FIVY

The YieldMax Dorsey Wright Hybrid 5 Income ETF (FIVY) seeks to track the performance of the Nasdaq Dorsey Wright Tactical Hybrid Option Income Strategy Index (the "Index"). The Index relates exclusively to select YieldMax ETFs, specifically those that provide long exposure to a single company or one or more exchange traded products. The companies or exchange traded products that underlie such YieldMax ETFs are referred to as the "Underlying Securities". For example, Tesla, Inc. ("TSLA") is the "Underlying Security" of the YieldMax TSLA Option Income Strategy ETF ("TSLY"). The Index selects for inclusion the five YieldMax ETFs that correspond to the five Underlying Securities that rank highest according to Dorsey Wright's proprietary momentum rating methodology. In addition, the Index also selects for inclusion the five highest ranked securities. There are usually a total of ten components in the Index and at each monthly rebalance, each YieldMax ETF receives a 12% weight, and each underlying security receives an 8% weight. The result is a "hybrid" index with 60% exposure to YieldMax ETFs and 40% exposure to the Underlying Securities of those YieldMax ETFs. See Holdings below for the current components. Due to the investment strategies of the Underlying YieldMax ETFs, the Fund's indirect exposure to gains, if any, of the share price returns of the Underlying Securities is capped. However, the Fund is subject to all potential losses if the shares of the Underlying Securities decrease in value, which may not be offset by income received by the Fund.