# EDGAR Filing Document

**Accession Number:** 0001924868
**File Stem:** 0001999371-25-011017
**Filing Date:** 2025-8
**Character Count:** 669115
**Document Hash:** 96456aa2d87da7f4d6daa30a99265367
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-25-011017.hdr.sgml**: 20250811

**ACCESSION NUMBER**: 0001999371-25-011017

**CONFORMED SUBMISSION TYPE**: 485APOS

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250811

**DATE AS OF CHANGE**: 20250811

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Tidal Trust II
- **CENTRAL INDEX KEY:** 0001924868

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485APOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23793
- **FILM NUMBER:** 251200360

**BUSINESS ADDRESS:**
- **STREET 1:** 234 WEST FLORIDA STREET, SUITE 203
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53204
- **BUSINESS PHONE:** (844) 986-7676

**MAIL ADDRESS:**
- **STREET 1:** 234 WEST FLORIDA STREET, SUITE 203
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53204

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Tidal ETF Trust II
- **DATE OF NAME CHANGE:** 20220421
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Tidal Trust II
- **CENTRAL INDEX KEY:** 0001924868

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485APOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-264478
- **FILM NUMBER:** 251200359

**BUSINESS ADDRESS:**
- **STREET 1:** 234 WEST FLORIDA STREET, SUITE 203
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53204
- **BUSINESS PHONE:** (844) 986-7676

**MAIL ADDRESS:**
- **STREET 1:** 234 WEST FLORIDA STREET, SUITE 203
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53204

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Tidal ETF Trust II
- **DATE OF NAME CHANGE:** 20220421

## Series and Classes Contracts Data

### Defiance Hot Sauce Daily 2X Strategy ETF (Series ID: S000089921)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000256779 | Defiance Hot Sauce Daily 2X Strategy ETF | HOT             |

AS FILED WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION ON AUGUST 11, 2025

1933 Act Registration File No.: 333-264478

1940 Act File No.: 811-23793

**UNITED STATES**

 **SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-1A**

---

| | |
|:---|:---|
| **REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933** | ☑ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-Effective Amendment No. ___ | ☐ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Post-Effective Amendment No. 394 | ☑ |
| and/or |  |
| **REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940** | ☑ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amendment No. 397 | ☑ |

---

**<u>TIDAL TRUST II</u>**

(Exact Name of Registrant as Specified in Charter)

**234 West Florida Street, Suite 203**

 **Milwaukee, Wisconsin 53204**

(Address of Principal Executive Offices, Zip Code)

(Registrant's Telephone Number, including Area Code) **(855) 843-2534**

**The Corporation Trust Company**

**1209 Orange Street**

**Corporation Trust Center**

**Wilmington, DE 19801**

(Name and Address of Agent for Service)

Copies to:

---

| | |
|:---|:---|
| **Eric W. Falkeis**<br>**Tidal ETF Services LLC**<br> **234 West Florida Street, Suite 203**<br>**Milwaukee, WI 53204**  | **Domenick Pugliese**<br>**Sullivan & Worcester LLP**<br>**1251 Avenue of the Americas, 19<sup>th</sup> Floor**<br>**New York, NY 10020**  |

---

It is proposed that this filing will become effective (check appropriate box):

---

| | |
|:---|:---|
| ☐  | immediately upon filing pursuant to paragraph (b) |
| ☐ | on (date) pursuant to paragraph (br) |
| ☑ | 60 days after filing pursuant to paragraph (a)(1) |
| ☐ | on (date) pursuant to paragraph (a)(1) |
| ☐ | 75 days after filing pursuant to paragraph (a)(2) |
| ☐ | on (date) pursuant to paragraph (a)(2) of rule 485 |

---

**Explanatory Note**: This Post-Effective Amendment No. 394 to the Registration Statement of Tidal Trust II (the "Trust") is being filed to make certain material changes to the registration statement of the Defiance Hot Sauce Daily 3X Strategy ETF.

SUBJECT TO COMPLETION<br> Dated August 11, 2025

THE INFORMATION HEREIN IS NOT COMPLETE AND MAY BE CHANGED. WE MAY NOT SELL THESE SECURITIES UNTIL THE REGISTRATION STATEMENT FILED WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION IS EFFECTIVE. THIS PROSPECTUS IS NOT AN OFFER TO SELL THESE SECURITIES AND IS NOT SOLICITING AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION IN WHICH THE OFFER OR SALE IS NOT PERMITTED.

[logo]

**Defiance Hot Sauce Daily 3X Strategy ETF (HOT)**

*listed on The [Nasdaq Stock Market, LLC]*

**PROSPECTUS**

**[ ], 2025**

**The U.S. Securities and Exchange Commission (the "SEC") has not approved or disapproved of these securities or passed upon the accuracy or adequacy of this Prospectus. Any representation to the contrary is a criminal offense.**

**The Fund seeks daily leveraged investment results and is intended to be used as a short-term trading vehicle.**

**The Fund attempts to provide daily investment results that correspond to three times (300%) the share price performance of an actively-managed group of equity securities (the "Target Portfolio").** 

**The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. The Fund is very different from most mutual funds and exchange-traded funds. Investors should note that:**

**(1) The Fund pursues a daily leveraged investment objective, which means that the Fund is riskier than alternatives that do not use leverage because the Fund magnifies the performance of the Target Portfolio.**

**(2) Seeking to replicate the daily leveraged performances of the Target Portfolio's market value means that the return of the Fund for a period longer than a full trading day will be the product of a series of daily returns for each trading day during such period held.**

**As a consequence, especially in periods of market volatility, the volatility of the market value of the Target Portfolio may affect the Fund's return as much as, or more than, the Target Portfolio's return. The performance of the Fund for periods longer or shorter than a single day will very likely differ in amount, and possibly even direction, from 300% of the daily return of the Target Portfolio's market value for the same period, before accounting for fees and expenses. The Fund may not perform as expected.**

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by sophisticated investors, such as traders and active investors employing dynamic strategies. Investors in the Fund should:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) understand the risks associated with the use of leverage;**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) understand the consequences of seeking daily leveraged investment results; and**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) intend to actively monitor and manage their investments.**

**Investors who do not understand the Fund, or do not intend to actively manage their funds and monitor their investments, should not buy shares of the Fund.**

**There is no assurance that the Fund will achieve its investment objective and an investment in the Fund could lose a substantial amount of money over a short period of time. The Fund is not a complete investment program.**

**The Fund's investment adviser will not attempt to position the Fund's derivatives portfolio to ensure that the Fund does not gain or lose more than a maximum percentage of its net asset value on a given trading day.**

**As a consequence, if the Target Portfolio's market value decreases by more than 33% on a given trading day, the Fund's investors could lose all of their money.**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [**Summary Information**](#hota001) | **1** |
| [**Additional Information About the Fund**](#hota002) | **12** |
| [**Portfolio Holdings**](#hota003) | **26** |
| [**Management**](#hota004) | **26** |
| [**How to Buy and Sell Shares**](#hota005) | **27** |
| [**Dividends, Distributions, and Taxes**](#hota006) | **29** |
| [**Distribution**](#hota007) | **31** |
| [**Premium/Discount Information**](#hota008) | **32** |
| [**Additional Notices**](#hota009) | **32** |
| [**Financial Highlights**](#hota010) | **33** |

---

**SUMMARY INFORMATION**

**DEFIANCE HOT SAUCE DAILY 3X STRATEGY ETF – FUND SUMMARY**

**Important Information About the Fund**

The Defiance Hot Sauce Daily 3X Strategy ETF (the "Fund") seeks daily investment results, before fees and expenses, that correspond to three times (3X) the performance of an actively-managed group of between five and twenty "hot sauce" securities (described below) for a single day (the group of equity securities is referred to as the "Target Portfolio"). Each trading day, the Target Portfolio is generally rebalanced to an approximately equal weighting of its underlying securities. At least quarterly, the Target Portfolio is either reaffirmed or adjusted by replacing some or all of its underlying securities with a new portfolio.

Because the Fund seeks daily leveraged investment results, it is very different from most other exchange-traded funds. It is also riskier than alternatives that do not use leverage.

The return for investors that invest for periods longer or shorter than a trading day should not be expected to be 3x the performance of the Target Portfolio for the period. The return of the Fund for a period longer than a trading day will be the result of each trading day's compounded return during such period held, which will very likely differ from 3X the return of the Target Portfolio for that period. Holding shares of the Fund for longer than a single day and higher volatility of the Target Portfolio increase the impact of compounding on an investor's returns, which may have a negative or positive impact on an investor's returns. During periods of higher Target Portfolio volatility, the volatility of the Target Portfolio may affect the Fund's return as much as, or more than, the return of the Target Portfolio. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Target Portfolio during a shareholder's holding period of an investment in the Fund. See "*Principal Investment Risks – Compounding and Market Volatility Risk*" below for an example of how volatility of the Target Portfolio may affect the Fund's return as much as, or more than, the return of the Target Portfolio.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (3X) investment results, understand the risks associated with the use of leverage, and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. For periods longer than a single day, the Fund will lose money if the Target Portfolio's performance is flat, and it is possible that the Fund will lose money even if the Target Portfolio's market value increases over a period longer than a single day. An investor could lose the full principal value of his/her investment within a single day.**

**Investment Objective**

The Fund seeks daily investment results, before fees and expenses, that correspond to three times (3X) the performance of an actively-managed group of "hot sauce" securities (described below) for a single day (the group of equity securities is referred to as the "Target Portfolio").

**Fees and Expenses of the Fund**

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund ("Shares"). **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and** 

**Example below**.

---

| | | |
|:---|:---|:---|
| **Annual Fund Operating Expenses<sup>(1)</sup> (expenses that you pay each year as a percentage of the value of your investment)** | | |
| Management Fee | 1.49 | % |
| Distribution and Service (12b-1) Fees |  |  |
| Other Expenses<sup>(2)</sup> | 0.00 | % |
| Total Annual Fund Operating Expenses<sup>(3)</sup> | 1.49 | % |

---

<sup>(1)</sup> The Fund's investment adviser, Tidal Investments LLC (the "Adviser"), a Tidal Financial Group company, will pay all expenses incurred by the Fund (except for advisory fees) excluding interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the "1940 Act"), and litigation expenses and other non-routine or extraordinary expenses.

<sup>(2)</sup> Based on estimated amounts for the current fiscal year.

<sup>(3)</sup> The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.

**Expense Example**

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | |
|:---|:---|
| **1 Year** | **3 Years** |
| $152 | $471 |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in total annual fund operating expenses or in the Example, affect the Fund's performance. Because the Fund is newly organized, portfolio turnover information is not yet available.

**Principal Investment Strategies**

The Fund seeks daily leveraged investment results, before fees and expenses, that correspond to three times (3X) the performance of an actively managed group of "hot sauce" securities (described below)(the "Target Portfolio") by employing derivatives, namely swap agreements and/or listed options contracts. **The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day.** The terms "daily," "day," and "trading day," refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day, generally 4:00 p.m. Eastern Time.

The Fund defines "hot sauce" securities as equity securities of companies that have captured strong interest from retail traders, often marked by high trading activity, sharp price movements, and elevated volatility. These stocks also tend to show significant market capitalization growth and high beta (a measure of a stock's volatility relative to the broader market), signaling increased retail engagement. To be clear, the term "hot sauce" as used in the Fund's name does not refer to companies in the food or condiment industry but instead describes securities characterized by high volatility, significant retail trading activity, and momentum-driven dynamics.

If the Fund encounters limitations in implementing its strategies, whether due to market conditions, derivative availability, counterparty issues, or other factors, **the Fund may not achieve investment results, before fees and expenses, that correspond to three times (3x) the daily performance of the Target Portfolio, and may return substantially less during such periods. During such periods, the Fund's actual leverage levels may differ substantially from its intended target, both intraday and at the close of trading, potentially resulting in significantly lower returns.**

**Target Portfolio Selection**

The Adviser employs a disciplined, quantitatively driven approach to identify and select a focused portfolio of 5 to 20 high-momentum "hot sauce" securities (securities demonstrating strong upward price trends over a specified period, typically accompanied by elevated trading volumes and volatility). The methodology is sector-agnostic, allowing the Fund to select securities from any industry or sector, provided they meet the quantitative criteria aligned with the Fund's momentum and volatility-driven objectives. Underlying securities will be either US equity securities or securities listed on US stock exchanges.

The Adviser evaluates securities using a combination of key financial metrics, including:

● *Average 30-Daily Trading Volume* (ADTV): Securities experiencing ADTV, greater than ADTV in their respective markets.

● *Liquidity*: Preference for highly liquid securities, which reflects the availability and depth of liquidity across stocks, options, and swaps (enabling efficient execution and exit in volatile or heavily traded positions). Higher liquidity often reflects increased investor interest.

● *Market Capitalization*: Emphasis on securities with large or growing market capitalizations, which are often driven by heightened media visibility or retail interest. The Fund considers securities showing a 50% to 100% increase in market capitalization within a one-year period to be indicative of expanding retail investor attention.

● *Beta*: Preference for securities with high beta relative to the market or their industry peers (suggesting volatility and the potential for exaggerated moves, appealing to retail momentum traders). Beta measures a security's sensitivity to movements in the broader market, indicating how much its price is expected to move in relation to overall market changes. High-beta securities often attract retail investors looking to capitalize on short-term price swings.

● *Implied Volatility*: Emphasis on securities with elevated implied volatility, which reflects the market's expectations for future price movements. Specifically, a security's 1-month at-the-money (ATM) call implied volatility must exceed the average 1-month ATM call implied volatility of securities in the same sector. An option is considered ATM when its strike price is approximately equal to the current trading price of the underlying security—these options are sensitive to volatility and typically are actively traded. Securities with high implied volatility often appeal to speculative investors seeking potentially high returns, despite the associated risk.

● *Realized Volatility*: Emphasis on securities with high realized volatility, representing the actual price fluctuations observed over time. The security's 30-day annualized realized volatility must be higher than the average 30-day annualized volatility of securities in the same sector. Like implied volatility, high realized volatility may attract speculative investors drawn to assets with the potential for large price swings.

● *Short Interest*: Preference for securities with elevated or rising short interest, which may attract retail traders anticipating a short squeeze—a rapid price increase driven by short sellers covering their positions under pressure.

● *Options Volume*: Emphasis on securities with high or increasing options trading volume (often a sign of substantial retail or speculative activity around potential price movements in the underlying stock).

For glossary of financial terms, see the prospectus section entitled "*Additional Information About the Fund – Principal Investment Strategies.*"

Based on a proprietary scoring system, the Adviser selects the top-scoring 5 to 20 securities, with risk management controls in place to avoid excessive single-stock or industry concentration. The number of Fund holdings depends on how many securities meet the scoring thresholds and on the Fund's ability to source the required leverage for each security. Each trading day, the Target Portfolio will generally be rebalanced so that each underlying security is approximately equally weighted. To manage overall portfolio risk, the Adviser may adjust individual weightings to mitigate exposure to securities exhibiting extreme volatility, high correlations, or other characteristics that could disproportionately affect performance. Additionally, if liquidity constraints affect the derivative instruments of an underlying security, or if regulatory constraints arise either from the composition of the Target Portfolio itself or from its impact on the Fund's derivatives portfolio, the Adviser may adjust the Target Portfolio to better enable the Fund to achieve its investment objective.

To maintain alignment with the dynamic nature of "hot sauce" securities, the Fund's Adviser will, at least quarterly, either reconfirm the construction of the Target Portfolio or establish a new Target Portfolio by replacing some or all of its underlying securities. Additionally, if regulatory constraints arise from the Target Portfolio's composition prevent the Fund's derivatives portfolio from achieving 3X returns, the Adviser may adjust the Target Portfolio to enhance the Fund's ability to achieve its investment objective. Each day, the Fund's then-current Target Portfolio will be available on the Fund's website at www.defianceetfs.com.

**Derivatives Portfolio Selection**

The Fund will enter into one or more swap agreements with financial institutions for a specified period, which may range from one day to longer than a year. Through each swap agreement, the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on a particular security's share price. The gross return (meaning the return before deducting any fees or expenses) to be exchanged or "swapped" between the parties is calculated with respect to a "notional amount," (meaning the face amount of the instrument) e.g., the return on or change in value of a particular dollar amount representing the underlying security in the Target Portfolio. If the Fund is unable to obtain the necessary exposure through swaps or other derivatives, or encounters other constraints (e.g., market or regulatory), **the Fund may not always achieve investment results, before fees and expenses, that correspond to three times (3x) the daily performance of Fund's Target Portfolio, and may return substantially less during such periods.**

At the end of each day, the Fund's swaps are valued using market valuations and the Fund's investment adviser rebalances the Fund's holdings in an attempt to maintain leveraged exposure of approximately 300% to the aggregate performance of the Fund's Target Portfolio.

For examples of a hypothetical investment in the Fund, see the prospectus section entitled "*Additional Information About the Fund – Principal Investment Strategies.*"

Fund performance for periods greater than one single day is primarily (but not solely) a function of the following factors: a) the volatility of the Target Portfolio; b) the performance of the Target Portfolio; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses.

The Fund may also utilize listed options to seek to achieve leveraged 3X exposure to the Target Portfolio securities. The Fund will primarily employ short-dated (a month or less) in-the-money call options (options with strike prices below the current market price of one or more Target Portfolio securities, offering immediate intrinsic value). Additionally, the Fund may use other option strategies to produce similar exposure to the Target Portfolio securities, like buying calls and selling puts with identical strike prices. These options allow the Fund to adjust its leverage strategy in response to market conditions, liquidity constraints, or other factors that may affect the availability or pricing of swap agreements. The use of listed options provides additional flexibility in pursuing the Fund's daily investment objective. In situations where swap availability is constrained, the Fund may rely more heavily on options contracts. Additionally, the Fund may use options in response to changing market dynamics. However, the use of option contracts is typically less efficient than swaps and may increase the likelihood that the Fund is unable to achieve its daily 3X objective. See the provision in the Prospectus entitled "Additional Information About the Fund," for more information about the Fund's use of options.

**Collateral**

The Fund will hold assets to serve as collateral for the Fund's derivatives transactions. For those collateral holdings, the Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality.

**Fund Attributes**

The Fund is classified as "non-diversified" under the 1940 Act. The Fund has adopted a policy of having at least 80% exposure to financial instruments with economic characteristics that should perform 3X the daily performance of the Target Portfolio securities.

**Because of daily rebalancing and the compounding of each day's return over time, the return of the Fund for periods longer than a single day will be the result of each day's returns compounded over the period, which will very likely differ from 300% of the return of the Target Portfolio over the same period. The Fund will lose money if the Target Portfolio's performance is flat over time, and because of daily rebalancing, the volatility of the Target Portfolio and the effects of compounding, the Fund may lose money over time while the Target Portfolio's performance increases over a period longer than a single day. As a consequence, investors should not plan to hold shares of the Fund unmonitored for periods longer than a single trading day.**

**Principal Investment Risks**

The principal risks of investing in the Fund are summarized below. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. Some or all of these risks may adversely affect the Fund's net asset value ("NAV") per Share, trading price, yield, total return, and/or ability to meet its investment objective. For more information about the risks of investing in the Fund, see the section in the Fund's Prospectus titled "Additional Information About the Fund—Principal Risks of Investing in the Fund."

An investment in the Fund entails risk. The Fund may not achieve its investment objective and there is a risk that you could lose all of your money invested in the Fund. The Fund is not a complete investment program. In addition, the Fund presents risks not traditionally associated with other ETFs. It is important that investors closely review all of the risks listed below and understand them before making an investment in the Fund.

Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears.

**Compounding and Market Volatility Risk.** The Fund has a daily leveraged investment objective and the Fund's performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is very likely to differ from three times (300%) the Target Portfolio's performance, before the Fund's management fee and other expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate leveraged daily returns and that rebalance daily. For the Fund aiming to replicate three times the daily performance of the Target Portfolio, if adverse daily performance of the Target Portfolio reduces the amount of a shareholder's investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder's investment had already been reduced by the prior adverse performance. Equally, however, if favorable daily performance of the Target Portfolio increases the amount of a shareholder's investment, the dollar amount lost due to future adverse performance will increase because the shareholder's investment has increased.

The effect of compounding becomes more pronounced as the Target Portfolio's volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Target Portfolio during a shareholder's holding period of an investment in the Fund.

The chart below provides examples of how the Target Portfolio's volatility could affect the Fund's performance. The chart illustrates the impact of two factors that affect the Fund's performance – the Target Portfolio's volatility and the Target Portfolio's performance. The Target Portfolio's performance shows the percentage change in the share price of the Target Portfolio over the specified time period, while the Target Portfolio's volatility is a statistical measure of the magnitude of fluctuations in the returns during that time period. As illustrated below, even if the Target Portfolio's performance over two equal time periods is identical, different Target Portfolio volatility (*i.e.*, in magnitude of fluctuations in the share price of the Target Portfolio) during the two time periods could result in drastically different Fund performance for the two time periods because of compounding daily returns during the time periods.

Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) the Target Portfolio volatility; b) the Target Portfolio performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses. The chart shows estimated Fund returns for a number of combinations of Target Portfolio volatility and Target Portfolio performance over a one-year period. Performance shown in the chart assumes that: (i) there were no Fund expenses; (ii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected the estimated returns would be different than those shown. Particularly during periods of higher Target Portfolio volatility, compounding will cause results for periods longer than a trading day to vary from three times (300%) the performance of the Target Portfolio.

As shown in the chart below, the Fund would be expected to lose -17.1% if there was no change in the share price of the Target Portfolio over a one-year period during which the Target Portfolio experienced annualized volatility of 25%. If the Target Portfolio's annualized volatility were to rise to 75%, the hypothetical loss for a one-year period would widen to approximately -81.5% . At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if there were no change in the share price of the Target Portfolio. For instance, if the Target Portfolio's annualized volatility is 100%, the Fund would be expected to lose -95% of its value, even if the cumulative Target Portfolio change in the share price of the Target Portfolio for the year was 0%.

Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than three times (300%) the performance of the Target Portfolio and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than three times (300%) the performance of the Target Portfolio. The Fund's actual performance may be significantly better or worse than the performance shown below as a result of any of the factors discussed above or in the "Daily Correlation/Tracking Risk" below.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Estimated Returns of 300% or Three Times** <br> **Performance of the Target Portfolio** | **Estimated Returns of 300% or Three Times** <br> **Performance of the Target Portfolio** | **Estimated Returns of 300% or Three Times** <br> **Performance of the Target Portfolio** |  |  |  |  |
| **Target Portfolio Performance** | **Target Portfolio Performance** | **One Year Volatility Rate** | **One Year Volatility Rate** | **One Year Volatility Rate** | **One Year Volatility Rate** | **One Year Volatility Rate** |
| **One Year** <br> **Target Portfolio** <br> **Performance** | **3X Times** <br> **(300%) the** <br> **One Year** <br> **Performance** | **10%** | **25%** | **50%** | **75%** | **100%** |
| **-60%** | **-180%** | -93.8% | -94.7% | -97.0% | -98.8% | -99.7% |
| **-50%** | **-150%** | -87.9% | -89.6% | -94.1% | -97.7% | -99.4% |
| **-40%** | **-120%** | -79.0% | -82.1% | -89.8% | -96.0% | -98.9% |
| **-30%** | **-90%** | -66.7% | -71.6% | -83.8% | -93.7% | -98.3% |
| **-20%** | **-60%** | -50.3% | -57.6% | -75.8% | -90.5% | -97.5% |
| **-10%** | **-30%** | -29.3% | -39.6% | -65.6% | -86.5% | -96.4% |
| **0%** | **0%** | -3.0% | -17.1% | -52.8% | -81.5% | -95.0% |
| **10%** | **30%** | 29.2% | 10.3% | -37.1% | -75.4% | -93.4% |
| **20%** | **60%** | 67.7% | 43.3% | -18.4% | -68.0% | -91.4% |
| **30%** | **90%** | 113.2% | 82.1% | 3.8% | -59.4% | -89.1% |
| **40%** | **120%** | 166.3% | 127.5% | 29.6% | -49.2% | -86.3% |
| **50%** | **150%** | 227.5% | 179.8% | 59.4% | -37.6% | -83.2% |
| **60%** | **180%** | 297.5% | 239.6% | 93.5% | -24.2% | -79.6% |

---

Since market volatility has negative implications for the Fund which rebalances its derivatives daily, investors should be sure to monitor and manage their investments in the Fund particularly in volatile markets. The negative implications of volatility in Table 1 can be combined with the recent volatility ranges of the then-current Target Portfolio's historical volatility, which are expected to be high. Historical volatility and performance for the underlying securities are not likely indicative of future volatility and performance.

**Daily Correlation/Tracking Risk.** There is no guarantee that the Fund will achieve a high degree of leveraged correlation to the Target Portfolio and therefore achieve its daily leveraged investment objective. To achieve a high degree of leveraged correlation with the Target Portfolio, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its daily leveraged investment objective. The possibility of the Fund being materially over- or under-exposed to the Target Portfolio increases on days when the Target Portfolio is volatile near the close of the trading day. Additionally, if securities within the Target Portfolio exhibit unexpected or heightened correlations, the Fund's ability to achieve its daily investment objective may be adversely impacted as overlapping exposures may reduce potential diversification benefits and amplify the effects of market movements. Market disruptions, regulatory restrictions and extreme volatility will also adversely affect the Fund's ability to adjust exposure to the required levels. If there is a significant intra-day market event and/or the Target Portfolio experiences a significant increase or decline, the Fund may not meet its investment objective, be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads.

The Fund may have difficulty achieving its daily leveraged investment objective due to fees, expenses, transaction costs, financing costs related to the use of derivatives, investments in ETFs, directly or indirectly, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or derivatives held by the Fund. The Fund may also be impacted by large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Target Portfolio. The Fund may take or refrain from taking positions to improve the tax efficiency or to comply with various regulatory restrictions, either of which may negatively impact the Fund's leveraged correlation to the Target Portfolio. Finally, during periods of high volatility, compounding effects and correlation shifts between securities in the Target Portfolio may cause the Fund's returns to deviate materially from three times (3X) the daily performance of the Target Portfolio.

**Leverage Risk**. The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Target Portfolio will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 3% for every 1% daily decline in the share price of the Target Portfolio, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the share price of the Target Portfolio declines more than 33%. Leverage will also have the effect of magnifying any differences in the Fund performance's correlation with the Target Portfolio's share price.

**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, leverage, imperfect daily correlations with underlying investments or the Fund's other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be imperfect correlation between the share price of the Target Portfolio and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested.

The Fund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund's investment strategy, including the desired daily leveraged performance for the Fund.

In addition, the Fund's investments in derivatives are subject to the following risks:

**Swap Agreements**. The use of swap transactions is a highly specialized activity, which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Whether the Fund will be successful in using swap agreements to achieve its investment goal depends on the ability of the Adviser to structure such swap agreements in accordance with the Fund's investment objective and to identify counterparties for those swap agreements. If the Adviser is unable to enter into swap agreements that provide leveraged exposure to the Target Portfolio, the Fund may not meet its stated investment objective. Additionally, any financing, borrowing or other costs associated with using swap transactions may also have the effect of lowering the Fund's return.

The swap agreements in which the Fund invests are generally traded in the over-the-counter market, which generally has less transparency than exchange-traded derivatives instruments. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference assets or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a basket of securities.

If the Target Portfolio has a dramatic move that causes a material decline in the Fund's net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the swap transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve exposure consistent with the Fund's investment objective. This may prevent the Fund from achieving its leveraged investment objective, even if the Target Portfolio later reverses all or a portion of its movement.

**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. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Target Portfolio. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as "rolling." If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Target Portfolio moves against its positions, potentially resulting in a complete loss of the premium paid.

**Counterparty Risk.** The Fund is subject to counterparty risk by virtue of its investments in derivatives which exposes the Fund to the risk that the counterparty will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty's financial condition (*i.e.*, financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty's inability to fulfill its obligation may result in significant financial loss to the Fund and the Fund may be unable to recover its investment from such counterparty or may obtain a limited and/or delayed recovery.

Counterparties may seek to hedge their exposure to individual clients (such as the Fund) by establishing offsetting exposures with other clients, however, there is no guarantee that counterparties will do so under all circumstances. Should a counterparty (e.g., a swap counterparty) terminate its relationship with the Fund, the Fund will seek to utilize other counterparties to seek to maintain its exposures. In addition, the Fund may use options contracts to seek to generate the leverage necessary to implement its strategy. The use of options contracts introduces distinct risks, including heightened volatility, particularly intraday. While options may provide an ancillary benefit of mitigating some losses under specific scenarios, such as severe market downturns, their inherent leverage and rapid price fluctuations can amplify the Fund's performance volatility and lead to greater risks of substantial losses. Refer to "Derivatives Risk – Options Contracts" for additional information on the risks of investing in options.

In addition, the Fund may enter into swap agreements with a limited number of counterparties, which may increase the Fund's exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its investment objective.

**Intra-Day Investment Risk.** The Fund seeks investment results from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the market value of the Target Portfolio at the market close on the first trading day and the market value of the Target Portfolio at the time of purchase. If the market value of the Target Portfolio rises, the Fund's net assets will rise by approximately three times the amount as the Fund's exposure. Conversely, if the market value of the Target Portfolio declines, the Fund's net assets will decline by approximately three times the amount as the Fund's exposure. Thus, an investor that purchases Shares intra-day may experience performance that is greater than, or less than, the Fund's stated leveraged performance of the Target Portfolio.

If there is a significant intra-day market event and/or the securities of the Target Portfolio experience a significant increase or decrease, the Fund may not meet its investment objective or rebalance its portfolio appropriately.

**Fixed Income Securities Risk**. When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund's Share price and total return to be reduced and fluctuate more than other types of investments.

**Rebalancing Risk**. If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund's investment exposure may not be consistent with the Fund's investment objective. In these instances, the Fund may have investment exposure to the Target Portfolio that is significantly greater or less than its stated investment objective. As a result, the Fund may be exposed to leverage risk because it had not been properly rebalanced and may not achieve its investment objective.

**ETF Risks.**

*Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.* The Fund has a limited number of financial institutions that are authorized to purchase and redeem Shares directly from the Fund (known as "Authorized Participants" or "APs"). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.

*Cash Redemption Risk.* The Fund's investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. By paying out higher annual capital gain distributions, investors may be subjected to increased capital gains taxes. The costs associated with cash redemptions may include brokerage costs that the Fund may not have incurred if it had made the redemptions in-kind. These costs could be imposed on the Fund, decreasing its NAV, to the extent these costs are not offset by a transaction fee payable by an authorized participant.

*Costs of Buying or Selling Shares.* Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid-ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.

*Shares May Trade at Prices Other Than NAV.* As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund's NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant.

*Trading.* Although Shares are listed on a national securities exchange, such as [The Nasdaq Stock Market, LLC] (the "Exchange"), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund's underlying portfolio holdings, which can be significantly less liquid than Shares. This adverse effect on liquidity for the Fund's shares may lead to wider bid-ask spreads and differences between the market price of the Fund's shares and the underlying value of the shares.

*Liquidity Risk*. In certain circumstances, such as the disruption of the orderly markets for the financial instruments in which the Fund invests, the Fund might not be able to acquire or dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. Markets for the financial instruments in which the Fund invests may be disrupted by a number of events, including but not limited to economic crises, health crises, natural disasters, excessive volatility, new legislation, or regulatory changes inside or outside of the U.S. These situations may have an impact on the liquidity of the Fund's own shares."

**Economic and Market Risk.** Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund's portfolio may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund's investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. The imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic and foreign markets.

**High Portfolio Turnover Risk**. Daily rebalancing of the Fund's holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active market trading of the Fund's Shares on exchanges (such as the Exchange), could cause more frequent creation and redemption activities, which could increase the number of portfolio transactions. Frequent and active trading may lead to higher transaction costs because of increased broker commissions resulting from such transactions. In addition, there is the possibility of significantly increased short-term capital gains (which will be taxable to shareholders as ordinary income when distributed to them). The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise the majority of the Fund's trading. As such, if the Fund's extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher.

**Tracking Error Risk**. Tracking error is the divergence of the Fund's performance from that of its investment objective which aims to replicate three times the daily percentage change in the price of the Target Portfolio. Tracking error may occur for a number of reasons. Tracking error may occur because of transaction costs, the Fund's holding of cash, differences in accrual of dividends, being under- or overexposed to the Target Portfolio or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives, and therefore experience tracking error, as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.

**Liquidity Risk.** Some securities held by the Fund may be difficult to sell or be illiquid, particularly during times of market turmoil. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, epidemics/pandemics, new legislation or regulatory changes inside or outside the United States. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to sell an illiquid security at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Target Portfolio. There is no assurance that a security that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund.

**Market Capitalization Risk.**

*Large-Capitalization Investing*. The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore subject to slower growth during times of economic expansion. Large-capitalization companies may also be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes.

*Mid-Capitalization Investing.* The securities of mid-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of large-capitalization companies. The securities of mid-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than large-capitalization stocks or the stock market as a whole.

*Small-Capitalization Investing.* The securities of small-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of large- or mid-capitalization companies. The securities of small-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than large- or mid-capitalization stocks or the stock market as a whole. There is typically less publicly available information concerning smaller-capitalization companies than for larger, more established companies.

*Micro-Capitalization Investing.* Micro-capitalization companies often have limited product lines, narrower markets for their goods and/or services and more limited managerial and financial resources than larger, more established companies, including companies which are considered small- or mid-capitalization. As a result, their performance can be more volatile and they face greater risk of business failure, which could increase the volatility of the Fund's portfolio.

**Models and Data Risk.** The composition of the Fund's portfolio is heavily dependent on investment models as well as information and data supplied by third parties ("Models and Data"). When Models and Data prove to be incorrect or incomplete, any decisions made in reliance thereon may lead to the inclusion or exclusion of securities from the Fund's portfolio that would have been excluded or included had the Models and Data been correct and complete. Errors in programming, data entry, system compatibility, or database integrity can result in the unintended inclusion or exclusion of securities in the Fund's portfolio. Such errors, whether due to human or technological factors, could induce the Adviser to make investment choices that would not have been made with accurate and complete information, potentially leading to losses or missed gains for the Fund.

**Money Market Instrument Risk.** The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Repurchase agreements are contracts in which a seller of securities agrees to buy the securities back at a specified time and price. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.

**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.

**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. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund's overall value to decline to a greater degree than if the Fund held a more diversified portfolio.

**Operational Risk**. The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund's service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund's ability to meet its investment objective. Although the Fund and the Fund's investment advisor seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.

**U.S. Government and U.S. Agency Obligations Risk**. The Fund 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.

**Tax Risk**. In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund's assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund's assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund's investment objective is not clear. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income.

**Performance**

Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance history from year to year and showing how the Fund's average annual total returns compare with those of a broad measure of market performance. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. Updated performance information will be available on the Fund's website at www.defianceetfs.com.

**Management**

*Investment Adviser*: Tidal Investments LLC serves as investment adviser to the Fund.

*Portfolio Managers*:

The following individuals are jointly and primarily responsible for the day-to-day management of the Fund.

Michael Venuto, Chief Investment Officer for the Adviser, has been a portfolio manager of the Fund since its inception in 2025.

Daniel Weiskopf, Portfolio Manager for the Adviser, has been a portfolio manager of the Fund since its inception in 2025.

**Purchase and Sale of Shares**

The Fund issues and redeems Shares at NAV only in large blocks known as "Creation Units," which only APs (typically, broker-dealers) may purchase or redeem. The Fund generally issues and redeems Creation Units in exchange for a portfolio of securities (the "Deposit Securities") and/or a designated amount of U.S. cash.

