0001924868 2026-10-16 2026-10-16 0001924868 qumy:S000109635Member 2026-10-16 2026-10-16 0001924868 qumy:S000109635Member qumy:QuantumComputingIndustryRiskMember 2026-10-16 2026-10-16 0001924868 qumy:S000109635Member qumy:DerivativesRiskMember 2026-10-16 2026-10-16 0001924868 qumy:S000109635Member qumy:OptionsContractsMember 2026-10-16 2026-10-16 0001924868 qumy:S000109635Member qumy:SwapAgreementsMember 2026-10-16 2026-10-16 0001924868 qumy:S000109635Member qumy:CounterpartyRiskMember 2026-10-16 2026-10-16 0001924868 qumy:S000109635Member qumy:DistributionRiskMember 2026-10-16 2026-10-16 0001924868 qumy:S000109635Member qumy:NavErosionRiskDueToDistributionsMember 2026-10-16 2026-10-16 0001924868 qumy:S000109635Member qumy:EquityMarketRiskMember 2026-10-16 2026-10-16 0001924868 qumy:S000109635Member qumy:ConcentrationRiskMember 2026-10-16 2026-10-16 0001924868 qumy:S000109635Member qumy:EconomicAndMarketRiskMember 2026-10-16 2026-10-16 0001924868 qumy:S000109635Member qumy:EtfRisksMember 2026-10-16 2026-10-16 0001924868 qumy:S000109635Member qumy:AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember 2026-10-16 2026-10-16 0001924868 qumy:S000109635Member qumy:CashRedemptionRiskMember 2026-10-16 2026-10-16 0001924868 qumy:S000109635Member qumy:CostsOfBuyingOrSellingSharesMember 2026-10-16 2026-10-16 0001924868 qumy:S000109635Member qumy:SharesMayTradeAtPricesOtherThanNavMember 2026-10-16 2026-10-16 0001924868 qumy:S000109635Member qumy:TradingMember 2026-10-16 2026-10-16 0001924868 qumy:S000109635Member qumy:ForeignSecuritiesRiskMember 2026-10-16 2026-10-16 0001924868 qumy:S000109635Member qumy:EmergingMarketsRiskMember 2026-10-16 2026-10-16 0001924868 qumy:S000109635Member qumy:DepositaryReceiptRiskMember 2026-10-16 2026-10-16 0001924868 qumy:S000109635Member qumy:ForeignCurrencyRiskMember 2026-10-16 2026-10-16 0001924868 qumy:S000109635Member qumy:HighPortfolioTurnoverRiskMember 2026-10-16 2026-10-16 0001924868 qumy:S000109635Member qumy:InflationRiskMember 2026-10-16 2026-10-16 0001924868 qumy:S000109635Member qumy:MarketCapitalizationRiskMember 2026-10-16 2026-10-16 0001924868 qumy:S000109635Member qumy:LargecapitalizationInvestingMember 2026-10-16 2026-10-16 0001924868 qumy:S000109635Member qumy:MidcapitalizationInvestingMember 2026-10-16 2026-10-16 0001924868 qumy:S000109635Member qumy:SmallcapitalizationInvestingMember 2026-10-16 2026-10-16 0001924868 qumy:S000109635Member qumy:OtherInvestmentCompaniesRiskMember 2026-10-16 2026-10-16 0001924868 qumy:S000109635Member qumy:MoneyMarketInstrumentRiskMember 2026-10-16 2026-10-16 0001924868 qumy:S000109635Member qumy:NewFundRiskMember 2026-10-16 2026-10-16 0001924868 qumy:S000109635Member oef:RiskNondiversifiedStatusMember 2026-10-16 2026-10-16 0001924868 qumy:S000109635Member qumy:OperationalRiskMember 2026-10-16 2026-10-16 0001924868 qumy:S000109635Member qumy:TaxRiskMember 2026-10-16 2026-10-16 0001924868 qumy:S000109635Member qumy:USGovernmentandUSAgencyObligationsRiskMember 2026-10-16 2026-10-16 0001924868 qumy:C000280760Member 2026-10-16 2026-10-16 0001924868 qumy:S000109635Member oef:RiskLoseMoneyMember 2026-10-16 2026-10-16 iso4217:USD pure false 485BPOS 0001924868 2026-10-16 N-1A TIDAL TRUST II 2026-10-16 YieldMax® Quantum Portfolio Option Income ETF - FUND SUMMARY Investment Objective The Fund’s primary investment objective is to seek current income. The Fund’s secondary investment objective is to seek capital appreciation via investments in a select portfolio of Quantum Companies and/or one or more Quantum ETFs (each defined below). Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. <div id="xdx_A8C_eoef--AnnualFundOperatingExpensesTableTextBlock_zcKF9PUtiSH1"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zEi8oNvZYVLi" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td colspan="4" id="xdx_982_eoef--OperatingExpensesCaption_c20261016__20261016__dei--LegalEntityAxis__custom--S000109635Member_zrNgL1eC2NBk" style="border-bottom: black 1pt solid">Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment)</td> <td style="border-bottom: black 1pt solid"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 82%">Management Fee</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td id="xdx_98D_eoef--ManagementFeesOverAssets_dp0_c20261016__20261016__oef--ClassAxis__custom--C000280760Member_fKDEp_zwNRYnBjcFya" style="width: 15%; text-align: right">0.99</td> <td style="width: 1%">%</td></tr> <tr style="vertical-align: bottom"> <td>Distribution and Service (12b-1) Fees</td> <td> </td> <td> </td> <td id="xdx_98F_eoef--DistributionAndService12b1FeesOverAssets_dpn_c20261016__20261016__oef--ClassAxis__custom--C000280760Member_fKDEp_zUCERLWq2Lh6" style="text-align: right">None</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid">Other Expenses (includes interest expense)(2)</td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td id="xdx_983_eoef--OtherExpensesOverAssets_dp0_c20261016__20261016__oef--ClassAxis__custom--C000280760Member_fKDEpKDIp_zpVEGmWL3HY7" style="border-bottom: black 1pt solid; text-align: right">0.03</td> <td style="border-bottom: black 1pt solid">%</td></tr> <tr style="vertical-align: bottom"> <td>Total Annual Fund Operating Expenses(3)</td> <td> </td> <td> </td> <td id="xdx_98F_eoef--ExpensesOverAssets_dp0_c20261016__20261016__oef--ClassAxis__custom--C000280760Member_fKDEpKDMp_zhRPoh7m80Yf" style="border-bottom: black 2.25pt double; text-align: right">1.02</td> <td style="border-bottom: black 2.25pt double">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 38px">(1)</td> <td style="text-align: justify">The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees) excluding interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses.</td></tr> <tr style="vertical-align: top"> <td>(2)</td> <td style="text-align: justify">Based on estimated amounts for the current fiscal year.