Filed pursuant to Rule
Registration Nos. 333-264478; 811-23793
YieldMax® Innovation Option Income Strategy ETF (OARK)
YieldMax® KWEB Option Income Strategy ETF (KWBY)
YieldMax® Gold Miners Option Income Strategy ETF (GDXY)
YieldMax® XBI Option Income Strategy ETF (XBIY)
YieldMax® TLT Option Income Strategy ETF (YTLT)
Each listed on NYSE Arca, Inc.
Supplement to the Prospectus and
Statement of Additional Information (“SAI”),
each dated
and where applicable a Fund’s Summary Prospectus
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.