Shares are listed on a national securities exchange, such as the Exchange, and individual Shares may only be bought and sold in the secondary market through brokers at market prices, rather than NAV. Because Shares trade at market prices rather than NAV, Shares may trade at a price greater than NAV (premium) or less than NAV (discount).

An investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase Shares (the "bid" price) and the lowest price a seller is willing to accept for Shares (the "ask" price) when buying or selling Shares in the secondary market. This difference in bid and ask prices is often referred to as the "bid-ask spread."

When available, information regarding the Fund's NAV, market price, how often Shares traded on the Exchange at a premium or discount, and bid-ask spreads can be found on the Fund's website at www.defianceetfs.com.

**Tax Information**

Fund distributions are generally taxable as ordinary income, qualified dividend income, or capital gains (or a combination), unless an investment is in an individual retirement account ("IRA") or other tax-advantaged account. Distributions on investments made through tax-deferred arrangements may be taxed later upon withdrawal of assets from those accounts.

**Financial Intermediary Compensation**

If you purchase Shares through a broker-dealer or other financial intermediary (such as a bank) (an "Intermediary"), the Adviser or its affiliates may pay Intermediaries for certain activities related to the Fund, including participation in activities that are designed to make Intermediaries more knowledgeable about exchange-traded products, including the Fund, or for other activities, such as marketing, educational training, or other initiatives related to the sale or promotion of Shares. These payments may create a conflict of interest by influencing the Intermediary and your salesperson to recommend the Fund over another investment. Any such arrangements do not result in increased Fund expenses. Ask your salesperson or visit the Intermediary's website for more information.

**ADDITIONAL INFORMATION ABOUT THE FUND**

**Investment Objective**

The investment objective of the Fund is to seek daily investment results, before fees and expenses, that correspond to three times (3X) the performance of a select group of "hot sauce" securities for a single day (the group of equity securities is referred to as the "Target Portfolio", as described above in *Principal Investment Strategies – Target Portfolio Selection*).

An investment objective is fundamental if it cannot be changed without the consent of the holders of a majority of the outstanding Shares. The Fund's investment objective has not been adopted as a fundamental investment policy and therefore the Fund's investment objective may be changed without the consent of that Fund's shareholders upon approval by the Board of Trustees (the "Board") of Tidal Trust II (the "Trust") and at least 60 days' written notice to shareholders.

**The Fund seeks to provide a return of up to three times the daily performance of the market value of the Target Portfolio.**

**The Fund does not attempt to, and should not be expected to, achieve this daily percentage change for periods other than a single day. The Fund rebalances its implied exposure on a daily basis, increasing exposure to the Target Portfolio in response to that day's gains or reducing exposure in the Target Portfolio in response to that day's losses.**

**The exposure to the Target Portfolio received by an investor who purchases the Fund intra-day will differ from the Fund's stated daily investment objective by an amount determined by the movement of the Target Portfolio from its market value at the end of the prior day. If the Target Portfolio's market value moves in a direction favorable to the Fund between the close of the market on one trading day through the time on the next trading day when the investor purchases Fund Shares, the investor will receive less exposure to the Target Portfolio than the Fund's stated daily investment objective. Conversely, if the Target Portfolio's market value moves in a direction adverse to the Fund, the investor will receive more exposure to the Target Portfolio than the Fund's stated daily investment objective.**

As used in this Prospectus, the terms "daily," "day," and "trading day," mean the period from the regular close of the markets on one trading day to the regular close of the markets on the next trading day.

**The Fund is designed as a short-term trading vehicle. The Fund is intended to be used by investors who intend to actively monitor and manage their portfolios.**

Shares of the Fund upon commencement of operations will be listed and traded on the Exchange, where the market prices for the Shares may be different from the intra-day value of the Shares disseminated by the Exchange and from their NAV. Unlike conventional mutual funds, Shares are not individually redeemable directly with the applicable Fund. Rather, the Fund issues and redeems Shares on a continuous basis at NAV only in large blocks of Shares called "Creation Units." Creation Units of the Fund is issued and redeemed for cash. As a result, retail investors generally will not be able to purchase or redeem Shares directly from, or with, the Fund. Most retail investors will purchase or sell Shares in the secondary market through a broker.

**The Fund is not suitable for all investors. In particular, the Fund is not suitable for investors with longer-term investment objectives. The Fund is designed to be utilized only by sophisticated investors, such as traders and active investors employing dynamic strategies. Such investors are expected to monitor and manage their portfolios frequently. Investors in the Fund should: (a) understand the consequences of seeking daily leveraged investment results and (b) understand the risks associated with the use of leverage. Investors who do not understand the Fund is or do not intend to actively manage their funds and monitor their investments should not buy the Fund.**

**There is no assurance that the Fund will achieve its investment objective and an investment in the Fund could lose a substantial amount of money over a short period of time. No single fund is a complete investment program.**

**Principal Investment Strategies**

In order to achieve the Fund's investment objective, the Adviser invests in a manner that is designed to correspond to three times (300%) the daily performance of the market value of the Fund's Target Portfolio.

The Fund has adopted a policy to have at least 80% exposure to financial instruments with economic characteristics that should perform 3X the daily performance of its Target Portfolio securities. The Fund's 80% policy is non-fundamental and can be changed without shareholder approval. However, Fund shareholders would be given at least 60 days' notice prior to any such change. To the extent swaps or options are used to meet the Fund's 80% policy, the notional value of the swaps or options will be used when determining the Fund's compliance.

The Fund attempts to achieve its investment objective by investing a substantial amount of its assets in financial instruments that provide exposure to securities that comprise the Target Portfolio, such as swap agreements. At the end of each trading day, it is expected that for the 3X leveraged exposure the Fund seeks, the swap notional exposure against the Target Portfolio will be approximately equal to three times the Fund's NAV.

To achieve a swap notional exposure equal three times the Fund's NAV at the end of each trading day, the Adviser will adjust the swap notional exposure daily by sending orders to the swap provider(s) for execution at close. Such transactions will result in trading fees to be paid by the Fund.

The Fund will enter into swap agreements with major financial institutions for a specified period ranging from one day to more than one year whereby the respective Fund and the global financial institution will agree to exchange the return earned or realized on the Target Portfolio's underlying securities. The gross returns to be exchanged or "swapped" between the parties are calculated with respect to a "notional amount," e.g., the return on or change in value of a particular dollar amount representing an underlying security. Each trading day, the Adviser adjusts the Fund's exposure to the Target Portfolio's underlying securities consistent with the Fund's daily leveraged investment objective. The impact of market movements during the day determines whether the derivatives portfolio needs to be repositioned. If the aggregate of market value of the underlying securities comprising the Target Portfolio has risen on a given day, the value of the Fund's net assets should rise, meaning its exposure will typically need to be increased. Conversely, if aggregate of market value of the underlying securities comprising the Target Portfolio has fallen on a given day, the value of the Fund's net assets should fall, meaning its exposure will typically need to be reduced.

The time and manner in which the Fund rebalances its derivatives portfolio may vary from day to day at the sole discretion of the Adviser depending upon market conditions and other circumstances. Generally, at or near the close of the market at each trading day, the Fund will position its derivatives portfolio to seek to ensure that the Fund's exposure to the Target Portfolio is consistent with its stated investment objective. The Fund reviews its notional exposure under each of its swap agreements, which reflects the extent of the Fund's total investment exposure under the swap, to seek to ensure that the Fund's exposure is in-line with its stated investment objective. For each underlying security, the gross returns to be exchanged are calculated with respect to the notional amount and the underlying security market value returns to which the swap is linked. Swaps are typically closed out on a net basis. Thus, while the notional amount reflects the Fund's total investment exposure under the swap, the net amount is the Fund's current obligations (or rights) under the swap. That is the amount to be paid or received under the agreement based on the relative values of the positions held by each party to the agreement. If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund's investment exposure may not be consistent with the Fund's investment objective. As a result, the Fund may be more or less exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. To the extent that the Fund needs to "roll" its swap positions (i.e., enter into new swap positions with a later expiration date as the current positions approach expiration), it could be subjected to increased costs, which could negatively impact the Fund's performance.

In addition to using swap agreements to achieve leveraged exposure, the Fund may also utilize listed options contracts as a tool to generate leverage and seek to achieve 3X exposure to the Target Portfolio securities. The Fund's primary options strategy involves the use of short-dated (typically a month or less) in-the-money call options (contracts with strike prices below the current market price of the underlying securities, providing immediate intrinsic value). These options offer efficient leverage while aligning with the Fund's daily investment objective.

Additionally, the Fund may employ other options strategies to seek to achieve similar leveraged exposure. For example, the Fund may simultaneously buy call options and sell put options with identical strike prices, creating a synthetic long position in Target Portfolio securities. This approach provides an alternative means of obtaining leveraged exposure while managing liquidity and market conditions that may impact the availability or pricing of swap agreements.

When utilizing listed options, the Fund will primarily engage in uncovered options transactions (positions not offset by ownership of the underlying asset). However, all such positions will be fully collateralized with cash to manage counterparty risk and to cap potential losses at the collateral amount.

The Fund will hold assets to serve as collateral for the Fund's swap agreements. For those collateral holdings, the Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond exchange-traded fund (ETFs); and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality.

**Glossary of Financial Terms.** This glossary provides concise definitions of many of the financial terms used throughout the Fund's prospectus.

● *Average Daily Trading Volume (ADTV):* The average number of shares traded per day over a specified period.

● *Beta:* A measure of a security's sensitivity to movements in the broader market or a specific sector. A high beta indicates higher volatility.

● *Financing Rates:* The costs associated with maintaining leveraged positions, including borrowing rates or the cost of derivative instruments like swaps or options.

● *Implied Volatility:* Reflects the market's expectations of future price movements, derived from option prices. High implied volatility suggests the potential for significant price swings and is often associated with speculative trading activity.

● *In-the-Money (ITM) Call Options:* Call options with strike prices below the current market price of the underlying security.

● *Intrinsic Value:* The inherent value of an option if it were exercised immediately. For call options, this is the difference between the current market price of the underlying security and the option's strike price, if positive.

● *Leverage:* The use of borrowed capital or derivatives to amplify returns (or losses). For the Fund, leveraged exposure targets 300% of the daily performance of the Target Portfolio.

● *Listed Options:* Standardized option contracts traded on exchanges. The Fund uses short-dated in-the-money call options (with intrinsic value) and other strategies to achieve leveraged exposure or adjust its investment strategy in response to market conditions.

● *Market Capitalization:* The total value of a company's outstanding shares, calculated as the share price multiplied by the number of shares.

● *Notional Value:* The face value or total underlying value of a derivative contract, such as a swap or option, used to determine the payments or returns to be exchanged between parties. It represents a hypothetical amount and does not reflect the actual cash invested or at risk.

● *Options Volume:* The total number of options contracts traded in a given period. High or increasing options volume often reflects heightened speculative activity and investor interest in a security's potential price movement.

● *Realized Volatility:* The actual price fluctuation a security experiences over a given period. High realized volatility indicates past price instability, which can attract traders seeking high reward opportunities despite associated risks.

● *Short-Dated Options:* Options with expiration dates typically within one month or less. These are used by the Fund to seek to manage leverage and respond to market changes efficiently.

● *Short Interest:* The proportion of a security's shares that have been sold short but not yet covered. Rising short interest may signal potential short squeezes, where rapid price increases force short sellers to cover their positions, further driving up the price.

● *Strike Price:* The predetermined price at which the holder of an option can buy (call) or sell (put) the underlying security. Strike prices are central to determining an option's value.

● *Volatility:* A measure of the degree to which a security's price fluctuates over time. High volatility indicates greater price swings.

**The Effects of Fees and Expenses on the Return of the Fund for a Single Trading Day**

To create the necessary exposure, the Fund will enter into one or more swap agreements with financial institutions. The Fund will incur borrowing costs associated with the use of swaps. For instance, if the Target Portfolio returns 1% on a given day, the gross expected return of the Fund would be 3%, but the net expected return, which factors in the cost of financing the portfolio and the impact of operating expenses, would be lower.

The Fund may have difficulty in achieving its daily leveraged investment objective due to fees, expenses, transaction costs, income items, accounting standards, significant purchase and redemption activity by Fund shareholders and/or disruptions or a temporary lack of liquidity in the markets for the securities held by the Fund.

The Fund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative portfolio.

An exchange or market may close or issue trading halts on specific securities, or the ability to buy or sell certain securities or financial instruments may be restricted, which may result in the Fund being unable to buy or sell certain securities or financial instruments. In such circumstances, the Fund may be unable to rebalance its derivatives portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.

If the Fund is unable to obtain sufficient exposure to the one or more of the underlying securities comprising the Target Portfolio due to the limited availability of necessary investments or financial instruments, the Fund could, among other things, fail to meet its daily investment objective or experience increased transaction fees. Under such circumstances, the Fund could trade at significant bid-ask spreads, premiums or discounts to its NAV and could experience substantial redemptions.

**A Cautionary Note to Investor's Regarding Dramatic Target Portfolio Movement**. The Adviser will not attempt to position the Fund's derivatives portfolio to ensure that the Fund does not gain or lose more than maximum percentage of its NAV on a given day. The Fund could lose an amount greater than its net assets in the event of a movement of the Target Portfolio's value in excess of 33% in a direction adverse to the Fund (meaning a loss in the value of the Target Portfolio). **As a result, the risk of total loss exists.**

If an underlying security's market value has a dramatic loss that causes a material decline in the Fund's net assets, the terms of the Fund's swap agreements may permit the counterparty to immediately close out the swap transaction. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve exposure consistent with the Fund's investment objective. This may prevent the Fund from achieving its investment objective, even if the underlying security later reverses all or a portion the move, and result in significant losses.

**Examples**

**Examples of the Impact of Daily Compounding.** Because the Fund's exposure to the Target Portfolio's value is repositioned on a daily basis, for a holding period longer than one day, the pursuit of the daily investment objective will result in daily compounding for the Fund. This means that the return of the Target Portfolio over a period of time greater than one day multiplied by the Fund's daily investment objective (e.g., 300% of such return) generally will not equal the Fund's performance over that same period. As a consequence, investors should not plan to hold shares of the Fund unmonitored for periods longer than a single trading day. This deviation increases with higher volatility in the Target Portfolio's value and longer holding periods. Further, the return for investors that invest for periods less than a full trading day or for a period different than a trading day will not be the product of the return of the Fund's stated daily leveraged investment objective and the performance of the Target Portfolio's value for the full trading day. The actual exposure will largely be a function of the performance of the Target Portfolio's value from the end of the prior trading day. The examples assume a full daily leveraged amount of exactly 3X to the Target Portfolio's value.

Consider the following examples (each of which assumes the investor purchases and sells shares at NAV):

*Example A*

Amy is considering investments in two Funds, Funds A and B. Fund A is an actively managed ETF (the "Reference Fund"). Fund B is a leveraged ETF and seeks daily leveraged investment results (before fees and expenses) that correspond to 300% of the daily performance of the Reference Fund.

On Day 1, the Reference Fund's market value increases in value from $100 to $105, a gain of 5%. On Day 2, the Reference Fund's market value declines from $105 back to $100, a loss of 4.76%. In the aggregate, the market value of the Reference Fund has not moved.

An investment in Fund A (the Reference Fund) would be expected to gain 5% on Day 1 and lose 4.76% on Day 2, returning the investment its original value. The following example assumes a $100 investment in Reference Fund with a market value of $100:

---

| | | | |
|:---|:---|:---|:---|
| Day | Reference Fund (Fund A)<br> Market Value | Target Portfolio<br> Performance | Value of Fund A<br> Investment |
|  |  |  | $100.00 |
| 1 | $105.00 | 5.00% | $105.00 |
| 2 | $100.00 | -4.76% | $100.00 |

---

The same $100 investment in Fund B would be expected to gain 15% on Day 1 (300% of 5%) but decline 14.28% on Day 2.

---

| | | | |
|:---|:---|:---|:---|
| Day | Target Portfolio Performance | 300% of Target Portfolio <br> Performance | Value of Fund B<br> Investment |
|  |  |  | $100.00 |
| 1 | 5.00% | 15.0% | $115.00 |
| 2 | -4.76% | -14.28% | $98.58 |

---

Although the percentage decline in Fund B is smaller on Day 2 than the percentage gain on Day 1, the loss is applied to a higher principal amount, so the investment in Fund B experiences a loss even when the market value of the underlying security for the two-day period has not declined (these calculations do not include the charges for fund fees and expenses).

As you can see, an investment in Fund B has additional risks due to the effects of leverage and compounding.

An investor who purchases shares of the Fund intra-day will generally receive more, or less, than the applicable exposure to the Reference Fund's market value from that point until the end of the trading day. The actual exposure will be largely a function of the performance of the Reference Fund from the end of the prior trading day. If the Fund's shares are held for a period longer than a single trading day, the Fund's performance is likely to deviate from the respective multiple returns of the Reference Fund's performance for the longer period. This deviation will increase with higher Reference Fund volatility and longer holding periods.

**Examples of the Impact of Target Portfolio Volatility.** The Fund rebalances its derivatives portfolio on a daily basis, increasing exposure in response to that day's gains or reducing exposure in response to that day's losses. Daily derivatives rebalancing will typically cause the Fund to lose money if the Target Portfolio's shares experience volatility. A volatility rate is a statistical measure of the magnitude of fluctuations in the underlying security's market value returns over a defined period. For periods longer than a trading day, volatility in the performance of the Target Portfolio's market value from day to day is the primary cause of any disparity between the Fund's actual returns and the returns of the market value of the Target Portfolio for such period. Volatility causes such disparity because it exacerbates the effects of compounding on the Fund's returns. In addition, the effects of volatility are magnified in the Fund due to leverage. Consider the following three examples that demonstrate the effect of volatility on a hypothetical fund (each of which assumes the investor purchases and sells shares at NAV):

**Example 1 – Target Portfolio Experiences Low Volatility**

Amy invests $10.00 in a Hypothetical 3X Fund at the close of trading on Day 1. During Day 2, the hypothetical portfolio's market value rises from 100 to 102, a 2% gain. Amy's investment rises 6% to $10.60. Amy holds her investment through the close of trading on Day 3, during which the hypothetical portfolio's market value rises from 102 to 104, a gain of 1.96%. Amy's investment rises to $11.22, a gain during Day 3 of 5.88%. For the two-day period since Amy invested in the Hypothetical 3X Fund, the hypothetical portfolio gained 4% although Amy's investment increased by 12.2%. Because the hypothetical portfolio's market value continued to trend upwards with low volatility, Amy's return closely correlates to the 300% return of the return of the hypothetical portfolio's market value for the period.

**Example 2 – Target Portfolio Experiences High Volatility**

Now Amy invests $10.00 in a Hypothetical 3X Fund after the close of trading on Day 1. During Day 2, the hypothetical portfolio's market value rises from 100 to 102, a 2% gain, and Amy's investment rises 6% to $10.60. Amy continues to hold her investment through the end of Day 3, during which the hypothetical portfolio's shares decline from 102 to 98, a loss of 3.92%. Amy's investment declines by 11.76%, from $10.60 to $9.35. For the two-day period since Amy invested in the Hypothetical 3X Fund, the hypothetical portfolio lost 2% while Amy's investment decreased from $10 to $9.35, a 6.47% loss. The volatility of the hypothetical portfolio's shares affected the correlation between the hypothetical portfolio's return for the two-day period and Amy's return. In this situation, Amy lost more than three times the return of the hypothetical portfolio.

**Example 3 – Intra-day Investment with Volatility**

Examples 1 and 2 assumed that Amy purchased the Hypothetical 3X Fund at the close of trading on Day 1 and sold her investment at the close of trading on a subsequent day. However, if she made an investment intra-day, she would have received notional exposure to the underlying security's shares determined by the performance of the underlying security's shares from the end of the prior trading day until her time of purchase on the next trading day.

Consider the following example.

Amy invests $10.00 in a Hypothetical 3X Fund at 11 a.m. on Day 2. From the close of trading on Day 1 until 11 a.m. on Day 2, the hypothetical portfolio's market value moved from 100 to 102, a 2% gain. In light of that gain, the Hypothetical 3X Fund beta at the point at which Amy invests is 289%. During the remainder of Day 2, the hypothetical portfolio's market value rises from 102 to 110, a gain of 7.84%, and Amy's investment rises 22.7% (which is the hypothetical portfolio gain of 7.84% multiplied by the 289% beta that she received) to $12.27.54. Amy continues to hold her investment through the close of trading on Day 3, during which the hypothetical portfolio's market value declines from 110 to 90, a loss of 18.18%. Amy's investment declines by 54.5%, from $12.27 to $5.58. For the period of Amy's investment, the hypothetical portfolio's market value declined from 102 to 90, a loss of 11.76%, while Amy's investment decreased from $10.00 to $5.58, a 44% loss. The volatility of the hypothetical portfolio affected the correlation between the hypothetical portfolio's return for period and Amy's return. In this situation, Amy lost more than three times the return of the hypothetical portfolio. Amy was also hurt because she missed the first 2% move of the hypothetical portfolio and had a beta of 289% for the remainder of Day 2.

**Market Volatility.** The Fund seeks to provide a return which is three times the daily performance of a hypothetical portfolio's market value. The Fund does not attempt to, and should not be expected to, provide returns which are three times the return of the portfolio's market value for periods other than a single day. The Fund rebalances its derivatives portfolio on a daily basis, increasing exposure in response to that day's gains or reducing exposure in response to that day's losses.

Daily rebalancing will impair the Fund's performance if the hypothetical portfolio's market value experience volatility. For instance, the Fund would be expected to lose 11% (as shown in Table 1 below) if the hypothetical portfolio's market value provided no return over a one-year period and experienced annualized volatility of 20%. If the hypothetical portfolio's annualized volatility were to rise to 40%, the hypothetical loss for a one-year period for the applicable Fund widens to approximately -38%.

---

| | |
|:---|:---|
| **Table 1** | **Table 1** |
| Volatility | Fund |
| Range | Loss |
| 10% | -3% |
| 20% | -11% |
| 30% | -24% |
| 40% | -38% |
| 50% | -53% |
| 60% | -67% |
| 70% | -78% |
| 80% | -87% |
| 90% | -92% |
| 100% | -96% |

---

**Note that at higher volatility levels, there is a chance of a complete loss of Fund assets even if the market value of the hypothetical portfolio is flat.** For instance, if annualized volatility of the hypothetical portfolio were 90%, the Fund would be expected to lose 92%, even if the hypothetical portfolio returned 0% for the year.

Since market volatility has negative implications for the Fund which rebalances its derivatives daily, investors should be sure to monitor and manage their investments in the Fund particularly in volatile markets. The negative implications of volatility in Table 1 can be combined with the recent volatility ranges of the then-current Target Portfolio's historical volatility, which are expected to be high. Historical volatility and performance for the underlying securities are not likely indicative of future volatility and performance.

**The Projected Returns of the Fund for Intra-Day Purchases.** Because the Fund rebalances its derivatives portfolio once daily, an investor who purchases Shares intra-day will likely have more, or less, than 300% investment exposure to the market value Target Portfolio. The exposure to the Target Portfolio's market value received by an investor who purchases the Fund intra-day will differ from the Fund's stated daily investment objective (e.g., 300%) by an amount determined by the movement of the Target Portfolio's from its market value at the end of the prior day. If the Target Portfolio's market value moves in a direction favorable to the Fund between the close of the market on one trading day through the time on the next trading day when the investor purchases Fund shares, the investor will receive less exposure to the Target Portfolio than the stated Fund's daily investment objective (e.g., 300%). Conversely, if the Target Portfolio's market value moves in a direction adverse to the funds, the investor will receive more exposure to the Target Portfolio than the stated fund daily leveraged investment objective (e.g., 300%).

Table 3 below indicates the hypothetical exposure to the market value of a portfolio that an intra-day purchase of the Hypothetical 3X Fund would be expected to provide based upon the movement in the market value of the portfolio from the close of the market on the prior trading day. Such exposure holds until a subsequent sale on that same trading day or until the close of the market on that trading day. For instance, if the portfolio's market value has moved 5% in a direction favorable to a Hypothetical 3X Fund, the investor would receive exposure to the performance of the portfolio from that point until the investor sells later that day or the end of the day equal to approximately 286% of the investor's investment.

Conversely, if the portfolio's market value moves 5% in a direction unfavorable to the Hypothetical 3X Fund, an investor at that point would receive exposure to the performance of the portfolio from that point until the investor sells later that day or the end of the day equal to approximately 317% of the investor's investment.

The table below includes a range of hypothetical portfolio market value moves from 20% to -20% and the corresponding exposure for the Hypothetical 3X Fund. Movement of the market value of the portfolio beyond the range noted below will result in exposure further from the Hypothetical 3X Fund's daily investment objective.

**Table 3**

---

| | |
|:---|:---|
| Portfolio<br> Market Value<br> Move | Resulting Exposure for<br> Hypothetical 3X Fund |
| -20% | 401% |
| -15% | 365% |
| -10% | 338% |
| -5% | 317% |
| 0% | 300% |
| 5% | 286% |
| 10% | 274% |
| 15% | 266% |
| 20% | 257% |

---

**The Projected Returns of the Fund for Periods Other Than a Single Trading Day.** The Fund seeks leveraged investment results on a daily basis — from the close of regular trading on one trading day to the close on the next trading day — which should not be equated with seeking an investment objective for any other period. For instance, if the Target Portfolio market value gains 10% for a week, the Fund should not be expected to provide a return of 30% for the week even if it meets its daily investment objective throughout the week. This is true because of the financing charges noted above but also because the pursuit of daily goals may result in daily compounding, which means that the return of the Target Portfolio over a period of time greater than one day multiplied by the Fund's daily investment objective (e.g., 300%) will not generally equal the Fund's performance over that same period. In addition, the effects of compounding become greater the longer shares of the Fund are held beyond a single trading day.

The following tables set out a range of hypothetical daily performances during a given 10 trading days for a Hypothetical 3X Fund compared to a portfolio and demonstrate how changes in the portfolio's hypothetical performance would compare to the performance of a Hypothetical 3X Fund for a trading day and cumulatively up to, and including, the entire 10 trading day period. The charts are based on a hypothetical $100 investment in hypothetical funds at NAV over a 10-trading day period and do not reflect fees or expenses of any kind.

**Table 4 – The Target Portfolio Lacks a Clear Trend**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Target Portfolio | Target Portfolio | Target Portfolio | Target Portfolio | Hypothetical 3X Fund | Hypothetical 3X Fund | Hypothetical 3X Fund |
|  | NAV | Daily<br> Performance | Cumulative<br> Performance | NAV | Daily<br> Performance | Cumulative<br> Performance |
|  | $100.00 |  |  | $100.00 |  |  |
| Day 1 | $105.00 | 5.00% | 5.00% | $115.00 | 15.00% | 15% |
| Day 2 | $110.00 | 4.76% | 10.00% | $131.42 | 14.28% | 31.42% |
| Day 3 | $100.00 | -9.09% | 0.00% | $95.45 | -27.27% | -4.55% |
| Day 4 | $90.00 | -10.00% | -10.00% | $66.82 | -30.00% | -33.18% |
| Day 5 | $85.00 | -5.56% | -15.00% | $55.67 | -16.68% | -44.33% |
| Day 6 | $100.00 | 17.65% | 0.00% | $85.15 | 52.95% | -14.85% |
| Day 7 | $95.00 | -5.00% | -5.00% | $72.38 | -15.00% | -27.62% |
| Day 8 | $100.00 | 5.26% | 0.00% | $83.80 | 15.78% | -16.20% |
| Day 9 | $105.00 | 5.00% | 5.00% | $96.37 | 15% | -3.63% |
| Day 10 | $100.00 | -4.76% | 0.00% | $82.61 | -14.28% | -17.39% |

---

The cumulative performance of the hypothetical portfolio's market value in Table 4 is 0% for 10 trading days. The return of the Hypothetical 3X Fund for the 10-trading day period is -17.39%. The volatility of the portfolio's performance and lack of a clear trend results in performance for the Hypothetical 3X Fund for the period which bears little relationship to the performance of the portfolio for the 10-trading day period.

**Table 5 – The Target Portfolio Rises in a Clear Trend**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Target Portfolio | Target Portfolio | Target Portfolio | Target Portfolio | Hypothetical 3X Fund | Hypothetical 3X Fund | Hypothetical 3X Fund |
|  | NAV | Daily<br> Performance | Cumulative<br> Performance | NAV | Daily<br> Performance | Cumulative<br> Performance |
|  | $100.00 |  |  | $100.00 |  |  |
| Day 1 | $102.00 | 2.00% | 2.00% | $106.00 | 6.00% | 6.00% |
| Day 2 | $104.00 | 1.96% | 4.00% | $112.23 | 5.88% | 12.23% |
| Day 3 | $106.00 | 1.92% | 6.00% | $118.70 | 5.76% | 18.70% |
| Day 4 | $108.00 | 1.89% | 8.00% | $125.43 | 5.67% | 25.43% |
| Day 5 | $110.00 | 1.85% | 10.00% | $132.33 | 5.55% | 32.33% |
| Day 6 | $112.00 | 1.82% | 12.00% | $139.55 | 5.46% | 39.55% |
| Day 7 | $114.00 | 1.79% | 14.00% | $147.05 | 5.37% | 47.05% |
| Day 8 | $116.00 | 1.75% | 16.00% | $154.76 | 5.25% | 54.76% |
| Day 9 | $118.00 | 1.72% | 18.00% | $162.75 | 5.16% | 62.75% |
| Day 10 | $120.00 | 1.69% | 20.00% | $171.00 | 5.07% | 71.00% |

---

The cumulative performance of the portfolio's market value in Table 5 is 20% for 10 trading days. The return of the Hypothetical 3X Fund for the 10-trading day period is 71.00%. In this case, because of the positive portfolio trend, the Hypothetical 3X Fund's gain is greater than 300% of the portfolio's market value gain for the 10-trading day period.

**Table 6 – The Target Portfolio Declines in a Clear Trend**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Target Portfolio | Target Portfolio | Target Portfolio | Target Portfolio | Hypothetical 3X Fund | Hypothetical 3X Fund | Hypothetical 3X Fund |
|  | NAV | Daily<br> Performance | Cumulative<br> Performance | NAV | Daily<br> Performance | Cumulative<br> Performance |
|  | $100.00 |  |  | $100.00 |  |  |
| Day 1 | $98.00 | -2.00% | -2.00% | $94.00 | -6.00% | -6.00% |
| Day 2 | $96.00 | -2.04% | -4.00% | $88.25 | -6.12% | -11.75% |
| Day 3 | $94.00 | -2.08% | -6.00% | $82.74 | -6.24% | -17.26% |
| Day 4 | $92.00 | -2.13% | -8.00% | $77.46 | -6.39% | -22.54% |
| Day 5 | $90.00 | -2.17% | -10.00% | $72.41 | -6.51% | -27.59% |
| Day 6 | $88.00 | -2.22% | -12.00% | $67.58 | -6.66% | -32.42% |
| Day 7 | $86.00 | -2.27% | -14.00% | $62.98 | -6.81% | -37.02% |
| Day 8 | $84.00 | -2.33% | -16.00% | $58.58 | -6.99% | -41.42% |
| Day 9 | $82.00 | -2.38% | -18.00% | $54.40 | -7.14% | -45.60% |
| Day 10 | $80.00 | -2.44% | -20.00% | $50.41 | -7.32% | -49.59% |

---

The cumulative performance of the portfolio's market value in Table 6 is -20% for 10 trading days. The return of the Hypothetical 3X Fund for the 10-trading day period is -49.59%. In this case, because of the negative hypothetical portfolio's market value trend, the Hypothetical 3X Fund's loss is less than 300% of the hypothetical portfolio's decline for the 10-trading day period.

**Investments by Registered Investment Companies**

Section 12(d)(1) of the 1940 Act restricts investments by investment companies in the securities of other investment companies. However, registered investment companies are permitted to invest in other investment companies beyond the limits set forth in Section 12(d)(1) in rules under the 1940 Act, subject to certain conditions. The Fund may rely on Rule 12d1-4 of the 1940 Act, which provides an exemption from Section 12(d)(1) that allows the Fund to invest beyond the limits set forth in Section 12(d)(1) if the Fund satisfies certain conditions specified in Rule 12d1-4, including, among other conditions, that the Fund and its advisory group will not control (individually or in the aggregate) an acquired fund (e.g., hold more than 25% of the outstanding voting securities of an acquired fund that is a registered open-end management investment company).

**Manager of Managers Structure**

While the Fund does not currently have a sub-adviser, the Fund and the Adviser have received exemptive relief from the SEC permitting the Adviser (subject to certain conditions and the approval of the Board) to change or select new unaffiliated sub-advisers without obtaining shareholder approval. The relief also permits the Adviser to materially amend the terms of agreements with an unaffiliated sub-adviser (including an increase in the fee paid by the Adviser to the unaffiliated sub-adviser (and not paid by the Fund)) or to continue the employment of an unaffiliated sub-adviser after an event that would otherwise cause the automatic termination of services with Board approval, but without shareholder approval. Shareholders will be notified of any unaffiliated sub-adviser changes. The Adviser has the ultimate responsibility, subject to oversight by the Board, to oversee a sub-adviser and recommend their hiring, termination and replacement. The exemptive relief applies to sub-advisers that are either wholly owned by the Adviser or its parent company, as well as to unaffiliated sub-advisers, including those whose affiliation arises solely from their sub-advisory relationship.

**Principal Risks of Investing in the Fund**

There can be no assurance that the Fund will achieve their respective investment objectives. The following information is in addition to, and should be read along with, the description of the Fund's principal investment risks in the section titled "Fund Summary— Principal Investment Risks" above. The Fund's principal risks are presented in alphabetical order to facilitate finding particular risks and comparing them with those of other funds. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears.

**Compounding and Market Volatility Risk.** The Fund has a daily leveraged investment objective and the Fund's performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is very likely to differ from three times (300%) the Target Portfolio's performance, before the Fund's management fee and other expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate leveraged daily returns and that rebalance daily. For the Fund aiming to replicate three times the daily performance of the Target Portfolio, if adverse daily performance of the Target Portfolio reduces the amount of a shareholder's investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder's investment had already been reduced by the prior adverse performance. Equally, however, if favorable daily performance of the Target Portfolio increases the amount of a shareholder's investment, the dollar amount lost due to future adverse performance will increase because the shareholder's investment has increased.

The effect of compounding becomes more pronounced as the Target Portfolio's volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Target Portfolio during a shareholder's holding period of an investment in the Fund.

The chart below provides examples of how the Target Portfolio's volatility could affect the Fund's performance. The chart illustrates the impact of two factors that affect the Fund's performance – the Target Portfolio's volatility and performance. The Target Portfolio's performance shows the percentage change in the market value of the Target Portfolio over the specified time period, while the Target Portfolio's volatility is a statistical measure of the magnitude of fluctuations in the returns during that time period. As illustrated below, even if the Target Portfolio's performance over two equal time periods is identical, different Target Portfolio volatility (*i.e.*, in magnitude of fluctuations in the value of the Target Portfolio) during the two time periods could result in drastically different Fund performance for the two time periods because of compounding daily returns during the time periods.

Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) the Target Portfolio volatility; b) the Target Portfolio performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses. The chart shows estimated Fund returns for a number of combinations of Target Portfolio volatility and Target Portfolio performance over a one-year period. Performance shown in the chart assumes that: (i) there were no Fund expenses; (ii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected the estimated returns would be different than those shown. Particularly during periods of higher Target Portfolio volatility, compounding will cause results for periods longer than a trading day to vary from three times (300%) the performance of the Target Portfolio.