</td></tr> <tr style="vertical-align: top"> <td>(3)</td> <td style="text-align: justify">The costs of investing in any swaps are an indirect expense that is not included in the above fee table and not reflected in the expense example.</td></tr> </table> Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) 0.0099 0 0.0003 0.0102 Based on estimated amounts for the current fiscal year. Expense Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A86_eoef--ExpenseExampleWithRedemptionTableTextBlock_z0nTLWtMeFWi"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_za3TWCVOrv8l" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 90%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: top"> <td style="border-top: black 1pt solid; width: 50%; text-align: center">1 Year</td> <td style="border-top: black 1pt solid; width: 50%; text-align: center">3 Years</td></tr> <tr style="vertical-align: top"> <td style="border-bottom: black 1pt solid; text-align: center">$104</td> <td style="border-bottom: black 1pt solid; text-align: center">$325</td></tr> </table> 104 325 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in total annual fund operating expenses or in the expense example above, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available. Principal Investment Strategies The Fund is an actively managed exchange-traded fund (“ETF”) that seeks (i) to generate cash distributions, and (ii) capital appreciation. The Fund’s strategy involves: (1) an “Equity Strategy” (described below) comprised of a portfolio of U.S.-listed equity securities of Quantum Companies and/or the shares of one or more Quantum ETFs (each Quantum Company and Quantum ETF is an “Underlying Security” and collectively, the “Underlying Securities”) and (2) the use of options strategies designed to generate premiums (the “Options Strategies”), which involve using options contracts on one or more of the Underlying Securities (described below). The Fund will also maintain a minor allocation to cash, money market funds or U.S. Treasuries, not exceeding ten percent of its total assets. Equity Strategy The Adviser selects the Quantum Companies in which the Fund will invest, if any. Quantum Companies are companies that are engaged in the development, commercialization, or application of quantum computing and quantum technologies (each, a "Quantum Company"). The Adviser identifies Quantum Companies using a proprietary classification framework referred to as the Quantum Industry Classification System ("QICS"). Under this framework, companies are evaluated based on their primary business activities, estimated economic exposure to quantum technologies, and the extent to which quantum technologies represent a material component of the company's business operations and expected future growth. The Fund generally invests in companies classified within one or more of the following QICS categories: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">Quantum Hardware Pure Plays – companies primarily engaged in designing, developing, manufacturing, or commercializing quantum computing hardware, processors, and related systems.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px; text-align: justify">●</td> <td style="text-align: justify">Quantum Platforms & Full-Stack Systems – companies providing integrated quantum computing platforms, including hardware, software, middleware, cloud access, developer tools, and quantum applications.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px; text-align: justify">●</td> <td style="text-align: justify">Quantum Software & Algorithms – companies focused primarily on quantum software infrastructure, compilers, algorithms, optimization, simulation, and application development.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px; text-align: justify">●</td> <td style="text-align: justify">Quantum Security & Post-Quantum Cryptography – companies principally engaged in quantum-safe cybersecurity, post-quantum cryptography, quantum random number generation, quantum key distribution, and related security technologies.</td></tr> </table> The Adviser generally expects each portfolio company to derive a majority of its current revenues, or to have a substantial portion of its business activities and economic exposure, from quantum computing or quantum technology-related products or services. In evaluating potential investments, the Adviser considers factors including revenue exposure, business focus, technological leadership, commercial adoption, competitive positioning, intellectual property, and long-term growth prospects within the quantum technology industry. In addition to or as an alternative to investing in Quantum Companies, the Adviser may select one or more Quantum ETFs in which the Fund will invest. A “Quantum ETF” is a U.S.-listed ETF that seeks to track the performance of a portfolio or index primarily comprised of Quantum Companies. The Adviser may add, remove, or replace one or more Underlying Securities as companies and/or ETFs enter or exit the quantum technology industry, experience material changes in their portfolios or business operations, or if such Underlying Security no longer satisfies the Adviser's eligibility criteria. To enable the Fund to effectively implement its Options Strategies, the Adviser evaluates the liquidity of a potential Underlying Security’s shares or common stock, as applicable, and the liquidity of its options contracts. The Fund may invest in one or more Underlying Securities of any asset or market capitalization size, as applicable. The Adviser will also evaluate price level and implied volatility (i.e., a measure of how much the market believes the price of a stock or other underlying asset will move in the future) when selecting any Underlying Security for investment and will