CHICAGO and MILWAUKEE and NEW YORK, April 02, 2025 (GLOBE NEWSWIRE) — YieldMax™ today announced distributions for the YieldMax™ Weekly Payers and Group C ETFs listed in the table below.

芝加哥、密尔沃基和纽约，2025年4月2日（环球新闻通讯社）—— YieldMax™ 今天宣布了下表所列的 YieldMax™ 每周支付者和 C 组 ETF 的分配情况。


ETF Ticker1	ETF Name	Distribution Frequency	Distribution per Share	Distribution Rate2,4	30-DaySEC Yield3	ROC5	Ex-Date & Record Date	Payment Date
GPTY	YieldMax™ AI & Tech Portfolio Option Income ETF	Weekly	$0.2668	34.84%	0.00%	100.00%	4/3/25	4/4/25
LFGY	YieldMax™ Crypto Industry & Tech Portfolio Option Income ETF	Weekly	$0.4189	60.57%	0.00%	100.00%	4/3/25	4/4/25
QDTY	YieldMax™ Nasdaq 100 0DTE Covered Call ETF	Weekly	$0.2638	31.00%	0.00%	37.26%	4/3/25	4/4/25
RDTY	YieldMax™ R2000 0DTE Covered Call ETF	Weekly	$0.3351	36.44%	0.00%	78.96%	4/3/25	4/4/25
SDTY	YieldMax™ S&P 500 0DTE Covered Call ETF	Weekly	$0.2723	31.10%	0.00%	65.95%	4/3/25	4/4/25
ULTY	YieldMax™ Ultra Option Income Strategy ETF	Weekly	$0.0916	77.62%	2.21%	97.00%	4/3/25	4/4/25
YMAG	YieldMax™ Magnificent 7 Fund of Option Income ETFs	Weekly	$0.0971	33.26%	69.89%	28.54%	4/3/25	4/4/25
YMAX	YieldMax™ Universe Fund of Option Income ETFs	Weekly	$0.1781	68.44%	96.57%	0.00%	4/3/25	4/4/25
ABNY	YieldMax™ ABNB Option Income Strategy ETF	Every 4 Weeks	$0.3665	37.87%	3.62%	0.00%	4/3/25	4/4/25
AMDY	YieldMax™ AMD Option Income Strategy ETF	Every 4 Weeks	$0.2765	45.13%	2.97%	93.13%	4/3/25	4/4/25
CONY	YieldMax™ COIN Option Income Strategy ETF	Every 4 Weeks	$0.4381	73.33%	4.42%	94.62%	4/3/25	4/4/25
CVNY	YieldMax™ CVNA Option Income Strategy ETF	Every 4 Weeks	$2.9684	100.49%	2.44%	99.08%	4/3/25	4/4/25
FIAT	YieldMax™ Short COIN Option Income Strategy ETF	Every 4 Weeks	$0.9240	127.21%	1.73%	98.90%	4/3/25	4/4/25
MSFO	YieldMax™ MSFT Option Income Strategy ETF	Every 4 Weeks	$0.3337	27.09%	3.75%	0.00%	4/3/25	4/4/25
NFLY	YieldMax™ NFLX Option Income Strategy ETF	Every 4 Weeks	$0.6020	46.77%	3.58%	59.10%	4/3/25	4/4/25
PYPY	YieldMax™ PYPL Option Income Strategy ETF	Every 4 Weeks	$0.3521	34.34%	4.19%	0.00%	4/3/25	4/4/25
Weekly Payers & Group D ETFs scheduled for next week: GPTY LFGY QDTY RDTY SDTY ULTY YMAG YMAX AIYY AMZY APLY DISO MSTY SMCY XYZY YQQQ


ETF 代码	ETF 名称	分配频率	每股分配	分配率	30 天 SEC 收益率	ROC	除息日及记录日	支付日期
GPTY	YieldMax™ AI 和科技投资组合期权收入 ETF	每周	$0.2668	34.84%	0.00%	100.00%	2025年4月3日	2025年4月4日
LFGY	YieldMax™ 加密行业和科技投资组合期权收入 ETF	每周	$0.4189	60.57%	0.00%	100.00%	2025年4月3日	2025年4月4日
QDTY	YieldMax™ 纳斯达克 100 0DTE 覆盖看涨 ETF	每周	$0.2638	31.00%	0.00%	37.26%	2025年4月3日	2025年4月4日
RDTY	YieldMax™ R2000 0DTE 覆盖看涨 ETF	每周	$0.3351	36.44%	0.00%	78.96%	2025年4月3日	2025年4月4日
SDTY	YieldMax™ 标普 500 0DTE 覆盖看涨 ETF	每周	$0.2723	31.10%	0.00%	65.95%	2025年4月3日	2025年4月4日
ULTY	YieldMax™ 超级期权收入策略 ETF	每周	$0.0916	77.62%	2.21%	97.00%	2025年4月3日	2025年4月4日
YMAG	YieldMax™ 杰出 7 期权收入 ETF 基金	每周	$0.0971	33.26%	69.89%	28.54%	2025年4月3日	2025年4月4日
YMAX	YieldMax™ 宇宙期权收入 ETF 基金	每周	$0.1781	68.44%	96.57%	0.00%	2025年4月3日	2025年4月4日
ABNY	YieldMax™ ABNB 期权收入策略 ETF	每 4 周	$0.3665	37.87%	3.62%	0.00%	2025年4月3日	2025年4月4日
AMDY	YieldMax™ AMD 期权收入策略 ETF	每 4 周	$0.2765	45.13%	2.97%	93.13%	2025年4月3日	2025年4月4日
CONY	YieldMax™ COIN 期权收入策略 ETF	每 4 周	$0.4381	73.33%	4.42%	94.62%	2025年4月3日	2025年4月4日
CVNY	YieldMax™ CVNA 期权收入策略 ETF	每 4 周	$2.9684	100.49%	2.44%	99.08%	2025年4月3日	2025年4月4日
FIAT	YieldMax™ 短期 COIN 期权收入策略 ETF	每 4 周	$0.9240	127.21%	1.73%	98.90%	2025年4月3日	2025年4月4日
MSFO	YieldMax™ MSFT 期权收入策略 ETF	每 4 周	$0.3337	27.09%	3.75%	0.00%	2025年4月3日	2025年4月4日
NFLY	YieldMax™ NFLX 期权收入策略 ETF	每 4 周	$0.6020	46.77%	3.58%	59.10%	2025年4月3日	2025年4月4日
PYPY	YieldMax™ PYPL 期权收入策略 ETF	每 4 周	$0.3521	34.34%	4.19%	0.00%	2025年4月3日	2025年4月4日
下周计划的每周支付者和 D 组 ETF： GPTY LFGY QDTY RDTY SDTY ULTY YMAG YMAX AIYY AMZY APLY DISO MSTY SMCY XYZY YQQQ

Performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted above. Performance current to the most recent month-end can be obtained by calling (833) 378-0717 .

所引用的业绩数据代表过去的表现，并不能保证未来的结果。投资回报和投资本金的价值会波动，因此投资者的股份在出售或赎回时，可能会比其原始成本更高或更低，当前的表现可能低于或高于上述引用的表现。最新的业绩数据可以通过拨打 (833) 378-0717 获取。

Note: DIPS, FIAT, CRSH, YQQQ and WNTR are hereinafter referred to as the “ Short ETFs.”

注意：DIPS、FIAT、CRSH、YQQQ 和 WNTR 以下统称为 “短期 ETF。”

Distributions are not guaranteed. The Distribution Rate and 30-Day SEC Yield are not indicative of future distributions, if any, on the ETFs. In particular, future distributions on any ETF may differ significantly from its Distribution Rate or 30-Day SEC Yield. You are not guaranteed a distribution under the ETFs. Distributions for the ETFs (if any) are variable and may vary significantly from period to period and may be zero. Accordingly, the Distribution Rate and 30-Day SEC Yield will change over time, and such change may be significant.

分配并不保证。分配率和 30 天 SEC 收益率并不代表未来的分配情况，若有的话，ETF 的分配情况可能与其分配率或 30 天 SEC 收益率有显著差异。您并不保证在 ETF 下获得分配。ETF 的分配（如有）是可变的，可能会因时期而异，并且可能为零。因此，分配率和 30 天 SEC 收益率会随时间变化，这种变化可能是显著的。

Investors in the Funds will not have rights to receive dividends or other distributions with respect to the underlying reference asset(s).

基金的投资者将没有权利就基础参考资产获得股息或其他分配。


1	All YieldMax™ ETFs shown in the table above (except YMAX, YMAG, FEAT, FIVY and ULTY) have a gross expense ratio of 0.99%. YMAX, YMAG and FEAT have a Management Fee of 0.29% and Acquired Fund Fees and Expenses of 0.99% for a gross expense ratio of 1.28%. FIVY has a Management Fee of 0.29% and Acquired Fund Fees and Expenses of 0.59% for a gross expense ratio of 0.88%. “Acquired Fund Fees and Expenses” are indirect fees and expenses that the Fund incurs from investing in the shares of other investment companies, namely other YieldMax™ ETFs. ULTY has a gross expense ratio after the fee waiver of 1.30%. The Advisor has agreed to a fee waiver of 0.10% through at least February 28, 2026.
2	The Distribution Rate shown is as of close on April 1, 2025. The Distribution Rate is the annual distribution rate an investor would receive if the most recent distribution, which includes option income, remained the same going forward. The Distribution Rate is calculated by annualizing an ETF’s Distribution per Share and dividing such annualized amount by the ETF’s most recent NAV. The Distribution Rate represents a single distribution from the ETF and does not represent its total return. Distributions may also include a combination of ordinary dividends, capital gain, and return of investor capital, which may decrease an ETF’s NAV and trading price over time. As a result, an investor may suffer significant losses to their investment. These Distribution Rates may be caused by unusually favorable market conditions and may not be sustainable. Such conditions may not continue to exist and there should be no expectation that this performance may be repeated in the future.
3	The 30-Day SEC Yield represents net investment income, which excludes option income, earned by such ETF over the 30-Day period ended March 31, 2025, expressed as an annual percentage rate based on such ETF’s share price at the end of the 30-Day period.
4	Each ETF’s strategy (except those of the Short ETFs) will cap potential gains if its reference asset’s shares increase in value, yet subjects an investor to all potential losses if the reference asset’s shares decrease in value. Such potential losses may not be offset by income received by the ETF. Each Short ETF’s strategy will cap potential gains if its reference asset decreases in value, yet subjects an investor to all potential losses if the reference asset increases in value. Such potential losses may not be offset by income received by the ETF.
5	ROC refers to Return of Capital. The ROC percentage is the portion of the distribution that represents an investor's original investment.