As shown in the chart below, the Fund would be expected to lose -17.1% if there was no change in the share price of the Target Portfolio over a one-year period during which the Target Portfolio experienced annualized volatility of 25%. If the Target Portfolio's annualized volatility were to rise to 75%, the hypothetical loss for a one-year period would widen to approximately -81.5% . At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if there were no change in the share price of the Target Portfolio. For instance, if the Target Portfolio's annualized volatility is 100%, the Fund would be expected to lose -95% of its value, even if the cumulative Target Portfolio change in the share price of the Target Portfolio for the year was 0%.

Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than three times (300%) the performance of the Target Portfolio and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than three times (300%) the performance of the Target Portfolio. The Fund's actual performance may be significantly better or worse than the performance shown below as a result of any of the factors discussed above or in the "Daily Correlation/Tracking Risk" below.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Estimated Returns of 300% or Three Times** <br> **Performance of the Target Portfolio** | **Estimated Returns of 300% or Three Times** <br> **Performance of the Target Portfolio** | **Estimated Returns of 300% or Three Times** <br> **Performance of the Target Portfolio** |  |  |  |  |
| **Target Portfolio Performance** | **Target Portfolio Performance** | **One Year Volatility Rate** | **One Year Volatility Rate** | **One Year Volatility Rate** | **One Year Volatility Rate** | **One Year Volatility Rate** |
| **One Year** <br> **Target Portfolio** <br> **Performance** | **3X Times** <br> **(300%) the** <br> **One Year** <br> **Performance** | **10%** | **25%** | **50%** | **75%** | **100%** |
| **-60%** | **-180%** | -93.8% | -94.7% | -97.0% | -98.8% | -99.7% |
| **-50%** | **-150%** | -87.9% | -89.6% | -94.1% | -97.7% | -99.4% |
| **-40%** | **-120%** | -79.0% | -82.1% | -89.8% | -96.0% | -98.9% |
| **-30%** | **-90%** | -66.7% | -71.6% | -83.8% | -93.7% | -98.3% |
| **-20%** | **-60%** | -50.3% | -57.6% | -75.8% | -90.5% | -97.5% |
| **-10%** | **-30%** | -29.3% | -39.6% | -65.6% | -86.5% | -96.4% |
| **0%** | **0%** | -3.0% | -17.1% | -52.8% | -81.5% | -95.0% |
| **10%** | **30%** | 29.2% | 10.3% | -37.1% | -75.4% | -93.4% |
| **20%** | **60%** | 67.7% | 43.3% | -18.4% | -68.0% | -91.4% |
| **30%** | **90%** | 113.2% | 82.1% | 3.8% | -59.4% | -89.1% |
| **40%** | **120%** | 166.3% | 127.5% | 29.6% | -49.2% | -86.3% |
| **50%** | **150%** | 227.5% | 179.8% | 59.4% | -37.6% | -83.2% |
| **60%** | **180%** | 297.5% | 239.6% | 93.5% | -24.2% | -79.6% |

---

Since market volatility has negative implications for the Fund which rebalances its derivatives daily, investors should be sure to monitor and manage their investments in the Fund particularly in volatile markets. The negative implications of volatility in Table 1 can be combined with the recent volatility ranges of the then-current Target Portfolio's historical volatility, which are expected to be high. Historical volatility and performance for the Target Portfolio are not likely indicative of future volatility and performance.

**Counterparty Risk.** The Fund is subject to counterparty risk by virtue of its investments in derivatives which exposes the Fund to the risk that the counterparty will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty's financial condition (*i.e.*, financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty's inability to fulfill its obligation may result in significant financial loss to the Fund and the Fund may be unable to recover its investment from such counterparty or may obtain a limited and/or delayed recovery. The Fund engages in transactions with counterparties, which may include subsidiaries of public companies. Investors should be aware that the Fund may not have recourse to the parent company for obligations of such counterparties. Consequently, the Fund is exposed to the credit risk of these counterparties, and their inability to meet the terms of their agreements could result in financial loss to the Fund.

Counterparties may seek to hedge their exposure to individual clients (such as the Fund) by establishing offsetting exposures with other clients, however, there is no guarantee that counterparties will do so under all circumstances. Should a counterparty (e.g., a swap counterparty) terminate its relationship with the Fund, the Fund will seek to utilize other counterparties to seek to maintain its exposures. In addition, the Fund may use options contracts to seek to generate the leverage necessary to implement its strategy. The use of options contracts introduces distinct risks, including heightened volatility, particularly intraday. While options may provide an ancillary benefit of mitigating some losses under specific scenarios, such as severe market downturns, their inherent leverage and rapid price fluctuations can amplify the Fund's performance volatility and lead to greater risks of substantial losses. Refer to "Derivatives Risk – Options Contracts" for additional information on the risks of investing in options.

In addition, the Fund may enter into swap agreements with a limited number of counterparties, which may increase the Fund's exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its investment objective.

**Daily Correlation/Tracking Risk.** There is no guarantee that the Fund will achieve a high degree of leveraged correlation to the Target Portfolio and therefore achieve its daily leveraged investment objective. To achieve a high degree of leveraged correlation with the Target Portfolio, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its daily leveraged investment objective. The possibility of the Fund being materially over- or under-exposed to the Target Portfolio increases on days when the Target Portfolio is volatile near the close of the trading day. Market disruptions, regulatory restrictions and extreme volatility will also adversely affect the Fund's ability to adjust exposure to the required levels. If there is a significant intra-day market event and/or the Target Portfolio experiences a significant increase or decline, the Fund may not meet its investment objective, be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads.

The Fund may have difficulty achieving its daily leveraged investment objective due to fees, expenses, transaction costs, financing costs related to the use of derivatives, investments in ETFs, directly or indirectly, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or derivatives held by the Fund. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Target Portfolio. The Fund may take or refrain from taking positions to improve the tax efficiency or to comply with various regulatory restrictions, either of which may negatively impact the Fund's leveraged correlation to the Target Portfolio. Finally, during periods of high volatility, compounding effects and correlation shifts between securities in the Target Portfolio may cause the Fund's returns to deviate materially from three times (3X) the daily performance of the Target Portfolio.

**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, leverage, imperfect daily correlations with underlying investments or the Fund's other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be imperfect correlation between the market value of the Target Portfolio and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested.

The Fund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund's investment strategy, including the desired daily leveraged performance for the Fund.

In addition, the Fund's investments in derivatives are subject to the following risks:

**Swap Agreements**. The use of swap transactions is a highly specialized activity, which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Whether the Fund will be successful in using swap agreements to achieve its investment goal depends on the ability of the Adviser to structure such swap agreements in accordance with the Fund's investment objective and to identify counterparties for those swap agreements. If the Adviser is unable to enter into swap agreements that provide leveraged exposure to the Target Portfolio, the Fund may not meet its stated investment objective. Additionally, any financing, borrowing or other costs associated with using swap transactions may also have the effect of lowering the Fund's return.

The swap agreements in which the Fund invests are generally traded in the over-the-counter market, which generally has less transparency than exchange-traded derivatives instruments. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference assets or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a basket of securities.

If the Target Portfolio has a dramatic move that causes a material decline in the Fund's net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the swap transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve exposure consistent with the Fund's investment objective. This may prevent the Fund from achieving its leveraged investment objective, even if the Target Portfolio later reverses all or a portion of its movement.

**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.

When utilizing listed options, the Fund will primarily engage in uncovered options transactions (i.e., positions that are not offset by ownership of the underlying asset). These uncovered positions carry unique risks, as the Fund does not hold the underlying asset to offset potential losses. However, the Fund will fully collateralize such options with cash to seek to manage counterparty risk and to cap potential losses at the collateral amount. This collateralization does not eliminate risk but mitigates the extent of loss exposure.

The value of the options contracts in which the Fund invests are substantially influenced by the value of the Target Portfolio. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. The use of uncovered options introduces significant risks, including the potential for substantial losses if the market moves unfavorably against the Fund's positions.

Additionally, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as "rolling." If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience a reduction in overall returns or incur losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Target Portfolio moves against its positions, potentially resulting in a complete loss of the premium paid.

**ETF Risks.**

*Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.* The Fund has a limited number of financial institutions that are authorized to purchase and redeem Shares directly from the Fund (known as "Authorized Participants" or "APs"). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.

*Cash Redemption Risk.* The Fund's investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. By paying out higher annual capital gain distributions, investors may be subjected to increased capital gains taxes. The costs associated with cash redemptions may include brokerage costs that the Fund may not have incurred if it had made the redemptions in-kind. These costs could be imposed on the Fund, decreasing its NAV, to the extent these costs are not offset by a transaction fee payable by an authorized participant.

*Costs of Buying or Selling Shares.* Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid-ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.

*Shares May Trade at Prices Other Than NAV.* As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund's NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant.

*Trading.* Although Shares are listed on a national securities exchange, such as [The Nasdaq Stock Market, LLC] (the "Exchange"), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund's underlying portfolio holdings, which can be significantly less liquid than Shares. This adverse effect on liquidity for the Fund's shares may lead to wider bid-ask spreads and differences between the market price of the Fund's shares and the underlying value of the shares.

*Liquidity Risk*. In certain circumstances, such as the disruption of the orderly markets for the financial instruments in which the Fund invests, the Fund might not be able to acquire or dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. Markets for the financial instruments in which the Fund invests may be disrupted by a number of events, including but not limited to economic crises, health crises, natural disasters, excessive volatility, new legislation, or regulatory changes inside or outside of the U.S. These situations may have an impact on the liquidity of the Fund's own shares."

**Economic and Market Risk.** Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund's portfolio may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund's investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. The imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic and foreign markets.

**Fixed Income Securities Risk**. When the Fund invests in fixed income securities, the value of your investment in that Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund's Share price and total return to be reduced and fluctuate more than other types of investments.

**High Portfolio Turnover Risk**. Daily rebalancing of the Fund's holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active market trading of the Fund's Shares on exchanges (such as the Exchange), could cause more frequent creation and redemption activities, which could increase the number of portfolio transactions. Frequent and active trading may lead to higher transaction costs because of increased broker commissions resulting from such transactions. In addition, there is the possibility of significantly increased short-term capital gains (which will be taxable to shareholders as ordinary income when distributed to them). The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise the majority of the Fund's trading. As such, if the Fund's extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher.

**Intra-Day Investment Risk.** The Fund seeks investment results from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the market value of the Target Portfolio at the market close on the first trading day and the market value of the Target Portfolio at the time of purchase. If the market value of the Target Portfolio rises, the Fund's net assets will rise by approximately three times the amount as the Fund's exposure. Conversely, if the market value of the Target Portfolio declines, the Fund's net assets will decline by approximately three times the amount as the Fund's exposure. Thus, an investor that purchases Shares intra-day may experience performance that is greater than, or less than, the Fund's stated leveraged performance of the Target Portfolio.

If there is a significant intra-day market event and/or the securities of the Target Portfolio experience a significant increase or decrease, the Fund may not meet its investment objective or rebalance its portfolio appropriately.

**Leverage Risk**. The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Target Portfolio will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the market values of the Target Portfolio, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the market value of the Target Portfolio declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance's correlation with the Target Portfolio's market value.

**Liquidity Risk.** Some securities held by the Fund may be difficult to sell or be illiquid, particularly during times of market turmoil. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, epidemics/pandemics, new legislation or regulatory changes inside or outside the United States. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to sell an illiquid security at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Target Portfolio. There is no assurance that a security that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund.

**Market Capitalization Risk.**

*Large-Capitalization Investing*. The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore subject to slower growth during times of economic expansion. Large-capitalization companies may also be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes.

*Mid-Capitalization Investing.* The securities of mid-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of large-capitalization companies. The securities of mid-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than large-capitalization stocks or the stock market as a whole.

*Small-Capitalization Investing.* The securities of small-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of large- or mid-capitalization companies. The securities of small-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than large- or mid-capitalization stocks or the stock market as a whole. There is typically less publicly available information concerning smaller-capitalization companies than for larger, more established companies.

*Micro-Capitalization Investing.* Micro-capitalization companies often have limited product lines, narrower markets for their goods and/or services and more limited managerial and financial resources than larger, more established companies, including companies which are considered small- or mid-capitalization. As a result, their performance can be more volatile and they face greater risk of business failure, which could increase the volatility of the Fund's portfolio.

**Models and Data Risk.** The composition of the Fund's portfolio is heavily dependent on investment models as well as information and data supplied by third parties ("Models and Data"). When Models and Data prove to be incorrect or incomplete, any decisions made in reliance thereon may lead to the inclusion or exclusion of securities from the Fund's portfolio that would have been excluded or included had the Models and Data been correct and complete. Errors in programming, data entry, system compatibility, or database integrity can result in the unintended inclusion or exclusion of securities in the Fund's portfolio. Such errors, whether due to human or technological factors, could induce the Adviser to make investment choices that would not have been made with accurate and complete information, potentially leading to losses or missed gains for the Fund.

**Money Market Instrument Risk.** The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Repurchase agreements are contracts in which a seller of securities agrees to buy the securities back at a specified time and price. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.

**New Fund Risk.** The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have any (or only a limited) track record or history on which to base their investment decisions.

**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. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund's overall value to decline to a greater degree than if the Fund held a more diversified portfolio.

**Operational Risk**. The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund's service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund's ability to meet its investment objective. Although the Fund and the Fund's investment advisor seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.

**Rebalancing Risk**. If for any reason the Fund is unable to rebalance all or a portion of its derivatives portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund's investment exposure may not be consistent with the Fund's investment objective. In these instances, the Fund may have investment exposure to the Target Portfolio that is significantly greater or less than its stated investment objective. As a result, the Fund may be exposed to leverage risk because it had not been properly rebalanced and may not achieve its investment objective.

**Tax Risk**. In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund's assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund's assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund's investment objective is not clear. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income.

**Tracking Error Risk**. Tracking error is the divergence of the Fund's performance from that of its investment objective which aims to replicate three times the daily percentage change in the price of the Target Portfolio. Tracking error may occur for a number of reasons. Tracking error may occur because of transaction costs, the Fund's holding of cash, differences in accrual of dividends, being under- or overexposed to the Target Portfolio or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives, and therefore experience tracking error, as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.

**U.S. Government and U.S. Agency Obligations Risk**. The Fund 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.

**PORTFOLIO HOLDINGS**

Information about the Fund's daily portfolio holdings is, or will be, available on the Fund's website at www.defianceetfs.com.

A complete description of the Fund's policies and procedures with respect to the disclosure of the Fund's portfolio holdings is available in the Fund's SAI.

**MANAGEMENT**

**Investment Adviser**

Tidal Investments LLC (the "Adviser"), located at 234 West Florida Street, Suite 203, Milwaukee, Wisconsin 53204, is an SEC registered investment adviser and a Delaware limited liability company. Tidal was founded in March 2012 and is dedicated to understanding, researching and managing assets within the expanding ETF universe. As of [ ], 2025, Tidal had assets under management of approximately $[ ] billion and served as the investment adviser or sub-adviser for [ ] registered funds.

Tidal serves as investment adviser to the Fund and has overall responsibility for the general management and administration of the Fund pursuant to an investment advisory agreement with the Trust, on behalf of the Fund (the "Advisory Agreement"). The Adviser is responsible for trading portfolio securities and financial instruments for the Fund, including selecting broker-dealers to execute purchase and sale transactions. The Adviser also arranges for transfer agency, custody, fund administration, and all other related services necessary for the Fund to operate. For the services provided to the Fund, the Fund pays the Adviser a unitary management fee of 1.49%, which is calculated daily and paid monthly, at an annual rate based on the Fund's average daily net assets.

Under the Advisory Agreement, in exchange for a single unitary management fee from the Fund, the Adviser has agreed to pay all expenses incurred by the Fund except for interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act, and the unitary management fee payable to the Adviser (collectively, the "Excluded Expenses").

A discussion regarding the basis for the Board's approval of the Fund's Advisory Agreement will be available in the Fund's semi-annual report to shareholders on Form N-CSR for the period ending [ ].

**Portfolio Managers**

The following individuals (each, a "Portfolio Manager") have served as portfolio managers of the Fund since inception in 2025 and are primarily responsible for the day-to-day management of the Fund.

*Michael Venuto, Chief Investment Officer for the Adviser*

Mr. Venuto is a co-founder and has been the Chief Investment Officer of the Adviser since 2012. Mr. Venuto is an ETF industry veteran with over a decade of experience in the design and implementation of ETF-based investment strategies. Previously, he was Head of Investments at Global X Funds where he provided portfolio optimization services to institutional clients. Before that, he was Senior Vice President at Horizon Kinetics where his responsibilities included new business development, investment strategy and client and strategic initiatives. Mr. Venuto studied Philosophy and Religion at NC State University.

*Daniel Weiskopf, Portfolio Manager for the Adviser*

Mr. Weiskopf serves as Portfolio Manager at Tidal, having joined the firm in May 2018. Mr. Weiskopf has been an ETF Strategist since 2003, and was the portfolio manager and founder of MH Capital Partners, a small cap hedge fund from 1995 until 2003 which focused on asset light business models. Firms that Mr. Weiskopf has been affiliated with include, Investment Planners, Forefront Capital, UBS Financial and American Diversified Enterprises, an affiliated of Allen & Company. Mr. Weiskopf graduated with an MBA from Fordham University Gabelli School of Business, and holds a series 7 and 65 license.

The Fund's SAI provides additional information about each portfolio manager's compensation structure, other accounts that each portfolio manager manages, and each portfolio manager's ownership of Shares.

**Fund Sponsor**

The Adviser has entered into a fund sponsorship agreement with Defiance ETFs, LLC ("Defiance") pursuant to which Defiance is a sponsor to the Fund. Under this arrangement, Defiance has agreed to provide financial support (as described below) to the Fund. Every month, unitary management fees for the Fund are calculated and paid to the Adviser, and the Adviser retains a portion of the unitary management fees from the Fund.

In return for its financial support for the Fund, the Adviser has agreed to pay Defiance a portion of any remaining profits generated by unitary management fee the Fund. If the amount of the unitary management fees for the Fund exceeds the Fund's operating expenses and the Adviser-retained amount, that excess amount is considered "remaining profit." In that case, the Adviser will pay a portion of the remaining profits to Defiance.

Further, if the amount of the unitary management fee for the Fund is less than its operating expenses and the Adviser-retained amount, Defiance is obligated to reimburse the Adviser for a portion of the shortfall.

**HOW TO BUY AND SELL SHARES**

The Fund issues and redeems Shares only in Creation Units at the NAV per share next determined after receipt of an order from an AP. Only APs may acquire Shares directly from the Fund, and only APs may tender their Shares for redemption directly to the Fund, at NAV. APs must be a member or participant of a clearing agency registered with the SEC and must execute a Participant Agreement that has been agreed to by the Distributor (defined below), and that has been accepted by the Fund's transfer agent, with respect to purchases and redemptions of Creation Units. Once created, Shares trade in the secondary market in quantities less than a Creation Unit.

In order to purchase Creation Units of the Fund, an AP must generally deposit a designated portfolio of equity securities (the "Deposit Securities") and/or a designated amount of U.S. cash. Purchases and redemptions of Creation Units primarily with cash, rather than through in-kind delivery of portfolio securities, may cause the Fund to incur certain costs. These costs could include brokerage costs or taxable gains or losses that it might not have incurred if it had made redemption in-kind. These costs could be imposed on the Fund, and thus decrease the Fund's NAV, to the extent that the costs are not offset by a transaction fee payable by an AP.

Most investors buy and sell Shares in secondary market transactions through brokers. Individual Shares are listed for trading on the secondary market on the Exchange and can be bought and sold throughout the trading day like other publicly traded securities.

When buying or selling Shares through a broker, you will incur customary brokerage commissions and charges, and you may pay some or all of the spread between the bid and the offer price in the secondary market on each leg of a round trip (purchase and sale) transaction. In addition, because secondary market transactions occur at market prices, you may pay more than NAV when you buy Shares, and receive less than NAV when you sell those Shares.

**Book Entry**

Shares are held in book-entry form, which means that no stock certificates are issued. The Depository Trust Company ("DTC") or its nominee is the record owner of all outstanding Shares.

Investors owning Shares are beneficial owners as shown on the records of DTC or its participants. DTC serves as the securities depository for all Shares. DTC's participants include securities brokers and dealers, banks, trust companies, clearing corporations and other institutions that directly or indirectly maintain a custodial relationship with DTC. As a beneficial owner of Shares, you are not entitled to receive physical delivery of stock certificates or to have Shares registered in your name, and you are not considered a registered owner of Shares. Therefore, to exercise any right as an owner of Shares, you must rely upon the procedures of DTC and its participants. These procedures are the same as those that apply to any other securities that you hold in book-entry or "street name" through your brokerage account.

**Frequent Purchases and Redemptions of Shares**

The Fund does not impose any restrictions on the frequency of purchases and redemptions of Shares. In determining not to approve a written, established policy, the Board evaluated the risks of market timing activities by the Fund's shareholders. Purchases and redemptions by APs, who are the only parties that may purchase or redeem Shares directly with the Fund, are an essential part of the ETF process and help keep Share trading prices in line with the NAV. As such, the Fund accommodates frequent purchases and redemptions by APs. However, the Board has also determined that frequent purchases and redemptions for cash may increase tracking error and portfolio transaction costs and may lead to the realization of capital gains. To minimize these potential consequences of frequent purchases and redemptions, the Fund employs fair value pricing and may impose transaction fees on purchases and redemptions of Creation Units to cover the custodial and other costs incurred by the Fund in effecting trades. In addition, the Fund and the Adviser reserve the right to reject any purchase order at any time.

**Determination of Net Asset Value**

The Fund's NAV is calculated as of the scheduled close of regular trading on the New York Stock Exchange ("NYSE"), generally 4:00 p.m. Eastern Time, each day the NYSE is open for regular business. The NAV for the Fund is calculated by dividing the Fund's net assets by its Shares outstanding.

In calculating its NAV, the Fund generally values its assets on the basis of market quotations, last sale prices, or estimates of value furnished by a pricing service or brokers who make markets in such instruments. If such information is not available for a security held by the Fund or is determined to be unreliable, the security will be valued at fair value estimates under guidelines established by the Adviser (as described below).

Additionally, the Fund values swap agreements based on the nature of the underlying reference asset or index. The Fund may use the closing price of the underlying reference asset, as provided by independent pricing services, or evaluated prices generated by pricing vendors' models. The Fund values exchange-traded options at the composite mean price, calculated as the average of the highest bid and lowest ask prices across the exchanges on which the option is principally traded.

**Fair Value Pricing**

The Board has designated the Adviser as the "valuation designee" for the Fund under Rule 2a-5 of the 1940 Act, subject to its oversight. The Adviser has adopted procedures and methodologies, which have been approved by the Board, to fair value Fund investments whose market prices are not "readily available" or are deemed to be unreliable. For example, such circumstances may arise when: (i) an investment has been delisted or has had its trading halted or suspended; (ii) an investment's primary pricing source is unable or unwilling to provide a price; (iii) an investment's primary trading market is closed during regular market hours; or (iv) an investment's value is materially affected by events occurring after the close of the investment's primary trading market. Generally, when fair valuing an investment, the Adviser will take into account all reasonably available information that may be relevant to a particular valuation including, but not limited to, fundamental analytical data regarding the issuer, information relating to the issuer's business, recent trades or offers of the investment, general and/or specific market conditions, and the specific facts giving rise to the need to fair value the investment. Fair value determinations are made in good faith and in accordance with the fair value methodologies included in the Adviser's valuation procedures. The Adviser will fair value Fund investments whose market prices are not "readily available" or are deemed to be unreliable. The Adviser will fair value Fund investments whose market prices are not "readily available" or are deemed to be unreliable. Due to the subjective and variable nature of fair value pricing, there can be no assurance that the Adviser will be able to obtain the fair value assigned to the investment upon the sale of such investment.

**Investments by Other Registered Investment Companies in the Fund**

Section 12(d)(1) of the 1940 Act restricts investments by registered investment companies in the securities of other investment companies, including Shares. Registered investment companies are permitted to invest in the Fund beyond the limits set forth in Section 12(d)(1), subject to certain terms and conditions of rules under the 1940 Act, including that such investment companies enter into an agreement with the Fund.

**Delivery of Shareholder Documents – Householding**

Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

**DIVIDENDS, DISTRIBUTIONS, AND TAXES**

**Dividends and Distributions**

The Fund intends to pay out dividends and interest income, if any, annually, and distribute any net realized capital gains to its shareholders at least annually.

The Fund will declare and pay income and capital gain distributions, if any, in cash. Distributions in cash may be reinvested automatically in additional whole Shares only if the broker through whom you purchased Shares makes such option available. Your broker is responsible for distributing the income and capital gain distributions to you.

**Taxes**

The following discussion is a summary of some important U.S. federal income tax considerations generally applicable to investments in the Fund. Your investment in the Fund may have other tax implications. Please consult your tax advisor about the tax consequences of an investment in Shares, including the possible application of foreign, state, and local tax laws.

The Fund intends to qualify each year for treatment as a regulated investment company (a "RIC") under the Internal Revenue Code of 1986, as amended. If it meets certain minimum distribution requirements, a RIC is not subject to tax at the fund level on income and gains from investments that are timely distributed to shareholders. However, the Fund's failure to qualify as a RIC or to meet minimum distribution requirements would result (if certain relief provisions were not available) in fund-level taxation and, consequently, a reduction in income available for distribution to shareholders.

Unless your investment in Shares is made through a tax-exempt entity or tax-advantaged account, such as an IRA plan, you need to be aware of the possible tax consequences when the Fund makes distributions, when you sell your Shares listed on the Exchange, and when you purchase or redeem Creation Units (institutional investors only).

The following general discussion of certain U.S. federal income tax consequences is based on provisions of the Code and the regulations issued thereunder as in effect on the date of this SAI. New legislation, as well as administrative changes or court decisions, may significantly change the conclusions expressed herein, and may have a retroactive effect with respect to the transactions contemplated herein.

**Taxes on Distributions.** The Fund intends to pay out dividends and interest income, if any, monthly, and distribute any net realized capital gains to its shareholders at least annually. For federal income tax purposes, distributions of net investment income are generally taxable as ordinary income or qualified dividend income. Taxes on distributions of net capital gains (if any) are determined by how long the Fund owned the investments that generated them, rather than how long a shareholder has owned their Shares. Sales of assets held by the Fund for more than one year generally result in long-term capital gains and losses, and sales of assets held by the Fund for one year or less generally result in short-term capital gains and losses. Distributions of the Fund's net capital gain (the excess of net long-term capital gains over net short-term capital losses) that are reported by the Fund as capital gain dividends ("Capital Gain Dividends") will be taxable as long-term capital gains. Distributions of short-term capital gain will generally be taxable as ordinary income. Dividends and distributions are generally taxable to you whether you receive them in cash or reinvest them in additional Shares.

Distributions reported by the Fund as "qualified dividend income" are generally taxed to non-corporate shareholders at rates applicable to long-term capital gains, provided certain holding period and other requirements are met. "Qualified dividend income" generally is income derived from dividends paid by U.S. corporations or certain foreign corporations that are either incorporated in a U.S. possession or eligible for tax benefits under certain U.S. income tax treaties. In addition, dividends that the Fund receives in respect of stock of certain foreign corporations may be qualified dividend income if that stock is readily tradable on an established U.S. securities market. Corporate shareholders may be entitled to a dividends-received deduction for the portion of dividends they receive from the Fund that are attributable to dividends received by the Fund from U.S. corporations, subject to certain limitations. Given the investment strategies of the Fund, it is unlikely that any dividends paid by the Fund will be qualified dividends or be eligible for the corporate dividends paid deduction.

Shortly after the close of each calendar year, you will be informed of the character of any distributions received from the Fund.

In addition to the federal income tax, certain individuals, trusts, and estates may be subject to a Net Investment Income ("NII") tax of 3.8%. The NII tax is imposed on the lesser of: (i) a taxpayer's investment income, net of deductions properly allocable to such income; or (ii) the amount by which such taxpayer's modified adjusted gross income exceeds certain thresholds ($250,000 for married individuals filing jointly, $200,000 for unmarried individuals and $125,000 for married individuals filing separately). The Fund's distributions are includable in a shareholder's investment income for purposes of this NII tax. In addition, any capital gain realized by a shareholder upon a sale or redemption of shares of the Fund is includable in such shareholder's investment income for purposes of this NII tax.

In general, your distributions are subject to federal income tax for the year in which they are paid. Certain distributions paid in January, however, may be treated as paid on December 31 of the prior year. Distributions are generally taxable even if they are paid from income or gains earned by the Fund before your investment (and thus were included in the Shares' NAV when you purchased your Shares).

You may wish to avoid investing in the Fund shortly before a dividend or other distribution, because such a distribution will generally be taxable even though it may economically represent a return of a portion of your investment.

If you are neither a resident nor a citizen of the United States or if you are a foreign entity, distributions (other than Capital Gain Dividends) paid to you by the Fund will generally be subject to a U.S. withholding tax at the rate of 30%, unless a lower treaty rate applies. The Fund may, under certain circumstances, report all or a portion of a dividend as an "interest-related dividend" or a "short-term capital gain dividend," which would generally be exempt from this 30% U.S. withholding tax, provided certain other requirements are met.

Under the Foreign Account Tax Compliance Act ("FATCA"), the Fund may be required to withhold a generally nonrefundable 30% tax on distributions of net taxable income paid to (A) certain "foreign financial institutions" unless such foreign financial institution agrees to verify, monitor, and report to the Internal Revenue Service ("IRS") the identity of certain of its account-holders, among other items (or unless such entity is otherwise deemed compliant under the terms of an intergovernmental agreement between the United States and the foreign financial institution's country of residence), and (B) certain "non-financial foreign entities" unless such entity certifies to the Fund that it does not have any substantial U.S. owners or provides the name, address, and taxpayer identification number of each substantial U.S. owner, among other items. This FATCA withholding tax could also affect the Fund's return on its investments in foreign securities or affect a shareholder's return if the shareholder holds its Fund shares through a foreign intermediary. You are urged to consult your tax adviser regarding the application of this FATCA withholding tax to your investment in the Fund and the potential certification, compliance, due diligence, reporting, and withholding obligations to which you may become subject in order to avoid this withholding tax.

The Fund (or a financial intermediary, such as a broker, through which a shareholder owns Shares) generally is required to withhold and remit to the U.S. Treasury a percentage of the taxable distributions and sale or redemption proceeds paid to any shareholder who fails to properly furnish a correct taxpayer identification number, who has underreported dividend or interest income, or who fails to certify that they are not subject to such withholding.

**Taxes When Shares are Sold on the Exchange**

Any capital gain or loss realized upon a sale of Shares generally is treated as a long-term capital gain or loss if Shares have been held for more than one year and as a short-term capital gain or loss if Shares have been held for one year or less. However, any capital loss on a sale of Shares held for six months or less is treated as long-term capital loss to the extent of Capital Gain Dividends paid with respect to such Shares. Any loss realized on a sale will be disallowed to the extent Shares of the Fund are acquired, including through reinvestment of dividends, within a 61-day period beginning 30 days before and ending 30 days after the sale of substantially identical Shares.

**Taxes on Purchases and Redemptions of Creation Units**

An AP having the U.S. dollar as its functional currency for U.S. federal income tax purposes who exchanges securities for Creation Units generally recognizes a gain or a loss. The gain or loss will be equal to the difference between the value of the Creation Units at the time of the exchange and the exchanging AP's aggregate basis in the securities delivered plus the amount of any cash paid for the Creation Units. An AP who exchanges Creation Units for securities will generally recognize a gain or loss equal to the difference between the exchanging AP's basis in the Creation Units and the aggregate U.S. dollar market value of the securities received, plus any cash received for such Creation Units. The IRS may assert, however, that a loss that is realized upon an exchange of securities for Creation Units may not be currently deducted under the rules governing "wash sales" (for an AP who does not mark-to-market their holdings) or on the basis that there has been no significant change in economic position. Persons exchanging securities should consult their own tax advisor with respect to whether wash sale rules apply and when a loss might be deductible.

Any capital gain or loss realized upon redemption of Creation Units is generally treated as long-term capital gain or loss if Shares comprising the Creation Units have been held for more than one year and as a short-term capital gain or loss if such Shares have been held for one year or less.

The Fund may include a payment of cash in addition to, or in place of, the delivery of a basket of securities upon the redemption of Creation Units. The Fund may sell portfolio securities to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize investment income and/or capital gains or losses that they might not have recognized if they had completely satisfied the redemption in-kind. As a result, the Fund may be less tax efficient if it includes such a cash payment in the proceeds paid upon the redemption of Creation Units.

**Important Tax Considerations When Purchasing Fund Shares**

If you are investing through a taxable account, you should carefully consider the timing of your investment relative to the Fund's distribution schedule. Purchasing Fund shares shortly before a distribution may increase your tax liability, a situation commonly referred to as "buying a dividend."

When the Fund makes a distribution, its share price typically drops by an amount roughly equal to the distribution. As a hypothetical example, if you invest $5,000 to purchase 250 shares at $20 per share on December 15, and the Fund pays a $1 per share distribution on December 16, the share price would adjust to $19 (ignoring market fluctuations). Although your total investment value remains $5,000 (250 shares × $19 in share value plus 250 shares × $1 distribution), you would owe taxes on the $250 distribution, even if you reinvest the distribution rather than receiving it in cash.

Distributions are taxable to shareholders even if they are paid from income or gains realized by the Fund before you invested, and even if they were reflected in the purchase price of the shares. Consequently, you may incur taxes on income or gains that accrued before your investment, without corresponding benefit.

Unless you are investing through a tax-advantaged account, such as an IRA or an employer-sponsored retirement plan, you may wish to avoid purchasing Fund shares shortly before a distribution. You can minimize the potential tax impact by reviewing the Fund's distribution schedule prior to investing. When available, information about the Fund's distribution schedule can be found on the Fund's website at www.defianceetfs.com.

*The foregoing discussion summarizes some of the possible consequences under current federal tax law of an investment in the Fund. It is not a substitute for personal tax advice. You also may be subject to foreign, state and local tax on Fund distributions and sales of Shares. Consult your personal tax advisor about the potential tax consequences of an investment in Shares under all applicable tax laws. For more information, please see the section entitled "Federal Income Taxes" in the SAI.*

**DISTRIBUTION**

Foreside Fund Services, LLC, a wholly owned subsidiary of Foreside Financial Group (dba ACA Group) (the "Distributor"), the Fund's distributor, is a broker-dealer registered with the SEC. The Distributor distributes Creation Units for the Fund on an agency basis and does not maintain a secondary market in Shares. The Distributor has no role in determining the policies of the Fund or the securities that are purchased or sold by the Fund. The Distributor's principal address is 190 Middle Street, Suite 301, Portland, Maine 04101.

The Board has adopted a Distribution (Rule 12b-1) Plan (the "Plan") pursuant to Rule 12b-1 under the 1940 Act. In accordance with the Plan, the Fund is authorized to pay an amount up to 0.25% of its average daily net assets each year to pay distribution fees for the sale and distribution of its Shares.

No Rule 12b-1 fees are currently paid by the Fund, and there are no plans to impose these fees. However, in the event Rule 12b-1 fees are charged in the future, because the fees are paid out of assets of the respective Fund on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than certain other types of sales charges.

