarily, capital appreciation through direct investments in a focused portfolio of metals and
mining companies.</span></div></div>
<p id="xdx_80E_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000271821Member_dU_zzgn1dd0lzfp" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 24.26px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">Key
Fund Statistics</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(as
of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box; font-weight: normal">July 31, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">)</span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; padding-top: 0; color: #4f4f4f; text-indent: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse; line-height: normal">
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Fund
Size (Thousands)</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_988_eus-gaap--AssetsNet_iI_pn3n3_c20260731__oef--ClassAxis__custom--C000271821Member_zVMGySUaOL3R" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$4,420</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Number
of Holdings</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_984_eoef--HoldingsCount_iI_uHoldings_c20260731__oef--ClassAxis__custom--C000271821Member_zzh7XK7ozOQi" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">79</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Total
Advisory Fee Paid</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_985_eoef--AdvisoryFeesPaidAmt_c20250801__20260731__oef--ClassAxis__custom--C000271821Member_zYNMZBr63rI_zTTh4qC5uujr" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$19,275</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Portfolio
Turnover</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_987_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20250801__20260731__oef--ClassAxis__custom--C000271821Member_zLZLKXqTXvRX" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">38%</span></div></td></tr>
</table></div></div></div>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 8pt Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; display: block"></span></div></div>
4420000
79
19275
0.38
<div id="xdx_80A_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000271821Member_dU_zGqUUdgiWR1H" style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: -8pt 0 0; text-align-last: auto; display: block; min-height: 33.6px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">What
did the Fund invest in?</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: -2pt 0 8pt; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(as
of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box; font-weight: normal">July 31, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">)</span></p></div>
<div style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 12pt 0 0; text-align-last: auto; display: block; min-height: 24.26px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">Security
Type - Investments</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(%
of Net Assets)</span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto; padding-top: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none">
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Sector</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">%</div></td></tr>
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Common Stocks</div></td>
<td style="box-sizing: border-box">
<div id="xdx_984_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000271821Member__oef--IndustrySectorAxis__custom--CommonStocksMember_zDOQQUXCGw1U" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">79.7%</div></td></tr>
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Exchange Traded Funds</div></td>
<td style="box-sizing: border-box">
<div id="xdx_985_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000271821Member__oef--IndustrySectorAxis__us-gaap--ExchangeTradedFundsMember_z5kbDoEpsfka" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">21.3%</div></td></tr>
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Purchased Call Options</div></td>
<td style="box-sizing: border-box">
<div id="xdx_98C_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000271821Member__oef--IndustrySectorAxis__custom--PurchasedCallOptionsMember_ze50OIVaqnz0" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">1.4%</div></td></tr>
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Cash & Cash Equivalents</div></td>
<td style="box-sizing: border-box">
<div id="xdx_982_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000271821Member__oef--IndustrySectorAxis__us-gaap--CashAndCashEquivalentsMember_zu565yXSeXWl" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">-2.4%</div></td></tr>
</table></div></div><img alt="bar" src="qesg2cw31mug57iff.jpg" style="box-sizing: border-box; width: 100%; height: auto"/></div></div>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 24.26px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">Security
Type - Other Financial Instruments</p>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 16.79px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(%
of Net Assets)</span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto; padding-top: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none">
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Sector</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">%</div></td></tr>
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Written Call Options</div></td>
<td style="box-sizing: border-box">
<div id="xdx_987_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000271821Member__oef--IndustrySectorAxis__custom--WrittenCallOptionsMember_zHmPRufWnTSQ" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">-3.4%</div></td></tr>
</table></div></div><img alt="bar" src="qes4dgct1mug461bv.jpg" style="box-sizing: border-box; width: 100%; height: auto"/></div></div>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box"></span></p>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 29.84px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-weight: normal">Percentages
are based on net assets. Cash & Cash Equivalents represents cash, short-term investments, and liabilities in excess of other assets.</span></p></div><div style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p></div>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/10pt Gotham Narrow-Light,Arial; margin: -20pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
0.797
0.213
0.014
-0.024
-0.034
<div id="xdx_809_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000271821Member_dU_zuKLVksyMNl8" style="box-sizing: border-box; text-align-last: auto">
<table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal">
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Top
Holdings</span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">(%
of Net</span></div>
<div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Assets)</span></div></th></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Nucor
Corp.</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_987_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000271821Member__oef--LargestHoldingAxis__custom--NucorCorpMember_z71z2zZ52fy_zYUHVTeBfZ8B" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">7.6</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Steel
Dynamics, Inc.</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_986_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000271821Member__oef--LargestHoldingAxis__custom--SteelDynamicsIncMember_z1GetJ5REkUc" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">6.8</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Freeport-McMoRan,
Inc.</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_983_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000271821Member__oef--LargestHoldingAxis__custom--FreeportMcMoRanIncMember_z5EQcDmcLxKJ" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">4.8</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Caterpillar,
Inc.</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_988_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000271821Member__oef--LargestHoldingAxis__custom--CaterpillarIncMember_zlmrZANUCeWp" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">4.5</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Southern
Copper Corp.</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_980_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000271821Member__oef--LargestHoldingAxis__custom--SouthernCopperCorpMember_z8W9pEtTEpUz" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">4.5</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Constellation
Energy Corp.</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98E_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000271821Member__oef--LargestHoldingAxis__custom--ConstellationEnergyCorpMember_zIZAALwQrMTF" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">4.3</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">BHP
Group Ltd., ADR</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_982_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000271821Member__oef--LargestHoldingAxis__custom--BHPGroupLtdADRMember_zWmB0PBMiod4" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">4.1</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">VanEck
Gold Miners ETF</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98C_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000271821Member__oef--LargestHoldingAxis__custom--VanEckGoldMinersETFMember_zodkeg1PyDgz" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">4.0</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Global
X Lithium & Battery Tech ETF</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_985_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000271821Member__oef--LargestHoldingAxis__custom--GlobalXLithiumandBatteryTechETFMember_zm98gvXM30Ff" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">3.9</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Newmont
Corp.</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_982_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000271821Member__oef--LargestHoldingAxis__custom--NewmontCorpMember_zruxRrpjElbE" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">3.8</span></div></td></tr>
</table></div>
0.076
0.068
0.048
0.045
0.045
0.043
0.041
0.040
0.039
0.038
<p id="xdx_800_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000271821Member_dU_ztG0LMRy3mTC" style="font: 700 11pt/13pt Gotham Narrow-Bold,Arial; margin: -2pt 0 0; text-align-last: auto; display: block; min-height: 17.33px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold"><span style="box-sizing: border-box; font-size: 10pt; font-weight: bold">Fund
Changes</span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt/12pt Gotham Narrow-Light,Arial; margin: 2pt 0 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0">
<p style="font: 300 10pt/12pt Gotham Narrow-Light,Arial; margin: 0 0 4pt; text-align-last: auto; min-height: 79.98px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; display: block">Effective
<span id="xdx_906_eoef--MaterialChngDate_c20250801__20260731__oef--ClassAxis__custom--C000271821Member_zcWRoDo46YEY">July 23, 2026</span> the Fund’s investment strategy is revised to provide that the Fund may invest in U.S.-listed equity securities of
Strategic Metals & Mining Companies and/or shares of one or more Strategic Metals & Mining ETFs (collectively, the “Underlying
Securities”). The Fund will also seek to generate income using options contracts on the Underlying Securities. Strategic Metals
& Mining Companies may include foreign companies, including companies located in emerging markets, and their U.S.-listed depositary
receipts, including American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”).</p></div></div>
2026-07-23
YieldMax™ Target 12 Big 50 Option Income ETF
BIGY
NYSEArca
This
<span id="xdx_90C_eoef--ShareholderReportAnnualOrSemiAnnual_c20250801__20260731__oef--ClassAxis__custom--C000254948Member_zxnldv5WKRCG">annual shareholder report</span> contains important information about the YieldMax™
Target 12 Big 50 Option Income ETF (the "Fund") for the period August
1, 2025 to July 31, 2026.
annual shareholder report
You can find additional information
about the Fund at <span id="xdx_900_eoef--AddlInfoWebsite_c20250801__20260731__oef--ClassAxis__custom--C000254948Member_z8BZo0hZQ02M">www.yieldmaxetfs.com/our-etfs/bigy/</span>.
You can also request this information by contacting us at <span id="xdx_90D_eoef--AddlInfoPhoneNumber_c20250801__20260731__oef--ClassAxis__custom--C000254948Member_zlrvcrtGxxBM">(844) 737-3001</span>
or by writing to YieldMax™ Target 12 Big 50 Option Income ETF, c/o
U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201‑0701.