1	表中显示的所有 YieldMax™ ETF（除了 YMAX、YMAG、FEAT、FIVY 和 ULTY）均具有 0.99% 的毛费用比率。YMAX、YMAG 和 FEAT 的管理费为 0.29%，并且获得的基金费用和支出为 0.99%，因此毛费用比率为 1.28%。FIVY 的管理费为 0.29%，获得的基金费用和支出为 0.59%，因此毛费用比率为 0.88%。 “获得的基金费用和支出” 是基金因投资于其他投资公司的股份（即其他 YieldMax™ ETF）而产生的间接费用和支出。ULTY 在费用减免后的毛费用比率为 1.30%。顾问已同意在至少2026年2月28日之前减免 0.10% 的费用。
2	显示的分配率截至2025年4月1日收盘。分配率是投资者在最近一次分配（包括期权收入）保持不变的情况下，所能获得的年分配率。分配率通过将 ETF 的每股分配年化并将该年化金额除以 ETF 最近的净资产值（NAV）来计算。分配率代表 ETF 的单次分配，并不代表其总回报。分配可能还包括普通股息、资本收益和投资者资本的回报的组合，这可能会随着时间的推移降低 ETF 的净资产值和交易价格。因此，投资者可能会遭受重大损失。这些分配率可能是由于异常有利的市场条件造成的，可能无法持续。这种情况可能不会继续存在，未来也不应期望这种表现会重复。
3	30 天 SEC 收益率代表净投资收入（不包括期权收入），是该 ETF 在截至2025年3月31日的 30 天期间内获得的，以该 ETF 在 30 天期末的股价为基础，表示为年百分比率。
4	每个 ETF 的策略（短期 ETF 除外）将在其参考资产的股份增值时限制潜在收益，但如果参考资产的股份贬值，则投资者将面临所有潜在损失。这些潜在损失可能无法通过 ETF 收到的收入来抵消。每个短期 ETF 的策略将在其参考资产贬值时限制潜在收益，但如果参考资产增值，则投资者将面临所有潜在损失。这些潜在损失可能无法通过 ETF 收到的收入来抵消。
5	ROC 指的是资本回报。ROC 百分比是分配中代表投资者原始投资的部分。

Each Fund has a limited operating history and while each Fund's objective is to provide current income, there is no guarantee the Fund will make a distribution. Distributions are likely to vary greatly in amount.

每个基金的运营历史有限，尽管每个基金的目标是提供当前收入，但不能保证基金会进行分配。分配的金额可能会有很大差异。

Standardized Performance

标准化业绩

For YMAX, click here. For YMAG, click here. For TSLY, click here. For OARK, click here. For APLY, click here. For NVDY, click here. For AMZY, click here. For FBY, click here. For GOOY, click here. For NFLY, click here. For CONY, click here. For MSFO, click here. For DISO, click here. For XOMO, click here. For JPMO, click here. For AMDY, click here. For PYPY, click here. For XYZY, click here. For MRNY, click here. For AIYY, click here. For MSTY, click here. For ULTY, click here. For YBIT, click here. For CRSH, click here. For GDXY, click here. For SNOY, click here. For ABNY, click here. For FIAT, click here. For DIPS, click here. For BABO, click here. For YQQQ, click here. For TSMY, click here. For SMCY, click here. For PLTY, click here. For BIGY, click here. For SOXY, click here. For MARO, click here. For FEAT, click here. For FIVY, click here. For LFGY, click here. For GPTY, click here. For CVNY, click here. For SDTY, click here. For QDTY, click here. For WNTR, click here.

有关 YMAX 的信息，请点击这里。有关 YMAG 的信息，请点击这里。有关 TSLY 的信息，请点击这里。有关 OARK 的信息，请点击这里。有关 APLY 的信息，请点击这里。有关 NVDY 的信息，请点击这里。有关 AMZY 的信息，请点击这里。有关 FBY 的信息，请点击这里。有关 GOOY 的信息，请点击这里。有关 NFLY 的信息，请点击这里。有关 CONY 的信息，请点击这里。有关 MSFO 的信息，请点击这里。有关 DISO 的信息，请点击这里。有关 XOMO 的信息，请点击这里。有关 JPMO 的信息，请点击这里。有关 AMDY 的信息，请点击这里。有关 PYPY 的信息，请点击这里。有关 XYZY 的信息，请点击这里。有关 MRNY 的信息，请点击这里。有关 AIYY 的信息，请点击这里。有关 MSTY 的信息，请点击这里。有关 ULTY 的信息，请点击这里。有关 YBIT 的信息，请点击这里。有关 CRSH 的信息，请点击这里。有关 GDXY 的信息，请点击这里。有关 SNOY 的信息，请点击这里。有关 ABNY 的信息，请点击这里。有关 FIAT 的信息，请点击这里。有关 DIPS 的信息，请点击这里。有关 BABO 的信息，请点击这里。有关 YQQQ 的信息，请点击这里。有关 TSMY 的信息，请点击这里。有关 SMCY 的信息，请点击这里。有关 PLTY 的信息，请点击这里。有关 BIGY 的信息，请点击这里。有关 SOXY 的信息，请点击这里。有关 MARO 的信息，请点击这里。有关 FEAT 的信息，请点击这里。有关 FIVY 的信息，请点击这里。有关 LFGY 的信息，请点击这里。有关 GPTY 的信息，请点击这里。有关 CVNY 的信息，请点击这里。有关 SDTY 的信息，请点击这里。有关 QDTY 的信息，请点击这里。有关 WNTR 的信息，请点击这里。

Important Information

重要信息

This material must be preceded or accompanied by the prospectus. For all prospectuses, click here.

本材料必须在招募说明书之前或与之一起提供。有关所有招募说明书，请点击这里。

Tidal Financial Group is the adviser for all YieldMax™ ETFs.

Tidal Financial Group 是所有 YieldMax™ ETF 的顾问。

THE FUND, TRUST, AND ADVISER ARE NOT AFFILIATED WITH ANY UNDERLYING REFERENCE ASSET.

基金、信托和顾问与任何基础参考资产没有关联。

Risk Disclosures (applicable to all YieldMax ETFs referenced above, except the Short ETFs)

风险披露（适用于上述所有 YieldMax ETF，除 短期 ETF）

YMAX, YMAG, FEAT and FIVY generally invest in other YieldMax™ ETFs. As such, these two Funds are subject to the risks listed in this section, which apply to all the YieldMax™ ETFs they may hold from time to time.