**PREMIUM/DISCOUNT INFORMATION**

Information regarding how often Shares of the Fund traded on the Exchange at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found on the Fund's website at www.defianceetfs.com. When available, information regarding the number of days in the prior six months that the Fund failed to provide the sought after leveraged returns (subject to a de minimis threshold) as well as the highest positive and negative variances during the period can be found on the Fund's website at www.defianceetfs.com.

**ADDITIONAL NOTICES**

Shares are not sponsored, endorsed, or promoted by the Exchange. The Exchange is not responsible for, nor has it participated in the determination of, the timing, prices, or quantities of Shares to be issued, nor in the determination or calculation of the equation by which Shares are redeemable. The Exchange has no obligation or liability to owners of Shares in connection with the administration, marketing, or trading of Shares.

Without limiting any of the foregoing, in no event shall the Exchange have any liability for any lost profits or indirect, punitive, special, or consequential damages even if notified of the possibility thereof.

The Adviser, Defiance and the Fund make no representation or warranty, express or implied, to the owners of Shares or any member of the public regarding the advisability of investing in securities generally or in any Fund particularly.

The Third Amended and Restated Declaration of Trust ("Declaration of Trust") provides a detailed process for the bringing of derivative or direct actions by shareholders in order to permit legitimate inquiries and claims while avoiding the time, expense, distraction, and other harm that can be caused to the Fund or its shareholders as a result of spurious shareholder demands and derivative actions. Prior to bringing a derivative action, a demand by three unrelated shareholders must first be made on the Fund's Trustees. The Declaration of Trust details various information, certifications, undertakings and acknowledgments that must be included in the demand. Following receipt of the demand, the trustees have a period of 90 days, which may be extended by an additional 60 days, to consider the demand. If a majority of the Trustees who are considered independent for the purposes of considering the demand determine that maintaining the suit would not be in the best interests of the Fund, the Trustees are required to reject the demand and the complaining shareholders may not proceed with the derivative action unless the shareholders are able to sustain the burden of proof to a court that the decision of the Trustees not to pursue the requested action was not a good faith exercise of their business judgment on behalf of the Fund. The Declaration of Trust further provides that shareholders owning Shares representing no less than a majority of the Fund's outstanding shares must join in bringing the derivative action. If a demand is rejected, the complaining shareholders will be responsible for the costs and expenses (including attorneys' fees) incurred by the Fund in connection with the consideration of the demand, if a court determines that the demand was made without reasonable cause or for an improper purpose. If a derivative action is brought in violation of the Declaration of Trust, the shareholders bringing the action may be responsible for the Fund's costs, including attorneys' fees, if a court determines that the action was brought without reasonable cause or for an improper purpose. The Declaration of Trust provides that no shareholder may bring a direct action claiming injury as a shareholder of the Trust, or any Fund, where the matters alleged (if true) would give rise to a claim by the Trust or by the Trust on behalf of the Fund, unless the shareholder has suffered an injury distinct from that suffered by the shareholders of the Trust, or the Fund, generally. Under the Declaration of Trust, a shareholder bringing a direct claim must be a shareholder of the Fund with respect to which the direct action is brought at the time of the injury complained of or have acquired the shares afterwards by operation of law from a person who was a shareholder at that time. The Declaration of Trust further provides that the Fund shall be responsible for payment of attorneys' fees and legal expenses incurred by a complaining shareholder only if required by law, and any attorneys' fees that the Fund is obligated to pay shall be calculated using reasonable hourly rates. These provisions do not apply to claims brought under the federal securities laws.

The Declaration of Trust also requires that actions by shareholders against the Fund be brought exclusively in a federal or state court located within the State of Delaware. This provision will not apply to claims brought under the federal securities laws. Limiting shareholders' ability to bring actions only in courts located in Delaware may cause shareholders economic hardship to litigate the action in those courts, including paying for travel expenses of witnesses and counsel, requiring retaining local counsel, and may limit shareholders' ability to bring a claim in a judicial forum that shareholders find favorable for disputes, which may discourage such actions.

**FINANCIAL HIGHLIGHTS**

This section would ordinarily include Financial Highlights. The Financial Highlights table is intended to help you understand the performance of the Fund for its periods of operations. Because the Fund has not yet completed its initial fiscal period as of the date of this Prospectus, no Financial Highlights are shown.

**Defiance Hot Sauce Daily 3X Strategy ETF**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Adviser** | &nbsp;&nbsp;**Tidal Investments LLC** <br> 234 West Florida Street, Suite 203 <br> Milwaukee, Wisconsin 53204 | &nbsp;&nbsp;**Administrator** | &nbsp;&nbsp; **Tidal ETF Services LLC** <br> 234 West Florida Street, Suite 203 <br> Milwaukee, Wisconsin 53204  |
| &nbsp;&nbsp;**Distributor** | &nbsp;&nbsp;**Foreside Fund Services, LLC** <br> 190 Middle Street, Suite 301 <br> Portland, Maine 04101 | &nbsp;&nbsp;**Sub-Administrator, Fund Accountant, and** <br> **Transfer Agent** | &nbsp;&nbsp;**U.S. Bancorp Fund Services, LLC,** <br> **doing business as U.S. Bank Global Fund Services** <br> 615 East Michigan Street <br> Milwaukee, Wisconsin 53202 |
| &nbsp;&nbsp;**Legal Counsel** | &nbsp;&nbsp;**Sullivan & Worcester LLP** <br> 1251 Avenue of the Americas 19<sup>th</sup> Floor<br> New York, New York 10020 | &nbsp;&nbsp;**Custodian** | &nbsp;&nbsp;**U.S. Bank National Association** <br> 1555 North Rivercenter Dr.<br> Milwaukee, Wisconsin 53212 |
| &nbsp;&nbsp;**Independent** <br> **Registered Public** <br> **Accounting Firm** | &nbsp;&nbsp;**Cohen & Company, Ltd.**<br> 1835 Market Street, Suite 310<br> Philadelphia, PA 19103 |  |  |

---

Investors may find more information about the Fund in the following documents:

**Statement of Additional Information:** The Fund's SAI provides additional details about the investments of the Fund and certain other additional information. A current SAI dated [ ], 2025, as supplemented from time to time, is on file with the SEC and is herein incorporated by reference into this Prospectus. It is legally considered a part of this Prospectus.

**Annual/Semi-Annual Reports:** Additional information about the Fund's investments is available in the Fund's annual and semi-annual reports to shareholders and in Form N-CSR. In the annual report you will find a discussion of the market conditions and investment strategies that significantly affected the Fund's performance after the first fiscal year the Fund is in operation. In Form N-CSR, you will find the Fund's annual and semi-annual financial statements.

You can obtain free copies of these documents request other information or make general inquiries about the Fund by contacting the Fund at the Defiance Hot Sauce Daily 3X Strategy ETF, c/o U.S. Bank Global Fund Services, P.O. Box 219252, Kansas City, Missouri 64121-9252 or calling (833) 333-9383.

Shareholder reports and other information about the Fund is also available:

● Free of charge from the SEC's EDGAR database on the SEC's website at http://www.sec.gov; or

● Free of charge from the Fund's Internet website at www.defianceetfs.com; or

● For a fee, by e-mail request to publicinfo@sec.gov.

The SAI and other information are also available from a financial intermediary (such as a broker-dealer or bank) through which the Fund's shares may be purchased or sold.

(SEC Investment Company Act File No. 811-23793)

(SEC Investment Company Act File No. 811-23793)

**SUBJECT TO COMPLETION**

**Dated August 11, 2025**

**THE INFORMATION HEREIN IS NOT COMPLETE AND MAY BE CHANGED. WE MAY NOT SELL THESE SECURITIES UNTIL THE REGISTRATION STATEMENT FILED WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION IS EFFECTIVE. THIS STATEMENT OF ADDITIONAL INFORMATION IS NOT AN OFFER TO SELL THESE SECURITIES AND IS NOT SOLICITING AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION IN WHICH THE OFFER OR SALE IS NOT PERMITTED.**

[logo]

**Defiance Hot Sauce Daily 3X Strategy ETF (HOT)**

*listed on [The Nasdaq Stock Market, LLC]*

**STATEMENT OF ADDITIONAL INFORMATION**

[ ], 2025

This Statement of Additional Information ("SAI") is not a prospectus and should be read in conjunction with the Prospectus for the Defiance Hot Sauce Daily 3X Strategy ETF (the "Fund"), a series of Tidal Trust II (the "Trust"), dated [ ], 2025, as may be supplemented from time to time (the "Prospectus"). Capitalized terms used in this SAI that are not defined have the same meaning as in the Prospectus, unless otherwise noted. A copy of the Prospectus may be obtained without charge, by calling the Fund at (833) 333-9383, visiting www.defianceetfs.com, or writing to the Defiance Hot Sauce Daily 3X Strategy ETF, c/o U.S. Bank Global Fund Services, P.O. Box 219252, Kansas City, Missouri 64121-9252.

The Fund's audited financial statements for the most recent fiscal year (when available) will be incorporated into this SAI by reference to the Fund's most recent annual Certified Shareholder Report on Form N-CSR (File No. 811-23793). When available, a copy of the Fund's annual Certified Shareholder Report may be obtained at no charge by contacting the Fund at the address or phone number noted above.

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [General Information about the Trust](#hotb001) | 1 |
| [Additional Information about Investment Objectives, Policies, and Related Risks](#hotb002) | 1 |
| [Description of Permitted Investments](#hotb003) | 3 |
| [Investment Restrictions](#hotb004) | 13 |
| [Exchange Listing and Trading](#hotb005) | 14 |
| [Management of the Trust](#hotb006) | 14 |
| [Principal Shareholders, Control Persons and Management Ownership](#hotb007) | 19 |
| [Codes of Ethics](#hotb008) | 20 |
| [Proxy Voting Policies](#hotb009) | 20 |
| [Investment Adviser](#hotb010) | 20 |
| [Portfolio Managers](#hotb011) | 21 |
| [The Distributor](#hotb012) | 22 |
| [Administrator](#hotb013) | 23 |
| [Sub-Administrator and Transfer Agent](#hotb014) | 24 |
| [Custodian](#hotb015) | 24 |
| [Legal Counsel](#hotb016) | 24 |
| [Independent Registered Public Accounting Firm](#hotb017) | 24 |
| [Portfolio Holdings Disclosure Policies and Procedures](#hotb018) | 24 |
| [Description of Shares](#hotb019) | 24 |
| [Limitation of Trustees' Liability](#hotb020) | 25 |
| [Brokerage Transactions](#hotb021) | 25 |
| [Portfolio Turnover Rate](#hotb022) | 27 |
| [Book Entry Only System](#hotb023) | 27 |
| [Purchase and Redemption of Shares in Creation Units](#hotb024) | 28 |
| [Determination of Net Asset Value](#hotb025) | 33 |
| [Dividends and Distributions](#hotb026) | 33 |
| [Federal Income Taxes](#hotb027) | 34 |
| [Financial Statements](#hotb028) | 39 |

---

**GENERAL INFORMATION ABOUT THE TRUST**

The Trust is an open-end management investment company consisting of multiple series, including the Fund. This SAI relates to the Fund. The Trust was organized as a Delaware statutory trust on January 13, 2022. The Trust is registered with the U.S. Securities and Exchange Commission ("SEC") under the Investment Company Act of 1940, as amended (together with the rules and regulations adopted thereunder, as amended, the "1940 Act"), as an open-end management investment company and the offering of the Fund's shares ("Shares") is registered under the Securities Act of 1933, as amended (the "Securities Act"). The Trust is governed by its Board of Trustees (the "Board"). Tidal Investments LLC (the "Adviser") a Tidal Financial Group company, serves as investment adviser to the Fund.

The Fund offers and issues Shares at their net asset value ("NAV") only in aggregations of a specified number of Shares (each, a "Creation Unit"). The Fund generally offers and issues Shares in exchange for a basket of securities ("Deposit Securities") together with the deposit of a specified cash payment ("Cash Component"). The Trust reserves the right to permit or require the substitution of a "cash in lieu" amount ("Deposit Cash") to be added to the Cash Component to replace any Deposit Security. Shares are or will be listed on [The Nasdaq Stock Market, LLC] (the "Exchange"). Shares trade on the Exchange at market prices that may differ from the Shares' NAV. Shares are also redeemable only in Creation Unit aggregations, and generally in exchange for portfolio securities and a specified cash payment, or entirely for cash. As a practical matter, only institutions or large investors, known as "Authorized Participants" or "APs," purchase or redeem Creation Units. Except when aggregated in Creation Units, Shares are not individually redeemable.

Shares may be issued in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to a specified percentage of the value of the missing Deposit Securities, as set forth in the Participant Agreement (as defined below). The Trust may impose a transaction fee for each creation or redemption. In all cases, such fees will be limited in accordance with the requirements of the SEC applicable to management investment companies offering redeemable securities. As in the case of other publicly traded securities, brokers' commissions on transactions in the secondary market will be based on negotiated commission rates at customary levels.

**ADDITIONAL INFORMATION ABOUT INVESTMENT OBJECTIVES, POLICIES, AND RELATED RISKS**

The Fund's investment objective and principal investment strategies are described in the Prospectus, under "Investment Objective" and "Principal Investment Strategies," respectively. The following information supplements, and should be read in conjunction with, the Prospectus. For a description of certain permitted investments, see "Description of Permitted Investments" in this SAI.

With respect to the Fund's investments, unless otherwise noted, if a percentage limitation on investment is adhered to at the time of investment or contract, a subsequent increase or decrease as a result of market movement or redemption will not result in a violation of such investment limitation.

**Non-Diversification**

The Fund is classified as a non-diversified investment company under the 1940 Act. A "non-diversified" classification means that the Fund is not limited by the 1940 Act's diversification requirements with regard to the percentage of its assets that may be invested in the securities of a single issuer. This means that the Fund may invest a greater portion of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund, and therefore, those issuers may constitute a greater portion of the Fund's portfolio. This may have an adverse effect on the Fund's performance or subject its Shares to greater price volatility than more diversified investment companies. Moreover, in pursuing its objective, the Fund may hold the securities of a single issuer in an amount exceeding 10% of the value of the outstanding securities of the issuer, subject to restrictions imposed by the Internal Revenue Code of 1986, as amended (the "Code").

Although the Fund is non-diversified for purposes of the 1940 Act, the Fund intends to maintain the required level of diversification and otherwise conduct its operations so as to qualify as a regulated investment company ("RIC") for purposes of the Code, and to relieve the Fund of any liability for federal income tax to the extent that their earnings are distributed to shareholders. Compliance with the diversification requirements of the Code may limit the investment flexibility of the Fund and may make it less likely that the Fund will meet its investment objectives. See "Federal Income Taxes" in this SAI for further discussion.

**General Risks**

The value of the Fund's portfolio securities may fluctuate with changes in the financial condition of an issuer or counterparty, changes in specific economic or political conditions that affect a particular security or issuer and changes in general economic or political conditions. An investor in the Fund could lose money over short or long periods of time.

There can be no guarantee that a liquid market for the securities held by the Fund will be maintained. The existence of a liquid trading market for certain securities may depend on whether dealers will make a market in such securities. There can be no assurance that a market will be made or maintained or that any such market will be or remain liquid. The price at which securities may be sold and the value of Shares will be adversely affected if trading markets for the Fund's portfolio securities are limited or absent, or if bid-ask spreads are wide.

Financial markets, both domestic and foreign, have recently experienced an unusually high degree of volatility. Continuing events and possible continuing market turbulence may have an adverse effect on Fund performance.

*Cyber Security Risk.* Investment companies, such as the Fund, and their service providers may be subject to operational and information security risks resulting from cyber attacks. Cyber attacks include, among other behaviors, stealing or corrupting data maintained online or digitally, denial of service attacks on websites, the unauthorized release of confidential information or various other forms of cyber security breaches. Cyber attacks affecting the Fund or the Adviser, a sub-adviser, Custodian (defined below), Transfer Agent (defined below), intermediaries and other third-party service providers may adversely impact the Fund. For instance, cyber attacks may interfere with the processing of shareholder transactions, impact the Fund's ability to calculate its NAV, cause the release of private shareholder information or confidential company information, impede trading, subject the Fund to regulatory fines or financial losses, and cause reputational damage. The Fund may also incur additional costs for cyber security risk management purposes. Similar types of cyber security risks are also present for issuers of securities in which the Fund invests, which could result in material adverse consequences for such issuers, and may cause the Fund's investment in such portfolio companies to lose value.

**Daily Correlation/Tracking Risk.** The Fund attempts to provide daily investment results that correspond to tthree times (300%) the share price performance of an actively-managed group of equity securities (the "Target Portfolio"). There is no guarantee that the Fund will achieve a high degree of leveraged correlation to the Target Portfolio and therefore achieve its daily leveraged investment objective. To achieve a high degree of leveraged correlation with the Target Portfolio, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its daily leveraged investment objective. The possibility of the Fund being materially over- or under-exposed to the Target Portfolio increases on days when the Target Portfolio is volatile near the close of the trading day. Market disruptions, regulatory restrictions and extreme volatility will also adversely affect the Fund's ability to adjust exposure to the required levels. If there is a significant intra-day market event and/or the Target Portfolio experiences a significant increase or decline, the Fund may not meet its investment objective, be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads.

The Fund may have difficulty achieving its daily leveraged investment objective due to fees, expenses, transaction costs, financing costs related to the use of derivatives, investments in ETFs, directly or indirectly, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or derivatives held by the Fund. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Target Portfolio. The Fund may take or refrain from taking positions to improve the tax efficiency or to comply with various regulatory restrictions, either of which may negatively impact the Fund's leveraged correlation to the Target Portfolio.

**Special Note Regarding the Correlation Risks of the Fund.** As discussed in the Prospectus, the Fund is "leveraged" in the sense that it has an investment objective to match 300% of the performance of the Target Portfolio on a given day. The Fund is subject to all of the correlation risks described in the Prospectus.

In addition, there is a special form of correlation risk that derives from the Fund's use of inverse exposure, which is that for periods greater than one day, the use of inverse exposure tends to cause the performance of the Fund to be either greater than, or less than, 300% of the performance of the Target Portfolio.

The Fund's return for periods longer than one day is primarily (but not solely) a function of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Performance of its Target Portfolio;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Volatility of its Target Portfolio;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Financing rates associated with leverage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Other Fund expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Dividends paid by companies in the Target Portfolio;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Period of time.

Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) the Target Portfolio volatility; b) the Target Portfolio performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses. The chart shows estimated Fund returns for a number of combinations of Target Portfolio volatility and Target Portfolio performance over a one-year period. Performance shown in the chart assumes that: (i) there were no Fund expenses; (ii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected the estimated returns would be different than those shown. Particularly during periods of higher Target Portfolio volatility, compounding will cause results for periods longer than a trading day to vary from three times (300%) the performance of the Target Portfolio.

As shown in the chart below, the Fund would be expected to lose 6.1% if there was no change in the value of the Target Portfolio over a one-year period during which the Target Portfolio experienced annualized volatility of 25%. If the Target Portfolio's annualized volatility were to rise to 75%, the hypothetical loss for a one-year period would widen to approximately -43%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if there were no change in the value of the Target Portfolio. For instance, if the Target Portfolio's annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative value change for the Target Portfolio for the year was 0%.

Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than three times (300%) the performance of the Target Portfolio and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than three times (300%) the performance of the Target Portfolio. The Fund's actual performance may be significantly better or worse than the performance shown below as a result of any of the factors discussed above or in the "Daily Correlation/Tracking Risk" below.

The table below is intended to underscore the fact that the Fund designed as a short-term trading vehicle for investors who intend to actively monitor and manage the portfolio. It is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage the portfolio. For additional information regarding correlation and volatility risk for the Fund, see "Compounding and Market Volatility Risk" in the Prospectus.

**Estimated Returns of 300% or Three Times** <br> **Performance of the Target Portfolio**

![](hot001.jpg)

**DESCRIPTION OF PERMITTED INVESTMENTS**

The following are descriptions of the permitted investments and investment practices and the associated risk factors. The Fund will invest in any of the following instruments or engage in any of the following investment practices only if such investment or activity is consistent with the Fund's investment objective and permitted by the Fund's stated investment policies. In addition, certain of the techniques and investments discussed in this SAI are not principal strategies of the Fund as disclosed in the Prospectus, and while such techniques and investments are permissible for the Fund to utilize, the Fund is not required to utilize such non-principal techniques or investments.

**Borrowing**

Although the Fund does not intend to borrow money, the Fund may do so to the extent permitted by the 1940 Act. Under the 1940 Act, the Fund may borrow up to one-third (1/3) of its total assets. The Fund will borrow money only for short-term or emergency purposes. Such borrowing is not for investment purposes and will be repaid by the Fund promptly. Borrowing will tend to exaggerate the effect on NAV of any increase or decrease in the market value of the Fund's portfolio. Money borrowed will be subject to interest costs that may or may not be recovered by earnings on the securities purchased. The Fund also may be required to maintain minimum average balances in connection with a borrowing or to pay a commitment or other fee to maintain a line of credit; either of these requirements would increase the cost of borrowing over the stated interest rate.

**Equity Securities**

Equity securities, such as the common stocks of an issuer, are subject to stock market fluctuations and therefore may experience volatile changes in value as market conditions, consumer sentiment, or the financial condition of the issuers change. A decrease in value of the equity securities in the Fund's portfolio may also cause the value of the Fund's Shares to decline.

An investment in the Fund should be made with an understanding of the risks inherent in an investment in equity securities, including the risk that the financial condition of issuers may become impaired or that the general condition of the stock market may deteriorate (either of which may cause a decrease in the value of the Fund's portfolio securities and therefore a decrease in the value of Shares of the Fund). Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence and perceptions change. These investor perceptions are based on various and unpredictable factors, including expectations regarding government, economic, monetary and fiscal policies; inflation and interest rates; economic expansion or contraction; and global or regional political, economic or banking crises.

*<u>Types of Equity Securities</u>:*

*Common Stocks* — Common stocks represent units of ownership in a company. Common stocks usually carry voting rights and earn dividends. Unlike preferred stocks, which are described below, dividends on common stocks are not fixed but are declared at the discretion of the company's board of directors.

Holders of common stocks incur more risk than holders of preferred stocks and debt obligations because common stockholders, as owners of the issuer, generally have inferior rights to receive payments from the issuer in comparison with the rights of creditors or holders of debt obligations or preferred stocks. Further, unlike debt securities, which typically have a stated principal amount payable at maturity (whose value, however, is subject to market fluctuations prior thereto), or preferred stocks, which typically have a liquidation preference and which may have stated optional or mandatory redemption provisions, common stocks have neither a fixed principal amount nor a maturity. Common stock values are subject to market fluctuations as long as the common stock remains outstanding.

*Preferred Stocks* — Preferred stocks are also units of ownership in a company. Preferred stocks normally have preference over common stock in the payment of dividends and the liquidation of the company. However, in all other respects, preferred stocks are subordinated to the liabilities of the issuer. Unlike common stocks, preferred stocks are generally not entitled to vote on corporate matters. Types of preferred stocks include adjustable-rate preferred stock, fixed dividend preferred stock, perpetual preferred stock, and sinking fund preferred stock.

Generally, the market values of preferred stock with a fixed dividend rate and no conversion element vary inversely with interest rates and perceived credit risk.

*Rights and Warrants* — A right is a privilege granted to existing shareholders of a corporation to subscribe to shares of a new issue of common stock before it is issued. Rights normally have a short life of usually two to four weeks, are freely transferable and entitle the holder to buy the new common stock at a lower price than the public offering price. Warrants are securities that are usually issued together with a debt security or preferred stock and that give the holder the right to buy a proportionate amount of common stock at a specified price. Warrants are freely transferable and are traded on major exchanges. Unlike rights, warrants normally have a life that is measured in years and entitles the holder to buy common stock of a company at a price that is usually higher than the market price at the time the warrant is issued. Corporations often issue warrants to make the accompanying debt security more attractive.

An investment in warrants and rights may entail greater risks than certain other types of investments. Generally, rights and warrants do not carry the right to receive dividends or exercise voting rights with respect to the underlying securities, and they do not represent any rights in the assets of the issuer. In addition, their value does not necessarily change with the value of the underlying securities, and they cease to have value if they are not exercised on or before their expiration date. Investing in rights and warrants increases the potential profit or loss to be realized from the investment as compared with investing the same amount in the underlying securities.

*Smaller Companies*. The securities of small- and mid-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of larger-capitalization companies. The securities of small- and mid-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than larger capitalization stocks or the stock market as a whole. Some small- or mid-capitalization companies have limited product lines, markets, and financial and managerial resources and tend to concentrate on fewer geographical markets relative to larger capitalization companies. There is typically less publicly available information concerning small- and mid-capitalization companies than for larger, more established companies. Small- and mid-capitalization companies also may be particularly sensitive to changes in interest rates, government regulation, borrowing costs, and earnings.

*Tracking Stocks*. The Fund may invest in tracking stocks. A tracking stock is a separate class of common stock whose value is linked to a specific business unit or operating division within a larger company and which is designed to "track" the performance of such business unit or division. The tracking stock may pay dividends to shareholders independent of the parent company. The parent company, rather than the business unit or division, generally is the issuer of tracking stock. However, holders of the tracking stock may not have the same rights as holders of the company's common stock.

*When-Issued Securities* **—** A when-issued security is one whose terms are available and for which a market exists, but which has not been issued. When the Fund engages in when-issued transactions, it relies on the other party to complete the sale. If the other party fails to complete the sale, the Fund may miss the opportunity to obtain the security at a favorable price or yield.

When purchasing a security on a when-issued basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield changes. At the time of settlement, the value of the security may be more or less than the purchase price. The yield available in the market when the delivery takes place also may be higher than those obtained in the transaction itself. Because the Fund does not pay for the security until the delivery date, these risks are in addition to the risks associated with its other investments.

SEC Rule 18f-4 under the 1940 Act ("Rule 18f-4" or the "Derivatives Rule") permits the Fund to invest in securities on a when-issued or forward-settling basis, or with a non-standard settlement cycle, notwithstanding the limitation on the issuance of senior securities in Section 18 of the 1940 Act, provided that the Fund intends to physically settle the transaction and the transaction will settle within 35 days of its trade date (the "Delayed-Settlement Securities Provision"). A when-issued, forward-settling, or non-standard settlement cycle security that does not satisfy the Delayed-Settlement Securities Provision is treated as a derivatives transaction under Rule 18f-4.

**Derivative Instruments**

Generally, derivatives are financial instruments whose value depends on or is derived from, the value of one or more underlying assets, reference rates, or indices or other market factors (a "reference instrument") and may relate to stocks, bonds, interest rates, credit, currencies, commodities or related indices. Derivative instruments can provide an efficient means to gain or reduce exposure to the value of a reference instrument without actually owning or selling the instrument. Some common types of derivatives include options, futures, forwards and swaps.

Derivative instruments may be used to modify the effective duration of a Fund's portfolio investments. Derivative instruments may also be used for "hedging," which means that they may be used when the Adviser seeks to protect a Fund's investments from a decline in value resulting from changes to interest rates, market prices, currency fluctuations, or other market factors. Derivative instruments may also be used for other purposes, including to seek to increase liquidity, provide efficient portfolio management, broaden investment opportunities (including taking short or negative positions), implement a tax or cash management strategy, gain exposure to a particular security or segment of the market and/or enhance total return. However derivative instruments are used, their successful use is not assured and will depend upon, among other factors, the Adviser's ability to gauge relevant market movements.

Derivative instruments may be used for purposes of direct hedging. Direct hedging means that the transaction must be intended to reduce a specific risk exposure of a portfolio security or its denominated currency and must also be directly related to such security or currency. The Fund's use of derivative instruments may be limited from time to time by policies adopted by the Board or the Adviser.

SEC Rule 18f-4 ("Rule 18f-4" or the "Derivatives Rule") regulates the ability of a Fund to enter into derivative transactions and other leveraged transactions. The Derivatives Rule defines the term "derivatives" to include short sales and forward contracts, such as TBA transactions, in addition to instruments traditionally classified as derivatives, such as swaps, futures, and options. Rule 18f-4 also regulates other types of leveraged transactions, such as reverse repurchase transactions and transactions deemed to be "similar to" reverse repurchase transactions, such as certain securities lending transactions in connection with which a Fund obtains leverage. Among other things, under Rule 18f-4, a Fund is prohibited from entering into these derivatives transactions except in reliance on the provisions of the Derivatives Rule. The Derivatives Rule establishes limits on the derivatives transactions that a Fund may enter into based on the value-at-risk ("VaR") of the Fund inclusive of derivatives. A Fund will generally satisfy the limits under the Rule if the VaR of its portfolio (inclusive of derivatives transactions) does not exceed 300% of the VaR of its "designated reference portfolio." The "designated reference portfolio" is a representative unleveraged index or a Fund's own portfolio absent derivatives holdings, as determined by such Fund's derivatives risk manager. This limits test is referred to as the "Relative VaR Test." If a Fund determines that the Relative VaR Test is not appropriate in light of its strategy, subject to specified conditions, the Fund may instead comply with the "Absolute VaR Test." A Fund will satisfy the Absolute VaR Test if the VaR of its portfolio does not exceed 20% of the value of the Fund's net assets.

In addition, among other requirements, Rule 18f-4 requires the Fund to establish a derivatives risk management program, appoint a derivatives risk manager, and carry out enhanced reporting to the Board, the SEC and the public regarding the Fund's derivatives activities. These new requirements will apply unless the Fund qualifies as a "limited derivatives user," which the Derivatives Rule defines as a fund that limits its derivatives exposure to 10% of its net assets. It is possible that the limits and compliance costs imposed by the Derivatives Rule may adversely affect the Fund's performance, efficiency in implementing its strategy, liquidity and/or ability to pursue its investment objectives and may increase the cost of the Fund's investments and cost of doing business, which could adversely affect investors.

**Options**

The Fund may purchase and write (sell) put and call options on indices and enter into related closing transactions. A put option on a security gives the purchaser of the option the right to sell, and the writer of the option the obligation to buy, the underlying security at any time during the option period. A call option on a security gives the purchaser of the option the right to buy, and the writer of the option the obligation to sell, the underlying security at any time during the option period. The premium paid to the writer is the consideration for undertaking the obligations under the option contract.

Put and call options on indices are similar to options on securities except that options on an index give the holder the right to receive, upon exercise of the option, an amount of cash if the closing level of the underlying index is greater than (or less than, in the case of puts) the exercise price of the option. This amount of cash is equal to the difference between the closing price of the index and the exercise price of the option, expressed in dollars multiplied by a specified number. Thus, unlike options on individual securities, all settlements are in cash, and gain or loss depends on price movements in the particular market represented by the index generally, rather than the price movements in individual securities.

The Fund may trade put and call options on securities, securities indices and currencies, as the Adviser determines is appropriate in seeking the Fund's investment objective, and except as restricted by the Fund's investment limitations.

The initial purchase (sale) of an option contract is an "opening transaction." In order to close out an option position, the Fund may enter into a "closing transaction," which is simply the purchase of an option contract on the same security with the same exercise price and expiration date as the option contract originally opened. If the Fund is unable to effect a closing purchase transaction with respect to an option it has written, it will not be able to sell the underlying security until the option expires or the Fund delivers the security upon exercise.

The Fund may purchase put and call options on securities to protect against a decline in the market value of the securities in its portfolio or to anticipate an increase in the market value of securities that the Fund may seek to purchase in the future. The Fund purchasing put and call options pays a premium; therefore, if price movements in the underlying securities are such that exercise of the options would not be profitable for the Fund, loss of the premium paid may be offset by an increase in the value of the Fund's securities or by a decrease in the cost of acquisition of securities by the Fund.

The Fund may write call options on securities as a means of increasing the yield on its assets and as a means of providing limited protection against decreases in its market value. When the Fund writes an option, if the underlying securities do not increase or decrease to a price level that would make the exercise of the option profitable to the holder thereof, the option generally will expire without being exercised and the Fund will realize as profit the premium received for such option. When a call option of which the Fund is the writer is exercised, the Fund will be required to sell the underlying securities to the option holder at the strike price, and will not participate in any increase in the price of such securities above the strike price. When a put option of which the Fund is the writer is exercised, the Fund will be required to purchase the underlying securities at a price in excess of the market value of such securities.

The Fund may purchase and write options on an exchange or over-the-counter. OTC options differ from exchange-traded options in several respects. They are transacted directly with dealers and not with a clearing corporation, and therefore entail the risk of non-performance by the dealer. OTC options are available for a greater variety of securities and for a wider range of expiration dates and exercise prices than are available for exchange-traded options. Because OTC options are not traded on an exchange, pricing is done normally by reference to information from a market maker. It is the SEC's position that OTC options are generally illiquid.

The market value of an option generally reflects the market price of an underlying security. Other principal factors affecting market value include supply and demand, interest rates, the pricing volatility of the underlying security and the time remaining until the expiration date.

Risks associated with options transactions include (1) the success of a hedging strategy may depend on an ability to predict movements in the prices of individual securities, fluctuations in markets and movements in interest rates, (2) there may be an imperfect correlation between the movement in prices of options and the securities underlying them, (3) there may not be a liquid secondary market for options, and (4) while the Fund will receive a premium when it writes covered call options, it may not participate fully in a rise in the market value of the underlying security.

**Swaps.** 

Generally, swap agreements are contracts between the Fund and another party (the swap counterparty) involving the exchange of payments on specified terms over periods ranging from a few days to multiple years. A swap agreement may be negotiated bilaterally and traded OTC between the two parties (for an uncleared swap) or, in some instances, must be transacted through an FCM and cleared through a clearinghouse that serves as a central counterparty (for a cleared swap). In a basic swap transaction, the Fund agrees with the swap counterparty to exchange the returns (or differentials in rates of return) and/or cash flows earned or realized on a particular "notional amount" or value of predetermined underlying reference instruments. The notional amount is the set dollar or other value selected by the parties to use as the basis on which to calculate the obligations that the parties to a swap agreement have agreed to exchange. The parties typically do not actually exchange the notional amount. Instead, they agree to exchange the returns that would be earned or realized if the notional amount were invested in given investments or at given interest rates. Examples of returns that may be exchanged in a swap agreement are those of a particular security, a particular fixed or variable interest rate, a particular non-U.S. currency, or a "basket" of securities representing a particular index. Swaps can also be based on credit and other events.

Most swaps entered into by the Fund provide for the calculation and settlement of the obligations of the parties to the agreement on a "net basis" with a single payment. Consequently, the Fund's current obligations (or rights) under a swap will generally be equal only to the net amount to be paid or received under the agreement based on the relative values of the positions held by each party to the agreement (the "net amount"). Other swaps may require initial premium (discount) payments as well as periodic payments (receipts) related to the interest leg of the swap or to the return on the reference entity. The Fund's current obligations under the types of swaps that the Fund expects to enter into will be accrued daily (offset against any amounts owed to the Fund by the counterparty to the swap) and any accrued but unpaid net amounts owed to a swap counterparty will be collateralized by the Fund posting collateral to a tri-party account between the Fund's custodian, the Fund, and the counterparty. However, typically no payments will be made until the settlement date. Swap agreements do not involve the delivery of securities or other underlying assets. Accordingly, if a swap is entered into on a net basis and if the counterparty to a swap agreement defaults, the Fund's risk of loss consists of the net amount of payments that the Fund is contractually entitled to receive, if any.

*Comprehensive swaps regulation*. The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the "Dodd-Frank Act") and related regulatory developments imposed comprehensive regulatory requirements on swaps and swap market participants. The regulatory framework includes: (1) registration and regulation of swap dealers and major swap participants; (2) requiring central clearing and execution of standardized swaps; (3) imposing margin requirements on swap transactions; (4) regulating and monitoring swap transactions through position limits and large trader reporting requirements; and (5) imposing record keeping and centralized and public reporting requirements, on an anonymous basis, for most swaps. The CFTC is responsible for the regulation of most swaps. The SEC has jurisdiction over a small segment of the market referred to as "security-based swaps," which includes swaps on single securities or credits, or narrow-based indices of securities or credits.