www.yieldmaxetfs.com/our-etfs/bigy/
(844) 737-3001
<p id="xdx_80A_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000254948Member_dU_zfBQRXdI6rUD" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: -4pt 0 0; text-align-last: auto; display: block; min-height: 20.52px; align-content: center; line-height: 20.53px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">What
were the Fund costs for the past year?</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: -2pt 0 2pt; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(based
on a hypothetical $10,000 investment)</span></span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto; padding-top: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal">
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Class
Name</span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Costs
of a $10,000 investment</span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Costs
paid as a percentage of a $10,000 investment</span></div></th></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_986_eoef--ClassName_c20250801__20260731__oef--ClassAxis__custom--C000254948Member_zgwnnynTmHqi" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">YieldMax™
Target 12 Big 50 Option Income ETF</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98C_eoef--ExpensesPaidAmt_c20250801__20260731__oef--ClassAxis__custom--C000254948Member_fJiMxODU7_zXvCXcryCCIS" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$106</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal"><span id="xdx_901_eoef--ExpenseRatioPct_dp_c20250801__20260731__oef--ClassAxis__custom--C000254948Member_fKg_____zWUPUMEQvyoe">1.01%</span>*</span></div></td></tr>
</table></div></div></div>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 8pt/10pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; display: block"></span></div></div>
<table cellpadding="0" cellspacing="0" style="font: 300 8pt/10pt Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td id="xdx_F07_zeHb4zFbzGkv" style="width: 15pt; text-align: right">*</td><td style="width: 5pt"></td><td id="xdx_F13_zljmstuVOezR" style="text-align: justify">Costs paid as a percentage of a $10,000 investment is an annualized figure.</td>
</tr></table>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 1pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
YieldMax™ Target 12 Big 50 Option Income ETF
106
0.0101
<p id="xdx_805_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000254948Member_dU_zZTh6cKj4CGo" style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33.6px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center; font-weight: bold">Cumulative
Performance</p>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: -3pt 0 0; text-align-last: auto; display: block; min-height: 14.92px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: center">(Initial
Investment of $10,000)</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center">
<div style="box-sizing: border-box; text-align-last: auto; padding-top: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none">
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Date</div></td>
<td id="xdx_4B7_oef--ClassAxis_custom--C000254948Member_z4pvJJQUYYVp" style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">YieldMax™ Target 12 Big 50 Option Income ETF - at
NAV - $12,533</div></td>
<td id="xdx_4B3_oef--BroadBasedIndexAxis_custom--SAndP500TotalReturnIndexMember_zet1dsGvQI6b" style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">S&P 500® Total Return Index - $12,926</div></td></tr>
<tr id="xdx_43A_c20241120__20241120_eoef--AccmVal_z9ni8BJ9tJie" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11/20/2024</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10000</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10000</div></td></tr>
<tr id="xdx_434_c20241120__20250131_eoef--AccmVal_zIieuzcpzMua" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">1/31/2025</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10241</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10233</div></td></tr>
<tr id="xdx_435_c20241120__20250430_eoef--AccmVal_z4yOaDM6NNcw" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">4/30/2025</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">9441</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">9466</div></td></tr>
<tr id="xdx_431_c20241120__20250731_eoef--AccmVal_zkryfUTaek2G" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">7/31/2025</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10874</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10811</div></td></tr>
<tr id="xdx_438_c20241120__20251031_eoef--AccmVal_zsLuTdqiqEmH" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10/31/2025</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11949</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11700</div></td></tr>
<tr id="xdx_439_c20241120__20260131_eoef--AccmVal_zR7JVBEfphNH" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">1/31/2026</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11940</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11906</div></td></tr>
<tr id="xdx_430_c20241120__20260430_eoef--AccmVal_zMpl9PLa02Rf" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">4/30/2026</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">12273</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">12406</div></td></tr>
<tr id="xdx_433_c20241120__20260731_eoef--AccmVal_z5vZbG3Law8W" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">7/31/2026</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">12533</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">12926</div></td></tr>
</table></div></div><img alt="line" src="qes4dgct1mufw67mx.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/></div></div></div>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 8pt Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; display: block"></span></div></div>
10000
10000
10241
10233
9441
9466
10874
10811
11949
11700
11940
11906
12273
12406
12533
12926
<p id="xdx_802_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000254948Member_dU_zC6ceIXIh076" style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33.6px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center; font-weight: bold">Annual
Performance</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; padding-top: 0; color: #4f4f4f; text-indent: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal">
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"></span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">1
Year</span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Since
Inception (<span id="xdx_907_eoef--PerfInceptionDate_c20250801__20260731__oef--ClassAxis__custom--C000254948Member_zpkMBjkBQ82k">11/20/24</span>)</span></div></th></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Yieldmax™
Target 12 Big 50 Option Income ETF - at NAV</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98D_eoef--AvgAnnlRtrPct_dp_c20250801__20260731__oef--ClassAxis__custom--C000254948Member_zShQHDbkjMVO" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">15.25%</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_989_eoef--AvgAnnlRtrPct_dp_c20241120__20260731__oef--ClassAxis__custom--C000254948Member_zbis3n5P23n9" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">14.26%</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">S&P
500® Total Return Index</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98F_eoef--AvgAnnlRtrPct_dp_c20250801__20260731__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_zYUWzXnhrnYH" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">19.56%</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98B_eoef--AvgAnnlRtrPct_dp_c20241120__20260731__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_zWZB4I8GI1QJ" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">16.37%</span></div></td></tr>
</table></div></div></div>
2024-11-20
0.1525
0.1426
0.1956
0.1637
The
Fund's past performance is not a good indicator of how the Fund will perform in the future.
The graph and table do not reflect the deduction
of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Visit
www.yieldmaxetfs.com/our-etfs/bigy/
for more recent performance information.
<p id="xdx_80B_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000254948Member_dU_zOmqyGs4oOjk" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: 16pt 0 2pt; text-align-last: auto; display: block; min-height: 20.52px; align-content: center; line-height: 20.53px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold"><b style="box-sizing: border-box; font-weight: bold">How
Did the Fund Perform During the Reporting Period?</b></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt/12pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: justify">
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; text-align-last: auto; min-height: 55.98px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0; display: block">During
the reporting period, BIGY generated a positive total return, led by gains among its largest holdings, including NVIDIA, Apple, Alphabet,
and Amazon. Beginning in mid-September 2025, the fund made regular monthly distributions to shareholders toward its 12% annual income
target.</p></div></div>
<p style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 20.52px; align-content: center; line-height: 20.53px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">What
Factors Influenced Performance?</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt/11pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; display: block; text-align: justify"><span style="box-sizing: border-box; display: block; margin-bottom: 4pt; font-weight: normal">Performance
was primarily influenced by the returns of the Fund's underlying portfolio of the 50 largest U.S. companies, which benefited from continued
strength across mega-cap technology and other large-cap names. The Fund's covered call strategy generated premium income used to help
meet its annual 12% target, with the diversified nature of the underlying portfolio helping to reduce the impact of weakness in any single
holding.</span></div></div>
<p style="font: 700 11pt/14pt Gotham Narrow-Bold,Arial; margin: 0 0 2pt; text-align-last: auto; min-height: 18.66px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; display: block; font-weight: bold">Positioning
of the Fund</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt/12pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; display: block; text-align: justify"><span style="box-sizing: border-box; display: block; margin-bottom: 4pt; font-weight: normal">The
Fund continues to hold a diversified portfolio of the 50 largest U.S. companies (the "Big 50 Companies") and employs a covered call strategy
across its holdings. BIGY seeks to generate cash distributions based on a targeted annual cash distribution level of 12% while also seeking
capital appreciation.</span></div></div>
<p id="xdx_804_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000254948Member_dU_zWOFsiWnqjy1" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 24.26px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">Key
Fund Statistics</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(as
of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box; font-weight: normal">July 31, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">)</span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; padding-top: 0; color: #4f4f4f; text-indent: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse; line-height: normal">
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Fund
Size (Thousands)</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98F_eus-gaap--AssetsNet_iI_pn3n3_c20260731__oef--ClassAxis__custom--C000254948Member_zjYxgvAdTIf5" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$54,361</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Number
of Holdings</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98B_eoef--HoldingsCount_iI_uHoldings_c20260731__oef--ClassAxis__custom--C000254948Member_zyj2NNL5LFH6" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">207</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Total
Advisory Fee Paid</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_983_eoef--AdvisoryFeesPaidAmt_c20250801__20260731__oef--ClassAxis__custom--C000254948Member_zA9SV46kGtuL" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$227,003</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Portfolio
Turnover</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98F_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20250801__20260731__oef--ClassAxis__custom--C000254948Member_zSQUtLQG1GT4" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">41%</span></div></td></tr>
</table></div></div></div>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 8pt Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; display: block"></span></div></div>
54361000
207
227003
0.41
<p id="xdx_800_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000254948Member_dU_zkMLOZ1Geng3" style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: -8pt 0 0; text-align-last: auto; display: block; min-height: 33.6px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">What
did the Fund invest in?</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: -2pt 0 8pt; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(as
of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box; font-weight: normal">July 31, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">)</span></p><div style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 12pt 0 0; text-align-last: auto; display: block; min-height: 24.26px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">Security
Type - Investments</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(%
of Net Assets)</span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto; padding-top: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none">
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Sector</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">%</div></td></tr>
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Common Stocks</div></td>
<td style="box-sizing: border-box">
<div id="xdx_987_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000254948Member__oef--IndustrySectorAxis__custom--CommonStocksMember_zeK2vZXa9HoN" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">100.2%</div></td></tr>
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Purchased Call Options</div></td>
<td style="box-sizing: border-box">
<div id="xdx_98E_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000254948Member__oef--IndustrySectorAxis__custom--PurchasedCallOptionsMember_zyy14rUqQMFE" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">2.4%</div></td></tr>
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Cash & Cash Equivalents</div></td>
<td style="box-sizing: border-box">
<div id="xdx_983_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000254948Member__oef--IndustrySectorAxis__us-gaap--CashAndCashEquivalentsMember_zV4WEjNTkCS6" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">-2.6%</div></td></tr>
</table></div></div><img alt="bar" src="qes4dgct1mug1t6jt.jpg" style="box-sizing: border-box; width: 100%; height: auto"/></div></div>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 24.26px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">Security
Type - Other Financial Instruments</p>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 16.79px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(%
of Net Assets)</span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto; padding-top: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none">
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Sector</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">%</div></td></tr>
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Written Call Options</div></td>
<td style="box-sizing: border-box">
<div id="xdx_985_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000254948Member__oef--IndustrySectorAxis__custom--WrittenCallOptionsMember_zqaGSwF6By6k" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">-3.7%</div></td></tr>
</table></div></div><img alt="bar" src="qes4dgct1mug26viu.jpg" style="box-sizing: border-box; width: 100%; height: auto"/></div></div>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box"></span></p>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 29.84px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-weight: normal">Percentages
are based on net assets. Cash & Cash Equivalents represents cash, short-term investments, and liabilities in excess of other assets.</span></p></div><div style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p></div>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/10pt Gotham Narrow-Light,Arial; margin: -20pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
1.002
0.024
-0.026
-0.037
<div id="xdx_80E_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000254948Member_dU_zZBFbOR9ZwCH" style="box-sizing: border-box; text-align-last: auto">
<table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal">
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Top
Holdings</span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">(%
of Net</span></div>
<div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Assets)</span></div></th></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Apple,
Inc.</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98F_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000254948Member__oef--LargestHoldingAxis__custom--AppleIncMember_zHw8DwlA3BNH" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">6.8</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">NVIDIA
Corp.</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_986_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000254948Member__oef--LargestHoldingAxis__custom--NVIDIACorpMember_zsGLYugvA4Af" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">6.2</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Amazon.com,
Inc.</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_983_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000254948Member__oef--LargestHoldingAxis__custom--AmazonComIncMember_zBAPw1lg8uW8" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">5.5</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Alphabet,
Inc. - Class A</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98C_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000254948Member__oef--LargestHoldingAxis__custom--AlphabetIncClassAMember_zbrgtfhgYmMd" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">5.1</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Microsoft
Corp.</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_988_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000254948Member__oef--LargestHoldingAxis__custom--MicrosoftCorpMember_zS2FzDpsLHv1" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">3.7</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Advanced
Micro Devices, Inc.</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_989_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000254948Member__oef--LargestHoldingAxis__custom--AdvancedMicroDevicesIncMember_zodM0pweTcnu" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">3.7</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Broadcom,
Inc.</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98C_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000254948Member__oef--LargestHoldingAxis__custom--BreadcomIncMember_z0Fq4B3qNQNV" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">3.4</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">JPMorgan
Chase & Co.</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_986_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000254948Member__oef--LargestHoldingAxis__custom--JPMorganChaseAndCoMember_zj5OJQ8Pkjf4" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">3.4</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Meta
Platforms, Inc. - Class A</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_987_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000254948Member__oef--LargestHoldingAxis__custom--MetaPlatformsIncClassAMember_zgzcd0hDjcb8" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">3.2</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Walmart,
Inc.</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98F_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000254948Member__oef--LargestHoldingAxis__custom--WalmartIncMember_zLugykw0NEPI" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">2.7</span></div></td></tr>
</table></div>
0.068
0.062
0.055
0.051
0.037
0.037
0.034
0.034
0.032
0.027
<p id="xdx_80D_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000254948Member_dU_zdrBbs4UXRnN" style="font: 700 11pt/13pt Gotham Narrow-Bold,Arial; margin: -2pt 0 0; text-align-last: auto; display: block; min-height: 17.33px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold"><span style="box-sizing: border-box; font-size: 10pt; font-weight: bold">Fund
Changes</span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt/12pt Gotham Narrow-Light,Arial; margin: 2pt 0 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0">
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; text-align-last: auto; min-height: 37.32px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0; display: block">Effective
<span id="xdx_903_eoef--MaterialChngDate_c20250801__20260731__oef--ClassAxis__custom--C000254948Member_zcBmbNg76ujQ">September 18, 2025</span> the Fund's payment of income distributions was changed to seek to make such distributions on a monthly or more frequent
basis.</p></div></div>
2025-09-18
YieldMax™ Target 12 Real Estate Option Income ETF
RNTY
NYSEArca
This
<span id="xdx_900_eoef--ShareholderReportAnnualOrSemiAnnual_c20250801__20260731__oef--ClassAxis__custom--C000254951Member_z8rSluTywyoE">annual shareholder report</span> contains important information about the YieldMax™
Target 12 Real Estate Option Income ETF (the "Fund") for the period August
1, 2025 to July 31, 2026.