monitor for these factors when determining whether to select any new Underlying Security or remove any existing Underlying Security from the portfolio. Quantum Companies may include companies from foreign countries, including emerging markets. Quantum Companies may include depositary receipts, such as American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”). The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in the same industry or groups of industries as those of Quantum Companies and/or Quantum ETFs, which subjects the Fund to specific industry-related risks. The Fund’s equity portfolio will generally be comprised of one or more Quantum ETFs and/or between five and thirty Quantum Companies, although the number of such companies may change over time. Dividends, if any, paid by the Fund’s equity portfolio holdings will contribute to the Fund’s income generation. In addition, the Fund’s equity portfolio may provide capital appreciation. The Fund’s strategy may result in high portfolio turnover on an annual basis. The Fund will invest in Underlying Securities directly or indirectly. The Fund may invest in Underlying Securities “synthetically,” or via swaps, for tactical reasons or to comply with regulatory requirements. To invest synthetically, the Fund will use options contracts on Underlying Securities (considered indirect or synthetic long holdings of the Underlying Securities) to gain exposure to the share price performance of the Underlying Securities. The Fund may also invest directly or indirectly (i.e., synthetically or via swaps as described above) in Quantum ETFs (described above), including, but not limited to, the Defiance Quantum ETF (Nasdaq: QTUM). Options Strategies – Seeking Premiums Separately, the Fund employs various options strategies focused on generating premiums. Generally speaking, the Fund sells (writes) options on some or all of the Underlying Securities, receiving premiums from counterparties that pay for the right to buy or sell at a set price. These premiums are an important driver of the Fund’s distributions. On a weekly basis, the Adviser uses one or more options strategies to seek to generate net premiums (i.e., option premiums received, less option premiums paid). Receipt of an option premium does not always represent income depending on the outcome of the overall options transaction. Premium levels are influenced by market conditions, particularly volatility, and the Adviser may adjust the Fund’s options strategies depending on the outlook for any of the Underlying Securities. While option selling may provide premium opportunities, it may also limit upside gains or increase downside risk. The Fund’s options strategies are applied consistently, regardless of whether the Underlying Securities are held directly or indirectly through synthetic exposure. The options strategy most frequently utilized by the Fund is called a covered call spread, which is a type of selling credit spread. The Fund uses covered call spreads to earn premium by selling a call option while buying another at a higher strike, with both profit and loss capped. See the prospectus section titled “Additional Information About the Fund” for a list of the options strategies that the Fund may utilize, together with a description of each options strategy. Distributions may include a significant portion classified as return of capital (“ROC”). ROC generally represents a return of a shareholder’s invested capital rather than traditional income such as dividends or interest. See the prospectus section titled “Additional Information About the Fund” for more information about option premiums and ROC. Treasuries In addition, the Fund will hold cash or short-term U.S. Treasury securities. These securities serve a dual purpose: providing collateral for the Options Strategies and contributing to the Fund’s income generation. Additional Fund Attributes The Fund is classified as “non-diversified” under the 1940 Act. The Fund’s investment strategy is expected to result in high portfolio turnover on an annual basis. Under normal circumstances, the Fund will invest at least 80% of the value of its assets, plus borrowings for investment purposes, in the equity securities of Quantum Companies and/or Quantum ETFs and in options contracts on Quantum Companies and/or Quantum ETFs. For purposes of the foregoing, the Fund defines a “Quantum Company” as a company that generates at least 50% of its revenue, or that has a substantial portion of its business activities and economic exposure, from quantum computing or quantum technology-related products or services, and a “Quantum ETF” as a U.S.-listed ETF that seeks to track the performance of a portfolio or index primarily comprised of Quantum Companies. There is no guarantee that the Fund’s investment strategy will be properly implemented, and an investor may lose some or all of its investment. Under normal circumstances, the Fund will invest at least 80% of the value of its assets, plus borrowings for investment purposes, in the equity securities of Quantum Companies and/or Quantum ETFs and in options contracts on Quantum Companies and/or Quantum ETFs. The Fund may not achieve its investment objective and there is a risk that you could lose all of your money invested in the Fund. Quantum Computing Industry Risk. The quantum computing industry may be significantly affected by intense competition, aggressive pricing dynamics, rapid technological advancements, and the risk of product obsolescence. Companies in this industry face substantial competitive pressures, including competition for market share, the entry of new participants, and short innovation cycles driven by accelerated technological developments. These factors may result in limited earnings potential, declining profit margins, or both. Companies in