YieldMax Semiconductor Portfolio Option Income ETF (YieldMax Semiconductor Portfoli) ETF

The fund’s strategy involves: (1) constructing a portfolio of U.S.-listed equity securities of semiconductor companies (each, an “underlying security”) (the “Equity Strategy”) and (2) generating income through an options portfolio (the “Options Strategies”), which involve using options contracts on underlying securities and/or semiconductor ETFs. The fund is non-diversified.