annual shareholder report
You can find additional information
about the Fund at <span id="xdx_908_eoef--AddlInfoWebsite_c20250801__20260731__oef--ClassAxis__custom--C000254951Member_zTAMFykmHF2G">www.yieldmaxetfs.com/our-etfs/rnty/</span>.
You can also request this information by contacting us at <span id="xdx_90F_eoef--AddlInfoPhoneNumber_c20250801__20260731__oef--ClassAxis__custom--C000254951Member_zfaMwn4xPN6M">(844) 737-3001</span>
or by writing to YieldMax™ Target 12 Real Estate Option Income ETF,
c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201‑0701.
www.yieldmaxetfs.com/our-etfs/rnty/
(844) 737-3001
<p id="xdx_80A_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000254951Member_dU_z9skKvXlHR8s" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: -4pt 0 0; text-align-last: auto; display: block; min-height: 20.52px; align-content: center; line-height: 20.53px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">What
were the Fund costs for the past year?</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: -2pt 0 2pt; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(based
on a hypothetical $10,000 investment)</span></span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto; padding-top: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal">
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Class
Name</span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Costs
of a $10,000 investment</span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Costs
paid as a percentage of a $10,000 investment</span></div></th></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_983_eoef--ClassName_c20250801__20260731__oef--ClassAxis__custom--C000254951Member_zQ8gTmg61XPa" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">YieldMax™
Target 12 Real Estate Option Income ETF</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$<span id="xdx_90A_eoef--ExpensesPaidAmt_c20250801__20260731__oef--ClassAxis__custom--C000254951Member_znIJhIxXx2mV">107</span></span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal"><span id="xdx_902_eoef--ExpenseRatioPct_dp_c20250801__20260731__oef--ClassAxis__custom--C000254951Member_fKg_____zkJC4qPaOi9t">1.02%</span>*</span></div></td></tr>
</table></div></div></div>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 8pt/10pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; display: block"></span></div></div>
<table cellpadding="0" cellspacing="0" style="font: 300 8pt/10pt Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td id="xdx_F01_zCoZyCz6gya1" style="width: 15pt; text-align: right">*</td><td style="width: 5pt"></td><td id="xdx_F1C_zu5KdHCaAFwn" style="text-align: justify">Costs paid as a percentage of a $10,000 investment is an annualized figure.</td>
</tr></table>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 1pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
YieldMax™ Target 12 Real Estate Option Income ETF
107
0.0102
<p id="xdx_805_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000254951Member_dU_z5NZFjS7LgqV" style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33.6px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center; font-weight: bold">Cumulative
Performance</p>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: -3pt 0 0; text-align-last: auto; display: block; min-height: 14.92px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: center">(Initial
Investment of $10,000)</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center">
<div style="box-sizing: border-box; text-align-last: auto; padding-top: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none">
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Date</div></td>
<td id="xdx_4B7_oef--ClassAxis_custom--C000254951Member_zqDMlxUD4PgZ" style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">YieldMax™ Target 12 Real Estate Option Income ETF
- at NAV - $11,499</div></td>
<td id="xdx_4B3_oef--BroadBasedIndexAxis_custom--SAndP500TotalReturnIndexMember_z78m6PSycZo8" style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">S&P 500® Total Return Index - $14,418</div></td></tr>
<tr id="xdx_438_c20250416__20250416_eoef--AccmVal_z3jwPtBo6ZAT" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">4/16/2025</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10000</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10000</div></td></tr>
<tr id="xdx_439_c20250416__20250430_eoef--AccmVal_zQD5qmhAUk3m" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">4/30/2025</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10350</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10559</div></td></tr>
<tr id="xdx_43A_c20250416__20250731_eoef--AccmVal_zaEKfRPvNNZ_ztthmnVWa1Bn" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">7/31/2025</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10293</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">12059</div></td></tr>
<tr id="xdx_43A_c20250416__20251031_eoef--AccmVal_zr4FT77CIPyZ" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10/31/2025</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10425</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">13051</div></td></tr>
<tr id="xdx_43A_c20250416__20260131_eoef--AccmVal_z68WtvPIFcmC" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">1/31/2026</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10838</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">13281</div></td></tr>
<tr id="xdx_438_c20250416__20260430_eoef--AccmVal_zBz11rPmGeMA" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">4/30/2026</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11375</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">13837</div></td></tr>
<tr id="xdx_43D_c20250416__20260731_eoef--AccmVal_zl46Z4kAWh6m" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">7/31/2026</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11499</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">14418</div></td></tr>
</table></div></div><img alt="line" src="qesg2cw31muft7tk3.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/></div></div></div>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 8pt Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; display: block"></span></div></div>
10000
10000
10350
10559
10293
12059
10425
13051
10838
13281
11375
13837
11499
14418
<p id="xdx_802_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000254951Member_dU_zvmNhelXRY2c" style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33.6px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center; font-weight: bold">Annual
Performance</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; padding-top: 0; color: #4f4f4f; text-indent: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal">
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"></span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">1
Year</span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Since
Inception (<span id="xdx_903_eoef--PerfInceptionDate_c20250801__20260731__oef--ClassAxis__custom--C000254951Member_z60Hu8EG7rOI">4/16/25</span>)</span></div></th></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Yieldmax™
Target 12 Real Estate Option Income ETF - at NAV</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_987_eoef--AvgAnnlRtrPct_dp_c20250801__20260731__oef--ClassAxis__custom--C000254951Member_fKg_____zA03akv8whdG" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">11.04%</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_988_eoef--AvgAnnlRtrPct_dp_c20250416__20260731__oef--ClassAxis__custom--C000254951Member_fKg_____z3hcB2UUCu7v" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">11.44%</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">S&P
500® Total Return Index</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_981_eoef--AvgAnnlRtrPct_dp_c20250801__20260731__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_zx3anmnv2vzD" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">19.56%</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_981_eoef--AvgAnnlRtrPct_dp_c20250416__20260731__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_zeBxxvUJobGz" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">32.78%</span></div></td></tr>
</table></div></div></div>
2025-04-16
0.1104
0.1144
0.1956
0.3278
The
Fund's past performance is not a good indicator of how the Fund will perform in the future.
The graph and table do not reflect the deduction
of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Visit
www.yieldmaxetfs.com/our-etfs/rnty/
for more recent performance information.