YMAX、YMAG、FEAT 和 FIVY 通常投资于其他 YieldMax™ ETF。因此，这两个基金面临本节中列出的风险，这些风险适用于它们可能持有的所有 YieldMax™ ETF。

Investing involves risk. Principal loss is possible.

投资涉及风险。可能会出现本金损失。

Referenced Index Risk. The Fund invests in options contracts that are based on the value of the Index (or the Index ETFs). This subjects the Fund to certain of the same risks as if it owned shares of companies that comprised the Index or an ETF that tracks the Index, even though it does not.

参考指数风险。 基金投资于基于指数（或指数 ETF）价值的期权合约。这使得基金面临与拥有构成该指数的公司股份或跟踪该指数的 ETF 相同的某些风险，即使它并不拥有这些股份。

Indirect Investment Risk. The Index is not affiliated with the Trust, the Fund, the Adviser, or their respective affiliates and is not involved with this offering in any way. Investors in the Fund will not have the right to receive dividends or other distributions or any other rights with respect to the companies that comprise the Index but will be subject to declines in the performance of the Index.

间接投资风险。 指数与信托、基金、顾问或其各自的附属机构没有关联，并且与本次发行没有任何关系。基金的投资者将没有权利获得构成该指数的公司的股息或其他分配或任何其他权利，但将面临指数表现下降的风险。

Russell 2000 Index Risks. The Index, which consists of small-cap U.S. companies, is particularly susceptible to economic changes, as these firms often have less financial resilience than larger companies. Market volatility can disproportionately affect these smaller businesses, leading to significant price swings. Additionally, these companies are often more exposed to specific industry risks and have less diverse revenue streams. They can also be more vulnerable to changes in domestic regulatory or policy environments.

罗素 2000 指数风险。 该指数由小型美国公司组成，特别容易受到经济变化的影响，因为这些公司通常比大型公司财务韧性较差。市场波动可能会对这些小型企业产生不成比例的影响，导致价格剧烈波动。此外，这些公司通常更容易受到特定行业风险的影响，且收入来源较少样化。它们也可能更容易受到国内监管或政策环境变化的影响。

Call Writing Strategy Risk. The path dependency (i.e., the continued use) of the Fund’s call writing strategy will impact the extent that the Fund participates in the positive price returns of the underlying reference asset and, in turn, the Fund’s returns, both during the term of the sold call options and over longer periods.

卖出期权策略风险。 基金的卖出期权策略的路径依赖性（即持续使用）将影响基金在基础参考资产的正价格回报中的参与程度，从而影响基金的回报，无论是在卖出期权的期限内还是在更长的时间内。

Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in options contracts. Transactions in some types of derivatives, including options, are required to be centrally cleared (“cleared derivatives”). In a transaction involving cleared derivatives, the Fund’s counterparty is a clearing house rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house (“clearing members”) can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members.

对手方风险。 基金因其在期权合约中的投资而面临对手方风险。某些类型衍生品（包括期权）的交易需要进行集中清算（“清算衍生品”）。在涉及清算衍生品的交易中，基金的对手方是清算所，而不是银行或经纪商。由于基金不是清算所的成员，只有清算所的成员（“清算成员”）才能直接参与清算所，因此基金将通过清算成员的账户持有清算衍生品。

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.

衍生品风险。 衍生品是从基础参考资产或资产（如股票、债券或基金（包括 ETF）、利率或指数）中衍生出价值的金融工具。基金在衍生品中的投资可能会带来额外的风险，这些风险可能大于直接投资于证券或其他普通投资所面临的风险，包括与市场相关的风险、与基础投资或基金其他投资组合持有的投资的不完美相关性、更高的价格波动性、缺乏可用性、对手方风险、流动性、估值和法律限制。

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.

期权合约。 使用期权合约涉及的投资策略和风险与普通投资组合证券交易相关的风险不同。期权的价格波动性大，受多种因素的影响，包括基础工具的实际和预期价值变化、预期波动性，这些都受到财政和货币政策以及国内外政治变化的影响，实际或隐含波动性或参考资产的变化、期权合约到期前的剩余时间和经济事件。

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

分配风险。 作为基金投资目标的一部分，基金寻求提供当前收入。无法保证基金在任何特定期间内会进行分配。如果基金确实进行分配，则这些分配的金额可能会在每次分配之间有很大差异。

High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings. A high portfolio turnover rate increases transaction costs, which may increase the Fund’s expenses.

高投资组合周转率风险。 基金可能会积极且频繁地交易全部或大部分持有的资产。高投资组合周转率会增加交易成本，从而可能增加基金的费用。

Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil.

流动性风险。 基金持有的一些证券，包括期权合约，可能难以出售或流动性不足，特别是在市场动荡时期。

Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund.

非多样化风险。 由于基金是 “非多样化” 的，它可能会将更大比例的资产投资于单一发行人的证券或较少数量的发行人，而不是如果它是一个多样化基金时的情况。

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.

新基金风险。 基金是一家新成立的管理投资公司，没有运营历史。因此，潜在投资者没有可供其投资决策依据的业绩记录或历史。

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 reference asset over the Call Period.

价格参与风险。 基金采用的投资策略包括卖出期权合约，这限制了基金在期权期间内参与基础参考资产价值增长的程度。

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 (ARKK, TSLA, AAPL, NVDA, AMZN, META, GOOGL, NFLX, COIN, MSFT, DIS, XOM, JPM, AMD, PYPL, SQ, MRNA, AI, MSTR, Bitcoin ETP, GDX®, SNOW, ABNB, BABA, TSM, SMCI, PLTR, MARA, CVNA), 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.

