Frequently Asked Questions

Where can I find more information about YieldMax™ ETFs?

Please visit www.YieldMaxETFs.com, where you can find each ETF’s prospectus, historical distributions, standardized performance and more.

What is a YieldMax™ ETF?

Each YieldMax™ ETF is registered with the Securities and Exchange Commission (the SEC) under the 1940 Act as an open-end investment company (or “open-end fund”) that is authorized to trade on the NYSE Arca stock exchange. As an investment company, a YieldMax™ ETF is subject to the regulatory requirements of the federal securities laws and oversight by a board of directors. Please visit and review the investor bulletin on ETFs at www.Investor.gov for more information on ETFs.

Why do the shares outstanding of YieldMax™ ETFs change so frequently?

 Like all other exchange traded open-end funds, there is no limit to the number of shares a YieldMax™ ETF can issue. New shares can be issued (or retired) daily in accordance with net buying and selling of the ETF. As such, it is normal and expected for the number of shares outstanding of YieldMax™ ETFs, like those of any other ETF, to change frequently. Please visit and review the investor bulletin on ETFs for more information on how ETFs work. Only authorized participants (“APs”) may engage in creation or redemption transactions directly with an ETF. An ETF has a limited number of institutions that may act as APs and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the shares.

What is the strategy behind the YieldMax™ ETFs?
Each YieldMax™ ETF employs an actively managed options-based strategy. The predominant driver of potential income for this strategy comes from the selling of short-term options.
Which firms are involved in YieldMax™ ETFs?

The firms that help manage, advise and/or provide services to the YieldMax™ ETFs collectively have decades of experience in ETF management and options-based strategies.  Click here for a partial list of those firms.

What factors can impact the potential income of a YieldMax™ ETF?

The primary driver of the potential monthly income of a YieldMax™ ETF is the amount of premium earned selling the short-term options. In turn, the premium generated by these sales is materially impacted by the implied volatility (IV) of the options being sold. Investopedia defines “implied volatility” as follows: The market’s forecast of a likely movement in a security’s price. IV is often used to price options contracts where high implied volatility results in options with higher premiums and vice versa.

When are distributions paid?

 The distribution schedules for YieldMax™ ETFs can be found here.

What are the principal holdings of a YieldMax™ ETF?

The holdings of each YieldMax™ ETF can be found on the ETF’s webpage by scrolling down to “Holdings”.

When are you launching additional YieldMax™ ETFs?

We are not permitted to disclose the launch dates of any of our planned YieldMax™ ETFs. Once launched, information about YieldMax™ ETFs can be found at www.YieldMaxETFs.com.

Are YieldMax™ ETFs available at my brokerage?
Each brokerage firm independently determines which ETFs are available on its platform. Please contact your broker for more information.
Can I establish a dividend reinvestment plan (DRIP) on my shares of YieldMax™ ETFs?

Each brokerage firm independently determines which products are eligible for DRIP reinvestment.  Please contact your broker for more information.

Where can I find tax information about YieldMax™ ETFs?

Your brokerage firm is responsible for issuing a Form 1099 for investor tax reporting purposes. Additional tax information is available here.

Risk Information

Before investing you should carefully consider the Fund’s investment objectives, risks, charges and expenses. This and other information is in the prospectus. Please read the prospectuses carefully before you invest. 

Investments involve risk. Principal loss is possible. Shareholders of the funds are not entitled to any dividends paid out by TSLA, the ARK Innovation ETF, AAPL, NVDA, AMZN, META, GOOGL, NFLX, COIN, DIS, MSFT, XOM, JPM, AMD, PYPL.

The funds do not invest directly in the underlying stock or ETF.

Investing in the funds involves a high degree of risk.

Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security (TSLA), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole.

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, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

Risk Information

Before investing you should carefully consider the Fund’s investment objectives, risks, charges and expenses. This and other information is in the prospectus. Please read the prospectuses carefully before you invest. 

Investments involve risk. Principal loss is possible. Shareholders of the funds are not entitled to any dividends paid out by TSLA, the ARK Innovation ETF, AAPL, NVDA, AMZN, META, GOOGL, NFLX, COIN, DIS, MSFT, XOM, JPM, AMD, PYPL, SQ, MRNA, AI, MSTR.

The funds do not invest directly in the underlying stock or ETF.

Investing in the funds involves a high degree of risk.

Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security (TSLA), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole.

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, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

Single Issuer Risk. Issuer-specific attributes may cause an investment in the fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security, may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole.

THE FUND, TRUST, AND SUB-ADVISER ARE NOT AFFILIATED WITH THE UNDERLYING STOCK OR ETF.

Due to the Funds’ investment strategies, the Funds’ investment exposures are concentrated in the same industries that are assigned to the underlying stock or ETF. As with any investment, there is a risk you could lose all or part of your investment in the Fund. Some or all of these risks may adversely affect the Funds’ net asset value (“NAV”) per share, trading prices, yields, total returns, and/or ability to meet their objective.

Shares of any ETF are bought and sold at market price (not NAV) and may trade ad a discount or premium to NAV. Shares are not individually redeemable from the Fund and may only be acquired or redeemed from the fund in creation units. Brokerage commissions will reduce returns.

Indirect investment risk. The underlying companies are not affiliated with the Trust, the Fund, the Adviser, the Sub-Adviser, or their respective affiliates and is not involved with this offering in any way and has no obligation to consider your Shares in taking any corporate action that might affect the value of Shares. Investors in the Funds will not have voting rights and will not be able to influence management of the underlying company but will be exposed to the performance of the underlying company’s stock or ETF. Investors in the Funds will not have rights to receive dividends or other distributions or any other rights with respect to the underlying stock or ETF, but will be subject to declines in the performance of the underlying stock.

US Obligations Risk: The Funds 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.

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.

Currency Risk. The Fund is exposed to currency risk indirectly due to the underlying ETF’s investments. The underlying ETF’s net asset value is determined on the basis of the U.S. dollar, therefore, the underlying ETF may lose value if the local currency of a foreign market depreciates against the U.S. dollar, even if the local currency value of the underlying ETF’s holdings go up.

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, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

Price Participation Risk. The Fund employs an investment strategy that includes the sale of call option contracts, which limits the degree to which the Fund will participate in increases in value experienced by the underlying stock or ETF over the Call Period. This means that if the underlying stock or ETF experiences an increase in value above the strike price of the sold call options during a Call Period, the Fund will likely not experience that increase to the same extent and may significantly underperform the underlying stock or ETF over the Call Period. Additionally, because the Fund is limited in the degree to which it will participate in increases in value experienced by the underlying stock or ETF over each Call Period, but has full exposure to any decreases in value experienced by the underlying stock or ETF over the Call Period, the NAV of the Fund may decrease over any given time period.

Distribution Risk. As part of the Fund’s investment objective, the Fund seeks to provide current monthly income. There is no assurance that the Fund will make a distribution in any given month. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next.

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.

Launch & Structure partner: Tidal ETF Services

The funds are distributed by Foreside Fund Services, LLC. Foreside is not affiliated with YieldMax or Tidal.

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