<p id="xdx_80B_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000254951Member_dU_zpRXsocbN72f" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: 16pt 0 2pt; text-align-last: auto; display: block; min-height: 20.52px; align-content: center; line-height: 20.53px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold"><b style="box-sizing: border-box; font-weight: bold">How
Did the Fund Perform During the Reporting Period?</b></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt/12pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: justify">
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; text-align-last: auto; min-height: 55.98px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0; display: block">During
the reporting period, RNTY generated a positive total return, as modest gains across its real estate holdings, together with option premium
income, contributed to results. Beginning in mid-September 2025, the Fund also made regular monthly distributions toward its 12% annual
income target.</p></div></div>
<p style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 20.52px; align-content: center; line-height: 20.53px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">What
Factors Influenced Performance?</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt/11pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; display: block; text-align: justify">
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; text-align-last: auto; min-height: 74.64px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0; display: block">Performance
was primarily influenced by the returns of the Fund's underlying portfolio of real estate companies and real estate investment trusts
("REITs"), which benefited from the trajectory of interest rates over the period. The Fund's covered call strategy generated premium income
used to help meet its annual 12% target, though this strategy limited participation in a portion of the sector's gains.</p></div></div>
<p style="font: 700 11pt/14pt Gotham Narrow-Bold,Arial; margin: 0 0 2pt; text-align-last: auto; min-height: 18.66px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; display: block; font-weight: bold">Positioning
of the Fund</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt/12pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; display: block; text-align: justify">
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; text-align-last: auto; min-height: 55.98px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0; display: block">The
Fund continues to hold a portfolio of 15 to 30 U.S.-listed real estate companies, REITs, and real estate-related investments, and employs
a covered call strategy across its holdings. RNTY seeks to generate current income, so as to be able to make cash distributions based
on a targeted annual cash distribution level of 12% while also seeking capital appreciation.</p></div></div>
<p id="xdx_804_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000254951Member_dU_zQnVMqEhOpB_zS1ydyvknYwN" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 24.26px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">Key
Fund Statistics</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(as
of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box; font-weight: normal">July 31, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">)</span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; padding-top: 0; color: #4f4f4f; text-indent: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse; line-height: normal">
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Fund
Size (Thousands)</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_981_eus-gaap--AssetsNet_iI_pn3n3_c20260731__oef--ClassAxis__custom--C000254951Member_ziH09DoxHLBk" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$8,739</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Number
of Holdings</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_984_eoef--HoldingsCount_iI_uHoldings_c20260731__oef--ClassAxis__custom--C000254951Member_zLVQ02pbiBuc" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">76</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Total
Advisory Fee Paid</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98D_eoef--AdvisoryFeesPaidAmt_c20250801__20260731__oef--ClassAxis__custom--C000254951Member_zl0ygTWlWpNu" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$55,765</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Portfolio
Turnover</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98F_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20250801__20260731__oef--ClassAxis__custom--C000254951Member_zilP0r4xWPTJ" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">752%</span></div></td></tr>
</table></div></div></div>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 8pt Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; display: block"></span></div></div>
8739000
76
55765
7.52
<p id="xdx_800_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000254951Member_dU_zc9pkntTdOWZ" style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: -8pt 0 0; text-align-last: auto; display: block; min-height: 33.6px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">What
did the Fund invest in?</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: -2pt 0 8pt; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(as
of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box; font-weight: normal">July 31, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">)</span></p><div style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 12pt 0 0; text-align-last: auto; display: block; min-height: 24.26px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">Security
Type - Investments</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(%
of Net Assets)</span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto; padding-top: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none">
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Sector</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">%</div></td></tr>
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Common Stocks</div></td>
<td style="box-sizing: border-box">
<div id="xdx_989_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000254951Member__oef--IndustrySectorAxis__custom--CommonStocksMember_zztH5VR3CPDv" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">99.8%</div></td></tr>
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Purchased Call Options</div></td>
<td style="box-sizing: border-box">
<div id="xdx_988_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000254951Member__oef--IndustrySectorAxis__custom--PruchasedCallOptionsMember_zH1rhVql2H03" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">0.8%</div></td></tr>
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Cash & Cash Equivalents</div></td>
<td style="box-sizing: border-box">
<div id="xdx_986_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000254951Member__oef--IndustrySectorAxis__us-gaap--CashAndCashEquivalentsMember_zgqvADDcUby_zQv9hqJv8fgX" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">-0.6%</div></td></tr>
</table></div></div><img alt="bar" src="qesg2cw31mug4nfgx.jpg" style="box-sizing: border-box; width: 100%; height: auto"/></div></div>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 24.26px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">Security
Type - Other Financial Instruments</p>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 16.79px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(%
of Net Assets)</span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto; padding-top: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none">
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Sector</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">%</div></td></tr>
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Written Call Options</div></td>
<td style="box-sizing: border-box">
<div id="xdx_988_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000254951Member__oef--IndustrySectorAxis__custom--WrittenCallOptionsMember_z4fFGDeiqEJi" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">-1.6%</div></td></tr>
</table></div></div><img alt="bar" src="qes4dgct1mug4o8ui.jpg" style="box-sizing: border-box; width: 100%; height: auto"/></div></div>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box"></span></p>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 29.84px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-weight: normal">Percentages
are based on net assets. Cash & Cash Equivalents represents cash, short-term investments, and liabilities in excess of other assets.</span></p></div><div style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p></div>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/10pt Gotham Narrow-Light,Arial; margin: -20pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
0.998
0.008
-0.006
-0.016
<div id="xdx_809_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000254951Member_dU_zliiuwuHeVGs" style="box-sizing: border-box; text-align-last: auto">
<table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal">
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Top
Holdings</span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">(%
of Net</span></div>
<div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Assets)</span></div></th></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Welltower,
Inc. - REIT</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_985_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000254951Member__oef--LargestHoldingAxis__custom--WelltowerIncREITMember_zM1arw98iqvf" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">7.2</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Prologis,
Inc. - REIT</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_988_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000254951Member__oef--LargestHoldingAxis__custom--PrologisIncREITMember_z4B7J0jx3y4T" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">6.7</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Digital
Realty Trust, Inc. - REIT</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98B_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000254951Member__oef--LargestHoldingAxis__custom--DigitalRealtyTrustIncREITMember_zvwjkwLRNwQY" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">5.8</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Simon
Property Group, Inc. - REIT</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_982_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000254951Member__oef--LargestHoldingAxis__custom--SimonPropertyGroupIncREITMember_zZ3SMTUN3ITA" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">5.5</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Equinix,
Inc. - REIT</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_988_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000254951Member__oef--LargestHoldingAxis__custom--EquinixIncREITMember_zqRoZpzOxqEc" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">4.6</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Texas
Pacific Land Corp.</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_983_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000254951Member__oef--LargestHoldingAxis__custom--TexasPacificLandCorpMember_zhxrgJB28rO3" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">4.5</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Realty
Income Corp. - REIT</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98D_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000254951Member__oef--LargestHoldingAxis__custom--RealtyIncomeCorpREITMember_zTeVxvFHR4Yj" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">4.1</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Iron
Mountain, Inc. - REIT</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_986_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000254951Member__oef--LargestHoldingAxis__custom--IronMountainIncREITMember_zGuY36wHSoVj" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">4.1</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">St.
Joe Co.</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_985_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000254951Member__oef--LargestHoldingAxis__custom--SJoeCoMember_zbJj0ZsdWsT8" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">4.0</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Public
Storage - REIT</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_980_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000254951Member__oef--LargestHoldingAxis__custom--PublicStorageREITMember_zLSAlmPfMbOk" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">4.0</span></div></td></tr>
</table></div>
0.072
0.067
0.058
0.055
0.046
0.045
0.041
0.041
0.040
0.040
<p id="xdx_80A_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000254951Member_dU_zZSpiTugvBtS" style="font: 700 11pt/13pt Gotham Narrow-Bold,Arial; margin: -2pt 0 0; text-align-last: auto; display: block; min-height: 17.33px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold"><span style="box-sizing: border-box; font-size: 10pt; font-weight: bold">Fund
Changes</span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt/12pt Gotham Narrow-Light,Arial; margin: 2pt 0 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0">
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; text-align-last: auto; min-height: 37.32px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0; display: block">Effective
<span id="xdx_90B_eoef--MaterialChngDate_c20250801__20260731__oef--ClassAxis__custom--C000254951Member_zU9aSg8xIrLu">September 18, 2025</span> the Fund's payment of income distributions was changed to seek to make such distributions on a monthly or more frequent
basis.</p></div></div>
2025-09-18
YieldMax™ Target 12 Semiconductor Option Income ETF
SOXY
NYSEArca
This
<span id="xdx_900_eoef--ShareholderReportAnnualOrSemiAnnual_c20250801__20260731__oef--ClassAxis__custom--C000254952Member_zsYXDnahAIAY">annual shareholder report</span> contains important information about the YieldMax™
Target 12 Semiconductor Option Income ETF (the "Fund") for the period August
1, 2025 to July 31, 2026.
annual shareholder report
You can find additional information
about the Fund at <span id="xdx_908_eoef--AddlInfoWebsite_c20250801__20260731__oef--ClassAxis__custom--C000254952Member_zsv8SRD84qx8">www.yieldmaxetfs.com/our-etfs/soxy/</span>.
You can also request this information by contacting us at <span id="xdx_90F_eoef--AddlInfoPhoneNumber_c20250801__20260731__oef--ClassAxis__custom--C000254952Member_z3PmfWR5BRYp">(844) 737-3001</span>
or by writing to YieldMax™ Target 12 Semiconductor Option Income ETF,
c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201‑0701.
www.yieldmaxetfs.com/our-etfs/soxy/
(844) 737-3001
<p id="xdx_80A_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000254952Member_dU_zXVgc8Fknuo5" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: -4pt 0 0; text-align-last: auto; display: block; min-height: 20.52px; align-content: center; line-height: 20.53px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">What
were the Fund costs for the past year?</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: -2pt 0 2pt; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(based
on a hypothetical $10,000 investment)</span></span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto; padding-top: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal">
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Class
Name</span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Costs
of a $10,000 investment</span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Costs
paid as a percentage of a $10,000 investment</span></div></th></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_983_eoef--ClassName_c20250801__20260731__oef--ClassAxis__custom--C000254952Member_ztQDTMMp3l4v" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">YieldMax™
Target 12 Semiconductor Option Income ETF</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$<span id="xdx_90C_eoef--ExpensesPaidAmt_c20250801__20260731__oef--ClassAxis__custom--C000254952Member_ztUJhNDo45TH">146</span></span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal"><span id="xdx_90A_eoef--ExpenseRatioPct_dp_c20250801__20260731__oef--ClassAxis__custom--C000254952Member_fKg_____zJfXbF95Fmf1">1.01%</span>*</span></div></td></tr>
</table></div></div></div>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 8pt/10pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; display: block"></span></div></div>
<table cellpadding="0" cellspacing="0" style="font: 300 8pt/10pt Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td id="xdx_F00_zpii1ZcRB4xe" style="width: 15pt; text-align: right">*</td><td style="width: 5pt"></td><td id="xdx_F10_zsk0UQcCvrS5" style="text-align: justify">Costs paid as a percentage of a $10,000 investment is an annualized figure.</td>
</tr></table>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 1pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
YieldMax™ Target 12 Semiconductor Option Income ETF
146
0.0101
<p id="xdx_805_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000254952Member_dU_z7Srnu6LW05t" style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33.6px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center; font-weight: bold">Cumulative
Performance</p>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: -3pt 0 0; text-align-last: auto; display: block; min-height: 14.92px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: center">(Initial
Investment of $10,000)</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center">
<div style="box-sizing: border-box; text-align-last: auto; padding-top: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none">
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Date</div></td>
<td id="xdx_4B7_oef--ClassAxis_custom--C000254952Member_zeVApv1k1Aoa" style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">YieldMax™ Target 12 Semiconductor Option Income ETF
- at NAV - $21,352</div></td>
<td id="xdx_4B3_oef--BroadBasedIndexAxis_custom--SAndP500TotalReturnIndexMember_znZNjpGTf278" style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">S&P 500® Total Return Index - $12,641</div></td></tr>
<tr id="xdx_43E_c20241202__20241202_eoef--AccmVal_zjYwFr90U4QT" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">12/2/2024</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10000</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10000</div></td></tr>
<tr id="xdx_43A_c20241202__20250430_eoef--AccmVal_zlX6NxIdBkjM" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">4/30/2025</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">8883</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">9257</div></td></tr>
<tr id="xdx_43B_c20241202__20250731_eoef--AccmVal_ztKhqN7559YQ" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">7/31/2025</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11224</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10573</div></td></tr>
<tr id="xdx_43F_c20241202__20251031_eoef--AccmVal_zkBd86I6rqLz" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10/31/2025</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">13635</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11442</div></td></tr>
<tr id="xdx_430_c20241202__20260131_eoef--AccmVal_zkN7oUqkUB6H" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">1/31/2026</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">15079</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11644</div></td></tr>
<tr id="xdx_435_c20241202__20260430_eoef--AccmVal_zh6Yn37eUcse" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">4/30/2026</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">19498</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">12132</div></td></tr>
<tr id="xdx_43C_c20241202__20260731_eoef--AccmVal_zJ0k6fPTS3cf" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">7/31/2026</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">21352</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">12641</div></td></tr>
</table></div></div><img alt="line" src="qes4dgct1mufx1h50.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/></div></div></div>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 8pt Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; display: block"></span></div></div>
10000
10000
8883
9257
11224
10573
13635
11442
15079
11644
19498
12132
21352
12641
<p id="xdx_802_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000254952Member_dU_zctlnqtp8kyM" style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33.6px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center; font-weight: bold">Annual
Performance</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; padding-top: 0; color: #4f4f4f; text-indent: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal">
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"></span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">1
Year</span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Since
Inception (<span id="xdx_909_eoef--PerfInceptionDate_c20250801__20260731__oef--ClassAxis__custom--C000254952Member_zvh8NhhhfesL">12/2/24</span>)</span></div></th></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Yieldmax™
Target 12 Semiconductor Option Income ETF - at NAV</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_980_eoef--AvgAnnlRtrPct_dp_c20250801__20260731__oef--ClassAxis__custom--C000254952Member_zCm60nvMChTS" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">90.25%</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98F_eoef--AvgAnnlRtrPct_dp_c20241202__20260731__oef--ClassAxis__custom--C000254952Member_zK29bznXo9Oc" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">57.91%</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">S&P
500® Total Return Index</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_983_eoef--AvgAnnlRtrPct_dp_c20250801__20260731__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_zSBhGnDMqJQF" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">19.56%</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98F_eoef--AvgAnnlRtrPct_dp_c20241202__20260731__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_zZYBs4b5Mf9a" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">15.16%</span></div></td></tr>
</table></div></div></div>
2024-12-02
0.9025
0.5791
0.1956
0.1516
The
Fund's past performance is not a good indicator of how the Fund will perform in the future.