*Uncleared swaps*. In an uncleared swap, the swap counterparty is typically a brokerage firm, bank or other financial institution. The Fund customarily enters into uncleared swaps based on the standard terms and conditions of an International Swaps and Derivatives Association ("ISDA") Master Agreement. ISDA is a voluntary industry association of participants in the over-the-counter derivatives markets that has developed standardized contracts used by such participants that have agreed to be bound by such standardized contracts. In the event that one party to a swap transaction defaults and the transaction is terminated prior to its scheduled termination date, one of the parties may be required to make an early termination payment to the other. An early termination payment may be payable by either the defaulting or non-defaulting party, depending upon which of them is "in-the-money" with respect to the swap at the time of its termination. Early termination payments may be calculated in various ways, but are intended to approximate the amount the "in-the-money" party would have to pay to replace the swap as of the date of its termination.

During the term of an uncleared swap, the Fund is required to pledge to the swap counterparty, from time to time, an amount of cash and/or other assets equal to the total net amount (if any) that would be payable by the Fund to the counterparty if all outstanding swaps between the parties were terminated on the date in question, including any early termination payments ("variation margin"). Periodically, changes in the amount pledged are made to recognize changes in value of the contract resulting from, among other things, interest on the notional value of the contract, market value changes in the underlying investment, and/or dividends paid by the issuer of the underlying instrument. Likewise, the counterparty will be required to pledge cash or other assets to cover its obligations to the Fund. However, the amount pledged may not always be equal to or more than the amount due to the other party. Therefore, if a counterparty defaults in its obligations to the Fund, the amount pledged by the counterparty and available to the Fund may not be sufficient to cover all the amounts due to the Fund and the Fund may sustain a loss.

Currently, the Fund does not intend to typically provide initial margin in connection with uncleared swaps. However, rules requiring initial margin for uncleared swaps have been adopted and are being phased in over time. When these rules take effect, if the Fund is deemed to have material swaps exposure under applicable swap regulations, the Fund will be required to post initial margin in addition to variation margin.

*Cleared swaps*. Certain standardized swaps are subject to mandatory central clearing and exchange-trading. The Dodd-Frank Act and implementing rules will ultimately require the clearing and exchange-trading of many swaps. Mandatory exchange-trading and clearing will occur on a phased-in basis based on the type of market participant, CFTC approval of contracts for central clearing and public trading facilities making such cleared swaps available to trade. To date, the CFTC has designated only certain of the most common types of credit default index swaps and interest rate swaps as subject to mandatory clearing and certain public trading facilities have made certain of those cleared swaps available to trade, but it is expected that additional categories of swaps will in the future be designated as subject to mandatory clearing and trade execution requirements. Central clearing is intended to reduce counterparty credit risk and increase liquidity, but central clearing does not eliminate these risks and may involve additional costs and risks not involved with uncleared swaps. See "Risks of cleared swaps" below.

In a cleared swap, the Fund's ultimate counterparty is a central clearinghouse rather than a brokerage firm, bank or other financial institution. Cleared swaps are submitted for clearing through each party's FCM, which must be a member of the clearinghouse that serves as the central counterparty. Transactions executed on a swap execution facility ("SEF") may increase market transparency and liquidity but may require the Fund to incur increased expenses to access the same types of swaps that it has used in the past. When the Fund enters into a cleared swap, it must deliver to the central counterparty (via the FCM) an amount referred to as "initial margin." Initial margin requirements are determined by the central counterparty, and are typically calculated as an amount equal to the volatility in market value of the cleared swap over a fixed period, but an FCM may require additional initial margin above the amount required by the central counterparty. During the term of the swap agreement, a "variation margin" amount may also be required to be paid by the Fund or may be received by the Fund in accordance with margin controls set for such accounts. If the value of the Fund's cleared swap declines, the Fund will be required to make additional "variation margin" payments to the FCM to settle the change in value. Conversely, if the market value of the Fund's position increases, the FCM will post additional "variation margin" to the Fund's account. At the conclusion of the term of the swap agreement, if the Fund has a loss equal to or greater than the margin amount, the margin amount is paid to the FCM along with any loss in excess of the margin amount. If the Fund has a loss of less than the margin amount, the excess margin is returned to the Fund. If the Fund has a gain, the full margin amount and the amount of the gain is paid to the Fund.

*Equity total return swaps*. A total return swap (also sometimes referred to as a synthetic equity swap or "contract for difference" when written with respect to an equity security or basket of equity securities) is an agreement between two parties under which the parties agree to make payments to each other so as to replicate the economic consequences that would apply had a purchase or short sale of the underlying reference instrument or index thereof taken place. For example, one party agrees to pay the other party the total return earned or realized on the notional amount of an underlying equity security and any dividends declared with respect to that equity security. In return the other party makes payments, typically at a floating rate, calculated based on the notional amount.

*Options on swap agreements*. An option on a swap agreement generally is an OTC option (see the discussion above on OTC options) that gives the buyer of the option the right, but not the obligation, in return for payment of a premium to the seller, to enter into a previously negotiated swap agreement, or to extend, terminate or otherwise modify the terms of an existing swap agreement. The writer (seller) of an option on a swap agreement receives premium payments from the buyer and, in exchange, becomes obligated to enter into or modify an underlying swap agreement upon the exercise of the option by the buyer. When the Fund purchases an option on a swap agreement, it risks losing only the amount of the premium it has paid should it decide to let the option expire unexercised, plus any related transaction costs.

There can be no assurance that a liquid secondary market will exist for any particular option on a swap agreement, or at any particular time, and the Fund may have difficulty affecting closing transactions in particular options on swap agreements. Therefore, the Fund may have to exercise the options that it purchases in order to realize any profit and take delivery of the underlying swap agreement. The Fund could then incur transaction costs upon the sale or closing out of the underlying swap agreement. In the event that the option on a swap is exercised, the counterparty for such option would be the same counterparty with whom the Fund entered into the underlying swap.

However, if the Fund writes (sells) an option on a swap agreement, the Fund is bound by the terms of the underlying swap agreement upon exercise of the option by the buyer, which may result in losses to the Fund in excess of the premium it received. Options on swap agreements involve the risks associated with derivative instruments generally, as described above, as well as the additional risks associated with both options and swaps generally.

Options on swap agreements are considered to be swaps for purposes of CFTC regulation. Although they are traded OTC, the CFTC may in the future designate certain options on swaps as subject to mandatory clearing. For more information, see "Cleared swaps" and "Risks of cleared swaps."

An option on an interest rate swap (also sometimes referred to as a "swaption") is a contract that gives the purchaser the right, but not the obligation, in return for payment of a premium, to enter into a new interest rate swap. A pay fixed option on an interest rate swap gives the buyer the right to establish a position in an interest rate swap where the buyer will pay (and the writer will receive) the fixed-rate cash flows and receive (and the writer will pay) the floating-rate cash flows. In general, most options on interest rate swaps are "European" exercise, which means that they can only be exercised at the end of the option term. Depending on the movement of interest rates between the time of purchase and expiration, the value of the underlying interest rate swap and therefore also the value of the option on the interest rate swap will change.

An option on a credit default swap is a contract that gives the buyer the right (but not the obligation), in return for payment of a premium to the option seller, to enter into a new credit default swap on a reference entity at a predetermined spread on a future date. This spread is the price at which the contract is executed (the option strike price). Similar to a put option, in a payer option on a credit default swap, the option buyer pays a premium to the option seller for the right, but not the obligation, to buy credit protection on a reference entity (e.g., a particular portfolio security) at a predetermined spread on a future date. Similar to a call option, in a receiver option on a credit default swap the option buyer pays a premium for the right, but not the obligation to sell credit default swap protection on a reference entity or index. Depending on the movement of market spreads with respect to the particular referenced debt securities between the time of purchase and expiration of the option, the value of the underlying credit default swap and therefore the value of the option will change. Options on credit default swaps currently are traded OTC and the specific terms of each option on a credit default swap are negotiated directly with the counterparty.

*Risks of swaps generally*. The use of swap transactions is a highly specialized activity, which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Whether the Fund will be successful in using swap agreements to achieve its investment goal depends on the ability of the Adviser correctly to predict which types of investments are likely to produce greater returns. If the Adviser, in using swap agreements, is incorrect in its forecasts of market values, interest rates, inflation, currency exchange rates or other applicable factors, the investment performance of the Fund will be less than its performance would have been if it had not used the swap agreements.

The risk of loss to the Fund for swap transactions that are entered into on a net basis depends on which party is obligated to pay the net amount to the other party. If the counterparty is obligated to pay the net amount to the Fund, the risk of loss to the Fund is loss of the entire amount that the Fund is entitled to receive. If the Fund is obligated to pay the net amount, the Fund's risk of loss is generally limited to that net amount. If the swap agreement involves the exchange of the entire principal value of a security, the entire principal value of that security is subject to the risk that the other party to the swap will default on its contractual delivery obligations. In addition, the Fund's risk of loss also includes any margin at risk in the event of default by the counterparty (in an uncleared swap) or the central counterparty or FCM (in a cleared swap), plus any transaction costs.

Because bilateral swap agreements are structured as two-party contracts and may have terms of greater than seven days, these swaps may be considered to be illiquid and, therefore, subject to the Fund's limitation on investments in illiquid securities. If a swap transaction is particularly large or if the relevant market is illiquid, the Fund may not be able to establish or liquidate a position at an advantageous time or price, which may result in significant losses. Participants in the swap markets are not required to make continuous markets in the swap contracts they trade. Participants could refuse to quote prices for swap contracts or quote prices with an unusually widespread between the price at which they are prepared to buy and the price at which they are prepared to sell. Some swap agreements entail complex terms and may require a greater degree of subjectivity in their valuation. However, the swap markets have grown substantially in recent years, with a large number of financial institutions acting both as principals and agents, utilizing standardized swap documentation. As a result, the swap markets have become increasingly liquid. In addition, central clearing and the trading of cleared swaps on public facilities are intended to increase liquidity. The Adviser, under the supervision of the Board, is responsible for determining and monitoring the liquidity of the Fund's swap transactions.

Rules adopted under the Dodd-Frank Act require centralized reporting of detailed information about many swaps, whether cleared or uncleared. This information is available to regulators and also, to a more limited extent and on an anonymous basis, to the public. Reporting of swap data is intended to result in greater market transparency. This may be beneficial to funds that use swaps in their trading strategies. However, public reporting imposes additional recordkeeping burdens on these funds, and the safeguards established to protect anonymity are not yet tested and may not provide protection of the funds' identities as intended.

Certain U.S. Internal Revenue Service ("IRS") positions may limit the Fund's ability to use swap agreements in a desired tax strategy. It is possible that developments in the swap markets and/or the laws relating to swap agreements, including potential government regulation, could adversely affect the Fund's ability to benefit from using swap agreements, or could have adverse tax consequences. For more information about potentially changing regulation, see "Developing government regulation of derivatives" below.

*Risks of uncleared swaps*. Uncleared swaps are typically executed bilaterally with a swap dealer rather than traded on exchanges. As a result, swap participants may not be as protected as participants on organized exchanges. Performance of a swap agreement is the responsibility only of the swap counterparty and not of any exchange or clearinghouse. As a result, the Fund is subject to the risk that a counterparty will be unable or will refuse to perform under such agreement, including because of the counterparty's bankruptcy or insolvency. The Fund risks the loss of the accrued but unpaid amounts under a swap agreement, which could be substantial, in the event of a default, insolvency or bankruptcy by a swap counterparty. In such an event, the Fund will have contractual remedies pursuant to the swap agreements, but bankruptcy and insolvency laws could affect the Fund's rights as a creditor. If the counterparty's creditworthiness declines, the value of a swap agreement would likely decline, potentially resulting in losses. In unusual or extreme market conditions, a counterparty's creditworthiness and ability to perform may deteriorate rapidly, and the availability of suitable replacement counterparties may become limited.

*Risks of cleared swaps*. As noted above, under recent financial reforms, certain types of swaps are, and others eventually are expected to be, required to be cleared through a central counterparty, which may affect counterparty risk and other risks faced by the Fund.

Central clearing is designed to reduce counterparty credit risk and increase liquidity compared to uncleared swaps because central clearing interposes the central clearinghouse as the counterparty to each participant's swap, but it does not eliminate those risks completely. There is also a risk of loss by the Fund of the initial and variation margin deposits in the event of bankruptcy of the FCM with which the Fund has an open position, or the central counterparty in a swap contract. The assets of the Fund may not be fully protected in the event of the bankruptcy of the FCM or central counterparty because the Fund might be limited to recovering only a pro rata share of all available funds and margin segregated on behalf of an FCM's customers. If the FCM does not provide accurate reporting, the Fund is also subject to the risk that the FCM could use the Fund's assets, which are held in an omnibus account with assets belonging to the FCM's other customers, to satisfy its own financial obligations or the payment obligations of another customer to the central counterparty. Credit risk of cleared swap participants is concentrated in a few clearinghouses, and the consequences of insolvency of a clearinghouse are not clear.

With cleared swaps, the Fund may not be able to obtain as favorable terms as it would be able to negotiate for a bilateral, uncleared swap. In addition, an FCM may unilaterally amend the terms of its agreement with the Fund, which may include the imposition of position limits or additional margin requirements with respect to the Fund's investment in certain types of swaps. Central counterparties and FCMs can require termination of existing cleared swap transactions upon the occurrence of certain events, and can also require increases in margin above the margin that is required at the initiation of the swap agreement.

Finally, the Fund is subject to the risk that, after entering into a cleared swap with an executing broker, no FCM or central counterparty is willing or able to clear the transaction. In such an event, the Fund may be required to break the trade and make an early termination payment to the executing broker.

*Combined transactions*. The Fund may enter into multiple derivative instruments, and any combination of derivative instruments as part of a single or combined strategy (a "Combined Transaction") when the Adviser believes it is in the best interests of the Fund to do so. A Combined Transaction will usually contain elements of risk that are present in each of its component transactions.

Although Combined Transactions are normally entered into based on the Adviser's judgment that the combined strategies will reduce risk or otherwise more effectively achieve the desired portfolio management goal(s), it is possible that the combination will instead increase such risks or hinder achievement of the portfolio management objective.

**Foreign Currencies**

Although the Fund intend to only hold investments denominated in U.S. dollars, the Fund may have indirect exposure to foreign currency fluctuations. A Fund's net asset value could decline if a relevant foreign currency depreciates against the U.S. dollar or if there are delays or limits on the repatriation of such currency. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, a Fund's net asset value may change without warning, which could have a significant negative impact on such Fund.

**Illiquid Investments and Restricted Securities**

The Fund may invest in illiquid investments (*i.e.*, securities that are not readily marketable) to the extent permitted under the 1940 Act. Illiquid investments include, but are not limited to, restricted investments (investments the disposition of which is restricted under the federal securities laws), investments that may only be resold pursuant to Rule 144A under the Securities Act, but that are deemed to be illiquid; and repurchase agreements with maturities in excess of seven days. However, no Fund will acquire illiquid investments if, immediately after the acquisition, such investments would comprise more than 15% of the value of such Fund's net assets. Determinations of liquidity are made pursuant to guidelines contained in the liquidity risk management program of the Trust applicable to the Fund. The Adviser determines and monitors the liquidity of the portfolio investments and reports periodically on its decisions to the Board. In making such determinations it takes into account a number of factors in reaching liquidity decisions, including but not limited to: (1) the frequency of trades and quotations for the security; (2) the number of dealers willing to purchase or sell the security and the number of other potential buyers; (3) the willingness of dealers to undertake to make a market in the security; and (4) the nature of the marketplace trades, including the time needed to dispose of the security, the method of soliciting offers and the mechanics of the transfer. The term "illiquid security" is defined as a security that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the security.

An institutional market has developed for certain restricted investments. Accordingly, contractual or legal restrictions on the resale of a security may not be indicative of the liquidity of the security. If such investments are eligible for purchase by institutional buyers in accordance with Rule 144A under the Securities Act or other exemptions, the Adviser may determine that the investments are liquid.

Restricted investments may be sold only in privately negotiated transactions or in a public offering with respect to which a registration statement is in effect under the Securities Act. Where registration is required, a Fund may be obligated to pay all or part of the registration expenses and a considerable period may elapse between the time of the decision to sell and the time such Fund may be permitted to sell a security under an effective registration statement. If, during such a period, adverse market conditions were to develop, a Fund might obtain a less favorable price than that which prevailed when it decided to sell.

Illiquid investments will be priced at fair value as determined in good faith under procedures adopted by the Board. The 15% limit shall be observed continuously. If, through the appreciation of illiquid investments or the depreciation of liquid investments, the Fund were to be in a position where more than 15% of the value of its net assets are invested in illiquid securities, including restricted investments which are not readily marketable, the Fund will take such steps as set forth in its procedures as adopted by the Board.

**Investment Company Securities**

The Fund may invest in the securities of other investment companies, including money market funds and ETFs, subject to applicable limitations under Section 12(d)(1) of the 1940 Act. Investing in another pooled vehicle exposes the Fund to all the risks of that pooled vehicle. If the Fund invests in and, thus, is a shareholder of, another investment company, the Fund's shareholders will indirectly bear the Fund's proportionate share of the fees and expenses paid by such other investment company, including advisory fees, in addition to both the management fees payable directly by the Fund to the Adviser and the other expenses that the Fund bears directly in connection with its own operations.

Pursuant to Section 12(d)(1), the Fund may invest in the securities of another investment company (the "acquired company") provided that the Fund, immediately after such purchase or acquisition, does not own in the aggregate: (1) more than 3% of the total outstanding voting stock of the acquired company; (2) securities issued by the acquired company having an aggregate value in excess of 5% of the value of the total assets of the Fund; or (3) securities issued by the acquired company and all other investment companies (other than treasury stock of the Fund) having an aggregate value in excess of 10% of the value of the total assets of the Fund. To the extent allowed by law or regulation, the Fund may invest its assets in securities of investment companies that are money market funds in excess of the limits discussed above.

However, registered investment companies are permitted to invest in other investment companies beyond the limits set forth in Section 12(d)(1), subject to certain conditions. The Fund may rely on Rule 12d1-4 of the 1940 Act, which provides an exemption from Section 12(d)(1) that allows the Fund to invest beyond the stated limits in other registered funds, including ETFs, if the Fund satisfies certain conditions specified in the Rule, including, among other conditions, that the Fund and its advisory group will not control (individually or in the aggregate) an acquired fund (e.g., hold more than 25% of the outstanding voting securities of an acquired fund that is a registered open-end management investment company).

The Fund may rely on Section 12(d)(1)(F) and Rule 12d1-3 of the 1940 Act, which provide an exemption from Section 12(d)(1) that allows the Fund to invest all of its assets in other registered funds, including ETFs, if, among other conditions: (1) the Fund, together with its affiliates, acquires no more than three percent of the outstanding voting stock of any acquired fund; and (2) the sales load charged on Shares is no greater than the limits set forth in Rule 2830 of the Conduct Rules of the Financial Industry Regulatory Authority, Inc. ("FINRA").

**Money Market Funds**

The Fund may invest in underlying money market funds that either seek to maintain a stable $1 NAV ("stable NAV money market funds") or that have a share price that fluctuates ("variable NAV market funds"). Although an underlying stable NAV money market fund seeks to maintain a stable $1 NAV, it is possible for the Fund to lose money by investing in such a money market fund. Because the share price of an underlying variable NAV market fund will fluctuate, when the Fund sells the shares it owns they may be worth more or less than what the Fund originally paid for them. In addition, neither type of money market fund is designed to offer capital appreciation. Certain underlying money market funds may impose a fee upon the sale of shares or may temporarily suspend the ability to sell shares if such fund's liquidity falls below required minimums.

**Other Short-Term Instruments**

The Fund may invest in short-term instruments, including money market instruments, on an ongoing basis to provide liquidity or for other reasons. Money market instruments are generally short-term investments that may include but are not limited to: (1) shares of money market funds; (2) obligations issued or guaranteed by the U.S. government, its agencies, or instrumentalities (including government-sponsored enterprises); (3) negotiable certificates of deposit ("CDs"), bankers' acceptances, fixed time deposits, and other obligations of U.S. and foreign banks (including foreign branches) and similar institutions; (4) commercial paper rated at the date of purchase "Prime-1" by Moody's Investors Service or "A-1" by S&P Global Ratings or, if unrated, of comparable quality as determined by the Adviser; (5) non-convertible corporate debt securities (e.g., bonds and debentures) with remaining maturities at the date of purchase of not more than 397 days and that satisfy the rating requirements set forth in Rule 2a-7 under the 1940 Act; and (6) short-term U.S. dollar-denominated obligations of foreign banks (including U.S. branches) that, in the opinion of the Adviser, are of comparable quality to obligations of U.S. banks which may be purchased by the Fund. Any of these instruments may be purchased on a current or a forward-settled basis. Money market instruments also include shares of money market funds. Time deposits are non-negotiable deposits maintained in banking institutions for specified periods of time at stated interest rates. Bankers' acceptances are time drafts drawn on commercial banks by borrowers, usually in connection with international transactions.

**Repurchase Agreements**

The Fund may invest in repurchase agreements with commercial banks, brokers or dealers to generate income from its excess cash balances. A repurchase agreement is an agreement under which a Fund acquires a financial instrument (e.g., a security issued by the U.S. government or an agency thereof, a banker's acceptance or a certificate of deposit) from a seller, subject to resale to the seller at an agreed upon price and date (normally, the next Business Day). A "Business Day" is any day on which the New York Stock Exchange ("NYSE") is open for regular trading. A repurchase agreement may be considered a loan collateralized by securities. The resale price reflects an agreed upon interest rate effective for the period the instrument is held by a Fund and is unrelated to the interest rate on the underlying instrument.

In these repurchase agreement transactions, the securities acquired by a Fund (including accrued interest earned thereon) must have a total value in excess of the value of the repurchase agreement and are held by the Fund's custodian bank until repurchased. No more than an aggregate of 15% of a Fund's net assets will be invested in illiquid securities, including repurchase agreements having maturities longer than seven days and securities subject to legal or contractual restrictions on resale, or for which there are no readily available market quotations.

The use of repurchase agreements involves certain risks. For example, if the other party to the agreement defaults on its obligation to repurchase the underlying security at a time when the value of the security has declined, a Fund may incur a loss upon disposition of the security. If the other party to the agreement becomes insolvent and subject to liquidation or reorganization under the U.S. Bankruptcy Code or other laws, a court may determine that the underlying security is collateral for a loan by the Fund not within the control of such Fund and, therefore, the Fund may not be able to substantiate its interest in the underlying security and may be deemed an unsecured creditor of the other party to the agreement.

**Securities Lending**

The Fund may lend portfolio securities to certain creditworthy borrowers. The borrowers provide collateral that is maintained in an amount at least equal to the current value of the securities loaned. The Fund may terminate a loan at any time and obtain the return of the securities loaned. The lending Fund receives the value of any interest or cash or non-cash distributions paid on the loaned securities. Distributions received on loaned securities in lieu of dividend payments (i.e., substitute payments) would not be considered qualified dividend income.

With respect to loans that are collateralized by cash, the borrower will be entitled to receive a fee based on the amount of cash collateral. The Fund is compensated by the difference between the amount earned on the reinvestment of cash collateral and the fee paid to the borrower. In the case of collateral other than cash, the Fund is compensated by a fee paid by the borrower equal to a percentage of the value of the loaned securities. Any cash collateral may be reinvested in certain short-term instruments either directly on behalf of the lending Fund or through one or more joint accounts or money market funds, which may include those managed by the Adviser.

The Fund may pay a portion of the interest or fees earned from securities lending to a borrower as described above, and to one or more securities lending agents approved by the Board who administer the lending program for the Fund in accordance with guidelines approved by the Board. In such capacity, the lending agent causes the delivery of loaned securities from the Fund to borrowers, arranges for the return of loaned securities to the Fund at the termination of a loan, requests deposit of collateral, monitors the daily value of the loaned securities and collateral, requests that borrowers add to the collateral when required by the loan agreements, and provides recordkeeping and accounting services necessary for the operation of the program.

Securities lending involves exposure to certain risks, including operational risk (i.e., the risk of losses resulting from problems in the settlement and accounting process), "gap" risk (i.e., the risk of a mismatch between the return on cash collateral reinvestments and the fees the Fund has agreed to pay a borrower), and credit, legal, counterparty and market risk. In the event a borrower does not return the Fund's securities as agreed, the Fund may experience losses if the proceeds received from liquidating the collateral do not at least equal the value of the loaned security at the time the collateral is liquidated plus the transaction costs incurred in purchasing replacement securities.

**Tax Risks**

As with any investment, you should consider how your investment in Shares will be taxed. The tax information in the Prospectus and this SAI is provided as general information. You should consult your own tax professional about the tax consequences of an investment in Shares.

Unless your investment in Shares is made through a tax-deferred retirement account or other tax-advantaged arrangement, such as an individual retirement account, you need to be aware of the possible tax consequences when the Fund makes distributions or you sell Shares.

**Temporary Defensive Strategies**

Under normal market conditions, the Fund will stay fully invested according to its principal investment strategies. For temporary defensive purposes during adverse market, economic, political, or other conditions, the Fund may invest up to 100% of its assets in cash or cash equivalents, such as U.S. Government obligations, investment grade debt securities and other money market instruments. Taking a temporary defensive position may result in the Fund not achieving its investment objective.

**INVESTMENT RESTRICTIONS**

The Trust has adopted the following investment restrictions as fundamental policies with respect to the Fund. These restrictions cannot be changed with respect to the Fund without the approval of the holders of a majority of the Fund's outstanding voting securities. For the purposes of the 1940 Act, a "majority of outstanding shares" means the vote of the lesser of: (1) 67% or more of the voting securities of the Fund present at the meeting if the holders of more than 50% of the Fund's outstanding voting securities are present or represented by proxy; or (2) more than 50% of the outstanding voting securities of the Fund.

Except with the approval of a majority of the outstanding voting securities, the Fund may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Borrow money or issue senior securities (as
 defined under the 1940 Act), except to the extent permitted under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Make loans, except to the extent permitted under
 the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Purchase
 or sell real estate unless acquired as a result of ownership of securities or other instruments, except to the extent permitted
 under the 1940 Act. This shall not prevent the Fund from investing in securities or other instruments backed by real estate,
 real estate investment trusts ("REITs") or securities of companies engaged in the real estate business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Purchase
 or sell commodities unless acquired as a result of ownership of securities or other instruments, except to the extent permitted
 under the 1940 Act. This shall not prevent the Fund from purchasing or selling options and futures contracts or from investing
 in securities or other instruments backed by physical commodities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Underwrite securities
 issued by other persons, except to the extent permitted under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Concentrate
 its investments (i.e., hold more than 25% of its total assets) in any industry or group of related industries. For purposes
 of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements
 collateralized by securities of the U.S. government (including its agencies and instrumentalities), registered investment
 companies and tax-exempt securities of state or municipal governments and their political subdivisions, are not considered
 to be issued by members of any industry.

In determining its compliance with the fundamental investment restriction on concentration, the Fund will look through to the underlying holdings of any investment company that publicly publishes its underlying holdings on a daily basis. In addition, if an underlying investment company does not publish its holdings daily but has a policy to concentrate or has otherwise disclosed that it is concentrated in a particular industry or group of related industries, the Fund will consider such investment company as being invested in such industry or group of related industries. Additionally, in determining its compliance with the fundamental investment restriction on concentration, the Fund will look through to the user or use of private activity municipal bonds to determine their industry.

For purposes of applying the limitation set forth in the concentration policy set forth above, the Fund may use the Standard Industrial Classification (SIC) Codes, North American Industry Classification System (NAICS) Codes, MSCI Global Industry Classification System, FTSE/Dow Jones Industry Classification Benchmark (ICB) system, or any other reasonable industry classification system (including systems developed by the Adviser) to identify each industry. The Fund's method applying the limitations in the above concentration policy, including the classification levels used, may differ from those of the Trust's other series

If a percentage limitation is adhered to at the time of investment or contract, a later increase or decrease in percentage resulting from any change in value or total or net assets will not result in a violation of such restriction, except that the percentage limitations with respect to the borrowing of money and illiquid investments will be observed continuously.

**EXCHANGE LISTING AND TRADING**

Shares are listed for trading and trade throughout the day on the Exchange.

There can be no assurance that the Fund will continue to meet the requirements of the Exchange necessary to maintain the listing of Shares. The Exchange may, but is not required to, remove Shares of the Fund from the listing under any of the following circumstances: (1) the Exchange becomes aware that the Fund is no longer eligible to operate in reliance on Rule 6c-11 of the Investment Company Act of 1940; (2) the Fund no longer complies with the Exchange's requirements for Shares; or (3) such other event shall occur or condition shall exist that, in the opinion of the Exchange, makes further dealings on the Exchange inadvisable. The Exchange will remove Shares of the Fund from listing and trading upon termination of the Fund.

The Trust reserves the right to adjust the price levels of Shares in the future to help maintain convenient trading ranges for investors. Any adjustments would be accomplished through stock splits or reverse stock splits, which would have no effect on the net assets of the Fund.

**MANAGEMENT OF THE TRUST**

**Board Responsibilities.** The Board oversees the management and operations of the Trust. Like all mutual funds, the day-to-day management and operation of the Trust is the responsibility of the various service providers to the Trust, such as the Adviser, the Distributor, the Administrator, the Sub-Administrator, the Custodian, and the Transfer Agent, each of whom is discussed in greater detail in this Statement of Additional Information. The Board has appointed various senior employees of the Administrator as officers of the Trust, with responsibility to monitor and report to the Board on the Trust's operations. In conducting this oversight, the Board receives regular reports from these officers and the service providers. For example, the Treasurer reports as to financial reporting matters and the President reports as to matters relating to the Trust's operations. In addition, the Adviser provides regular reports on the investment strategy and performance of the Fund. The Board has appointed a Chief Compliance Officer who administers the Trust's compliance program and regularly reports to the Board as to compliance matters. These reports are provided as part of formal "Board Meetings" which are typically held quarterly, in person, and involve the Board's review of recent operations. In addition, various members of the Board also meet with management in less formal settings, between formal "Board Meetings," to discuss various topics. In all cases, however, the role of the Board and of any individual Trustee is one of oversight and not of management of the day-to-day affairs of the Trust and its oversight role does not make the Board a guarantor of the Trust's investments, operations or activities.

As part of its oversight function, the Board receives and reviews various risk management reports and discusses these matters with appropriate management and other personnel. Because risk management is a broad concept comprised of many elements (e.g., investment risk, issuer and counterparty risk, compliance risk, operational risks, business continuity risks, etc.), the oversight of different types of risks is handled in different ways. For example, the Board meets regularly with the CCO to discuss compliance and operational risks and the Audit Committee meets with the Trust's independent public accounting firm to discuss, among other things, the internal control structure of the Trust's financial reporting function.

The full Board also receives reports from the Adviser as to investment risks of the Fund. In addition to these reports, from time to time the full Board receives reports from the Administrator and the Adviser as to enterprise risk management.

The Board recognizes that not all risks that may affect the Fund can be identified and/or quantified, that it may not be practical or cost-effective to eliminate or mitigate certain risks, that it may be necessary to bear certain risks (such as investment-related risks) to achieve the Fund's goals, and that the processes, procedures, and controls employed to address certain risks may be limited in their effectiveness. Moreover, reports received by the Board as to risk management matters are typically summaries of the relevant information. Most of the Fund's investment management and business affairs are carried out by or through the Adviser and other service providers, each of which has an independent interest in risk management but whose policies and the methods by which one or more risk management functions are carried out may differ from the Fund's and each other's in the setting of priorities, the resources available, or the effectiveness of relevant controls. As a result of the foregoing and other factors, the Board's ability to monitor and manage risk, as a practical matter, is subject to limitations.

**Members of the Board.** There are four members of the Board, three of whom are not interested persons of the Trust, as that term is defined in the 1940 Act (the "Independent Trustees"). Mr. Eric W. Falkeis serves as Chairman of the Board and is an interested person of the Trust.

The Board is composed of a majority (75 percent) of Independent Trustees. The Board has determined its leadership structure is appropriate given the specific characteristics and circumstances of the Trust. The Board has a Lead Independent Trustee, who acts as the primary liaison between the Independent Trustees and management. Ms. Michelle McDonough currently serves as the Lead Independent Trustee of the Board. The Board also believes that its leadership structure facilitates the orderly and efficient flow of information to the Independent Trustees from Fund management.

Additional information about each Trustee of the Trust is set forth below. The address of each Trustee of the Trust is c/o Tidal Trust II, 234 West Florida Street, Suite 203, Milwaukee, Wisconsin 53204.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name and** <br> **Year of Birth** | &nbsp;&nbsp;**Position**<br> **Held** <br> **with**<br> **the Trust** | &nbsp;&nbsp;**Term of** <br> **Office**<br> **and** <br> **Length of**<br> **Time** <br> **Served<sup>(1)</sup>** | &nbsp;&nbsp;**Principal Occupation(s)** <br> **During Past 5 Years** | &nbsp;&nbsp;**Number** <br> **of**<br> **Portfolios** <br> **in**<br> **Fund** <br> **Complex<sup>(2)</sup>**<br> **Overseen** <br> **by**<br> **Trustee** | &nbsp;&nbsp;**Other** <br> **Directorships** <br> **Held** <br> **by Trustee** <br> **During** <br> **Past 5 Years** |
| &nbsp;&nbsp;**Independent** <br> **Trustees<sup>(3)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;Javier Marquina <br> Born: 1973  | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Indefinite term;<br> since 2022 | &nbsp;&nbsp;Founder and Chief Executive Officer of ARQ Consultants Inc. (since 2019) a firm specializing in cross border real estate investments; Interim CEO for the Americas of Acciona Inmobiliaria (2020 to 2021); Head of Investment Team for Latin America for GLL Real Estate Partners (2016 to 2020). | &nbsp;&nbsp;[ ] | &nbsp;&nbsp;Board Vice-Chairman of Inmobiliaria Spectrum (Guatemala and UK); Independent Board Member of LATAM Logistics Properties S.A. (Colombia, Peru and Costa Rica); Independent Board Member of Logistic Properties of the Americas. |
| &nbsp;&nbsp;Michelle McDonough <br> Born: 1980  | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Indefinite term;<br> since 2022 | &nbsp;&nbsp;Chief Operating Officer, Trillium Asset Management LLC (2010 to 2024) | &nbsp;&nbsp;[ ] | &nbsp;&nbsp;Trillium Asset Management, LLC (2020 to 2024) |
| &nbsp;&nbsp;Dave Norris <br> Born: 1976 | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Indefinite term;<br> since 2022 | &nbsp;&nbsp;Consulting work with Rubin Brown, CPA services (since December 2024); Consulting work with RedRidge Diligence Services (2023 to 2024); Chief Operating Officer, RedRidge Diligence Services (2011 to 2023) | &nbsp;&nbsp;[ ] |  |
| &nbsp;&nbsp;**Interested Trustee** | &nbsp;&nbsp;**Interested Trustee** | &nbsp;&nbsp;**Interested Trustee** | &nbsp;&nbsp;**Interested Trustee** | &nbsp;&nbsp;**Interested Trustee** | &nbsp;&nbsp;**Interested Trustee** |
| &nbsp;&nbsp;Eric W. Falkeis<sup>(4)</sup> <br> Born: 1973 | &nbsp;&nbsp;Principal Executive Officer, Trustee, and Chairman | &nbsp;&nbsp;Principal Executive Officer since 2022, Indefinite term; Trustee, and Chairman, since 2022, Indefinite term | &nbsp;&nbsp;Chief Executive Officer, Tidal ETF Services LLC (since 2018); Chief Operating Officer (and other positions), Rafferty Asset Management, LLC (2013 to 2018) and Direxion Advisors, LLC (2017 to 2018); President and Principal Executive Officer (since 2018). | &nbsp;&nbsp;[ ] | &nbsp;&nbsp;Independent Director, Muzinich Direct Lending Income Fund, Inc. (since 2023); Independent Director, Muzinich BDC, Inc. (since 2019); Trustee, Professionally Managed Portfolios (27 series) (since 2011); Interested Trustee, Direxion Fund, Direxion Shares ETF Trust, and Direxion Insurance Trust (2014 to 2018); Trustee and Chairman of Tidal Trust I (since 2018). |

---

<sup>(1)</sup> The Trustees have designated a mandatory retirement age of 78, such that each Trustee, serving as such on the date he or she reaches the age of 78, shall submit his or her resignation not later than the last day of the calendar year in which his or her 78th birthday occurs.