单一发行人风险。 发行人特定属性可能导致对基金的投资比传统的分散风险的共同投资更具波动性。基金的价值专注于单一证券（如 ARKK、TSLA、AAPL、NVDA、AMZN、META、GOOGL、NFLX、COIN、MSFT、DIS、XOM、JPM、AMD、PYPL、SQ、MRNA、AI、MSTR、Bitcoin ETP、GDX®、SNOW、ABNB、BABA、TSM、SMCI、PLTR、MARA、CVNA），可能比传统的共同投资或整体市场更具波动性，并且可能与传统共同投资或整体市场的表现不同。

Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline.

通货膨胀风险。 通货膨胀风险是指资产或投资收入的价值在未来可能会减少，因为通货膨胀降低了货币的价值。随着通货膨胀的增加，基金资产和分配（如果有的话）的现值可能会下降。

Indirect Investment Risk. The Index is not affiliated with the Trust, the Fund, the Adviser, or their respective affiliates and is not involved with this offering in any way.

间接投资风险。 指数与信托、基金、顾问或其各自的关联方没有关联，并且在任何方面都不参与本次发行。

Risk Disclosures (applicable only to GPTY)

风险披露（仅适用于 GPTY）

Artificial Intelligence Risk. Issuers engaged in artificial intelligence typically have high research and capital expenditures and, as a result, their profitability can vary widely, if they are profitable at all. The space in which they are engaged is highly competitive and issuers’ products and services may become obsolete very quickly. These companies are heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. The issuers are also subject to legal, regulatory, and political changes that may have a large impact on their profitability. A failure in an issuer’s product or even questions about the safety of the product could be devastating to the issuer, especially if it is the marquee product of the issuer. It can be difficult to accurately capture what qualifies as an artificial intelligence company.

人工智能风险。 从事人工智能的发行人通常具有高额的研究和资本支出，因此，他们的盈利能力可能会有很大差异，甚至可能根本没有盈利。他们所处的领域竞争激烈，发行人的产品和服务可能会迅速过时。这些公司在知识产权方面高度依赖，可能会因这些权利的丧失或损害而受到不利影响。发行人还面临法律、监管和政治变化，这些变化可能对其盈利能力产生重大影响。发行人产品的失败或甚至对产品安全性的质疑可能对发行人造成毁灭性影响，尤其是当这是发行人的标志性产品时。准确捕捉什么 qualifies 为人工智能公司可能很困难。

Technology Sector Risk. The Fund will invest substantially in companies in the information technology sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector. Market or economic factors impacting technology companies and companies that rely heavily on technological advances could have a significant effect on the value of the Fund’s investments. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability.

科技行业风险。该基金将大量投资于信息技术行业的公司，因此该基金的表现可能会受到影响该行业的事件的负面影响。影响科技公司的市场或经济因素，以及依赖技术进步的公司，可能会对基金投资的价值产生重大影响。信息技术公司及依赖技术的公司的股票价值特别容易受到技术产品周期的快速变化、快速产品过时、政府监管以及国内外竞争的影响，包括来自生产成本较低的外国竞争对手的竞争。信息技术公司及依赖技术的公司的股票，尤其是那些较小、经验不足的公司的股票，往往比整体市场更具波动性。信息技术公司在很大程度上依赖专利和知识产权，其损失或损害可能会对盈利能力产生不利影响。

Risk Disclosure (applicable only to MARO)

风险披露（仅适用于 MARO）

Digital Assets Risk: The Fund does not invest directly in Bitcoin or any other digital assets. The Fund does not invest directly in derivatives that track the performance of Bitcoin or any other digital assets. The Fund does not invest in or seek direct exposure to the current “spot” or cash price of Bitcoin. Investors seeking direct exposure to the price of Bitcoin should consider an investment other than the Fund. Digital assets like Bitcoin, designed as mediums of exchange, are still an emerging asset class. They operate independently of any central authority or government backing and are subject to regulatory changes and extreme price volatility.

数字资产风险： 该基金不直接投资于比特币或任何其他数字资产。该基金不直接投资于跟踪比特币或任何其他数字资产表现的衍生品。该基金不投资于或寻求直接接触比特币的当前 “现货” 或现金价格。寻求直接接触比特币价格的投资者应考虑其他投资，而非该基金。像比特币这样的数字资产，作为交换媒介，仍然是一个新兴资产类别。它们独立于任何中央权威或政府支持，并受到监管变化和极端价格波动的影响。

Risk Disclosures (applicable only to BABO and TSMY)

风险披露（仅适用于 BABO 和 TSMY）

Currency Risk: Indirect exposure to foreign currencies subjects the Fund to the risk that currencies will decline in value relative to the U.S. dollar. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political developments in the U.S. or abroad.

货币风险： 间接接触外币使该基金面临货币相对于美元贬值的风险。外国货币的汇率可能因多种原因在短时间内显著波动，包括利率变化和美国或国外实施的货币管制或其他政治发展。

Depositary Receipts Risk: The securities underlying BABO and TSMY are American Depositary Receipts (“ADRs”). Investment in ADRs may be less liquid than the underlying shares in their primary trading market.

**存托凭证风险：**BABO 和 TSMY 的基础证券为美国存托凭证（“ADRs”）。投资于 ADRs 的流动性可能低于其主要交易市场中的基础股票。

Foreign Market and Trading Risk: The trading markets for many foreign securities are not as active as U.S. markets and may have less governmental regulation and oversight.

外国市场和交易风险： 许多外国证券的交易市场不如美国市场活跃，且可能缺乏政府监管和监督。

Foreign Securities Risk: Investments in securities of non-U.S. issuers involve certain risks that may not be present with investments in securities of U.S. issuers, such as risk of loss due to foreign currency fluctuations or to political or economic instability, as well as varying regulatory requirements applicable to investments in non-U.S. issuers. There may be less information publicly available about a non-U.S. issuer than a U.S. issuer. Non-U.S. issuers may also be subject to different regulatory, accounting, auditing, financial reporting, and investor protection standards than U.S. issuers.