The graph and table do not reflect the deduction
of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Visit
www.yieldmaxetfs.com/our-etfs/soxy/
for more recent performance information.
<p id="xdx_80B_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000254952Member_dU_zZX9dIi270n3" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: 16pt 0 2pt; text-align-last: auto; display: block; min-height: 20.52px; align-content: center; line-height: 20.53px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold"><b style="box-sizing: border-box; font-weight: bold">How
Did the Fund Perform During the Reporting Period?</b></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt/12pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: justify">
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; text-align-last: auto; min-height: 55.98px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0; display: block">During
the reporting period, SOXY generated a strong positive total return, as substantial gains across its semiconductor holdings significantly
outweighed the capped upside from its call spread strategy. Beginning in mid-September 2025, the Fund also starting making regular monthly
distributions toward its 12% annual income target.</p></div></div>
<p style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 20.52px; align-content: center; line-height: 20.53px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">What
Factors Influenced Performance?</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt/11pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; display: block; text-align: justify"><span style="box-sizing: border-box; display: block; margin-bottom: 4pt; font-weight: normal">Performance
was primarily influenced by the returns of the Fund's underlying portfolio of semiconductor companies, which benefited from continued
demand tied to artificial intelligence infrastructure and data center buildout. The Fund's covered call strategy generated premium income
used to help meet its annual 12% target. Elevated implied volatility across the sector supported higher premiums.</span></div></div>
<p style="font: 700 11pt/14pt Gotham Narrow-Bold,Arial; margin: 0 0 2pt; text-align-last: auto; min-height: 18.66px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; display: block; font-weight: bold">Positioning
of the Fund</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt/12pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; display: block; text-align: justify">
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; text-align-last: auto; min-height: 55.98px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0; display: block">The
Fund continues to hold a portfolio of 15 to 30 semiconductor companies directly and employs a covered call strategy across its holdings.
SOXY seeks to generate current income to allow for cash distributions based on a targeted annual cash distribution level of 12% while
also seeking capital appreciation.</p></div></div>
<p id="xdx_804_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000254952Member_dU_zFlIFUDi3LcW" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 24.26px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">Key
Fund Statistics</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(as
of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box; font-weight: normal">July 31, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">)</span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; padding-top: 0; color: #4f4f4f; text-indent: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse; line-height: normal">
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Fund
Size (Thousands)</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_981_eus-gaap--AssetsNet_iI_pn3n3_c20260731__oef--ClassAxis__custom--C000254952Member_zBJKK9DRy0j9" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$64,010</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Number
of Holdings</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_984_eoef--HoldingsCount_iI_uHoldings_c20260731__oef--ClassAxis__custom--C000254952Member_zeyrVH5Qp2wb" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">85</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Total
Advisory Fee Paid</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98D_eoef--AdvisoryFeesPaidAmt_c20250801__20260731__oef--ClassAxis__custom--C000254952Member_zeqbIvh4OGtY" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$303,976</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Portfolio
Turnover</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98F_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20250801__20260731__oef--ClassAxis__custom--C000254952Member_zoGod7nA2fWv" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">68%</span></div></td></tr>
</table></div></div></div>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 8pt Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; display: block"></span></div></div>
64010000
85
303976
0.68
<p id="xdx_800_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000254952Member_dU_zH0VQIPviXyY" style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: -8pt 0 0; text-align-last: auto; display: block; min-height: 33.6px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">What
did the Fund invest in?</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: -2pt 0 8pt; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(as
of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box; font-weight: normal">July 31, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">)</span></p><div style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 12pt 0 0; text-align-last: auto; display: block; min-height: 24.26px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">Security
Type - Investments</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(%
of Net Assets)</span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto; padding-top: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none">
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Sector</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">%</div></td></tr>
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Common Stocks</div></td>
<td style="box-sizing: border-box">
<div id="xdx_981_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000254952Member__oef--IndustrySectorAxis__custom--CommonStocksMember_zmbGJNzd3EoJ" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">99.2%</div></td></tr>
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Purchased Call Options</div></td>
<td style="box-sizing: border-box">
<div id="xdx_988_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000254952Member__oef--IndustrySectorAxis__custom--PruchasedCallOptionsMember_zLZM2xOrn6Ar" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">2.2%</div></td></tr>
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Cash & Cash Equivalents</div></td>
<td style="box-sizing: border-box">
<div id="xdx_986_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000254952Member__oef--IndustrySectorAxis__us-gaap--CashAndCashEquivalentsMember_zSAScDdHL3xD" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">-1.4%</div></td></tr>
</table></div></div><img alt="bar" src="qesg2cw31mug480su.jpg" style="box-sizing: border-box; width: 100%; height: auto"/></div></div>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 24.26px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">Security
Type - Other Financial Instruments</p>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 16.79px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(%
of Net Assets)</span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto; padding-top: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none">
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Sector</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">%</div></td></tr>
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Written Call Options</div></td>
<td style="box-sizing: border-box">
<div id="xdx_988_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000254952Member__oef--IndustrySectorAxis__custom--WrittenCallOptionsMember_zfJqwbvqYnoh" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">-2.8%</div></td></tr>
</table></div></div><img alt="bar" src="qesg2cw31mug49jis.jpg" style="box-sizing: border-box; width: 100%; height: auto"/></div></div>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box"></span></p>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 29.84px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-weight: normal">Percentages
are based on net assets. Cash & Cash Equivalents represents cash, short-term investments, and liabilities in excess of other assets.</span></p></div><div style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p></div>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/10pt Gotham Narrow-Light,Arial; margin: -20pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
0.992
0.022
-0.014
-0.028
<div id="xdx_806_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000254952Member_dU_zfY1VEIVkD2D" style="box-sizing: border-box; text-align-last: auto">
<table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal">
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Top
Holdings</span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">(%
of Net</span></div>
<div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Assets)</span></div></th></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">NVIDIA
Corp.</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_980_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000254952Member__oef--LargestHoldingAxis__custom--NVIDIACorpMember_zvcBxI4KqU35" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">6.1</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Advanced
Micro Devices, Inc.</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_984_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000254952Member__oef--LargestHoldingAxis__custom--AdvancedMicroDevicesIncMember_zISsghlIaOF5" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">5.2</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Broadcom,
Inc.</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_986_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000254952Member__oef--LargestHoldingAxis__custom--BroadcomIncMember_zZGiyd4EDSCS" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">4.9</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">ASML
Holding NV</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98A_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000254952Member__oef--LargestHoldingAxis__custom--ASMLHoldingNVMember_zLZ3R3qY5qQJ" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">4.7</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Marvell
Technology Inc</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_981_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000254952Member__oef--LargestHoldingAxis__custom--MarvellTechnologyIncMember_zGY670sn18rl" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">4.5</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">ACM
Research, Inc. - Class A</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_987_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000254952Member__oef--LargestHoldingAxis__custom--ACMResearchIncClassAMember_zqBXbS2wlEC4" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">4.4</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Lam
Research Corp.</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_985_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000254952Member__oef--LargestHoldingAxis__custom--LamResearchCorpMember_zdBfygKlwysl" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">4.4</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Applied
Materials, Inc.</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_986_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000254952Member__oef--LargestHoldingAxis__custom--AppliedMaterialsIncMember_zEAKvZBgle9L" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">4.3</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Astera
Labs, Inc.</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_985_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000254952Member__oef--LargestHoldingAxis__custom--AsteraLabsIncMember_z89saGhQ9Tkp" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">4.2</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Micron
Technology, Inc.</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98F_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000254952Member__oef--LargestHoldingAxis__custom--MicronTechnologyIncMember_zMU3I2KVsgXM" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">4.2</span></div></td></tr>
</table></div>
0.061
0.052
0.049
0.047
0.045
0.044
0.044
0.043
0.042
0.042
<p id="xdx_80A_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000254952Member_dU_z0DeAc1ctHRu" style="font: 700 11pt/13pt Gotham Narrow-Bold,Arial; margin: -2pt 0 0; text-align-last: auto; display: block; min-height: 17.33px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold"><span style="box-sizing: border-box; font-size: 10pt; font-weight: bold">Fund
Changes</span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt/12pt Gotham Narrow-Light,Arial; margin: 2pt 0 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0">
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; text-align-last: auto; min-height: 37.32px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0; display: block">Effective
<span id="xdx_90B_eoef--MaterialChngDate_c20250801__20260731__oef--ClassAxis__custom--C000254952Member_zaiLDXrNqlR7">September 18, 2025</span> the Fund's payment of income distributions was changed to seek to make such distributions on a monthly or more frequent
basis.</p></div></div>
2025-09-18
YieldMax™ TSLA Performance & Distribution Target 25 ETF
TEST
CboeBZX
This
<span id="xdx_900_eoef--ShareholderReportAnnualOrSemiAnnual_c20250801__20260731__oef--ClassAxis__custom--C000260097Member_z9O3dkYH0avO">annual shareholder report</span> contains important information about the YieldMax™
TSLA Performance & Distribution Target 25 ETF (the "Fund") for the period August
1, 2025 to July 31, 2026.
annual shareholder report
You can find additional information
about the Fund at <span id="xdx_908_eoef--AddlInfoWebsite_c20250801__20260731__oef--ClassAxis__custom--C000260097Member_z92ayi2z5zG3">www.yieldmaxetfs.com/our-etfs/test/</span>.