the quantum computing sector are also exposed to the risk that their technologies, products, or services may fail to gain acceptance by consumers or businesses or may become rapidly outdated due to evolving advancements. The success of many quantum computing companies depends heavily on patent protection and intellectual property rights, making the cost of obtaining (or failing to obtain) patent approvals, litigating patent disputes, and the potential loss of patent protection critical factors affecting profitability. The expiration or invalidation of key patents can intensify pricing pressures and materially reduce profitability. Additionally, many companies in this sector have limited operating histories, adding to the uncertainty of their financial stability and long-term viability. Securities of quantum computing companies have historically demonstrated higher volatility compared to broader markets, particularly over shorter time frames, reflecting the speculative nature of the industry and the risks inherent in pioneering emerging technologies. Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be an imperfect correlation between the value of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. In addition, the Fund’s investments in derivatives are subject to the following risks: Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political and economic events, changes in the actual or implied volatility of the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in the values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, to the extent the Fund maintains indirect exposure to an Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. Swap Agreements. The use of swap transactions is a highly specialized activity, which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Whether the Fund will be successful in using swap agreements to achieve its investment goal depends on the ability of the Adviser to structure such swap agreements in accordance with the Fund’s investment objective and to identify counterparties for those swap agreements. Additionally, any financing, borrowing or other costs associated with using swap transactions may also have the effect of lowering the Fund’s return. The swap agreements in which the Fund invests are generally traded in the over-the-counter market, which generally has less transparency than exchange-traded derivatives instruments. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference assets or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a basket of securities. Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in options contracts. Transactions in some types of derivatives, including options, are required to be centrally cleared (“cleared derivatives”). In a transaction involving cleared derivatives, the Fund’s counterparty is a clearing house rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house (“clearing members”) can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members. In cleared derivatives positions, the Fund will make payments (including margin payments) to and receive payments from a clearing house through their accounts at clearing members. Customer funds held at a clearing organization in connection with any options contracts are held in a commingled omnibus account and are not identified to the name of the clearing member’s individual customers. As a result, assets deposited by the Fund with any clearing member as margin for options may, in certain circumstances, be used to satisfy losses of other clients of the Fund’s clearing member. In addition, although clearing members guarantee performance of their clients’ obligations to the clearing house, there is a risk that the assets of the Fund might not be fully protected in the event of the clearing member’s bankruptcy, as the Fund would be limited to recovering only a pro rata share of all available funds segregated on behalf of the clearing member’s customers for the relevant account class. The Fund is also subject to the risk that a limited number of clearing members are willing to transact on the Fund’s behalf, which heightens the risks associated with a clearing member’s default. If a clearing member defaults the Fund could lose some or all of the benefits of a transaction entered into by the Fund with the clearing member. If the Fund cannot find a clearing member to transact with on the Fund’s behalf, the Fund may be unable to effectively implement its investment strategy. Distribution Risk. As part of the Fund’s investment objective to provide current income, the Fund seeks to provide weekly income distributions. There is no assurance that the Fund will make a distribution in any given week. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next. Additionally, weekly distributions, if any, may consist of returns of capital, which would decrease the Fund’s NAV and trading price over time. As a result, an investor may suffer significant losses to their investment. NAV Erosion Risk Due to Distributions. When the Fund makes a distribution, the Fund’s NAV will typically drop by the amount of the distribution on the related ex-dividend date. The repeated payment of distributions by the Fund, if any, may significantly erode the Fund’s NAV and trading price over time. As a result, an investor may suffer significant losses to their investment. Equity Market Risk. Common stocks are generally exposed to greater risk than other types of securities, such as preferred stock and debt obligations, because common stockholders generally have inferior rights to receive payment from specific issuers. The equity securities held in the Fund’s portfolio may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific issuers, industries, or sectors in which the Fund invests. Concentration Risk. The Fund will concentrate its