外国证券风险： 投资于非美国发行人的证券涉及某些风险，这些风险在投资于美国发行人的证券时可能不存在，例如由于外币波动或政治或经济不稳定而导致的损失风险，以及适用于非美国发行人的投资的不同监管要求。关于非美国发行人的公开信息可能少于关于美国发行人的信息。非美国发行人可能还受到与美国发行人不同的监管、会计、审计、财务报告和投资者保护标准的约束。

Risk Disclosures (applicable only to GDXY)

风险披露（仅适用于 GDXY）

Risk of Investing in Foreign Securities. The Fund is exposed indirectly to the securities of foreign issuers selected by GDX®’s investment adviser, which subjects the Fund to the risks associated with such companies. Investments in the securities of foreign issuers involve risks beyond those associated with investments in U.S. securities.

投资外国证券的风险。该基金间接接触由 GDX® 的投资顾问选择的外国发行人的证券，这使得该基金面临与这些公司相关的风险。投资外国发行人的证券涉及的风险超出了投资美国证券所面临的风险。

Risk of Investing in Gold and Silver Mining Companies. The Fund is exposed indirectly to gold and silver mining companies selected by GDX®’s investment adviser, which subjects the Fund to the risks associated with such companies.

投资于黄金和白银矿业公司的风险。该基金间接接触由 GDX® 的投资顾问选择的黄金和白银矿业公司，这使得该基金面临与这些公司相关的风险。

The Fund invests in options contracts based on the value of the VanEck Gold Miners ETF (GDX®), which subjects the Fund to some of the same risks as if it owned GDX®, as well as the risks associated with Canadian, Australian and Emerging Market Issuers, and Small-and Medium-Capitalization companies.

该基金投资于基于 VanEck 黄金矿工 ETF (GDX®) 价值的期权合约，这使得该基金面临与拥有 GDX® 相同的一些风险，以及与加拿大、澳大利亚和新兴市场发行人以及小型和中型资本化公司的风险。

Risk Disclosures (applicable only to YBIT)

风险披露（仅适用于 YBIT）

YBIT does not invest directly in Bitcoin or any other digital assets. YBIT does not invest directly in derivatives that track the performance of Bitcoin or any other digital assets. YBIT does not invest in or seek direct exposure to the current “spot” or cash price of Bitcoin. Investors seeking direct exposure to the price of Bitcoin should consider an investment other than YBIT.

YBIT 不直接投资于比特币或任何其他数字资产。YBIT 不直接投资于跟踪比特币或任何其他数字资产表现的衍生品。YBIT 不投资于或寻求直接接触比特币的当前 “现货” 或现金价格。寻求直接接触比特币价格的投资者应考虑其他投资，而非 YBIT。

Bitcoin Investment Risk: The Fund’s indirect investment in Bitcoin, through holdings in one or more Underlying ETPs, exposes it to the unique risks of this emerging innovation. Bitcoin’s price is highly volatile, and its market is influenced by the changing Bitcoin network, fluctuating acceptance levels, and unpredictable usage trends.

比特币投资风险： 该基金通过持有一个或多个基础 ETP 间接投资于比特币，使其面临这一新兴创新的独特风险。比特币的价格高度波动，其市场受到比特币网络变化、接受程度波动和不可预测的使用趋势的影响。

Digital Assets Risk: Digital assets like Bitcoin, designed as mediums of exchange, are still an emerging asset class. They operate independently of any central authority or government backing and are subject to regulatory changes and extreme price volatility. Potentially No 1940 Act Protections. As of the date of this Prospectus, there is only a single eligible Underlying ETP, and it is an investment company subject to the 1940 Act.

数字资产风险： 像比特币这样的数字资产，作为交换媒介，仍然是一个新兴资产类别。它们独立于任何中央权威或政府支持，并受到监管变化和极端价格波动的影响。可能没有 1940 年法案保护。截至本招募说明书日期，只有一个合格的基础 ETP，它是一个受 1940 年法案约束的投资公司。

Bitcoin ETP Risk: The Fund invests in options contracts that are based on the value of the Bitcoin ETP. This subjects the Fund to certain of the same risks as if it owned shares of the Bitcoin ETP, even though it does not. Bitcoin ETPs are subject, but not limited, to significant risk and heightened volatility. An investor in a Bitcoin ETP may lose their entire investment. Bitcoin ETPs are not suitable for all investors. In addition, not all Bitcoin ETPs are registered under the Investment Company Act of 1940. Those Bitcoin ETPs that are not registered under such statute are therefore not subject to the same regulations as exchange traded products that are so registered.

比特币 ETP 风险： 本基金投资于基于比特币 ETP 价值的期权合约。这使得本基金面临与持有比特币 ETP 股份相同的某些风险，尽管它并不持有这些股份。比特币 ETP 面临重大风险和高度波动性。投资比特币 ETP 的投资者可能会损失全部投资。比特币 ETP 并不适合所有投资者。此外，并非所有比特币 ETP 都在 1940 年投资公司法下注册。那些未在该法案下注册的比特币 ETP 因此不受与已注册的交易所交易产品相同的监管。

Risk Disclosures (applicable only to the Short ETFs)

风险披露（仅适用于短期 ETF）

Investing involves risk. Principal loss is possible.

投资涉及风险。可能会导致本金损失。

Price Appreciation Risk. As part of the Fund’s synthetic covered put strategy, the Fund purchases and sells call and put option contracts that are based on the value of the underlying reference asset. This strategy subjects the Fund to certain of the same risks as if it shorted the underlying reference asset, even though it does not. By virtue of the Fund’s indirect inverse exposure to changes in the value of the underlying reference asset, the Fund is subject to the risk that the value of the underlying reference asset increases. If the value of the underlying reference asset increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses.