You can also request this information by contacting us at <span id="xdx_90F_eoef--AddlInfoPhoneNumber_c20250801__20260731__oef--ClassAxis__custom--C000260097Member_zmLqjEJPYnW7">(844) 737-3001</span>
or by writing to YieldMax™ TSLA Performance & Distribution Target 25
ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201‑0701.
www.yieldmaxetfs.com/our-etfs/test/
(844) 737-3001
<p id="xdx_80A_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000260097Member_dU_zZy0bUkEA0kt" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: -4pt 0 0; text-align-last: auto; display: block; min-height: 20.52px; align-content: center; line-height: 20.53px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">What
were the Fund costs for the past year?</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: -2pt 0 2pt; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(based
on a hypothetical $10,000 investment)</span></span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto; padding-top: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal">
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Class
Name</span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Costs
of a $10,000 investment</span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Costs
paid as a percentage of a $10,000 investment</span></div></th></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_983_eoef--ClassName_c20250801__20260731__oef--ClassAxis__custom--C000260097Member_zJ46KOnniRbE" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">YieldMax™
TSLA Performance & Distribution Target 25 ETF</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$<span id="xdx_90C_eoef--ExpensesPaidAmt_c20250801__20260731__oef--ClassAxis__custom--C000260097Member_fKg_____zpIYmxpxsRLw">64</span>*</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal"><span id="xdx_909_eoef--ExpenseRatioPct_dp_c20250801__20260731__oef--ClassAxis__custom--C000260097Member_fKio___zkzYj42VSpXa">1.01%</span>**</span></div></td></tr>
</table></div></div></div>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 8pt/10pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0">
<table cellpadding="0" cellspacing="0" style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td id="xdx_F02_zYh6YLc1DSrr" style="width: 15pt; text-align: right">*</td><td style="width: 5pt"></td><td id="xdx_F16_zeBTqlmieMcV" style="text-align: justify"><span id="xdx_90D_eoef--ExpensesShortPeriodFnTextBlock_c20250801__20260731__oef--ClassAxis__custom--C000260097Member_zgtjn3fyqTKF">The Fund commenced operations on November 17, 2025. Expenses for a full reporting period
would be higher than the figures shown.</span></td>
</tr></table>
</div></div>
<table cellpadding="0" cellspacing="0" style="font: 300 8pt/10pt Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 15pt; text-align: right"><span id="xdx_F0C_zcGTOnLNdy9W" style="font-weight: normal">**</span></td><td style="width: 5pt"></td><td id="xdx_F18_zEZv9z3Rsock" style="text-align: justify">Costs paid as a percentage of a $10,000 investment is an annualized figure.</td>
</tr></table>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 1pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
YieldMax™ TSLA Performance & Distribution Target 25 ETF
64
0.0101
The Fund commenced operations on November 17, 2025. Expenses for a full reporting period
would be higher than the figures shown.
<p id="xdx_805_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000260097Member_dU_zeG6dDME15TH" style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33.6px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center; font-weight: bold">Cumulative
Performance</p>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: -3pt 0 0; text-align-last: auto; display: block; min-height: 14.92px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: center">(Initial
Investment of $10,000)</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center">
<div style="box-sizing: border-box; text-align-last: auto; padding-top: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none">
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Date</div></td>
<td id="xdx_4B7_oef--ClassAxis_custom--C000260097Member_zYTayrQwDPhM" style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">YieldMax™ TSLA Performance & Distribution Target
25 ETF - at NAV - $8,212</div></td>
<td id="xdx_4B3_oef--BroadBasedIndexAxis_custom--SAndP500TotalReturnIndexMember_z9bSYDKs32B9" style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">S&P 500® Total Return Index - $11,317</div></td></tr>
<tr id="xdx_43C_c20251117__20251117_eoef--AccmVal_zEXWDv9dqgjV" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11/17/2025</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10000</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10000</div></td></tr>
<tr id="xdx_432_c20251117__20260131_eoef--AccmVal_zujnA6jB90aw" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">1/31/2026</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10567</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10425</div></td></tr>
<tr id="xdx_43B_c20251117__20260430_eoef--AccmVal_zSrXb7tNbP5w" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">4/30/2026</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">9686</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10862</div></td></tr>
<tr id="xdx_432_c20251117__20260731_eoef--AccmVal_zh7cBVCAZifT" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">7/31/2026</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">8212</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11317</div></td></tr>
</table></div></div><img alt="line" src="qesg2cw31mufwz0ee.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/></div></div></div>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 8pt Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; display: block"></span></div></div>
10000
10000
10567
10425
9686
10862
8212
11317
<p id="xdx_802_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000260097Member_dU_zd4WIoJv6qwS" style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33.6px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center; font-weight: bold">Annual
Performance</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; padding-top: 0; color: #4f4f4f; text-indent: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal">
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"></span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Since
Inception (<span id="xdx_902_eoef--PerfInceptionDate_c20250801__20260731__oef--ClassAxis__custom--C000260097Member_zZrS56g0Fec7">11/17/25</span>)</span></div></th></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Yieldmax™
TSLA Performance & Distribution Target 25 ETF - at NAV</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal"><span id="xdx_909_eoef--AvgAnnlRtrPct_dp_c20251117__20260731__oef--ClassAxis__custom--C000260097Member_fKg_____zrS0IgOS8u0s">-17.86%</span>*</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">S&P
500® Total Return Index</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_984_eoef--AvgAnnlRtrPct_dp_c20251117__20260731__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_zThgeayABsoW" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">13.17%</span></div></td></tr>
</table></div></div></div>
<table cellpadding="0" cellspacing="0" style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td id="xdx_F09_znrdmnOGBI2V" style="width: 15pt; text-align: right"><span style="font-weight: normal">*</span></td><td style="width: 5pt"></td><td style="text-align: justify"><span id="xdx_F18_z7Y8TBIb5lPN" style="font-weight: normal">Not Annualized for periods less than one year.</span></td>
</tr></table>
2025-11-17
-0.1786
0.1317
The
Fund's past performance is not a good indicator of how the Fund will perform in the future.
The graph and table do not reflect the deduction
of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Visit
www.yieldmaxetfs.com/our-etfs/test/
for more recent performance information.
<p id="xdx_80B_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000260097Member_dU_z0zakSHSIqsA" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: 16pt 0 2pt; text-align-last: auto; display: block; min-height: 20.52px; align-content: center; line-height: 20.53px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold"><b style="box-sizing: border-box; font-weight: bold">How
Did the Fund Perform During the Reporting Period?</b></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt/12pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: justify">
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; text-align-last: auto; min-height: 37.32px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0; display: block">The
Fund had a negative total return as declines in Tesla, Inc. (“TSLA”) outweighed income generated by its options strategies.
The Fund also made regular distributions.</p></div></div>
<p style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 20.52px; align-content: center; line-height: 20.53px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">What
Factors Influenced Performance?</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt/11pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; display: block; text-align: justify">
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; text-align-last: auto; min-height: 37.32px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0; display: block">Performance
was primarily influenced by TSLA’s share price since inception which has been less than 12 months, and implied volatility. Declines
in TSLA detracted from results, while option premiums partially offset those losses.</p></div></div>
<p style="font: 700 11pt/14pt Gotham Narrow-Bold,Arial; margin: 0 0 2pt; text-align-last: auto; min-height: 18.66px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; display: block; font-weight: bold">Positioning
of the Fund</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt/12pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; display: block; text-align: justify">
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; text-align-last: auto; min-height: 37.32px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0; display: block">The
Fund maintained synthetic exposure to TSLA and employed options strategies to generate premiums while targeting annual cash distributions
of approximately 25% of net asset value and seeking current income and capital appreciation.</p></div></div>
<p id="xdx_804_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000260097Member_dU_zIRRWzcm6ZC9" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 24.26px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">Key
Fund Statistics</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(as
of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box; font-weight: normal">July 31, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">)</span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; padding-top: 0; color: #4f4f4f; text-indent: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse; line-height: normal">
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Fund
Size (Thousands)</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_981_eus-gaap--AssetsNet_iI_pn3n3_c20260731__oef--ClassAxis__custom--C000260097Member_zeAl9QY4pO32" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$3,468</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Number
of Holdings</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_984_eoef--HoldingsCount_iI_uHoldings_c20260731__oef--ClassAxis__custom--C000260097Member_zFYMUVDc2Y5w" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">12</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Total
Advisory Fee Paid</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98D_eoef--AdvisoryFeesPaidAmt_c20250801__20260731__oef--ClassAxis__custom--C000260097Member_za7nzGp439Ve" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$17,491</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Portfolio
Turnover</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98F_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20250801__20260731__oef--ClassAxis__custom--C000260097Member_zl4A6PR6nApB" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">0%</span></div></td></tr>
</table></div></div></div>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 8pt Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; display: block"></span></div></div>
3468000
12
17491
0
<p id="xdx_800_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000260097Member_dU_zAX9Akzqsdkd" style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: -8pt 0 0; text-align-last: auto; display: block; min-height: 33.6px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">What
did the Fund invest in?</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: -2pt 0 8pt; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(as
of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box; font-weight: normal">July 31, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">)</span></p><div style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 12pt 0 0; text-align-last: auto; display: block; min-height: 24.26px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">Security
Type - Investments</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(%
of Net Assets)</span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto; padding-top: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none">
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Sector</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">%</div></td></tr>
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Purchased Call Options</div></td>
<td style="box-sizing: border-box">
<div id="xdx_988_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000260097Member__oef--IndustrySectorAxis__custom--PruchasedCallOptionsMember_zt08hzu767WI" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">2.4%</div></td></tr>
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Cash & Cash Equivalents</div></td>
<td style="box-sizing: border-box">
<div id="xdx_986_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000260097Member__oef--IndustrySectorAxis__us-gaap--CashAndCashEquivalentsMember_zoldntY0lGNh" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">97.6%</div></td></tr>
</table></div></div><img alt="bar" src="qes4dqejw1mun6z2ll.jpg" style="box-sizing: border-box; width: 100%; height: auto"/></div></div>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 24.26px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">Security
Type - Other Financial Instruments</p>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 16.79px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(%
of Net Assets)</span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto; padding-top: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none">
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Sector</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">%</div></td></tr>
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Written Put Options</div></td>
<td style="box-sizing: border-box">
<div id="xdx_980_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000260097Member__oef--IndustrySectorAxis__custom--WrittenPutOptionsMember_zAGL39idJNLD" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">-27.2%</div></td></tr>
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Written Call Options</div></td>
<td style="box-sizing: border-box">
<div id="xdx_988_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000260097Member__oef--IndustrySectorAxis__custom--WrittenCallOptionsMember_zsLCz7uzAkpb" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">-3.5%</div></td></tr>
</table></div></div><img alt="bar" src="qesg2cw31mug40ijz.jpg" style="box-sizing: border-box; width: 100%; height: auto"/></div></div>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box"></span></p>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 29.84px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-weight: normal">Percentages
are based on net assets. Cash & Cash Equivalents represents cash, short-term investments, and liabilities in excess of other assets.</span></p></div><div style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p></div>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/10pt Gotham Narrow-Light,Arial; margin: -20pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
0.024
0.976
-0.272
-0.035
<div id="xdx_800_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000260097Member_dU_zm0AzvTSvUWH" style="box-sizing: border-box; text-align-last: auto">
<table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal">
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Top
Holdings</span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">(%
of Net Assets)</span></div></th></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">U.S.