investments in securities of, or in instruments providing exposure to, the same industry or groups of industries as those of the Quantum Companies. The value of the Fund’s shares may rise and fall more than the value of shares that invest in securities of companies in a broader range of industries. Economic and Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. The imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic and foreign markets. ETF Risks. <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zD2fYlaYZE46" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 10pt 0.5in; text-align: justify">Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk. The Fund has a limited number of financial institutions that are authorized to purchase and redeem Shares directly from the Fund (known as “Authorized Participants” or “APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. Cash Redemption Risk. The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. By paying out higher annual capital gain distributions, investors may be subjected to increased capital gains taxes. Additionally, there may be brokerage costs or taxable gains or losses that may be imposed on the Fund in connection with a cash redemption that may not have occurred if the Fund had made a redemption in-kind. These costs could decrease the value of the Fund to the extent they are not offset by a transaction fee payable by an AP. Costs of Buying or Selling Shares. Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid-ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments. <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zEMKBzZlrCAg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Shares May Trade at Prices Other Than NAV. As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant. Trading. Although Shares are listed on a national securities exchange, such as the Nasdaq Stock Market LLC (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active trading market for the Shares will develop or be maintained or that the Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares. Shares trade on the Exchange at market price that may be below, at or above the Fund’s NAV. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable. In addition, trading in Shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. As a result, the Fund could be adversely affected and be unable to implement its investment strategies in the event of an unscheduled closing. Foreign Securities Risk. Investments in securities or other instruments of non-U.S. issuers involve certain risks not involved in domestic investments and may experience more rapid and extreme changes in value than investments in securities of U.S. companies. Financial markets in foreign countries often are not as developed, efficient, or liquid as financial markets in the United States, and therefore, the prices of non-U.S. securities and instruments can be more volatile. In addition, the Fund will be subject to risks associated with adverse political and economic developments in foreign countries, which may include the imposition of economic sanctions. Generally, there is less readily available and reliable information about non-U.S. issuers due to less rigorous disclosure or accounting standards and regulatory practices. <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsRiskMember_zIsKFWwXUCC8"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 33px"> </td> <td style="width: 33px">○</td> <td style="text-align: justify">Emerging Markets Risk. The Fund may invest in securities issued by companies domiciled or headquartered in emerging market nations. Investments in securities traded in developing or emerging markets, or that provide exposure to such securities or markets, can involve additional risks relating to political, economic, currency, or regulatory conditions not associated with investments in U.S. securities and investments in more developed international markets. Such conditions may impact the ability of the Fund to buy, sell or otherwise transfer securities, adversely affect the trading market and price for Fund Shares and cause the Fund to decline in value.</td></tr> </table> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--DepositaryReceiptRiskMember_zQ25uzp4lS73"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 33px"> </td> <td style="width: 33px">○</td> <td style="text-align: justify">Depositary Receipt Risk. Depositary receipts involve risks similar to those associated with investments in foreign securities and certain additional risks. Depositary receipts listed on U.S. exchanges are issued by banks or trust companies and entitle the holder to all dividends and capital gains that are paid out on the underlying foreign shares (“Underlying Shares”). When the Fund invests in depositary receipts as a substitute for an investment directly in the Underlying Shares, the Fund is exposed to the risk that the depositary receipts may not provide a return that corresponds precisely with that of the Underlying Shares. The Fund may invest in unsponsored depositary receipts. The issuers of unsponsored depositary receipts are not obligated to disclose material information in the United States and, therefore, there may be less information available regarding such issuers and there may not be a correlation between such information and the value of the depositary receipts.</td></tr> </table> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignCurrencyRiskMember_znr6bl9NGFLg"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 33px"> </td> <td style="width: 33px">○</td> <td style="text-align: justify">Foreign Currency Risk. The Fund’s exposure to foreign currencies subjects the Fund to the risk that those currencies will decline in value relative to the U.S. Dollar. Currency rates in foreign countries may fluctuate significantly over short periods of time for any number of reasons, including changes in interest rates and the imposition of currency controls or other political developments in the U.S. or abroad.