价格上涨风险。 作为本基金合成覆盖卖出期权策略的一部分，本基金购买和出售基于基础参考资产价值的看涨和看跌期权合约。该策略使得本基金面临与做空基础参考资产相同的某些风险，尽管它并没有这样做。由于本基金间接反向暴露于基础参考资产价值变化的风险，本基金面临基础参考资产价值上涨的风险。如果基础参考资产的价值上涨，本基金可能会贬值，因此可能会遭受重大损失。

Put Writing Strategy Risk. The path dependency (i.e., the continued use) of the Fund’s put writing (selling) strategy will impact the extent that the Fund participates in decreases in the value of the underlying reference asset and, in turn, the Fund’s returns, both during the term of the sold put options and over longer periods.

卖出期权策略风险。 本基金的卖出期权（出售）策略的路径依赖性（即持续使用）将影响本基金在基础参考资产价值下降时的参与程度，从而影响本基金的回报，无论是在卖出期权的期限内还是在更长的时间内。

Purchased OTM Call Options Risk. The Fund’s strategy is subject to potential losses if the underlying reference asset increases in value, which may not be offset by the purchase of out-of-the-money (OTM) call options. The Fund purchases OTM calls to seek to manage (cap) the Fund’s potential losses from the Fund’s short exposure to the underlying reference asset if it appreciates significantly in value. However, the OTM call options will cap the Fund’s losses only to the extent that the value of the underlying reference asset increases to a level that is at or above the strike level of the purchased OTM call options. Any increase in the value of the underlying reference asset to a level that is below the strike level of the purchased OTM call options will result in a corresponding loss for the Fund. For example, if the OTM call options have a strike level that is approximately 100% above the then-current value of the underlying reference asset at the time of the call option purchase, and the value of the underlying reference asset increases by at least 100% during the term of the purchased OTM call options, the Fund will lose all its value. Since the Fund bears the costs of purchasing the OTM calls, such costs will decrease the Fund’s value and/or any income otherwise generated by the Fund’s investment strategy.

购买 OTM 看涨期权风险。 如果基础参考资产的价值上涨，本基金的策略可能会面临潜在损失，这可能无法通过购买价外（OTM）看涨期权来抵消。本基金购买 OTM 看涨期权以寻求管理（限制）本基金因基础参考资产显著增值而可能遭受的损失。然而，OTM 看涨期权仅在基础参考资产的价值上涨至购买的 OTM 看涨期权的行权价水平或以上时，才能限制本基金的损失。基础参考资产的价值上涨至低于购买的 OTM 看涨期权的行权价水平将导致本基金相应的损失。例如，如果 OTM 看涨期权的行权价水平大约是当时基础参考资产当前价值的 100% 之上，并且在购买的 OTM 看涨期权的期限内，基础参考资产的价值至少上涨 100%，本基金将失去所有价值。由于本基金承担购买 OTM 看涨期权的成本，这些成本将降低本基金的价值和/或本基金投资策略产生的任何收入。

Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in options contracts. Transactions in some types of derivatives, including options, are required to be centrally cleared ("cleared derivatives"). In a transaction involving cleared derivatives, the Fund's counterparty is a clearing house rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house ("clearing members") can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members.

对手方风险。 本基金因其投资于期权合约而面临对手方风险。某些类型衍生品（包括期权）的交易需要集中清算（“清算衍生品”）。在涉及清算衍生品的交易中，本基金的对手方是清算所，而不是银行或经纪商。由于本基金不是清算所的成员，只有清算所的成员（“清算成员”）才能直接参与清算所，因此本基金将通过清算成员的账户持有清算衍生品。

衍生品风险。 衍生品是从基础参考资产或资产（如股票、债券或基金（包括 ETF）、利率或指数）中衍生出价值的金融工具。本基金对衍生品的投资可能会带来额外的风险，且这些风险可能大于直接投资于证券或其他普通投资所面临的风险，包括与市场相关的风险、与基础投资或本基金其他投资组合持有的投资的不完美相关性、更高的价格波动性、缺乏可用性、对手方风险、流动性、估值和法律限制。

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 reference asset, 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.

期权合约。 使用期权合约涉及与普通投资组合证券交易不同的投资策略和风险。期权的价格波动性大，并受到多种因素的影响，包括基础参考资产价值的实际和预期变化，包括预期的波动性，这些因素受到财政和货币政策以及国内和国际政治的影响，实际或隐含波动性或参考资产的变化、期权合约到期前的剩余时间和经济事件。

分配风险。 作为本基金的投资目标的一部分，本基金寻求提供当前收入。无法保证本基金在任何特定期间内会进行分配。如果本基金确实进行分配，则这些分配的金额可能会在每次分配之间有很大差异。

High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings.

高投资组合周转风险。 本基金可能会积极且频繁地交易本基金持有的全部或大部分资产。

Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil.

流动性风险。 本基金持有的一些证券，包括期权合约，可能难以出售或流动性不足，特别是在市场动荡时期。

非多样化风险。 由于本基金是 “非多样化” 的，它可能会将更大比例的资产投资于单一发行人或较少数发行人的证券，而不是如果它是一个多样化基金。

新基金风险。该基金是一个新成立的管理投资公司，没有运营历史。因此，潜在投资者没有可供其投资决策依据的业绩记录或历史数据。

Price Participation Risk. The Fund employs an investment strategy that includes the sale of put option contracts, which limits the degree to which the Fund will participate in decreases in value experienced by the underlying reference asset over the Put Period.

价格参与风险。该基金采用的投资策略包括出售看跌期权合约，这限制了基金在看跌期内对基础参考资产价值下降的参与程度。

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, for any Fund that focuses on an individual security (e.g., TSLA, COIN, NVDA, MSTR), 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.