<sup>(2)</sup> The group of Funds sponsored by Tidal and managed by the Adviser or its affiliates, including TidalTrust I, Tidal Trust II and Tidal Trust III.

<sup>(3)</sup> All Independent Trustees of the Trust are not "interested persons" of the Trust as defined under the 1940 Act (the "Independent Trustees").

<sup>(4)</sup> Mr. Falkeis is considered an "interested person" of the Trust due to his positions as Principal Executive Officer and Chairman of the Trust, and Chief Executive Officer of Tidal ETF Services LLC, a Tidal Financial Group company and an affiliate of the Adviser.

**Individual Trustee Qualifications.**

The Board believes that each of the Trustees has the qualifications, experience, attributes and skills ("Trustee Attributes") appropriate to their service as Trustees of the Trust in light of the Trust's business and structure. Each of the Trustees has substantial business and professional backgrounds that indicate they have the ability to critically review, evaluate and access information provided to them. Certain of these business and professional experiences are set forth in detail in the table above. The Board annually conducts a 'self-assessment' wherein the effectiveness of the Board and individual Trustees is reviewed.

In addition to the information provided in the table above, below is certain additional information concerning each particular Trustee and certain of their Trustee Attributes. The information provided below, and in the table above, is not all-inclusive. Many Trustee Attributes involve intangible elements, such as intelligence, integrity, work ethic, the ability to work together, the ability to communicate effectively, the ability to exercise judgment, the ability to ask incisive questions, and commitment to shareholder interests. In conducting its annual self-assessment, the Board has determined that the Trustees have the appropriate attributes and experience to serve effectively as Trustees of the Trust.

The Board has concluded that Mr. Marquina should serve as a Trustee because of his substantial business experience related to commercial real estate investment and business development through his current position as CEO and Founder at ARQ Consultants Inc., as well as through former positions. The Board believes Mr. Marquina's experience, qualifications, attributes, or skills, on an individual basis and in combination with those of the other Trustees, led to the conclusion that he possesses the requisite skills and attributes as a Trustee to carry out oversight responsibilities with respect to the Trust.

The Board has concluded that Ms. McDonough should serve as a Trustee because of her substantial financial services experience, including experience with operations, compliance, IT, service provider oversight and management. For over a decade, Ms. McDonough has served as COO of Trillium Asset Management and in that capacity oversees all non-investment functions for the firm. The Board believes Ms. McDonough's experience, qualifications, attributes, or skills, on an individual basis and in combination with those of the other Trustees, led to the conclusion that she possesses the requisite skills and attributes as a Trustee to carry out oversight responsibilities with respect to the Trust.

The Board has concluded that Mr. Norris should serve as a Trustee because of his substantial experience across multitude of industries and operated businesses. Mr. Norris' business operation experience consists of capital raising, business development, investor relations, strategic planning, treasury management, deal execution, restructuring oversight of back-office functions. Mr. Norris serves as the Trust's Audit Committee Financial Expert. The Board believes Mr. Norris' experience, qualifications, attributes, or skills, on an individual basis and in combination with those of the other Trustees, led to the conclusion that he possesses the requisite skills and attributes as a Trustee to carry out oversight responsibilities with respect to the Trust.

The Board has concluded that Mr. Falkeis should serve as a Trustee because of his substantial investment company experience and his experience with financial, accounting, investment, and regulatory matters through his former position as Senior Vice President and Chief Financial Officer (and other positions) of U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Global Fund Services"), a full service provider to ETFs, mutual funds, and alternative investment products, from 1997 to 2013, as well as a Trustee and Chairman of the Tidal Trust I, from 2018 to present. In addition, he has experience consulting with investment advisors regarding the legal structure of mutual funds, distribution channel analysis, and actual distribution of those funds. Mr. Falkeis also has substantial managerial, operational, technological, and risk oversight related experience through his former position as Chief Operating Officer of the advisers to the Direxion mutual fund and ETF complex. The Board believes Mr. Falkeis' experience, qualifications, attributes, or skills on an individual basis and in combination with those of the other Trustees led to the conclusion that he possesses the requisite skills and attributes as a Trustee to carry out oversight responsibilities with respect to the Trust.

**Board Committees.** The Board has established the following standing committees of the Board:

<u>Audit Committee</u>. The Board has a standing Audit Committee that is composed of each of the Independent Trustees of the Trust and is chaired by an Independent Trustee. Mr. Norris is chair of the Audit Committee and he presides at the Audit Committee meetings, participates in formulating agendas for Audit Committee meetings, and coordinates with management to serve as a liaison between the Independent Trustees and management on matters within the scope of responsibilities of the Audit Committee as set forth in its Board-approved written charter. The chair of the Audit Committee may delegate certain tasks to a vice chair. Ms. McDonough currently serves as vice chair of the Audit Committee. The principal responsibilities of the Audit Committee include overseeing the Trust's accounting and financial reporting policies and practices and its internal controls; overseeing the quality, objectivity and integrity of the Trust's financial statements and the independent audits thereof; monitoring the independent auditor's qualifications, independence, and performance; acting as a liaison between the Trust's independent auditors and the full Board; pre-approving all auditing services to be performed for the Trust; reviewing the compensation and overseeing the work of the independent auditor (including resolution of disagreements between management and the independent auditor regarding financial reporting) for the purpose of preparing or issuing an audit report or related work; pre-approving all permitted non-audit services (including the fees and terms thereof) to be performed for the Trust; pre-approving all permitted non-audit services to be performed for any investment adviser or sub-adviser to the Trust by any of the Trust's independent auditors if the engagement relates directly to the operations and financial reporting of the Trust; meeting with the Trust's independent auditors as necessary to (1) review the arrangement for and scope of the annual audits and any special audits, (2) discuss any matters of concern relating to the Fund's financial statements, (3) consider the independent auditors' comments with respect to the Trust's financial policies, procedures and internal accounting controls and Trust management's responses thereto, and (4) review the form of opinion the independent auditors propose to render to the Board and the Fund's shareholders; discussing with management and the independent auditor significant financial reporting issues and judgments made in connection with the preparation of the Fund's financial statements; and reviewing and discussing reports from the independent auditors on (1) all critical accounting policies and practices to be used, (2) all alternative treatments within generally accepted accounting principles for policies and practices related to material items that have been discussed with management, (3) other material written communications between the independent auditor and management, including any management letter, schedule of unadjusted differences, or management representation letter, and (4) all non-audit services provided to any entity in the Trust that were not pre-approved by the Committee; and reviewing disclosures made to the Committee by the Trust's principal executive officer and principal accounting officer during their certification process for the Fund's Form N-CSR. As of the date of this SAI, the Audit Committee met [one] time with respect to the Fund.

The Audit Committee also serves as the Qualified Legal Compliance Committee ("QLCC") for the Trust for the purpose of compliance with Rules 205.2(k) and 205.3(c) of the Code of Federal Regulations, regarding alternative reporting procedures for attorneys retained or employed by an issuer who appear and practice before the SEC on behalf of the issuer (the "issuer attorneys"). An issuer attorney who becomes aware of evidence of a material violation by the Trust, or by any officer, director, employee, or agent of the Trust, may report evidence of such material violation to the QLCC as an alternative to the reporting requirements of Rule 205.3(b) (which requires reporting to the chief legal officer and potentially escalating further to other entities). As of the date of this SAI, the QLCC has not met with respect to the Trust.

<u>Nominating and Governance Committee</u>. The Board has a standing Nominating and Governance Committee that is composed of each of the Independent Trustees of the Trust. The Nominating and Governance Committee operates under a written charter approved by the Board. The Nominating and Governance Committee is responsible for seeking and reviewing candidates for consideration as nominees for Trustees as is considered necessary from time to time and meets only as necessary. The Nominating and Governance Committee generally will not consider nominees recommended by shareholders. The Nominating and Governance Committee is also responsible for, among other things, reviewing and making recommendations regarding Independent Trustee compensation and the Trustees' annual "self-assessment." Ms. McDonough is the chair of the Nominating and Governance Committee. The Nominating Committee meets periodically, as necessary, but at least annually. Because the Fund has not yet commenced operations, the Nominating and Governance Committee has not yet met or taken any action with respect to the Fund as of the date of the SAI.

**Principal Officers of the Trust**

The officers of the Trust conduct and supervise its daily business. The address of each officer of the Trust is c/o Tidal Trust II, 234 West Florida Street, Suite 203, Milwaukee, Wisconsin 53204, unless otherwise indicated. Additional information about the Trust's officers is as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name and** <br> **Year of Birth** | &nbsp;&nbsp;**Position(s) Held** <br> **with the Trust** | &nbsp;&nbsp;**Term of Office** <br> **and** <br> **Length of Time** <br> **Served** | &nbsp;&nbsp;**Principal Occupation(s)** <br> **During Past 5 Years** |
| &nbsp;&nbsp;Eric W. Falkeis<sup>(1)</sup> <br> Born: 1973  | &nbsp;&nbsp;Principal Executive Officer, Interested Trustee, Chairman | &nbsp;&nbsp;Principal Executive Officer since 2022, Indefinite term; Interested Trustee, Chairman, since 2022, Indefinite term | &nbsp;&nbsp;Chief Executive Officer, Tidal ETF Services LLC (since 2018); Chief Operating Officer (and other positions), Rafferty Asset Management, LLC (2013 to 2018) and Direxion Advisors, LLC (2017 to 2018); President (2018 to 2024), Principal Executive Officer, President, Principal Executive Officer, Interested Trustee and Chairman, of Tidal Trust I (since 2018). |
| &nbsp;&nbsp;William H. Woolverton, Esq. <br> Born: 1951  | &nbsp;&nbsp;Chief Compliance Officer and AML Compliance Officer | &nbsp;&nbsp;AML Compliance Officer since 2023, Indefinite term; Chief Compliance Officer, Indefinite term; since 2022 | &nbsp;&nbsp;Chief Compliance Officer (since 2023), Compliance Advisor (2022 to 2023), Tidal Investments LLC; Chief Compliance Officer, Tidal ETF Services LLC (since 2022); Senior Compliance Advisor, ACA Global (2020 to 2022); Operating Partner, Altamont Capital Partners (private equity firm) (2021 to present); Director, Hadron Specialty Insurance Company; Managing Director and Head of Legal - US, Waystone (global governance solutions) (2016 to 2019). |
| &nbsp;&nbsp;Ally L. Mueller <br> Born: 1979 | &nbsp;&nbsp;President | &nbsp;&nbsp;Indefinite term;<br> since 2025 | &nbsp;&nbsp;SVP of Launches & Client Success Management (since 2024), Head of ETF Launches and Client Success (2023 to 2024), Head of ETF Launches and Finance Director (2019 to 2023), Tidal ETF Services LLC; Vice President, Tidal Trust I (since 2022). |
| &nbsp;&nbsp;Aaron J. Perkovich <br> Born: 1973 | &nbsp;&nbsp;Treasurer, Principal Financial Officer, and Principal Accounting Officer | &nbsp;&nbsp;Indefinite term;<br> since 2023 | &nbsp;&nbsp;SVP of Fund Administration (since 2024), Head of Fund Administration (2023 to 2024), Fund Administration Manager (2022 to 2023), Tidal ETF Services LLC; Assistant Director Investments, Mason Street Advisors, LLC (2021 to 2022); Vice President, U.S. Bancorp Fund Services, LLC (2006 to 2021). |
| &nbsp;&nbsp;Lissa M. Richter <br> Born: 1979 | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;Indefinite term;<br> since 2025 | &nbsp;&nbsp;VP of Fund Governance and Compliance (since 2024), ETF Regulatory Manager, Tidal ETF Services LLC (2021 to 2024); Senior Paralegal, Rafferty Asset Management, LLC (2013 to 2020); Senior Paralegal, Officer, U.S. Bancorp Fund Services LLC, (2005 to 2013). |
| &nbsp;&nbsp;Kelly J. Lavari<br> Born: 1967 | &nbsp;&nbsp;Secretary | &nbsp;&nbsp;Indefinite term;<br> since 2025 | &nbsp;&nbsp;VP of Fund Governance and Compliance (since 2024), Fund Governance Specialist (2023 to 2024), Compliance Manager – Global Credit Finance, State Street Bank & Trust (2016 to 2023). |
| &nbsp;&nbsp;Peter Chappy <br> Born: 1975 | &nbsp;&nbsp;Assistant Treasurer | &nbsp;&nbsp;Indefinite term;<br> since 2023 | &nbsp;&nbsp;AVP of Fund Administration (since 2024), Fund Administration Manager, Tidal ETF Services LLC (2023 to 2024); Product Owner, Allvue Systems (2022 to 2023); Senior Business Consultant, Refinitiv (2015 to 2022); Assistant Vice President, U.S. Bancorp Fund Services, LLC (2008 to 2015). |
| &nbsp;&nbsp;Melissa Breitzman <br> Born: 1983 | &nbsp;&nbsp;Assistant Treasurer | &nbsp;&nbsp;Indefinite term;<br> since 2023 | &nbsp;&nbsp;VP of Database Management (since 2024), Fund Administration Manager, Tidal ETF Services LLC (2023 to 2024); Assistant Vice President, U.S. Bancorp Fund Services, LLC (2005 to 2023). |
| &nbsp;&nbsp;Charles Ragauss <br> Born: 1987 | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;Indefinite term;<br> since 2022 | &nbsp;&nbsp;SVP of PM & Trading (since 2024), Portfolio Manager, Tidal Investments LLC (2020 to 2024); Chief Operating Officer (and other capacities) CSat Investment Advisory, L.P. (2016 to 2020). |

---

<sup>(1)</sup> Mr. Falkeis is considered an "interested person" of the Trust due to his positions as Principal Executive Officer and Chairman of the Trust, and Chief Executive Officer of Tidal ETF Services LLC, a Tidal Financial Group company and an affiliate of the Adviser.

**Trustee Ownership of Shares.** The Fund is required to show the dollar amount ranges of each Trustee's "beneficial ownership" of Shares and each other series of the Trust as of the end of the most recently completed calendar year. Dollar amount ranges disclosed are established by the SEC. "Beneficial ownership" is determined in accordance with Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, as amended (the "1934 Act").

As of the date of this SAI, the Fund had not yet commenced operations and no Shares were outstanding.

As of [ ], [], Mr. Marquina beneficially owned shares of certain series of the Trust as follows, and no other Trustee owned shares of any series of the Trust:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Dollar Range of Shares**<br> **Owned in the Fund** | &nbsp;&nbsp;**Aggregate Dollar Range of Shares of**<br>**Series of the Trust**<br>|
| &nbsp;&nbsp;Javier Marquina |  | &nbsp;&nbsp;Over $100,000 |

---

As of [ ], [ ], neither the Independent Trustees nor members of their immediate family, owned securities beneficially or of record in the Adviser the Distributor (as defined below), or an affiliate of the Adviser or the Distributor. Accordingly, neither the Independent Trustees nor members of their immediate family, have direct or indirect interest, the value of which exceeds $120,000, in the Adviser, the Distributor or any of their affiliates. In addition, during the two most recently completed calendar years, neither the Independent Trustees nor members of their immediate families have conducted any transactions (or series of transactions) in which the amount involved exceeds $120,000 and to which the Adviser, the Distributor or any affiliate thereof was a party.

**Board Compensation.** Effective July 1, 2025, the Independent Trustees each receive a quarterly retainer of $25,000 plus $8,000 for each regular meeting attended and $3,000 for each special meeting attended. The Independent Trustees also receive reimbursement for travel and other out-of-pocket expenses incurred in connection with serving as a Trustee. In addition, the Lead Independent Trustee receives an annual retainer of $60,000, the Audit Committee Chair receives an annual retainer of $60,000 and the Audit Committee Vice-Chair receives an annual retainer of $20,000. The Trust has no pension or retirement plan.

From January 1, 2025 through June 30, 2025, the Independent Trustees each received a quarterly retainer of $25,000 plus $5,000 for each meeting attended. The Independent Trustees also received reimbursement for travel and other out-of-pocket expenses incurred in connection with serving as a Trustee. In addition, the Lead Independent Trustee received an annual retainer of $35,000 and the Audit Committee Chair received an annual retainer of $30,000. The Trust has no pension or retirement plan.

Prior to January 1, 2025, the Independent Trustees each received $25,000 for each regular quarterly meeting attended and $2,500 for each special meeting attended, as well as reimbursement for travel and other out-of-pocket expenses incurred in connection with serving as a Trustee. In addition, the Lead Independent Trustee received an annual retainer of $25,000 and the Audit Committee Chair received an annual retainer of $20,000. The Trust has no pension or retirement plan

The following table shows the compensation estimated to be earned by each Trustee for the Fund's current fiscal year ending [ ], 2026. Independent Trustee fees are an obligation of the Trust and are paid by the Adviser, as are other Trust expenses. The Trust pays the Adviser a unitary fee which the Adviser uses to pay Trust expenses. Trustee compensation shown below does not include reimbursed out-of-pocket expenses in connection with attendance at meetings.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;**Estimated Aggregate Compensation From**<br>**Fund**  | &nbsp;&nbsp;**Estimated Total Compensation From** <br> **Fund Complex Paid to Trustees<sup>(1)</sup>** |
| &nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;**Interested Trustees** |
| &nbsp;&nbsp;Eric W. Falkeis | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;**Independent Trustees** |
| &nbsp;&nbsp;Javier Marquina | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$[ ] |
| &nbsp;&nbsp;Michelle McDonough | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$[ ] |
| &nbsp;&nbsp;David Norris | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$[ ] |

---

<sup>(1)</sup> Compensation is based on estimated amounts for the fiscal year ending [ ], 2026.

**PRINCIPAL SHAREHOLDERS, CONTROL PERSONS AND MANAGEMENT OWNERSHIP**

A principal shareholder is any person who owns of record or beneficially 5% or more of the outstanding Shares. A control person is a shareholder that owns beneficially or through controlled companies more than 25% of the voting securities of a company or acknowledges the existence of control. Shareholders owning voting securities in excess of 25% may determine the outcome of any matter affecting and voted on by shareholders of the Fund.

As of the date of this SAI, the Fund had not yet commenced operations and no Shares were outstanding.

**CODES OF ETHICS**

The Trust and the Adviser have each adopted codes of ethics pursuant to Rule 17j-1 of the 1940 Act. These codes of ethics are designed to prevent affiliated persons of the Trust and the Adviser from engaging in deceptive, manipulative, or fraudulent activities in connection with securities held or to be acquired by the Fund (which may also be held by persons subject to the codes of ethics). Each code of ethics permits personnel subject to that code of ethics to invest in securities for their personal investment accounts, subject to certain limitations, including limitations related to securities that may be purchased or held by the Fund. The Distributor (as defined below) relies on the principal underwriters exception under Rule 17j-1(c)(3), specifically where the Distributor is not affiliated with the Trust, the Adviser and no officer, director, or general partner of the Distributor serves as an officer, director, or general partner of the Trust or the Adviser.

There can be no assurance that the codes of ethics will be effective in preventing such activities. Each code of ethics may be found at the SEC's website at http://www.sec.gov.

**PROXY VOTING POLICIES**

The Board has delegated proxy voting responsibilities to the Adviser, subject to the Board's oversight. In delegating proxy responsibilities, the Board has directed that proxies be voted consistent with the Fund's and its shareholders' best interests and in compliance with all applicable proxy voting rules and regulations. The Adviser has adopted proxy voting policies and guidelines for this purpose ("Proxy Voting Policies"), which have been adopted by the Trust as the policies and procedures that will be used when voting proxies on behalf of the Fund.

In the absence of a conflict of interest, the Adviser will generally vote "for" routine proposals, such as the election of directors, approval of auditors, and amendments or revisions to corporate documents to eliminate outdated or unnecessary provisions. Unusual or disputed proposals will be reviewed and voted on a case-by-case basis. The Proxy Voting Policies address, among other things, material conflicts of interest that may arise between the interests of the Fund and the interests of the Adviser. The Proxy Voting Policies will ensure that all issues brought to shareholders are analyzed in light of the Adviser's fiduciary responsibilities.

The Trust's Chief Compliance Officer is responsible for monitoring the effectiveness of the Proxy Voting Policies.

When available, information on how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 will be available (1) without charge, upon request, by calling (833) 333-9383, (2) on the Fund's website at www.defianceetfs.com or (3) on the SEC's website at www.sec.gov.

**INVESTMENT ADVISER**

Tidal Investments LLC, a Tidal Financial Group company, located at 234 West Florida Street, Suite 203, Milwaukee, Wisconsin 53204, serves as investment adviser to the Fund and has overall responsibility for the general management and administration of the Fund.

Pursuant to the Investment Advisory Agreement (the "Advisory Agreement"), the Adviser provides investment advice to the Fund and oversees the day-to-day operations of the Fund, subject to the direction and control of the Board. Under the Advisory Agreement, the Adviser is also responsible for arranging transfer agency, custody, fund administration and accounting, and other related services necessary for the Fund to operate. The Adviser is responsible for trading portfolio securities and financial instruments for the Fund, including selecting broker-dealers to execute purchase and sale transactions. The Adviser administers the Fund's business affairs, provides office facilities and equipment and certain clerical, bookkeeping, and administrative services. Under the Advisory Agreement, in exchange for a single unitary management fee from the Fund, the Adviser has agreed to pay all expenses incurred by the Fund except for the unitary management fee and the Excluded Expenses, as defined in the Prospectus. For services provided to the Fund, the Fund pays the Adviser a unitary management fee, which is calculated daily and paid monthly, at an annual rate of 1.49% based on the Fund's average daily net assets.

The Advisory Agreement with respect to the Fund will continue in force for an initial period of two years. Thereafter, the Advisory Agreement will be renewable from year to year with respect to the Fund, so long as its continuance is approved at least annually (1) by the vote, cast in person (or in another manner permitted by the 1940 Act or pursuant to exemptive relief therefrom) at a meeting called for that purpose, of a majority of those Trustees who are not "interested persons" of the Adviser or the Trust; and (2) by the majority vote of either the full Board or the vote of a majority of the outstanding Shares. The Advisory Agreement automatically terminates on assignment and is terminable on a 60-day written notice either by the Trust or the Adviser.

The Adviser shall not be liable to the Trust or any shareholder for anything done or omitted by it, except acts or omissions involving willful misfeasance, bad faith, gross negligence or reckless disregard of the duties imposed upon it by its agreement with the Trust or for any losses that may be sustained in the purchase, holding, or sale of any security.

The Fund will report fees paid to the Adviser once its initial fiscal period is completed.

**PORTFOLIO MANAGERS**

The Fund is managed by Michael Venuto and Daniel Weiskopf, each a Portfolio Manager for the Adviser.

**Other Accounts.** In addition to the Fund, the portfolio managers managed the following other accounts as of [ ], 2025.

*Michael Venuto, Chief Investment Officer for the Adviser*

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Type of Accounts** | &nbsp;&nbsp;**Total Number of** <br> **Accounts** | &nbsp;&nbsp;**Total Number of** <br> **Accounts Subject to** <br> **a Performance-**<br> **Based Fee** | &nbsp;&nbsp;**Total Assets of**<br> **Accounts Subject to**<br> **a Performance-**<br> **Based Fee**<br>**(in millions)**<br>|
| &nbsp;&nbsp;Registered Investment Companies |  | $&nbsp;&nbsp; | &nbsp;&nbsp;$|
| &nbsp;&nbsp;Other Pooled Investment Vehicles |  | $&nbsp;&nbsp; | &nbsp;&nbsp;$|
| &nbsp;&nbsp;Other Accounts |  | $&nbsp;&nbsp; | &nbsp;&nbsp;$|

---

*Daniel Weiskopf, Portfolio Manager for the Adviser*

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Type of Accounts** | &nbsp;&nbsp;**Total Number of** <br> **Accounts** | &nbsp;&nbsp;**Total Number of** <br> **Accounts Subject to** <br> **a Performance-**<br> **Based Fee** | &nbsp;&nbsp;**Total Assets of**<br> **Accounts Subject to**<br> **a Performance-**<br> **Based Fee**<br>**(in millions)**<br>|
| &nbsp;&nbsp;Registered Investment Companies |  | $&nbsp;&nbsp; | &nbsp;&nbsp;$|
| &nbsp;&nbsp;Other Pooled Investment Vehicles |  | $&nbsp;&nbsp; | &nbsp;&nbsp;$|
| &nbsp;&nbsp;Other Accounts |  | $&nbsp;&nbsp; | &nbsp;&nbsp;$|

---

**Portfolio Manager Fund Ownership.** The Fund is required to show the dollar range of each portfolio manager's "beneficial ownership" of Shares as of the end of the most recently completed fiscal year. Dollar amount ranges disclosed are established by the SEC. "Beneficial ownership" is determined in accordance with Rule 16a-1(a)(2) under the 1934 Act. As of the date of this SAI, the Fund had not yet commenced operations and no Shares were owned by the portfolio managers.

**Portfolio Manager Compensation.** Each of Mr. Venuto and Mr. Weiskopf is compensated by the Adviser with a base salary and discretionary bonus based on the financial performance and profitability of the Adviser and not based on the performance of the Fund. Mr. Venuto and Mr. Weiskopf are each equity owners of the Adviser, and therefore may benefit indirectly from the revenue generated by the Fund's Advisory Agreement with the Adviser.

**Description of Material Conflicts of Interest*.*** The portfolio managers' management of "other accounts" may give rise to potential conflicts of interest in connection with their management of the Fund's investments, on the one hand, and the investments of the other accounts, on the other. The other accounts may have similar investment objectives or strategies as the Fund. A potential conflict of interest may arise as a result, whereby a portfolio manager could favor one account over another. Another potential conflict could include a portfolio manager's knowledge about the size, timing, and possible market impact of Fund trades, whereby a portfolio manager could use this information to the advantage of other accounts and to the disadvantage of the Fund. For instance, the portfolio managers may receive fees from certain accounts that are higher than the fees received from the Fund, or receive a performance-based fee on certain accounts. In those instances, a portfolio manager has an incentive to favor the higher and/or performance-based fee accounts over the Fund. To mitigate these conflicts, the Adviser has established policies and procedures to ensure that the purchase and sale of securities among all accounts the firm manages are fairly and equitably allocated.

**THE DISTRIBUTOR**

The Trust and Foreside Fund Services, LLC, a wholly owned subsidiary of Foreside Financial Group (dba ACA Group) (the "Distributor"), are parties to a distribution agreement ("Distribution Agreement"), whereby the Distributor acts as principal underwriter for the Fund and distributes Shares on a best efforts basis. Shares are continuously offered for sale by the Distributor only in Creation Units. The Distributor, will not distribute Shares in amounts less than a Creation Unit and does not maintain a secondary market in Shares. The principal business address of the Distributor is190 Middle Street, Suite 301, Portland, ME 04101.

Under the Distribution Agreement, the Distributor, as agent for the Trust, will review orders for the purchase and redemption of Creation Units, provided that any subscriptions and orders will not be binding on the Trust until accepted by the Trust. The Distributor is a broker-dealer registered under the 1934 Act and a member of FINRA.

The Distributor may also enter into agreements with securities dealers ("Soliciting Dealers") who will solicit purchases of Creation Units of Shares. Such Soliciting Dealers may also be Authorized Participants (as discussed in "Procedures for Purchase of Creation Units" below) or DTC participants (as defined below).

The Distribution Agreement will continue for two years from its effective date and is renewable annually thereafter. The continuance of the Distribution Agreement must be specifically approved at least annually (1) by the vote of the Trustees or by a vote of the shareholders of the Fund and (2) by the vote of a majority of the Independent Trustees who have no direct or indirect financial interest in the operations of the Distribution Agreement or any related agreement, cast in person (or in another manner permitted by the 1940 Act or pursuant to exemptive relief therefrom) at a meeting called for the purpose of voting on such approval. The Distribution Agreement is terminable without penalty by the Trust on 60 days' written notice when authorized either by majority vote of its outstanding voting Shares or by a vote of a majority of its Board (including a majority of the Independent Trustees), or by the Distributor on 60 days' written notice, and will automatically terminate in the event of its assignment. The Distribution Agreement provides that, in the absence of willful misfeasance, bad faith, or gross negligence on the part of the Distributor, or reckless disregard by it of its obligations thereunder, the Distributor shall not be liable for any action or failure to act in accordance with its duties thereunder.

The Fund is new and has not incurred any underwriting commissions and the Distributor has not retained any amounts as of the date of this SAI.

**Intermediary Compensation*.*** The Adviser or its affiliates, out of its own resources and not out of Fund assets (i.e., without additional cost to the Fund or its shareholders), may pay certain broker dealers, banks, and other financial intermediaries ("Intermediaries") for certain activities related to the Fund, including participation in activities that are designed to make Intermediaries more knowledgeable about exchange traded products, including the Fund, or for other activities, such as marketing and educational training or support. These arrangements are not financed by the Fund and, thus, do not result in increased Fund expenses. They are not reflected in the fees and expenses listed in the fees and expenses sections of the Fund's Prospectus and they do not change the price paid by investors for the purchase of Shares or the amount received by a shareholder as proceeds from the redemption of Shares.

Such compensation may be paid to Intermediaries that provide services to the Fund, including marketing and education support (such as through conferences, webinars, and printed communications). The Adviser will periodically assess the advisability of continuing to make these payments. Payments to an Intermediary may be significant to the Intermediary, and amounts that Intermediaries pay to your adviser, broker, or other investment professional, if any, may also be significant to such adviser, broker, or investment professional. Because an Intermediary may make decisions about what investment options it will make available or recommend, and what services to provide in connection with various products, based on payments it receives or is eligible to receive, such payments create conflicts of interest between the Intermediary and its clients. For example, these financial incentives may cause the Intermediary to recommend the Fund over other investments. The same conflict of interest exists with respect to your financial adviser, broker, or investment professional if they receive similar payments from their Intermediary firm.

Intermediary information is current only as of the date of this SAI. Please contact your adviser, broker, or other investment professional for more information regarding any payments their Intermediary firm may receive. Any payments made by the Adviser or its affiliates to an Intermediary may create the incentive for an Intermediary to encourage customers to buy Shares.

If you have any additional questions, please call (833) 333-9383.

**Distribution (Rule 12b-1) Plan.** The Trust has adopted a Distribution (Rule 12b-1) Plan (the "Plan") in accordance with the provisions of Rule 12b-1 under the 1940 Act. No payments pursuant to the Plan are expected to be made during the twelve (12) month period from the date of this SAI. Rule 12b-1 fees to be paid by the Fund under the Plan may only be imposed after approval by the Board.

Continuance of the Plan must be approved annually by a majority of the Trustees of the Trust and by a majority of the Trustees who are not interested persons (as defined in the 1940 Act) of the Trust and have no direct or indirect financial interest in the Plan or in any agreements related to the Plan ("Disinterested Trustees"). None of the Trustees have a direct or indirect financial interest in the Plan or in any agreements related to the Plan. The Plan may be continued from year-to-year only if the Board, including a majority of the Disinterested Trustees, concludes at least annually that continuation of the Plan is likely to benefit shareholders. The Board has determined that the Plan is likely to benefit the Fund by providing an incentive for brokers, dealers, and other financial intermediaries to engage in sales and marketing efforts on behalf of the Fund and to provide enhanced services to shareholders. The Board also determined that the Plan may enhance the Fund's ability to sell shares and access important distribution channels.

The Plan requires that quarterly written reports of amounts spent under the Plan and the purposes of such expenditures be furnished to and reviewed by the Trustees. The Plan may not be amended to increase materially the amount that may be spent thereunder without approval by a majority of the outstanding Shares. All material amendments of the Plan will require approval by a majority of the Trustees of the Trust and of the Disinterested Trustees.

The Plan provides that the Fund pays the Distributor an annual fee of up to a maximum of [ ]% of the average daily net assets of the Shares. Under the Plan, the Distributor may make payments pursuant to written agreements to financial institutions and intermediaries such as banks, savings and loan associations, and insurance companies including, without limit, investment counselors, broker-dealers, and the Distributor's affiliates and subsidiaries (collectively, "Agents") as compensation for services and reimbursement of expenses incurred in connection with distribution assistance. The Plan is characterized as a compensation plan since the distribution fee will be paid to the Distributor without regard to the distribution expenses incurred by the Distributor or the amount of payments made to other financial institutions and intermediaries. The Trust intends to operate the Plan in accordance with its terms and with FINRA rules concerning sales charges.

Under the Plan, subject to the limitations of applicable law and regulations, the Fund is authorized to compensate the Distributor up to the maximum amount to finance any activity primarily intended to result in the sale of Creation Units of the Fund or for providing, or arranging for others to provide, shareholder services and for the maintenance of shareholder accounts. Such activities may include, but are not limited to: (1) delivering copies of the Fund's then current reports, prospectuses, notices, and similar materials, to prospective purchasers of Creation Units; (2) marketing and promotional services, including advertising; (3) paying the costs of and compensating others, including Authorized Participants with whom the Distributor has entered into written Authorized Participant Agreements, for performing shareholder servicing on behalf of the Fund; (4) compensating certain Authorized Participants for providing assistance in distributing the Creation Units of the Fund, including the travel and communication expenses and salaries and/or commissions of sales personnel in connection with the distribution of the Creation Units of the Fund; (5) payments to financial institutions and intermediaries such as banks, savings and loan associations, insurance companies, and investment counselors, broker-dealers, mutual fund supermarkets, and the affiliates and subsidiaries of the Trust's service providers as compensation for services or reimbursement of expenses incurred in connection with distribution assistance; (6) facilitating communications with beneficial owners of Shares, including the cost of providing, or paying others to provide, services to beneficial owners of Shares, including, but not limited to, assistance in answering inquiries related to Shareholder accounts; and (7) such other services and obligations as are set forth in the Distribution Agreement.

**ADMINISTRATOR**

Tidal ETF Services LLC (the "Administrator"), an affiliate of the Adviser, serves as the Fund's administrator. The Administrator is located at 234 West Florida Street, Suite 203, Milwaukee, Wisconsin 53204. Pursuant to a Fund Administration Servicing Agreement between the Trust and the Administrator, the Administrator provides the Trust with, or arranges for, administrative, compliance, and management services (other than investment advisory services) to be provided to the Trust and the Board. Pursuant to the Fund Administration Servicing Agreement, officers or employees of the Administrator serve as the Trust's principal executive officer, principal financial officer, and chief compliance officer, the Administrator coordinates the payment of Fund-related expenses, and the Administrator manages the Trust's relationships with its various service providers. As compensation for the services it provides, the Administrator receives a fee based on the Fund's average daily net assets, subject to a minimum annual fee. The Administrator also is entitled to certain out-of-pocket expenses for the services mentioned above.

