Filed pursuant to Rule
Registration Nos. 333-264478; 811-23793
YieldMax® Dorsey Wright Hybrid 5 Income ETF (FIVY)
YieldMax® Dorsey Wright Featured 5 Income ETF (FEAT)
Each listed on The Nasdaq Stock Market, LLC
Supplement to the
Prospectus and Statement of Additional Information (“SAI”),
each dated
and each Summary Prospectus each dated December 11, 2024
Effective on October 1, 2025, all references in the Funds’ summary prospectuses, prospectus and SAI to the frequency of the Funds’ payment of income distributions are hereby changed to reflect that the Funds will seek to make such distributions on a monthly or more frequent basis.
Please retain this Supplement for future reference.