</td></tr> </table> High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings. A high portfolio turnover rate increases transaction costs, which may increase the Fund’s expenses. Frequent trading may also cause adverse tax consequences for investors in the Fund due to an increase in short-term capital gains. Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline. Market Capitalization Risk. <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargecapitalizationInvestingMember_za2UGgTkxlb5"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 33px"> </td> <td style="width: 33px">○</td> <td style="text-align: justify">Large-Capitalization Investing. The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore subject to slower growth during times of economic expansion. Large-capitalization companies may also be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes.</td></tr> </table> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--MidcapitalizationInvestingMember_zaUGXZqephN6"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 33px"> </td> <td style="width: 33px">○</td> <td style="text-align: justify">Mid-Capitalization Investing. The securities of mid-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of large-capitalization companies. The securities of mid-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than large-capitalization stocks or the stock market as a whole.</td></tr> </table> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallcapitalizationInvestingMember_zsUzBJkkbJoa"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 33px"> </td> <td style="width: 33px">○</td> <td style="text-align: justify">Small-Capitalization Investing. The securities of small-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of large- or mid-capitalization companies. The securities of small-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than large- or mid-capitalization stocks or the stock market as a whole. Some small capitalization companies have limited product lines, markets, financial resources, and management personnel and tend to concentrate on fewer geographical markets relative to mid- and large-capitalization companies. There is typically less publicly available information concerning smaller-capitalization companies than for larger, more established companies.</td></tr> </table> Other Investment Companies Risk. The Fund will incur higher and duplicative expenses when it invests in ETFs and other investment companies. By investing in another investment company, the Fund becomes a shareholder of that investment company and bears its proportionate share of the fees and expenses of the other investment company. There is also the risk that the Fund may suffer losses due to the investment practices of the underlying funds as the Fund will be subject to substantially the same risks as those associated with the direct ownership of securities held by such investment companies. ETFs may be less liquid than other investments, and thus their share values more volatile than the values of the investments they hold. Investments in ETFs are also subject to the “ETF Risks” described above. Money Market Instrument Risk. The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Repurchase agreements are contracts in which a seller of securities agrees to buy the securities back at a specified time and price. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments, including money market funds, may lose money through fees or other means. New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions. Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio. This may increase the Fund’s volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund’s performance. Operational Risk. The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and Adviser seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks. Tax Risk. The Fund intends to elect and to qualify each year to be treated as a RIC under Subchapter M of the Code. As a RIC, the Fund will not be subject to U.S. federal income tax on the portion of its net investment income and net capital gain that it distributes to Shareholders, provided that it satisfies certain requirements of the Code. If the Fund does not qualify as a RIC for any taxable year and certain relief provisions are not available, the Fund’s taxable income will be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed. U.S. Government and U.S. Agency Obligations Risk. The Fund may invest in securities issued by the U.S. government or its agencies or instrumentalities. U.S. Government obligations include securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, such as the U.S. Treasury. Payment of principal and interest on U.S. Government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. In the latter case, the investor must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate repayment, which agency or instrumentality may be privately owned. There can be no assurance that the U.S. Government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so. Performance Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. Updated performance information will be available on the Fund’s website at www.yieldmaxetfs.com. Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. www.yieldmaxetfs.com The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees) excluding interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses. Based on estimated amounts for the current fiscal year. The costs of investing in any swaps are an indirect expense that is not included in the above fee table and not reflected in the expense example.