Treasury Bills</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_984_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000260097Member__oef--LargestHoldingAxis__custom--USTreasuryBillsMember_zAb1DNpCoFYd" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">54.0</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">First
American Government Obligations Fund - Class X, 3.58%</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_985_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000260097Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX358Member_zcb9XxaSl8qW" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">52.8</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Tesla,
Inc., Expiration: 9/18/2026;</span></div>
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Exercise
Price: $395.01</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_982_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000260097Member__oef--LargestHoldingAxis__custom--TeslaIncExpiration9182026ExercisePrice39501Member_zcYL79veZbWG" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">-27.2</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Tesla,
Inc., Expiration: 9/18/2026;</span></div>
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Exercise
Price: $330.00</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98A_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000260097Member__oef--LargestHoldingAxis__custom--TeslaIncExpiration9182026ExercisePrice33000Member_zZXed2vbLTi4" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">-2.1</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Tesla,
Inc., Expiration: 9/18/2026;</span></div>
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Exercise
Price: $360.00</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_983_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000260097Member__oef--LargestHoldingAxis__custom--TeslaIncExpiration9182026ExercisePrice36000Member_zAIVl8DsMPw_zQTRYLwla6bY" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">1.0</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Tesla,
Inc., Expiration: 9/18/2026;</span></div>
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Exercise
Price: $395.01</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_987_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000260097Member__oef--LargestHoldingAxis__custom--TeslaIncExpiration9182026ExercisePrice39501OneMember_z5ROY6wf9bzo" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">0.9</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Tesla,
Inc., Expiration: 8/21/2026;</span></div>
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Exercise
Price: $322.50</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98E_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000260097Member__oef--LargestHoldingAxis__custom--TeslaIncExpiration8212026ExercisePrice32250Member_zOrtVquFJ8ZJ" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">-0.8</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Tesla,
Inc., Expiration: 8/21/2026;</span></div>
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Exercise
Price: $327.50</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_984_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000260097Member__oef--LargestHoldingAxis__custom--TeslaIncExpiration8212026ExercisePrice32750Member_zddqJEsWq2iV" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">-0.6</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Tesla,
Inc., Expiration: 8/21/2026;</span></div>
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Exercise
Price: $345.00</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_989_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000260097Member__oef--LargestHoldingAxis__custom--TeslaIncExpiration8212026ExercisePrice34500Member_zV1OPf3ZWgHe" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">0.3</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Tesla,
Inc., Expiration: 8/21/2026;</span></div>
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Exercise
Price: $355.00</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_983_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000260097Member__oef--LargestHoldingAxis__custom--TeslaIncExpiration8212026ExercisePrice35500Member_zifnvVzi46P3" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">02</span></div></td></tr>
</table></div>
0.540
0.528
-0.272
-0.021
0.010
0.009
-0.008
-0.006
0.003
0.02
<p id="xdx_80A_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000260097Member_dU_zsGsGWqkRvu3" style="font: 700 11pt/13pt Gotham Narrow-Bold,Arial; margin: -2pt 0 0; text-align-last: auto; display: block; min-height: 17.33px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold"><span style="box-sizing: border-box; font-size: 10pt; font-weight: bold">Fund
Changes</span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt/12pt Gotham Narrow-Light,Arial; margin: 2pt 0 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; display: block; margin-bottom: 4pt; font-weight: normal">Effective
<span id="xdx_90B_eoef--MaterialChngDate_c20250801__20260731__oef--ClassAxis__custom--C000260097Member_zDy2nGgy7Jak">November 12, 2025</span> the Fund's listing exchange has been changed to Cboe BZX Exchange, Inc.</span></div></div>
2025-11-12
YieldMax™ U.S. Stocks Target Double Distribution ETF
DDDD
NYSEArca
This
<span id="xdx_900_eoef--ShareholderReportAnnualOrSemiAnnual_c20250801__20260731__oef--ClassAxis__custom--C000264078Member_zEaPVJhd8zap">annual shareholder report</span> contains important information about the YieldMax™
U.S. Stocks Target Double Distribution ETF (the "Fund") for the period August
1, 2025 to July 31, 2026.
annual shareholder report
You can find additional information
about the Fund at <span id="xdx_908_eoef--AddlInfoWebsite_c20250801__20260731__oef--ClassAxis__custom--C000264078Member_zTlZ0CFRIq7f">www.yieldmaxetfs.com/our-etfs/dddd/</span>.
You can also request this information by contacting us at <span id="xdx_90F_eoef--AddlInfoPhoneNumber_c20250801__20260731__oef--ClassAxis__custom--C000264078Member_zGGluEf1gbkH">(844) 737-3001</span>
or by writing to YieldMax™ U.S. Stocks Target Double Distribution ETF,
c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201‑0701.
www.yieldmaxetfs.com/our-etfs/dddd/
(844) 737-3001
<p id="xdx_80A_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000264078Member_dU_zf329ASRdxQs" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: -4pt 0 0; text-align-last: auto; display: block; min-height: 20.52px; align-content: center; line-height: 20.53px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">What
were the Fund costs for the past year?</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: -2pt 0 2pt; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(based
on a hypothetical $10,000 investment)</span></span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto; padding-top: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal">
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Class
Name</span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Costs
of a $10,000 investment</span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Costs
paid as a percentage of a $10,000 investment</span></div></th></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_983_eoef--ClassName_c20250801__20260731__oef--ClassAxis__custom--C000264078Member_zonZApmltzqZ" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">YieldMax™
U.S. Stocks Target Double Distribution ETF</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$<span id="xdx_90C_eoef--ExpensesPaidAmt_c20250801__20260731__oef--ClassAxis__custom--C000264078Member_fKg_____zxoapkMzD6ak">40</span>*</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal"><span id="xdx_901_eoef--ExpenseRatioPct_dp_c20250801__20260731__oef--ClassAxis__custom--C000264078Member_fKio___znltheoehXP4">0.99%</span>**</span></div></td></tr>
</table></div></div></div>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 8pt/10pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0">
<table cellpadding="0" cellspacing="0" style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td id="xdx_F0E_zIeGLv6yP5kR" style="width: 15pt; text-align: right">*</td><td style="width: 5pt"></td><td id="xdx_F11_zuMmUuy6dGGl" style="text-align: justify"><span id="xdx_90D_eoef--ExpensesShortPeriodFnTextBlock_c20250801__20260731__oef--ClassAxis__custom--C000264078Member_z2q6KDNmMZWv">The Fund commenced operations on March 11, 2026. Expenses for a full reporting period would
be higher than the figures shown.</span></td>
</tr></table>
</div></div>
<table cellpadding="0" cellspacing="0" style="font: 300 8pt/10pt Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 15pt; text-align: right"><span id="xdx_F0B_zzI2Vx0vU1J0" style="font-weight: normal">**</span></td><td style="width: 5pt"></td><td id="xdx_F1A_zLP0onLsW9h1" style="text-align: justify">Costs paid as a percentage of a $10,000 investment is an annualized figure.</td>
</tr></table>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 1pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
YieldMax™ U.S. Stocks Target Double Distribution ETF
40
0.0099
The Fund commenced operations on March 11, 2026. Expenses for a full reporting period would
be higher than the figures shown.
<p id="xdx_805_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000264078Member_dU_zYGrHiXhqj2i" style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33.6px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center; font-weight: bold">Cumulative
Performance</p>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: -3pt 0 0; text-align-last: auto; display: block; min-height: 14.92px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: center">(Initial
Investment of $10,000)</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center">
<div style="box-sizing: border-box; text-align-last: auto; padding-top: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none">
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Date</div></td>
<td id="xdx_4B7_oef--ClassAxis_custom--C000264078Member_z9ifSsklMObw" style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">YieldMax™ U.S. Stocks Target Double Distribution ETF
- at NAV - $10,760</div></td>
<td id="xdx_4B3_oef--BroadBasedIndexAxis_custom--SAndP500TotalReturnIndexMember_zxXhjkOmP82X" style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">S&P 500® Total Return Index - $11,100</div></td></tr>
<tr id="xdx_439_c20260311__20260311_eoef--AccmVal_zRuQXyv5W5LL" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">3/11/2026</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10000</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10000</div></td></tr>
<tr id="xdx_43F_c20260311__20260331_eoef--AccmVal_zJwZzkwRVzIH" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">3/31/2026</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">9977</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">9641</div></td></tr>
<tr id="xdx_439_c20260311__20260430_eoef--AccmVal_zd9FdLYK9EkY" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">4/30/2026</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10348</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10653</div></td></tr>
<tr id="xdx_43E_c20260311__20260531_eoef--AccmVal_zNKq2C64a0Ha" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">5/31/2026</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10484</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11214</div></td></tr>
<tr id="xdx_438_c20260311__20260630_eoef--AccmVal_zIb5JqOS7HTD" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">6/30/2026</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10254</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11107</div></td></tr>
<tr id="xdx_430_c20260311__20260731_eoef--AccmVal_zbH4ta7odZje" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">7/31/2026</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10760</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11100</div></td></tr>
</table></div></div><img alt="line" src="qesg2cw31mufqpbk0.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/></div></div></div>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 8pt Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; display: block"></span></div></div>
10000
10000
9977
9641
10348
10653
10484
11214
10254
11107
10760
11100
<p id="xdx_802_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000264078Member_dU_z9IDPK2zACUr" style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33.6px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center; font-weight: bold">Annual
Performance</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; padding-top: 0; color: #4f4f4f; text-indent: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal">
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"></span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Since
Inception (<span id="xdx_907_eoef--PerfInceptionDate_c20250801__20260731__oef--ClassAxis__custom--C000264078Member_zVESFoPCsj3O">3/11/26</span>)</span></div></th></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Yieldmax™
U.S. Stocks Target Double Distribution ETF - at NAV</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal"><span id="xdx_905_eoef--AvgAnnlRtrPct_dp_c20260311__20260731__oef--ClassAxis__custom--C000264078Member_fKg_____zm6JIW7H2sBi">7.61%</span>*</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">S&P
500® Total Return Index</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_981_eoef--AvgAnnlRtrPct_dp_c20260311__20260731__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_ztI3vxQiMbqj" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">11.00%</span></div></td></tr>
</table></div></div></div>
<table cellpadding="0" cellspacing="0" style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td id="xdx_F01_zFIaT28UFtD1" style="width: 15pt; text-align: right"><span style="font-weight: normal">*</span></td><td style="width: 5pt"></td><td style="text-align: justify"><span id="xdx_F19_zS752Gl5PL0e" style="font-weight: normal">Not Annualized for periods less than one year.</span></td>
</tr></table>
2026-03-11
0.0761
0.1100
The
Fund's past performance is not a good indicator of how the Fund will perform in the future.