The Fund is new, and Tidal has not received any fees for administrative services to the Fund as of the date of this SAI.

**SUB-ADMINISTRATOR AND TRANSFER AGENT**

Global Fund Services, located at 615 East Michigan Street, Milwaukee, Wisconsin 53202, serves as the Fund's sub-administrator and transfer agent.

Pursuant to a Fund Sub-Administration Servicing Agreement and a Fund Accounting Servicing Agreement between the Trust and Global Fund Services, Global Fund Services provides the Trust with administrative and management services (other than investment advisory services) and accounting services, including portfolio accounting services, tax accounting services and furnishing financial reports. In this capacity, Global Fund Services does not have any responsibility or authority for the management of the Fund, the determination of investment policy, or for any matter pertaining to the distribution of Shares. As compensation for the administration, accounting and management services, the Adviser pays Global Fund Services a fee based on the Fund's average daily net assets, subject to a minimum annual fee. Global Fund Services also is entitled to certain out-of-pocket expenses for the services mentioned above, including pricing expenses.

The Fund is new, and Global Fund Services has not received any fees for sub-administration services to the Fund as of the date of this SAI.

**CUSTODIAN**

Pursuant to a Custody Agreement, U.S. Bank National Association ("U.S. Bank"), 1555 North Rivercenter Drive, Milwaukee, Wisconsin 53212, serves as the custodian (the "Custodian") of the Fund's assets. U.S. Bank is the parent company of Global Fund Services. The Custodian holds and administers the assets in the Fund's portfolio. Pursuant to the Custody Agreement, the Custodian receives an annual fee from the Adviser based on the Trust's total average daily net assets, subject to a minimum annual fee, and certain settlement charges. The Custodian also is entitled to certain out-of-pocket expenses.

**LEGAL COUNSEL**

Sullivan & Worcester LLP, 1251 Avenue of the Americas 19<sup>th</sup> Floor, New York, NY 10020, serves as legal counsel for the Trust and the Independent Trustees.

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

Cohen & Company, Ltd., 1835 Market Street, Suite 310, Philadelphia, PA 19103, serves as the independent registered public accounting firm for the Fund.

**PORTFOLIO HOLDINGS DISCLOSURE POLICIES AND PROCEDURES**

The Board has adopted a policy regarding the disclosure of information about the Fund's security holdings. The Fund's entire portfolio holdings are publicly disseminated each day the Fund is open for business and through financial reporting and news services including publicly available internet web sites. In addition, the composition of the Deposit Securities is publicly disseminated daily prior to the opening of the Exchange via the National Securities Clearing Corporation ("NSCC").

**DESCRIPTION OF SHARES**

The Third Amended and Restated Declaration of Trust ("Declaration of Trust") authorizes the issuance of an unlimited number of funds and shares. Each share represents an equal proportionate interest in the Fund with each other share. Shares are entitled upon liquidation to a pro rata share in the net assets of the Fund. Shareholders have no preemptive rights. The Declaration of Trust provides that the Trustees may create additional series or classes of shares. All consideration received by the Trust for shares of any additional funds and all assets in which such consideration is invested would belong to that fund and would be subject to the liabilities related thereto. Share certificates representing Shares will not be issued. Shares, when issued, are fully paid and non-assessable.

Each Share has one vote with respect to matters upon which a shareholder vote is required, consistent with the requirements of the 1940 Act and the rules promulgated thereunder. Shares of all funds in the Trust vote together as a single class, except that if the matter being voted on affects only a particular fund it will be voted on only by that fund and if a matter affects a particular fund differently from other funds, that fund will vote separately on such matter. As a Delaware statutory trust, the Trust is not required, and does not intend, to hold annual meetings of shareholders. Approval of shareholders will be sought, however, for certain changes in the operation of the Trust and for the election of Trustees under certain circumstances. The Trust will call for a meeting of shareholders to consider the removal of one or more Trustees and other certain matters upon the written request of shareholders holding at least a majority of the outstanding shares of the Trust entitled to vote at such meeting. In the event that such a meeting is requested, the Trust will provide appropriate assistance and information to the shareholders requesting the meeting.

Under the Declaration of Trust, the Trustees have the power to liquidate the Fund without shareholder approval. While the Trustees have no present intention of exercising this power, they may do so if the Fund fails to reach a viable size within a reasonable amount of time or for such other reasons as may be determined by the Board.

**LIMITATION OF TRUSTEES' LIABILITY**

The Declaration of Trust provides that a Trustee shall be liable only for his or her own willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of the office of Trustee, and shall not be liable for errors of judgment or mistakes of fact or law. The Declaration of Trust also provides that the Trust shall indemnify each person who is, or has been, a Trustee or officer of the Trust, and upon the due approval of the Trustees, each person who is, or has been an employee or agent of the Trust, and, upon due approval of the Trustees, any person who is serving or has served at the Trust's request as a director, officer, partner, trustee, employee, agent, or fiduciary of another organization with respect to any alleged acts or omissions while acting within the scope of a Trustee's service in such a position. However, nothing in the Declaration of Trust shall protect or indemnify a Trustee against any liability for a Trustee's willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of the office of Trustee. Nothing contained in this section attempts to disclaim a Trustee's individual liability in any manner inconsistent with the federal securities laws.

**BROKERAGE TRANSACTIONS**

The policy of the Trust regarding purchases and sales of securities for the Fund is that primary consideration will be given to obtaining the most favorable prices and efficient executions of transactions. Consistent with this policy, when securities transactions are effected on a stock exchange, the Trust's policy is to pay commissions which are considered fair and reasonable without necessarily determining that the lowest possible commissions are paid in all circumstances. The Trust believes that a requirement always to seek the lowest possible commission cost could impede effective portfolio management and preclude the Fund and the Adviser from obtaining a high quality of brokerage and research services. In seeking to determine the reasonableness of brokerage commissions paid in any transaction, the Adviser will rely upon their experience and knowledge regarding commissions generally charged by various brokers and on its judgment in evaluating the brokerage services received from the broker effecting the transaction. Such determinations are necessarily subjective and imprecise, as in most cases, an exact dollar value for those services is not ascertainable. The Trust has adopted policies and procedures that prohibit the consideration of sales of Shares as a factor in the selection of a broker or dealer to execute its portfolio transactions.

The Adviser owes a fiduciary duty to its clients to seek to provide best execution on trades effected. In selecting a broker/dealer for each specific transaction, the Adviser chooses the broker/dealer deemed most capable of providing the services necessary to obtain the most favorable execution. "Best execution" is generally understood to mean the most favorable cost or net proceeds reasonably obtainable under the circumstances. The full range of brokerage services applicable to a particular transaction may be considered when making this judgment, which may include, but is not limited to liquidity, price, commission, timing, aggregated trades, capable floor brokers or traders, competent block trading coverage, ability to position, capital strength and stability, reliable and accurate communications and settlement processing, use of automation, knowledge of other buyers or sellers, arbitrage skills, administrative ability, underwriting, and provision of information on a particular security or market in which the transaction is to occur. The specific criteria will vary depending upon the nature of the transaction, the market in which it is executed, and the extent to which it is possible to select from among multiple broker/ dealers. The Adviser will also use electronic crossing networks ("ECNs") when appropriate.

Subject to the foregoing policies, brokers or dealers selected to execute the Fund's portfolio transactions may include the Fund's Authorized Participants (as discussed in "Purchase and Redemption of Shares in Creation Units — Procedures for Purchase of Creation Units" below) or their affiliates. An Authorized Participant or its affiliates may be selected to execute the Fund's portfolio transactions in conjunction with an all-cash Creation Unit order or an order including "cash-in-lieu" (as described below under "Purchase and Redemption of Shares in Creation Units"), so long as such selection is in keeping with the foregoing policies. As described below under "Purchase and Redemption of Shares in Creation Units — Creation Transaction Fee" and " — Redemption Transaction Fee", the Fund may determine to not charge a variable fee on certain orders when the Adviser has determined that doing so is in the best interests of the Fund's shareholders, even if the decision to not charge a variable fee could be viewed as benefiting the Authorized Participant or its affiliate selected to execute the Fund's portfolio transactions in connection with such orders.

The Adviser may use the Fund's assets for, or participate in, third-party soft dollar arrangements, in addition to receiving proprietary research from various full-service brokers, the cost of which is bundled with the cost of the broker's execution services. The Adviser does not "pay up" for the value of any such proprietary research. Section 28(e) of the 1934 Act permits the Adviser, under certain circumstances, to cause the Fund to pay a broker or dealer a commission for effecting a transaction in excess of the amount of commission another broker or dealer would have charged for effecting the transaction in recognition of the value of brokerage and research services provided by the broker or dealer. The Adviser may receive a variety of research services and information on many topics, which it can use in connection with its management responsibilities with respect to the various accounts over which it exercises investment discretion or otherwise provides investment advice. The research services may include qualifying order management systems, portfolio attribution and monitoring services, and computer software and access charges which are directly related to investment research.

Accordingly, the Fund may pay a broker commission higher than the lowest available in recognition of the broker's provision of such services to the Adviser, but only if the Adviser determines the total commission (including the soft dollar benefit) is comparable to the best commission rate that could be expected to be received from other brokers. The amount of soft dollar benefits received depends on the amount of brokerage transactions effected with the brokers. A conflict of interest exists because there is an incentive to (1) cause clients to pay a higher commission than the firm might otherwise be able to negotiate, (2) cause clients to engage in more securities transactions than would otherwise be optimal, and (3) only recommend brokers that provide soft dollar benefits.

The Adviser faces a potential conflict of interest when it uses client trades to obtain brokerage or research services. This conflict exists because the Adviser can use the brokerage or research services to manage client accounts without paying cash for such services, which reduces the Adviser's expenses to the extent that the Adviser would have purchased such products had they not been provided by brokers. Section 28(e) permits the Adviser to use brokerage or research services for the benefit of any account it manages. Certain accounts managed by the Adviser may generate soft dollars used to purchase brokerage or research services that ultimately benefit other accounts managed by the Adviser effectively cross subsidizing the other accounts managed by the Adviser that benefit directly from the product. The Adviser may not necessarily use all of the brokerage or research services in connection with managing the Fund whose trades generated the soft dollars used to purchase such products.

The Adviser is responsible, subject to oversight by the Board, for placing orders on behalf of the Fund for the purchase or sale of portfolio securities. If purchases or sales of portfolio securities of the Fund and one or more other investment companies or clients supervised by the Adviser are considered at or about the same time, transactions in such securities are allocated among the several investment companies and clients in a manner deemed equitable and consistent with its fiduciary obligations to all by the Adviser. In some cases, this procedure could have a detrimental effect on the price or volume of the security so far as the Fund is concerned. However, in other cases, it is possible that the ability to participate in volume transactions and to negotiate lower brokerage commissions will be beneficial to the Fund. The primary consideration is prompt execution of orders at the most favorable net price.

The Fund may deal with affiliates in principal transactions to the extent permitted by exemptive order or applicable rule or regulation.

The Fund is new and has not paid any brokerage commissions as of the date of this SAI.

**Brokerage with Fund Affiliates.** The Fund may execute brokerage or other agency transactions through registered broker-dealer affiliates of the Fund or the Adviser for a commission in conformity with the 1940 Act, the 1934 Act and rules promulgated by the SEC. These rules require that commissions paid to the affiliate by the Fund for exchange transactions not exceed "usual and customary" brokerage commissions. The rules define "usual and customary" commissions to include amounts which are "reasonable and fair compared to the commission, fee or other remuneration received or to be received by other brokers in connection with comparable transactions involving similar securities being purchased or sold on a securities exchange during a comparable period of time." The Trustees, including those who are not "interested persons" of the Fund, have adopted procedures for evaluating the reasonableness of commissions paid to affiliates and review these procedures periodically.

The Fund is required to identify the securities of their "regular brokers or dealers" that the Fund has acquired during its most recent fiscal year. The Fund is new and did not own equity securities of its regular broker-dealers or their parent companies as of the date of this SAI.

**Directed Brokerage**

The Fund is new and has not paid any commissions on brokerage transactions directed to brokers pursuant to an agreement or understanding whereby the broker provides research or other brokerage services to the Adviser.

**Securities of "Regular Broker-Dealers."** The Fund is required to identify any securities of its "regular brokers and dealers" (as such term is defined in the 1940 Act) that it may hold at the close of its most recent fiscal year. "Regular brokers or dealers" of the Fund are the ten brokers or dealers that, during the most recent fiscal year: (1) received the greatest dollar amounts of brokerage commissions from the Fund's portfolio transactions; (2) engaged as principal in the largest dollar amounts of portfolio transactions of the Fund; or (3) sold the largest dollar amounts of Shares.

The Fund is new and did not own equity securities of its regular broker-dealers or their parent companies as of the date of this SAI.

**PORTFOLIO TURNOVER RATE**

A portfolio turnover rate is, in summary, the percentage computed by dividing the lesser of the Fund's purchases or sales of securities (excluding short-term securities and securities transferred in-kind) by the average market value of the Fund. A rate of 100% indicates that the equivalent of all of the Fund's assets have been sold and reinvested in a year. High portfolio turnover may affect the amount, timing and character of distributions, and, as a result, may increase the amount of taxes payable by shareholders. Higher portfolio turnover also results in higher transaction costs. To the extent that net short-term capital gains are realized by the Fund, any distributions resulting from such gains are considered ordinary income for federal income tax purposes.

The Fund is new and does not have a portfolio turnover rate to report as of the date of this SAI.

**BOOK ENTRY ONLY SYSTEM**

The Depository Trust Company ("DTC") acts as securities depositary for Shares. Shares are represented by securities registered in the name of DTC or its nominee, Cede & Co., and deposited with, or on behalf of, DTC. Except in limited circumstances set forth below, certificates will not be issued for Shares.

DTC is a limited-purpose trust company that was created to hold securities of its participants (the "DTC Participants") and to facilitate the clearance and settlement of securities transactions among the DTC Participants in such securities through electronic book-entry changes in accounts of the DTC Participants, thereby eliminating the need for physical movement of securities certificates. DTC Participants include securities brokers and dealers, banks, trust companies, clearing corporations and certain other organizations, some of whom (and/or their representatives) own DTC. More specifically, DTC is owned by a number of its DTC Participants and by the New York Stock Exchange ("NYSE") and FINRA. Access to the DTC system is also available to others such as banks, brokers, dealers, and trust companies that clear through or maintain a custodial relationship with a DTC Participant, either directly or indirectly (the "Indirect Participants").

Beneficial ownership of Shares is limited to DTC Participants, Indirect Participants, and persons holding interests through DTC Participants and Indirect Participants. Ownership of beneficial interests in Shares (owners of such beneficial interests are referred to in this SAI as "Beneficial Owners") is shown on, and the transfer of ownership is effected only through, records maintained by DTC (with respect to DTC Participants) and on the records of DTC Participants (with respect to Indirect Participants and Beneficial Owners that are not DTC Participants). Beneficial Owners will receive from or through the DTC Participant a written confirmation relating to their purchase of Shares. The Trust recognizes DTC or its nominee as the record owner of all Shares for all purposes. Beneficial Owners of Shares are not entitled to have Shares registered in their names, and will not receive or be entitled to physical delivery of Share certificates. Each Beneficial Owner must rely on the procedures of DTC and any DTC Participant and/or Indirect Participant through which such Beneficial Owner holds its interests, to exercise any rights of a holder of Shares.

Conveyance of all notices, statements, and other communications to Beneficial Owners is effected as follows. DTC will make available to the Trust upon request and for a fee a listing of Shares held by each DTC Participant. The Trust shall obtain from each such DTC Participant the number of Beneficial Owners holding Shares, directly or indirectly, through such DTC Participant. The Trust shall provide each such DTC Participant with copies of such notice, statement, or other communication, in such form, number, and at such place as such DTC Participant may reasonably request, in order that such notice, statement, or communication may be transmitted by such DTC Participant, directly or indirectly, to such Beneficial Owners. In addition, the Trust shall pay to each such DTC Participant a fair and reasonable amount as reimbursement for the expenses attendant to such transmittal, all subject to applicable statutory and regulatory requirements.

Share distributions shall be made to DTC or its nominee, Cede & Co., as the registered holder of all Shares. DTC or its nominee, upon receipt of any such distributions, shall credit immediately DTC Participants' accounts with payments in amounts proportionate to their respective beneficial interests in the Fund as shown on the records of DTC or its nominee. Payments by DTC Participants to Indirect Participants and Beneficial Owners of Shares held through such DTC Participants will be governed by standing instructions and customary practices, as is now the case with securities held for the accounts of customers in bearer form or registered in a "street name," and will be the responsibility of such DTC Participants.

The Trust has no responsibility or liability for any aspect of the records relating to or notices to Beneficial Owners, or payments made on account of beneficial ownership interest in Shares, or for maintaining, supervising, or reviewing any records relating to such beneficial ownership interests, or for any other aspect of the relationship between DTC and the DTC Participants or the relationship between such DTC Participants and the Indirect Participants and Beneficial Owners owning through such DTC Participants.

DTC may determine to discontinue providing its service with respect to the Fund at any time by giving reasonable notice to the Fund and discharging its responsibilities with respect thereto under applicable law. Under such circumstances, the Fund shall act either to find a replacement for DTC to perform its functions at a comparable cost or, if such replacement is unavailable, to issue and deliver printed certificates representing ownership of Shares, unless the Trust makes other arrangements with respect thereto satisfactory to the Exchange.

**PURCHASE AND REDEMPTION OF SHARES IN CREATION UNITS**

The Trust issues and redeems Shares only in Creation Units on a continuous basis through the Transfer Agent, without a sales load (but subject to transaction fees, if applicable), at their NAV per share next determined after receipt of an order, on any Business Day, in proper form pursuant to the terms of the Authorized Participant Agreement ("Participant Agreement"). The NAV of Shares is calculated each Business Day as of the scheduled close of regular trading on the NYSE, generally 4:00 p.m., Eastern Time. The Fund will not issue fractional Creation Units. A "Business Day" is any day on which the NYSE is open for regular trading.

**Fund Deposit.** The consideration for purchase of a Creation Unit of the Fund generally consists of the in-kind deposit of a designated portfolio of securities (the "Deposit Securities") per each Creation Unit and the Cash Component (defined below), computed as described below. Notwithstanding the foregoing, the Trust reserves the right to permit or require the substitution of a "cash in lieu" amount ("Deposit Cash") to be added to the Cash Component to replace any Deposit Security. When accepting purchases of Creation Units for all or a portion of Deposit Cash, the Fund may incur additional costs associated with the acquisition of Deposit Securities that would otherwise be provided by an in-kind purchaser.

Together, the Deposit Securities or Deposit Cash, as applicable, and the Cash Component constitute the "Fund Deposit," which represents the minimum initial and subsequent investment amount for a Creation Unit of the Fund. The "Cash Component" is an amount equal to the difference between the NAV of Shares (per Creation Unit) and the value of the Deposit Securities or Deposit Cash, as applicable. If the Cash Component is a positive number (*i.e.*, the NAV per Creation Unit exceeds the value of the Deposit Securities or Deposit Cash, as applicable), the Cash Component shall be such positive amount. If the Cash Component is a negative number (*i.e.*, the NAV per Creation Unit is less than the value of the Deposit Securities or Deposit Cash, as applicable), the Cash Component shall be such negative amount and the creator will be entitled to receive cash in an amount equal to the Cash Component. The Cash Component serves the function of compensating for any differences between the NAV per Creation Unit and the value of the Deposit Securities or Deposit Cash, as applicable. Computation of the Cash Component excludes any stamp duty or other similar fees and expenses payable upon transfer of beneficial ownership of the Deposit Securities, if applicable, which shall be the sole responsibility of the Authorized Participant (as defined below).

The Fund, through NSCC, makes available on each Business Day, prior to the opening of business on the Exchange (currently 9:30 a.m., Eastern Time), the list of the names and the required number of Shares of each Deposit Security or the required amount of Deposit Cash, as applicable, to be included in the current Fund Deposit (based on information at the end of the previous Business Day) for the Fund. Such Fund Deposit is subject to any applicable adjustments as described below, to effect purchases of Creation Units of the Fund until such time as the next-announced composition of the Deposit Securities or the required amount of Deposit Cash, as applicable, is made available.

The identity and number of Shares of the Deposit Securities or the amount of Deposit Cash, as applicable, required for the Fund Deposit for the Fund may change from time to time.

**Procedures for Purchase of Creation Units.** To be eligible to place orders with the Transfer Agent to purchase a Creation Unit of the Fund, an entity must be (i) a "Participating Party" (*i.e.*, a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the NSCC (the "Clearing Process")), a clearing agency that is registered with the SEC; or (ii) a DTC Participant (see "Book Entry Only System"). In addition, each Participating Party or DTC Participant (each, an "Authorized Participant") must execute a Participant Agreement with respect to purchases and redemptions of Creation Units. Each Authorized Participant will agree, pursuant to the terms of a Participant Agreement, on behalf of itself or any investor on whose behalf it will act, to certain conditions, including that it will pay to the Trust, an amount of cash sufficient to pay the Cash Component together with the creation transaction fee (described below), if applicable, and any other applicable fees and taxes.

All orders to purchase Shares directly from the Fund must be placed for one or more Creation Units and in the manner and by the time set forth in the Participant Agreement and/or applicable order form. The order cut-off time for orders to purchase Creation Units is expected to be [2:00] p.m. Eastern Time, which time may be modified by the Fund from time-to-time by amendment to the Participant Agreement and/or applicable order form. The date on which an order to purchase Creation Units (or an order to redeem Creation Units, as set forth below) is received and accepted is referred to as the "Order Placement Date."

An Authorized Participant may require an investor to make certain representations or enter into agreements with respect to the order (*e.g.*, to provide for payments of cash, when required). Investors should be aware that their particular broker may not have executed a Participant Agreement and that, therefore, orders to purchase Shares directly from the Fund in Creation Units must be placed by the investor's broker through an Authorized Participant that has executed a Participant Agreement. In such cases there may be additional charges to such investor. At any given time, there may be only a limited number of broker-dealers that have executed a Participant Agreement and only a small number of such Authorized Participants may have international capabilities.

On days when the Exchange closes earlier than normal, the Fund may require orders to create Creation Units to be placed earlier in the day. In addition, if a market or markets on which the Fund's investments are primarily traded is closed, the Fund will also generally not accept orders on such day(s). Orders must be transmitted by an Authorized Participant by telephone or other transmission method acceptable to the Transfer Agent pursuant to procedures set forth in the Participant Agreement and in accordance with the applicable order form. On behalf of the Fund, the Transfer Agent will notify the Custodian of such order. The Custodian will then provide such information to the appropriate local sub-custodian(s). Those placing orders through an Authorized Participant should allow sufficient time to permit proper submission of the purchase order to the Transfer Agent by the cut-off time on such Business Day. Economic or market disruptions or changes, or telephone or other communication failure may impede the ability to reach the Transfer Agent or an Authorized Participant.

Fund Deposits must be delivered by an Authorized Participant through the Federal Reserve System (for cash) or through DTC (for corporate securities), through a subcustody agent (for foreign securities) and/or through such other arrangements allowed by the Trust or its agents. With respect to foreign Deposit Securities, the Custodian shall cause the subcustodian of the Fund to maintain an account into which the Authorized Participant shall deliver, on behalf of itself or the party on whose behalf it is acting, such Deposit Securities (or Deposit Cash for all or a part of such securities, as permitted or required), with any appropriate adjustments as advised by the Trust. Foreign Deposit Securities must be delivered to an account maintained at the applicable local subcustodian. A Fund Deposit transfer must be ordered by the Authorized Participant in a timely fashion to ensure the delivery of the requisite number of Deposit Securities or Deposit Cash, as applicable, to the account of the Fund or its agents by no later than [2:00] p.m. Eastern Time for the Fund (or such other time as specified by the Trust) on the contractual settlement date. If the Fund or its agents do not receive all of the Deposit Securities, or the required Deposit Cash in lieu thereof, by such time, then the order may be deemed rejected and the Authorized Participant shall be liable to the Fund for losses, if any, resulting therefrom. All questions as to the number of Deposit Securities or Deposit Cash to be delivered, as applicable, and the validity, form and eligibility (including time of receipt) for the deposit of any tendered securities or cash, as applicable, will be determined by the Trust, whose determination shall be final and binding. The amount of cash represented by the Cash Component must be transferred directly to the Custodian through the Federal Reserve Bank wire transfer system in a timely manner to be received by the Custodian no later than the contractual settlement date. If the Cash Component and the Deposit Securities or Deposit Cash, as applicable, are not received by the Custodian in a timely manner by the contractual settlement date, the creation order may be cancelled. Upon written notice to the Transfer Agent, such canceled order may be resubmitted the following Business Day using a Fund Deposit as newly constituted to reflect the then current NAV of the Fund.

The order shall be deemed to be received on the Business Day on which the order is placed provided that the order is placed in proper form prior to the applicable cut-off time and the federal funds in the appropriate amount are deposited by [2:00] p.m. Eastern Time for the Fund, with the Custodian on the contractual settlement date. If the order is not placed in proper form as required, or federal funds in the appropriate amount are not received by 2:00 p.m. Eastern Time for the Fund on the contractual settlement date, then the order may be deemed to be rejected and the Authorized Participant shall be liable to the Fund for losses, if any, resulting therefrom. A creation request is in "proper form" if all procedures set forth in the Participant Agreement, order form and this SAI are properly followed.

**Issuance of a Creation Unit.** Except as provided in this SAI, Creation Units will not be issued until the transfer of good title to the Trust of the Deposit Securities or payment of Deposit Cash, as applicable, and the payment of the Cash Component have been completed. When the required Deposit Securities (or the cash value thereof) have been delivered to the account of the Custodian (or sub-custodian, as applicable), the Transfer Agent and the Adviser shall be notified of such delivery, and the Trust will issue and cause the delivery of the Creation Units. The typical settlement date for each transaction will be within one day of the transaction (commonly referred to as "T+1"), unless the Fund and Authorized Participant agree to a different timeline for settlement or the transaction is exempt from the requirements of Rule 15c6-1 under the 1934 Act. Due to the schedule of holidays in certain countries, however, the delivery of Shares may take longer than one Business Day following the day on which the purchase order is received. In such cases, the local market settlement procedures will not commence until the end of local holiday periods. The Authorized Participant shall be liable to the Fund for losses, if any, resulting from unsettled orders.

Creation Units may be purchased in advance of receipt by the Trust of all or a portion of the applicable Deposit Securities as described below. In these circumstances, the initial deposit will have a value greater than the NAV of the Shares on the date the order is placed in proper form since, in addition to available Deposit Securities, cash must be deposited in an amount equal to the sum of (i) the Cash Component, plus (ii) an additional amount of cash equal to a percentage of the value as set forth in the Participant Agreement, of the undelivered Deposit Securities (the "Additional Cash Deposit"), which shall be maintained in a separate non-interest bearing collateral account. The Authorized Participant must deposit with the Custodian the Additional Cash Deposit, as applicable, by [2:00] p.m. Eastern Time for the Fund (or such other time as specified by the Trust) on the contractual settlement date. If the Fund or its agents do not receive the Additional Cash Deposit in the appropriate amount, by such time, then the order may be deemed rejected and the Authorized Participant shall be liable to the Fund for losses, if any, resulting therefrom. An additional amount of cash shall be required to be deposited with the Trust, pending delivery of the missing Deposit Securities to the extent necessary to maintain the Additional Cash Deposit with the Trust in an amount at least equal to the applicable percentage, as set forth in the Participant Agreement, of the daily market value of the missing Deposit Securities. The Participant Agreement will permit the Trust to buy the missing Deposit Securities at any time. Authorized Participants will be liable to the Trust for the costs incurred by the Trust in connection with any such purchases. These costs will be deemed to include the amount by which the actual purchase price of the Deposit Securities exceeds the value of such Deposit Securities on the day the purchase order was deemed received by the Transfer Agent plus the brokerage and related transaction costs associated with such purchases. The Trust will return any unused portion of the Additional Cash Deposit once all of the missing Deposit Securities have been properly received by the Custodian or purchased by the Trust and deposited into the Trust. In addition, a transaction fee, as described below under "Creation Transaction Fee," may be charged. The delivery of Creation Units so created generally will occur no later than the contractual settlement date.

**Acceptance of Orders of Creation Units.** The Trust reserves the right to reject an order for Creation Units transmitted to it by the Transfer Agent with respect to the Fund including if (a) the order is not in proper form; (b) the Deposit Securities or Deposit Cash, as applicable, delivered by the Authorized Participant are not as disseminated through the facilities of the NSCC for that date by the Custodian; (c) the investor(s), upon obtaining Shares ordered, would own 80% or more of the currently outstanding Shares; (d) the acceptance of the Fund Deposit would, in the opinion of counsel, be unlawful; (e) the acceptance or receipt of the order for a Creation Unit would, in the opinion of counsel to the Trust, be unlawful; or (f) in the event that circumstances outside the control of the Trust, the Custodian, the Transfer Agent and/or the Adviser make it for all practical purposes not feasible to process orders for Creation Units.

Examples of such circumstances include acts of God; public service or utility problems such as fires, floods, extreme weather conditions, and power outages resulting in telephone, telecopy, and computer failures; market conditions or activities causing trading halts; systems failures involving computer or other information systems affecting the Trust, the Distributor, the Custodian, a sub-custodian, the Transfer Agent, DTC, NSCC, Federal Reserve System, or any other participant in the creation process; and other extraordinary events. The Transfer Agent shall notify a prospective creator of a Creation Unit and/or the Authorized Participant acting on behalf of the creator of a Creation Unit of its rejection of the order of such person. The Trust, the Transfer Agent, the Custodian, any sub-custodian and the Distributor are under no duty, however, to give notification of any defects or irregularities in the delivery of Fund Deposits nor shall either of them incur any liability for the failure to give any such notification. The Trust, the Transfer Agent, the Custodian and the Distributor shall not be liable for the rejection of any purchase order for Creation Units.

All questions as to the number of Shares of each security in the Deposit Securities and the validity, form, eligibility, and acceptance for deposit of any securities to be delivered shall be determined by the Trust, and the Trust's determination shall be final and binding.

Notwithstanding the Trust's ability to reject an order for creation units, the Trust will only do so in a manner consistent with any current or future SEC rulemaking or guidance relating thereto; provided that, no such suspension of the issuance of creation units will be done in a manner that impairs the arbitrage mechanism for investors.

**Creation Transaction Fee.** A fixed purchase (i.e., creation) transaction fee, payable to the Custodian, may be imposed for the transfer and other transaction costs associated with the purchase of Creation Units ("Creation Order Costs"). The standard fixed creation transaction fee for the Fund, regardless of the number of Creation Units created in the transaction, can be found in the table below. The Fund may adjust the standard fixed creation transaction fee from time to time. The fixed creation fee may be waived on certain orders if the Custodian has determined to waive some or all of the Creation Order Costs associated with the order or another party, such as the Adviser, has agreed to pay such fee.

In addition, a variable fee, payable to the Fund, of up to the maximum percentage listed in the table below of the value of the Creation Units subject to the transaction may be imposed for cash purchases, non-standard orders, or partial cash purchases of Creation Units. The variable charge is primarily designed to cover additional costs (e.g., brokerage, taxes) involved with buying the securities with cash. The Fund may determine to not charge a variable fee on certain orders when the Adviser has determined that doing so is in the best interests of Fund shareholders.

---

| | | |
|:---|:---|:---|
| **Name of Fund** | **Fixed Creation Transaction Fee** | **Maximum Variable Transaction Fee** |
| Defiance Hot Sauce Daily 3X Strategy ETF | $[ ] | 2% |

---

Investors who use the services of a broker or other such intermediary may be charged a fee for such services. Investors are responsible for the fixed costs of transferring the Fund Securities (defined below) from the Trust to their account or on their order.

**Risks of Purchasing Creation Units.** There are certain legal risks unique to investors purchasing Creation Units directly from the Fund. Because Shares may be issued on an ongoing basis, a "distribution" of Shares could be occurring at any time. Certain activities that a shareholder performs as a dealer could, depending on the circumstances, result in the shareholder being deemed a participant in the distribution in a manner that could render the shareholder a statutory underwriter and subject to the prospectus delivery and liability provisions of the Securities Act. For example, a shareholder could be deemed a statutory underwriter if it purchases Creation Units from the Fund, breaks them down into the constituent Shares, and sells those Shares directly to customers, or if a shareholder chooses to couple the creation of a supply of new Shares with an active selling effort involving solicitation of secondary-market demand for Shares. Whether a person is an underwriter depends upon all of the facts and circumstances pertaining to that person's activities, and the examples mentioned here should not be considered a complete description of all the activities that could cause you to be deemed an underwriter.

Dealers who are not "underwriters" but are participating in a distribution (as opposed to engaging in ordinary secondary-market transactions), and thus dealing with Shares as part of an "unsold allotment" within the meaning of Section 4(a)(3)(C) of the Securities Act, will be unable to take advantage of the prospectus delivery exemption provided by Section 4(a)(3) of the Securities Act.

**Redemption.** Shares may be redeemed only in Creation Units at their NAV next determined after receipt of a redemption request in proper form by the Fund through the Transfer Agent and only on a Business Day. EXCEPT UPON LIQUIDATION OF THE FUND, THE FUND WILL NOT REDEEM SHARES IN AMOUNTS LESS THAN CREATION UNITS. Investors must accumulate enough Shares in the secondary market to constitute a Creation Unit to have such Shares redeemed by the Trust. There can be no assurance, however, that there will be sufficient liquidity in the public trading market at any time to permit assembly of a Creation Unit. Investors should expect to incur brokerage and other costs in connection with assembling a sufficient number of Shares to constitute a redeemable Creation Unit.

With respect to the Fund, the Custodian, through the NSCC, makes available prior to the opening of business on the Exchange (currently 9:30 a.m., Eastern Time) on each Business Day, the list of the names and Share quantities of the Fund's portfolio securities that will be applicable (subject to possible amendment or correction) to redemption requests received in proper form (as defined below) on that day ("Fund Securities"). Fund Securities received on redemption may not be identical to Deposit Securities.

Redemption proceeds for a Creation Unit are paid either in-kind or in cash, or combination thereof, as determined by the Trust. With respect to in-kind redemptions of the Fund, redemption proceeds for a Creation Unit will consist of Fund Securities—as announced by the Custodian on the Business Day of the request for redemption received in proper form plus cash in an amount equal to the difference between the NAV of Shares being redeemed, as next determined after a receipt of a request in proper form, and the value of the Fund Securities (the "Cash Redemption Amount"), less a fixed redemption transaction fee, as applicable, as set forth below. If the Fund Securities have a value greater than the NAV of Shares, a compensating cash payment equal to the differential is required to be made by or through an Authorized Participant by the redeeming shareholder. Notwithstanding the foregoing, at the Trust's discretion, an Authorized Participant may receive the corresponding cash value of the securities in lieu of the in-kind securities value representing one or more Fund Securities.

The typical settlement date for each redemption transaction will be within one day of the transaction (or T+1), unless the Fund and Authorized Participant agree to a different timeline for settlement or the transaction is exempt from the requirements of Rule 15c6-1 under the 1934 Act. Due to the schedule of holidays in certain countries, however, the receipt of redemption proceeds may take longer than one Business Day following the day on which the purchase order is received. In such cases, the local market settlement procedures will not commence until the end of local holiday periods.