单一发行人风险。特定发行人的属性可能导致对该基金的投资比传统的分散风险的集合投资更为波动。对于专注于个别证券（例如，TSLA、COIN、NVDA、MSTR）的任何基金，其价值可能比传统的集合投资或整体市场更为波动，并且可能与传统集合投资或整体市场的价值表现不同。

通货膨胀风险。通货膨胀风险是指资产或投资收入的价值在未来可能会减少，因为通货膨胀降低了货币的价值。随着通货膨胀的增加，基金资产和分配（如有）的现值可能会下降。

Risk Disclosures (applicable only to YQQQ)

风险披露（仅适用于 YQQQ）

Index Overview. The Nasdaq 100 Index is a benchmark index that includes 100 of the largest non-financial companies listed on the Nasdaq Stock Market, based on market capitalization.

指数概述。纳斯达克 100 指数是一个基准指数，包含在纳斯达克证券市场上市的 100 家最大的非金融公司，按市值计算。

Index Level Appreciation Risk. As part of the Fund’s synthetic covered put strategy, the Fund purchases and sells call and put option contracts that are based on the Index level. This strategy subjects the Fund to certain of the same risks as if it shorted the Index, even though it does not. By virtue of the Fund’s indirect inverse exposure to changes in the Index level, the Fund is subject to the risk that the Index level increases. If the Index level increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses. The Fund may also be subject to the following risks: innovation and technological advancement; strong market presence of Index constituent companies; adaptability to global market trends; and resilience and recovery potential.

指数水平升值风险。作为基金的合成覆盖看跌策略的一部分，基金购买和出售基于指数水平的看涨和看跌期权合约。该策略使基金面临与做空指数相同的某些风险，尽管实际上并未做空。由于基金间接地对指数水平变化的反向敞口，基金面临指数水平上升的风险。如果指数水平上升，基金可能会贬值，因此可能遭受重大损失。基金还可能面临以下风险：创新和技术进步；指数成分公司强大的市场存在；适应全球市场趋势的能力；以及韧性和恢复潜力。

Index Level Participation Risk. The Fund employs an investment strategy that includes the sale of put option contracts, which limits the degree to which the Fund will benefit from decreases in the Index level experienced over the Put Period. This means that if the Index level experiences a decrease in value below the strike level of the sold put options during a Put Period, the Fund will likely not experience that increase to the same extent and any Fund gains may significantly differ from the level of the Index losses over the Put Period. Additionally, because the Fund is limited in the degree to which it will participate in decreases in value experienced by the Index level over each Put Period, but has significant negative exposure to any increases in value experienced by the Index level over the Put Period, the NAV of the Fund may decrease over any given period. The Fund’s NAV is dependent on the value of each options portfolio, which is based principally upon the inverse of the performance of the Index level. The Fund’s ability to benefit from the Index level decreases will depend on prevailing market conditions, especially market volatility, at the time the Fund enters into the sold put option contracts and will vary from Put Period to Put Period. The value of the options contracts is affected by changes in the value and dividend rates of component companies that comprise the Index, changes in interest rates, changes in the actual or perceived volatility of the Index and the remaining time to the options’ expiration, as well as trading conditions in the options market. As the Index level changes and time moves towards the expiration of each Put Period, the value of the options contracts, and therefore the Fund’s NAV, will change. However, it is not expected for the Fund’s NAV to directly inversely correlate on a day-to-day basis with the returns of the Index level. The amount of time remaining until the options contract’s expiration date affects the impact that the value of the options contracts has on the Fund’s NAV, which may not be in full effect until the expiration date of the Fund’s options contracts. Therefore, while changes in the Index level will result in changes to the Fund’s NAV, the Fund generally anticipates that the rate of change in the Fund’s NAV will be different than the inverse of the changes experienced by the Index level.

指数水平参与风险。该基金采用的投资策略包括出售看跌期权合约，这限制了基金在看跌期内从指数水平下降中获益的程度。这意味着如果在看跌期内，指数水平的价值下降低于已售出看跌期权的行使价，基金可能不会以相同的程度体验到这种增加，任何基金收益可能与看跌期内的指数损失水平显著不同。此外，由于基金在每个看跌期内对指数水平下降的参与程度有限，但对指数水平上升的任何增加具有显著的负敞口，因此基金的净资产值可能在任何给定期间内下降。基金的净资产值取决于每个期权组合的价值，主要基于指数水平表现的反向。基金从指数水平下降中获益的能力将取决于基金进入已售出看跌期权合约时的市场条件，特别是市场波动性，并且会因看跌期而异。期权合约的价值受组成公司价值和股息率变化、利率变化、指数的实际或感知波动性变化以及期权到期剩余时间的影响，以及期权市场的交易条件。随着指数水平的变化和时间接近每个看跌期的到期，期权合约的价值，因此基金的净资产值将发生变化。然而，基金的净资产值预计不会与指数水平的回报在日常基础上直接反向相关。期权合约到期日剩余的时间影响期权合约的价值对基金净资产值的影响，这种影响可能在基金期权合约的到期日之前不会完全显现。因此，尽管指数水平的变化将导致基金净资产值的变化，但基金通常预期其净资产值的变化率将与指数水平的变化相反。

YieldMax™ ETFs are distributed by Foreside Fund Services, LLC. Foreside is not affiliated with Tidal Financial Group, or YieldMax™ ETFs.

YieldMax™ ETF 由 Foreside Fund Services, LLC 分发。Foreside 与 Tidal Financial Group 或 YieldMax™ ETF 没有关联。

Contact Gavin Filmore at gfilmore@tidalfg.com for more information.

如需更多信息，请联系 Gavin Filmore，邮箱 gfilmore@tidalfg.com。

YieldMax™ ETFs 宣布 FIAT（127.21%）、CVNY（100.49%）、ULTY（77.62%）、CONY（73.33%）、YMAX（68.44%）及其他基金的分配