The graph and table do not reflect the deduction
of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Visit
www.yieldmaxetfs.com/our-etfs/dddd/
for more recent performance information.
<p id="xdx_80B_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000264078Member_dU_zACVvJtDX5hp" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: 16pt 0 2pt; text-align-last: auto; display: block; min-height: 20.52px; align-content: center; line-height: 20.53px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold"><b style="box-sizing: border-box; font-weight: bold">How
Did the Fund Perform During the Reporting Period?</b></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt/12pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: justify"><span style="box-sizing: border-box; display: block; margin-bottom: 4pt; font-weight: normal">Since
its inception in March 2026, DDDD generated a positive total return, as gains among its underlying dividend equity holdings were supplemented
by income generated through its options overlay. The Fund made regular distributions designed to approximate double the annualized distribution
yield of the Schwab U.S. Dividend Equity ETF (SCHD).</span></div></div>
<p style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 20.52px; align-content: center; line-height: 20.53px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">What
Factors Influenced Performance?</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt/11pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; display: block; text-align: justify"><span style="box-sizing: border-box; display: block; margin-bottom: 4pt; font-weight: normal">Performance
was primarily influenced by the returns of the Fund's underlying portfolio, which tracks the constituents of the Dow Jones U.S. Dividend
100 Index, comprised of high-quality U.S. companies with strong financial fundamentals and consistent dividend histories. The Fund's actively
managed options overlay, which sells credit call and put spreads on a select subset of the underlying holdings, generated additional premium
income.</span></div></div>
<p style="font: 700 11pt/14pt Gotham Narrow-Bold,Arial; margin: 0 0 2pt; text-align-last: auto; min-height: 18.66px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; display: block; font-weight: bold">Positioning
of the Fund</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt/12pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; display: block; text-align: justify"><span style="box-sizing: border-box; display: block; margin-bottom: 4pt; font-weight: normal">The
Fund continues to combine long positions in high-quality, dividend-paying U.S. companies with an actively managed options overlay designed
to generate additional income. DDDD seeks to target approximately double the annualized distribution yield of SCHD while seeking similar
price exposure to the underlying dividend equities.</span></div></div>
<p id="xdx_804_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000264078Member_dU_zaNbq4xDJzTe" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 24.26px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">Key
Fund Statistics</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(as
of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box; font-weight: normal">July 31, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">)</span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; padding-top: 0; color: #4f4f4f; text-indent: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse; line-height: normal">
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Fund
Size (Thousands)</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_981_eus-gaap--AssetsNet_iI_pn3n3_c20260731__oef--ClassAxis__custom--C000264078Member_z06J4mqZaPX3" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$6,567</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Number
of Holdings</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_984_eoef--HoldingsCount_iI_uHoldings_c20260731__oef--ClassAxis__custom--C000264078Member_zDaM4LLyolfw" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">264</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Total
Advisory Fee Paid</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98D_eoef--AdvisoryFeesPaidAmt_c20250801__20260731__oef--ClassAxis__custom--C000264078Member_z48Ju3BiSbhR" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$16,507</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Portfolio
Turnover</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98F_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20250801__20260731__oef--ClassAxis__custom--C000264078Member_zt5U5Je7u47L" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">40%</span></div></td></tr>
</table></div></div></div>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 8pt Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; display: block"></span></div></div>
6567000
264
16507
0.40
<p id="xdx_800_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000264078Member_dU_zzVjyDSd89eu" style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: -8pt 0 0; text-align-last: auto; display: block; min-height: 33.6px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">What
did the Fund invest in?</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: -2pt 0 8pt; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(as
of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box; font-weight: normal">July 31, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">)</span></p><div style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 12pt 0 0; text-align-last: auto; display: block; min-height: 24.26px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">Security
Type - Investments</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(%
of Net Assets)</span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto; padding-top: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none">
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Sector</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">%</div></td></tr>
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Common Stocks</div></td>
<td style="box-sizing: border-box">
<div id="xdx_989_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000264078Member__oef--IndustrySectorAxis__custom--CommonStocksMember_z9g8MbpjG0Pi" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">99.5%</div></td></tr>
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Purchased Call Options</div></td>
<td style="box-sizing: border-box">
<div id="xdx_988_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000264078Member__oef--IndustrySectorAxis__custom--PruchasedCallOptionsMember_zCyFuY1X6YYR" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">1.5%</div></td></tr>
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Purchased Put Options</div></td>
<td style="box-sizing: border-box">
<div id="xdx_981_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000264078Member__oef--IndustrySectorAxis__custom--PurchasedPutOptionsMember_zeb5jB3RsrEi" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">0.7%</div></td></tr>
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Cash & Cash Equivalents</div></td>
<td style="box-sizing: border-box">
<div id="xdx_986_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000264078Member__oef--IndustrySectorAxis__us-gaap--CashAndCashEquivalentsMember_zijXzCqvN1W8" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">-1.7%</div></td></tr>
</table></div></div><img alt="bar" src="qes4dgct1mug4jxt5.jpg" style="box-sizing: border-box; width: 100%; height: auto"/></div></div>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 24.26px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">Security
Type - Other Financial Instruments</p>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 16.79px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(%
of Net Assets)</span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto; padding-top: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none">
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Sector</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">%</div></td></tr>
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Written Call Options</div></td>
<td style="box-sizing: border-box">
<div id="xdx_980_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000264078Member__oef--IndustrySectorAxis__custom--WrittenPutOptionsMember_zZ4bmZThpxis" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">-2.4%</div></td></tr>
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Written Put Options</div></td>
<td style="box-sizing: border-box">
<div id="xdx_988_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000264078Member__oef--IndustrySectorAxis__custom--WrittenCallOptionsMember_zRtXtmo4Kq7Q" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">-1.1%</div></td></tr>
</table></div></div><img alt="bar" src="qes4dgct1mug4kprx.jpg" style="box-sizing: border-box; width: 100%; height: auto"/></div></div>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box"></span></p>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 29.84px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-weight: normal">Percentages
are based on net assets. Cash & Cash Equivalents represents cash, short-term investments, and liabilities in excess of other assets.</span></p></div><div style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p></div>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/10pt Gotham Narrow-Light,Arial; margin: -20pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
0.995
0.015
0.007
-0.017
-0.024
-0.011
<div id="xdx_809_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000264078Member_dU_zm0qXGTg4CYB" style="box-sizing: border-box; text-align-last: auto">
<table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal">
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Top
Holdings</span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">(%
of Net</span></div>
<div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Assets)</span></div></th></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Abbott
Laboratories</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_985_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000264078Member__oef--LargestHoldingAxis__custom--AbbottLaboratoriesMember_zYez4VExXmn6" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">4.7</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Amgen,
Inc.</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98B_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000264078Member__oef--LargestHoldingAxis__custom--AmgenIncMember_zqoSZ746pCc8" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">4.4</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Merck
& Co., Inc.</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98A_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000264078Member__oef--LargestHoldingAxis__custom--MerckAndCoIncMember_zt2wwvFBV3IX" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">4.4</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Coca-Cola
Co.</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_988_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000264078Member__oef--LargestHoldingAxis__custom--CocaColaCoMember_zgNhnE864wv_zGKm0BSHIx5x" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">4.3</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">UnitedHealth
Group, Inc.</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_984_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000264078Member__oef--LargestHoldingAxis__custom--UnitedHealthGroupIncMember_zltueIKKmZkV" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">4.2</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Home
Depot, Inc.</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_988_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000264078Member__oef--LargestHoldingAxis__custom--HomeDepotIncMember_zhqLLRdwCUAA" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">4.1</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Chevron
Corp.</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_980_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000264078Member__oef--LargestHoldingAxis__custom--ChevronCorpMember_z67pXhhH6YYG" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">4.0</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Procter
& Gamble Co.</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_982_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000264078Member__oef--LargestHoldingAxis__custom--ProcterAndGambleCoMember_zHkIjuCOI1ek" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">4.0</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Verizon
Communications, Inc.</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_986_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000264078Member__oef--LargestHoldingAxis__custom--VerizonCommunicationsIncMember_zk3AJ9Qs4pfC" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">3.9</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">PepsiCo,
Inc.</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_984_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000264078Member__oef--LargestHoldingAxis__custom--PepsiCoIncMember_z2mzXNZnkFe9" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">3.8</span></div></td></tr>
</table></div>
0.047
0.044
0.044
0.043
0.042
0.041
0.040
0.040
0.039
0.038
<p id="xdx_80A_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000264078Member_dU_zEQteZv1fUEO" style="font: 700 11pt/13pt Gotham Narrow-Bold,Arial; margin: -2pt 0 0; text-align-last: auto; display: block; min-height: 17.33px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold"><span style="box-sizing: border-box; font-size: 10pt; font-weight: bold">Fund
Changes</span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt/12pt Gotham Narrow-Light,Arial; margin: 2pt 0 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; display: block; margin-bottom: 4pt; font-weight: normal">Effective
<span id="xdx_90B_eoef--MaterialChngDate_c20250801__20260731__oef--ClassAxis__custom--C000264078Member_zW28toYi8nFe">April 16, 2026</span> the Fund’s investment strategy is revised to provide that the Fund may invest in shares of Schwab U.S. Dividend Equity
ETF (“SCHD”), as well as select securities held by SCHD or securities highly correlated with such holdings. The Fund may also
generate premiums by selling (writing) options on SCHD and such underlying or correlated securities.</span></div></div>
2026-04-16