**Redemption Transaction Fee.** A fixed redemption transaction fee, payable to the Custodian, may be imposed for the transfer and other transaction costs associated with the redemption of Creation Units ("Redemption Order Costs"). The standard fixed redemption transaction fee for the Fund, regardless of the number of Creation Units redeemed in the transaction, can be found in the table below. The Fund may adjust the redemption transaction fee from time to time. The fixed redemption fee may be waived on certain orders if the Custodian has determined to waive some or all of the Redemption Order Costs associated with the order or another party, such as the Adviser, has agreed to pay such fee.

In addition, a variable fee, payable to the Fund, of up to the maximum percentage listed in the table below of the value of the Creation Units subject to the transaction may be imposed for cash redemptions, non-standard orders, or partial cash redemptions (when cash redemptions are available) of Creation Units. The variable charge is primarily designed to cover additional costs (e.g., brokerage, taxes) involved with selling portfolio securities to satisfy a cash redemption. The Fund may determine to not charge a variable fee on certain orders when the Adviser has determined that doing so is in the best interests of Fund shareholders.

---

| | | |
|:---|:---|:---|
| **Name of Fund** | **Fixed Redemption Transaction Fee** | **Maximum Variable Transaction Fee** |
| Defiance Hot Sauce Daily 3X Strategy ETF | $[ ] | 2% |

---

Investors who use the services of a broker or other such intermediary may be charged a fee for such services. Investors are responsible for the fixed costs of transferring the Fund Securities from the Trust to their account or on their order.

**Procedures for Redemption of Creation Units.** Orders to redeem Creation Units must be submitted in proper form to the Transfer Agent prior to [2:00] p.m. Eastern Time. A redemption request is considered to be in "proper form" if (i) an Authorized Participant has transferred or caused to be transferred to the Trust's Transfer Agent the Creation Unit(s) being redeemed through the book-entry system of DTC so as to be effective by the time as set forth in the Participant Agreement and (ii) a request in form satisfactory to the Trust is received by the Transfer Agent from the Authorized Participant on behalf of itself or another redeeming investor within the time periods specified in the Participant Agreement. If the Transfer Agent does not receive the investor's Shares through DTC's facilities by the times and pursuant to the other terms and conditions set forth in the Participant Agreement, the redemption request shall be rejected.

The Authorized Participant must transmit the request for redemption, in the form required by the Trust, to the Transfer Agent in accordance with procedures set forth in the Authorized Participant Agreement. Investors should be aware that their particular broker may not have executed an Authorized Participant Agreement, and that, therefore, requests to redeem Creation Units may have to be placed by the investor's broker through an Authorized Participant who has executed an Authorized Participant Agreement. Investors making a redemption request should be aware that such request must be in the form specified by such Authorized Participant. Investors making a request to redeem Creation Units should allow sufficient time to permit proper submission of the request by an Authorized Participant and transfer of the Shares to the Trust's Transfer Agent; such investors should allow for the additional time that may be required to effect redemptions through their banks, brokers or other financial intermediaries if such intermediaries are not Authorized Participants.

**Additional Redemption Procedures.** In connection with taking delivery of Shares of Fund Securities upon redemption of Creation Units, a redeeming shareholder or Authorized Participant acting on behalf of such Shareholder must maintain appropriate custody arrangements with a qualified broker-dealer, bank, or other custody providers in each jurisdiction in which any of the Fund Securities are customarily traded, to which account such Fund Securities will be delivered. Deliveries of redemption proceeds will generally be made within by the next Business Day of the trade date, as discussed above.

The Trust may in its discretion exercise its option to cause the Fund to redeem such Shares in cash, and the redeeming investor will be required to receive its redemption proceeds in cash. In addition, an investor may request a redemption in cash that the Fund may, in its sole discretion, permit. In either case, the investor will receive a cash payment equal to the NAV of its Shares of the Fund based on the NAV of Shares next determined after the redemption request is received in proper form (minus a redemption transaction fee, if applicable, and additional charge for requested cash redemptions specified above, to offset the Trust's brokerage and other transaction costs associated with the disposition of Fund Securities). The Fund may also, in its sole discretion, upon request of a shareholder, provide such redeemer a portfolio of securities that differs from the exact composition of the Fund Securities but does not differ in NAV.

Redemptions of Shares for Fund Securities will be subject to compliance with applicable federal and state securities laws and the Fund (whether or not it otherwise permits cash redemptions) reserves the right to redeem Creation Units for cash to the extent that the Trust could not lawfully deliver specific Fund Securities upon redemptions or could not do so without first registering the Fund Securities under such laws. An Authorized Participant or an investor for which it is acting subject to a legal restriction with respect to a particular security included in the Fund Securities applicable to the redemption of Creation Units may be paid an equivalent amount of cash. The Authorized Participant may request the redeeming investor of the Shares to complete an order form or to enter into agreements with respect to such matters as compensating cash payment. Further, an Authorized Participant that is not a "qualified institutional buyer," ("QIB") as such term is defined under Rule 144A of the Securities Act, will not be able to receive Fund Securities that are restricted securities eligible for resale under Rule 144A. An Authorized Participant may be required by the Trust to provide a written confirmation with respect to QIB status to receive Fund Securities.

The right of redemption may be suspended or the date of payment postponed with respect to the Fund (1) for any period during which the Exchange is closed (other than customary weekend and holiday closings); (2) for any period during which trading on the Exchange is suspended or restricted; (3) for any period during which an emergency exists as a result of which disposal of the Shares or determination of the NAV of the Shares is not reasonably practicable; or (4) in such other circumstance as is permitted by the SEC.

**DETERMINATION OF NET ASSET VALUE**

NAV per Share for the Fund is computed by dividing the value of the net assets of the Fund (*i.e.*, the value of its total assets less total liabilities) by the total number of Shares outstanding, rounded to the nearest cent. Expenses and fees, including the management fees, are accrued daily and taken into account for purposes of determining NAV. The NAV of the Fund is calculated by Global Fund Services and determined at the scheduled close of the regular trading session on the NYSE (ordinarily 4:00 p.m., Eastern Time) on each day that the NYSE is open, provided that fixed-income assets may be valued as of the announced closing time for trading in fixed-income instruments on any day that the Securities Industry and Financial Markets Association ("SIFMA") announces an early closing time.

In calculating the Fund's NAV per Share, its investments are generally valued using market valuations. A market valuation generally means a valuation (i) obtained from an exchange, a pricing service, or a major market maker (or dealer), (ii) based on a price quotation or other equivalent indication of value supplied by an exchange, a pricing service, or a major market maker (or dealer) or (iii) based on amortized cost. In the case of shares of other funds that are not traded on an exchange, a market valuation means such fund's published NAV per share. The Fund may use various pricing services, or discontinue the use of any pricing service, as approved by the Adviser from time to time. A price obtained from a pricing service based on such pricing service's valuation matrix may be considered a market valuation. Any assets or liabilities denominated in currencies other than the U.S. dollar are converted into U.S. dollars at the current market rates on the date of valuation as quoted by one or more sources.

When market valuations are not "readily available" or are deemed to be unreliable, consistent with Rule 2a-5 under the 1940 Act, the Trust and the Adviser have adopted procedures and methodologies wherein the Adviser, serving as the Fund's Valuation Designee (as defined in Rule 2a-5), determines the fair value of Fund investments.

**DIVIDENDS AND DISTRIBUTIONS**

The following information supplements and should be read in conjunction with the section in the Prospectus entitled "Dividends, Distributions, and Taxes."

**General Policies.** The Fund intends to pay out dividends and interest income, if any, annually and distribute any net realized capital gains to its shareholders at least annually. Distributions of net realized capital gains, if any, generally are declared and paid once a year, but the Fund may make distributions on a more frequent basis to comply with the distribution requirements of the Code, in all events in a manner consistent with the provisions of the 1940 Act.

The Fund will declare and pay income and capital gain distributions, if any, in cash. Dividends and other distributions on Shares are distributed, as described below, on a pro rata basis to Beneficial Owners of such Shares. Dividend payments are made through DTC Participants and Indirect Participants to Beneficial Owners then of record with proceeds received from the Trust.

The Fund makes additional distributions to the extent necessary (1) to distribute the entire annual taxable income of the Fund, plus any net capital gains and (2) to avoid imposition of the excise tax imposed by Section 4982 of the Code. Management of the Trust reserves the right to declare special dividends if, in its reasonable discretion, such action is necessary or advisable to preserve the Fund's eligibility for treatment as a RIC or to avoid imposition of income or excise taxes on undistributed income at the Fund level.

**Dividend Reinvestment Service.** The Trust will not make the DTC book-entry dividend reinvestment service available for use by Beneficial Owners for reinvestment of their cash proceeds, but certain individual broker-dealers may make available the DTC book-entry Dividend Reinvestment Service for use by Beneficial Owners of the Fund through DTC Participants for reinvestment of their dividend distributions. Investors should contact their brokers to ascertain the availability and description of these services. Beneficial Owners should be aware that each broker may require investors to adhere to specific procedures and timetables to participate in the dividend reinvestment service and investors should ascertain from their brokers such necessary details. If this service is available and used, dividend distributions of both income and realized gains will be automatically reinvested in additional whole Shares issued by the Trust of the Fund at NAV per Share. Distributions reinvested in additional Shares will nevertheless be taxable to Beneficial Owners acquiring such additional Shares to the same extent as if such distributions had been received in cash.

**FEDERAL INCOME TAXES**

The following is only a summary of certain U.S. federal income tax considerations generally affecting the Fund and its shareholders that supplements the discussion in the Prospectus. No attempt is made to present a comprehensive explanation of the federal, state, local or foreign tax treatment of the Fund or its shareholders, and the discussion here and in the Prospectus is not intended to be a substitute for careful tax planning.

The following general discussion of certain U.S. federal income tax consequences is based on provisions of the Code and the regulations issued thereunder as in effect on the date of this SAI. New legislation, as well as administrative changes or court decisions, may significantly change the conclusions expressed herein, and may have a retroactive effect with respect to the transactions contemplated herein.

The tax legislation commonly referred to as the Tax Cuts and Jobs Act (the "Tax Act") made significant changes to the U.S. federal income tax rules for taxation of individuals and corporations, generally effective for taxable years beginning after December 31, 2017. Many of the changes applicable to individuals are temporary and would apply only to taxable years before January 1, 2026. There were only minor changes with respect to the specific rules applicable to RICs, such as the Fund. The Tax Act, however, also made numerous other changes to the tax rules that may affect shareholders and the Fund. Subsequent legislation has modified certain changes to the U.S. federal income tax rules made by the Tax Act which may, in addition, affect shareholders and the Fund. You are urged to consult with your own tax advisor regarding how this legislation affects your investment in the Fund.

Shareholders are urged to consult their own tax advisers regarding the application of the provisions of tax law described in this SAI in light of the particular tax situations of the shareholders and regarding specific questions as to federal, state, local, or foreign taxes.

**Taxation of the Fund.** The Fund will elect and intends to qualify each year to be treated as a RIC under the Code. As such, the Fund should not be subject to federal income taxes on its net investment income and capital gains, if any, to the extent that it timely distributes such income and capital gains to its shareholders. Generally, to be taxed as a RIC, the Fund must distribute in each taxable year at least 90% of its "investment company taxable income" (before the deduction for dividends paid) for the taxable year, which includes, among other items, dividends, interest, net short-term capital gain, and net foreign currency gain, less expenses, as well as 90% of its net tax-exempt interest income, if any (the "Distribution Requirement") and also must meet several additional requirements. Among these requirements are the following: (1) at least 90% of the Fund's gross income each taxable year must be derived from dividends, interest, payments with respect to certain securities loans, gains from the sale or other disposition of stock, securities, or foreign currencies, or other income derived with respect to its business of investing in such stock, securities, or foreign currencies, and net income derived from interests in qualified publicly traded partnerships (the "Qualifying Income Requirement"); and (2) at the end of each quarter of the Fund's taxable year, the Fund's assets must be diversified so that (a) at least 50% of the value of the Fund's total assets is represented by cash and cash items, U.S. government securities, securities of other RICs, and other securities, with such other securities limited, in respect to any one issuer, to an amount not greater in value than 5% of the value of the Fund's total assets and to not more than 10% of the outstanding voting securities of such issuer, and (b) not more than 25% of the value of its total assets is invested in the securities (other than U.S. government securities or securities of other RICs) of any one issuer, the securities (other than securities of other RICs) of two or more issuers which the Fund controls and which are engaged in the same, similar, or related trades or businesses, or the securities of one or more qualified publicly traded partnerships (the "Diversification Requirement").

To the extent the Fund makes investments that may generate income that is not qualifying income, including certain derivatives, the Fund will seek to restrict the resulting income from such investments so that the Fund's non-qualifying income does not exceed 10% of its gross income.

Although the Fund intends to distribute substantially all of its net investment income and may distribute its capital gains for any taxable year, the Fund will be subject to federal income taxation to the extent any such income or gains are not distributed. The Fund is treated as a separate corporation for federal income tax purposes. The Fund therefore is considered to be a separate entity in determining its treatment under the rules for RICs described herein. The requirements (other than certain organizational requirements) for qualifying RIC status are determined at the Fund level rather than at the Trust level.

If the Fund fails to satisfy the Qualifying Income Requirement or the Diversification Requirement in any taxable year, the Fund may be eligible for relief provisions if the failures are due to reasonable cause and not willful neglect and if a penalty tax is paid with respect to each failure to satisfy the applicable requirements. Additionally, relief is provided for certain *de minimis* failures of the Diversification Requirement where the Fund corrects the failure within a specified period of time. To be eligible for the relief provisions with respect to a failure to meet the Diversification Requirement, the Fund may be required to dispose of certain assets. If these relief provisions were not available to the Fund and it were to fail to qualify for treatment as a RIC for a taxable year, all of its taxable income would be subject to tax at regular corporate rates without any deduction for distributions to shareholders, and its distributions (including capital gains distributions) generally would be taxable to the shareholders of the Fund as ordinary income dividends, subject to the dividends received deduction for corporate shareholders and the lower tax rates on qualified dividend income received by noncorporate shareholders, subject to certain limitations. Given the investment strategies of the Fund, it is unlikely that any dividends paid by the Fund will be qualified dividends or be eligible for the corporate dividends paid deduction. To requalify for treatment as a RIC in a subsequent taxable year, the Fund would be required to satisfy the RIC qualification requirements for that year and to distribute any earnings and profits from any year in which the Fund failed to qualify for tax treatment as a RIC. If the Fund failed to qualify as a RIC for a period greater than two taxable years, it would generally be required to pay a fund-level tax on certain net built in gains recognized with respect to certain of its assets upon disposition of such assets within five years of qualifying as a RIC in a subsequent year. The Board reserves the right not to maintain the qualification of the Fund for treatment as a RIC if it determines such course of action to be beneficial to shareholders. If the Fund determines that it will not qualify as a RIC, the Fund will establish procedures to reflect the anticipated tax liability in the Fund's NAV.

The Fund may elect to treat part or all of any "qualified late year loss" as if it had been incurred in the succeeding taxable year in determining the Fund's taxable income, net capital gain, net short-term capital gain, and earnings and profits. The effect of this election is to treat any such "qualified late year loss" as if it had been incurred in the succeeding taxable year in characterizing Fund distributions for any calendar year. A "qualified late year loss" generally includes net capital loss, net long-term capital loss, or net short-term capital loss incurred after October 31 of the current taxable year, subject to special rules in the event the Fund makes an election under Section 4982(e)(4) of the Code, (commonly referred to as "post-October losses"), and certain other late-year losses.

Capital losses in excess of capital gains ("net capital losses") are not permitted to be deducted against a RIC's net investment income. Instead, for U.S. federal income tax purposes, potentially subject to certain limitations, the Fund may carry a net capital loss from any taxable year forward indefinitely to offset its capital gains, if any, in years following the year of the loss. To the extent subsequent capital gains are offset by such losses, they will not result in U.S. federal income tax liability to the Fund and may not be distributed as capital gains to its shareholders. Generally, the Fund may not carry forward any losses other than net capital losses. The carryover of capital losses may be limited under the general loss limitation rules if the Fund experiences an ownership change as defined in the Code.

The Fund will be subject to a nondeductible 4% federal excise tax on certain undistributed income if it does not distribute to its shareholders in each calendar year an amount at least equal to 98% of its ordinary income for the calendar year plus 98.2% of its capital gain net income for either the one-year period ending on October 31 of that year, or, if the Fund makes an election under Section 4982(e)(4) of the Code, the Fund's fiscal year, subject to an increase for any shortfall in the prior year's distribution. The Fund intends to declare and distribute dividends and distributions in the amounts and at the times necessary to avoid the application of the excise tax, but can make no assurances that all such tax liability will be eliminated.

The Fund intends to distribute substantially all of its net investment income and net capital gain to shareholders for each taxable year. If the Fund meets the Distribution Requirement but retains some or all of its income or gains, it will be subject to federal income tax at regular corporate rates to the extent any such income or gains are not distributed. The Fund may elect to designate certain amounts retained as undistributed net capital gain as deemed distributions in a notice to its shareholders, who (i) will be required to include in income for U.S. federal income tax purposes, as long-term capital gain, their proportionate shares of the undistributed amount so designated, (ii) will be entitled to credit their proportionate shares of the income tax paid by the Fund on that undistributed amount against their federal income tax liabilities and to claim refunds to the extent such credits exceed their tax liabilities, and (iii) will be entitled to increase their tax basis, for federal income tax purposes, in their Shares by an amount equal to the excess of the amount of undistributed net capital gain included in their respective income over their respective income tax credits.

**Taxation of Shareholders – Distributions.** The Fund intends to distribute annually to its shareholders substantially all of its investment company taxable income (computed without regard to the deduction for dividends paid), its net tax-exempt income, if any, and any net capital gain (net long-term capital gains in excess of net short-term capital losses, taking into account any capital loss carryforwards). The distribution of investment company taxable income (as so computed) and net capital gain will be taxable to Fund shareholders regardless of whether the shareholder receives these distributions in cash or reinvests them in additional Shares.

The Fund (or your broker) will report to shareholders annually the amounts of dividends paid from ordinary income, the amount of distributions of net capital gain, the portion of dividends which may qualify for the dividends received deduction for corporate shareholders, and the portion of dividends which may qualify for treatment as qualified dividend income, which is taxable to non-corporate shareholders at long-term capital gain rates.

Distributions from the Fund's net capital gain will be taxable to shareholders at long-term capital gains rates, regardless of how long shareholders have held their Shares. Distributions may be subject to state and local taxes.

Qualified dividend income includes, in general, subject to certain holding period and other requirements, dividend income from taxable domestic corporations and certain "qualified foreign corporations." Subject to certain limitations, "qualified foreign corporations" include those incorporated in territories of the United States, those incorporated in certain countries with comprehensive tax treaties with the United States, and other foreign corporations if the stock with respect to which the dividends are paid is readily tradable on an established securities market in the United States. Dividends received by the Fund from an ETF or an underlying fund taxable as a RIC or a REIT may be treated as qualified dividend income generally only to the extent so reported by such ETF, underlying fund or REIT. If 95% or more of the Fund's gross income (calculated without taking into account net capital gain derived from sales or other dispositions of stock or securities) consists of qualified dividend income, the Fund may report all distributions of such income as qualified dividend income.

Fund dividends will not be treated as qualified dividend income if the Fund does not meet certain holding period and other requirements with respect to dividend paying stocks in its portfolio, or the shareholder does not meet certain holding period and other requirements with respect to the Shares on which the dividends were paid. Distributions by the Fund of its net short-term capital gains will be taxable to shareholders as ordinary income. Given the investment strategies of the Fund, it is unlikely that any dividends paid by the Fund will be qualified dividends or be eligible for the corporate dividends paid deduction.

In the case of corporate shareholders, certain dividends received by the Fund from U.S. corporations (generally, dividends received by the Fund in respect of any share of stock (1) with a tax holding period of at least 46 days during the 91-day period beginning on the date that is 45 days before the date on which the stock becomes ex-dividend as to that dividend and (2) that is held in an unleveraged position) and distributed and appropriately so reported by the Fund may be eligible for the 50% dividends-received deduction. Certain preferred stock must have a holding period of at least 91 days during the 181-day period beginning on the date that is 90 days before the date on which the stock becomes ex-dividend as to that dividend to be eligible. Capital gain dividends distributed to the Fund from other RICs are not eligible for the dividends-received deduction. To qualify for the deduction, corporate shareholders must meet the minimum holding period requirement stated above with respect to their Shares, taking into account any holding period reductions from certain hedging or other transactions or positions that diminish their risk of loss with respect to their Shares, and, if they borrow to acquire or otherwise incur debt attributable to Shares, they may be denied a portion of the dividends-received deduction with respect to those Shares.

Although dividends generally will be treated as distributed when paid, any dividend declared by the Fund in October, November or December and payable to shareholders of record in such a month that is paid during the following January will be treated for U.S. federal income tax purposes as received by shareholders on December 31 of the calendar year in which it was declared.

In addition to the federal income tax, certain individuals, trusts and estates may be subject to a Net Investment Income ("NII") tax of 3.8%. The NII tax is imposed on the lesser of: (i) a taxpayer's investment income, net of deductions properly allocable to such income; or (ii) the amount by which such taxpayer's modified adjusted gross income exceeds certain thresholds ($250,000 for married individuals filing jointly, $200,000 for unmarried individuals and $125,000 for married individuals filing separately). The Fund's distributions are includable in a shareholder's investment income for purposes of this NII tax. In addition, any capital gain realized by a shareholder upon a sale or redemption of Fund shares is includable in such shareholder's investment income for purposes of this NII tax.

Shareholders who have not held Shares for a full year should be aware that the Fund may report and distribute, as ordinary dividends or capital gain dividends, a percentage of income that is not equal to the percentage of the Fund's ordinary income or net capital gain, respectively, actually earned during the applicable shareholder's period of investment in the Fund. A taxable shareholder may wish to avoid investing in the Fund shortly before a dividend or other distribution, because the distribution will generally be taxable to the shareholder even though it may economically represent a return of a portion of the shareholder's investment.

To the extent that the Fund makes a distribution of income received by the Fund in lieu of dividends (a "substitute payment") with respect to securities on loan pursuant to a securities lending transaction, such income will not constitute qualified dividend income to individual shareholders and will not be eligible for the dividends received deduction for corporate shareholders.

If the Fund's distributions exceed its earnings and profits, all or a portion of the distributions made for a taxable year may be recharacterized as a return of capital to shareholders. A return of capital distribution will generally not be taxable, but will reduce each shareholder's cost basis in the Fund and result in a higher capital gain or lower capital loss when the Shares on which the distribution was received are sold. After a shareholder's basis in the Shares has been reduced to zero, distributions in excess of earnings and profits will be treated as gain from the sale of the shareholder's Shares.

**Taxation of Shareholders – Sale of Shares.** A sale or redemption of Shares may give rise to a gain or loss. In general, any gain or loss realized upon a taxable disposition of Shares will be treated as long-term capital gain or loss if Shares have been held for more than 12 months. Otherwise, the gain or loss on the taxable disposition of Shares will generally be treated as short-term capital gain or loss. Any loss realized upon a taxable disposition of Shares held for six months or less will be treated as long-term capital loss, rather than short-term capital loss, to the extent of any amounts treated as distributions to the shareholder of long-term capital gain with respect to such Shares (including any amounts credited to the shareholder as undistributed capital gains). All or a portion of any loss realized upon a taxable disposition of Shares may be disallowed if substantially identical Shares are acquired (through the reinvestment of dividends or otherwise) within a 61-day period beginning 30 days before and ending 30 days after the disposition. In such a case, the basis of the newly acquired Shares will be adjusted to reflect the disallowed loss.

The cost basis of Shares acquired by purchase will generally be based on the amount paid for Shares and then may be subsequently adjusted for other applicable transactions as required by the Code. The difference between the selling price and the cost basis of Shares generally determines the amount of the capital gain or loss realized on the sale of Shares. Contact the broker through whom you purchased your Shares to obtain information with respect to the available cost basis reporting methods and elections for your account.

An Authorized Participant who exchanges securities for Creation Units generally will recognize a gain or a loss. The gain or loss will be equal to the difference between the market value of the Creation Units at the time and the sum of the exchanger's aggregate basis in the securities surrendered plus the amount of cash paid for such Creation Units. A person who redeems Creation Units will generally recognize a gain or loss equal to the difference between the exchanger's basis in the Creation Units and the sum of the aggregate market value of any securities received plus the amount of any cash received for such Creation Units. The Internal Revenue Service ("IRS"), however, may assert that a loss realized upon an exchange of securities for Creation Units cannot currently be deducted under the rules governing "wash sales" (for an exchanger who does not mark-to-market its portfolio) or on the basis that there has been no significant change in economic position.

Any capital gain or loss realized upon the creation of Creation Units will generally be treated as long-term capital gain or loss if the securities exchanged for such Creation Units have been held for more than one year. Any capital gain or loss realized upon the redemption of Creation Units will generally be treated as long-term capital gain or loss if the Shares composing the Creation Units have been held for more than one year. Otherwise, such capital gains or losses will generally be treated as short-term capital gains or losses. Any loss upon a redemption of Creation Units held for six months or less may be treated as long-term capital loss to the extent of any amounts treated as distributions to the applicable Authorized Participant of long-term capital gain with respect to the Creation Units (including any amounts credited to the Authorized Participant as undistributed capital gains).

The Trust, on behalf of the Fund, has the right to reject an order for Creation Units if the purchaser (or a group of purchasers) would, upon obtaining the Creation Units so ordered, own 80% or more of the outstanding Shares and if, pursuant to Section 351 of the Code, the Fund would have a basis in the deposit securities different from the market value of such securities on the date of deposit. The Trust also has the right to require the provision of information necessary to determine beneficial Share ownership for purposes of the 80% determination. If the Fund does issue Creation Units to a purchaser (or a group of purchasers) that would, upon obtaining the Creation Units so ordered, own 80% or more of the outstanding Shares, the purchaser (or a group of purchasers) will not recognize gain or loss upon the exchange of securities for Creation Units.

Persons purchasing or redeeming Creation Units should consult their own tax advisers with respect to the tax treatment of any creation or redemption transaction and whether the wash sales rule applies and when a loss may be deductible.

**Taxation of Fund Investments.** Certain of the Fund's investments may be subject to complex provisions of the Code (including provisions relating to hedging transactions, straddles, integrated transactions, foreign currency contracts, forward foreign currency contracts, and notional principal contracts) that, among other things, may affect the Fund's ability to qualify as a RIC, affect the character of gains and losses realized by the Fund (*e.g.*, may affect whether gains or losses are ordinary or capital), accelerate recognition of income to the Fund and defer losses. These rules could therefore affect the character, amount and timing of distributions to shareholders. These provisions also may require the Fund to mark to market certain types of positions in its portfolio (*i.e*., treat them as if they were closed out) which may cause the Fund to recognize income without the Fund receiving cash with which to make distributions in amounts sufficient to enable the Fund to satisfy the RIC distribution requirements for avoiding Fund-level income and excise taxes. The Fund intends to monitor its transactions, intends to make appropriate tax elections, and intends to make appropriate entries in its books and records to mitigate the effect of these rules and preserve the Fund's qualification for treatment as a RIC. To the extent the Fund invests in an underlying fund that is taxable as a RIC, the rules applicable to the tax treatment of complex securities will also apply to the underlying funds that also invest in such complex securities and investments. In addition, because the tax rules applicable to such instruments may be uncertain under current law, an adverse determination or future IRS guidance with respect to these rules (which determination or guidance could be retroactive) may affect whether the Fund has made sufficient distributions and otherwise satisfied the relevant requirements to maintain its qualification as a RIC and avoid a Fund-level tax.

**Backup Withholding.** The Fund will be required in certain cases to withhold (as "backup withholding") on amounts payable to any shareholder who (1) fails to provide a correct taxpayer identification number certified under penalty of perjury; (2) is subject to backup withholding by the IRS for failure to properly report all payments of interest or dividends; (3) fails to provide a certified statement that they are not subject to "backup withholding;" or (4) fails to provide a certified statement that they are a U.S. person (including a U.S. resident alien). The backup withholding rate is at a rate set under Section 3406 of the Code. Backup withholding is not an additional tax and any amounts withheld may be credited against the shareholder's ultimate U.S. federal income tax liability. Backup withholding will not be applied to payments that have been subject to the 30% withholding tax on shareholders who are neither citizens nor permanent residents of the United States.

**Non-U.S. Shareholders.** Any non-U.S. investors in the Fund may be subject to U.S. withholding and estate tax and are encouraged to consult their tax advisors prior to investing in the Fund. Foreign shareholders (*i.e.*, nonresident alien individuals and foreign corporations, partnerships, trusts and estates) are generally subject to a U.S. withholding tax at the rate of 30% (or a lower tax treaty rate) on distributions derived from taxable ordinary income. The Fund may, under certain circumstances, report all or a portion of a dividend as an "interest-related dividend" or a "short-term capital gain dividend," which would generally be exempt from this 30% U.S. withholding tax, provided certain other requirements are met. Short-term capital gain dividends received by a nonresident alien individual who is present in the U.S. for a period or periods aggregating 183 days or more during the taxable year are not exempt from this 30% withholding tax. Gains realized by foreign shareholders from the sale or other disposition of Shares generally are not subject to U.S. taxation, unless the recipient is an individual who is physically present in the U.S. for 183 days or more per year (based on a formula that factors in presence in the U.S. during the two preceding years as well). Foreign shareholders who fail to provide an applicable IRS form may be subject to backup withholding on certain payments from the Fund. Backup withholding will not be applied to payments that are subject to the 30% (or lower applicable treaty rate) withholding tax described in this paragraph. Different tax consequences may result if the foreign shareholder is engaged in a trade or business within the United States. In addition, the tax consequences to a foreign shareholder entitled to claim the benefits of a tax treaty may be different than those described above.

Under the Foreign Account Tax Compliance Act ("FATCA"), the Fund may be required to withhold a generally nonrefundable 30% tax on distributions of net investment income paid to (a) certain "foreign financial institutions" unless such foreign financial institution agrees to verify, monitor, and report to the IRS the identity of certain of its account holders, among other items (or unless such entity is otherwise deemed compliant under the terms of an intergovernmental agreement between the United States and the foreign financial institution's country of residence), and (b) certain "non-financial foreign entities" unless such entity certifies to the Fund that it does not have any substantial U.S. owners or provides the name, address, and taxpayer identification number of each substantial U.S. owner, among other items. This FATCA withholding tax could also affect the Fund's return on its investments in foreign securities or affect a shareholder's return if the shareholder holds its Fund shares through a foreign intermediary. You are urged to consult your tax adviser regarding the application of this FATCA withholding tax to your investment in the Fund and the potential certification, compliance, due diligence, reporting, and withholding obligations to which you may become subject in order to avoid this withholding tax.

For foreign shareholders to qualify for an exemption from backup withholding, described above, the foreign shareholder must comply with special certification and filing requirements. Foreign shareholders in the Fund should consult their tax advisors in this regard.

**Certain Potential Tax Reporting Requirements.** Under U.S. Treasury regulations, if a shareholder recognizes a loss on disposition of the Shares of $2 million or more for an individual shareholder or $10 million or more for a corporate shareholder (or certain greater amounts over a combination of years), the shareholder must file with the IRS a disclosure statement on IRS Form 8886. Direct shareholders of portfolio securities are in many cases excepted from this reporting requirement, but under current guidance, shareholders of a RIC are not excepted. Significant penalties may be imposed for the failure to comply with the reporting requirements. The fact that a loss is reportable under these regulations does not affect the legal determination of whether the taxpayer's treatment of the loss is proper. Shareholders should consult their tax advisors to determine the applicability of these regulations in light of their individual circumstances.

**Other Issues.** In those states which have income tax laws, the tax treatment of the Fund and of Fund shareholders with respect to distributions by the Fund may differ from federal tax treatment**.**

**FINANCIAL STATEMENTS**

Financial statements and annual reports will be available after the Fund has completed a fiscal year of operations. When available, you may request a copy of the Fund's Annual Certified Shareholder Report at no charge by calling (833) 333-9383 or through the Fund's website at www.defianceetfs.com.

**TIDAL TRUST II**

**PART C: OTHER INFORMATION**

**Item 28. Exhibits**

---

| | | |
|:---|:---|:---|
| **Exhibit** <br> **No.** | **Description of Exhibit** | **Description of Exhibit** |
| (a) (i) | [Certificate of Trust of Tidal Trust II (formerly, Tidal ETF Trust II) (the "Trust" or the "Registrant")](http://www.sec.gov/Archives/edgar/data/1924868/000182646622000042/certification.htm), previously filed with the Trusts registration statement on Form N-1A on April 26, 2022, is hereby incorporated by reference. | [Certificate of Trust of Tidal Trust II (formerly, Tidal ETF Trust II) (the "Trust" or the "Registrant")](http://www.sec.gov/Archives/edgar/data/1924868/000182646622000042/certification.htm), previously filed with the Trusts registration statement on Form N-1A on April 26, 2022, is hereby incorporated by reference. |
| (ii) | [Certificate of Amendment to Certificate of Trust](http://www.sec.gov/Archives/edgar/data/1924868/000138713122011416/ex99-aii.htm), previously filed with Post-Effective Amendment No. 28 on Form N-1A on November 14, 2022 and is incorporated herein by reference. | [Certificate of Amendment to Certificate of Trust](http://www.sec.gov/Archives/edgar/data/1924868/000138713122011416/ex99-aii.htm), previously filed with Post-Effective Amendment No. 28 on Form N-1A on November 14, 2022 and is incorporated herein by reference. |
| (iii) | [Registrant's Third Amended and Restated Declaration of Trust](http://www.sec.gov/Archives/edgar/data/1924868/000199937123000397/ex99-aiii.htm), previously filed with Post-Effective Amendment No. 135 on Form N-1A on November 20, 2023 and is incorporated herein by reference. | [Registrant's Third Amended and Restated Declaration of Trust](http://www.sec.gov/Archives/edgar/data/1924868/000199937123000397/ex99-aiii.htm), previously filed with Post-Effective Amendment No. 135 on Form N-1A on November 20, 2023 and is incorporated herein by reference. |
| (iv) |  | Organizational Documents for Return Stacked<sup>®</sup> Cayman Subsidiary (for the Return Stacked<sup>®</sup> Bonds & Managed Futures ETF). |
|  | (1) | [Investment Advisory Agreement](http://www.sec.gov/Archives/edgar/data/1924868/000138713123001445/ex99-aiv1.htm), previously filed with Post-Effective Amendment No. 56 on Form N-1A on February 6, 2023 and is incorporated herein by reference. |
|  | (2) | [Subsidiary Futures Trading Advisory Agreement](http://www.sec.gov/Archives/edgar/data/1924868/000138713123012670/ex99-aiv2.htm), previously filed with Post-Effective Amendment No. 131 on Form N-1A on October 25, 2023 and is incorporated herein by reference. |
|  | (3) | [Memorandum and Articles of Association](http://www.sec.gov/Archives/edgar/data/1924868/000138713123001445/ex99-aiv3.htm), previously filed with Post-Effective Amendment No. 56 on Form N-1A on February 6, 2023 and is incorporated herein by reference. |
|  | (4) | [Certificate of Incorporation](http://www.sec.gov/Archives/edgar/data/1924868/000138713123001445/ex99-aiv4.htm), previously filed with Post-Effective Amendment No. 56 on Form N-1A on February 6, 2023 and is incorporated herein by reference. |
|  | (5) | [Tax Undertaking](http://www.sec.gov/Archives/edgar/data/1924868/000138713123001445/ex99-aiv5.htm), previously filed with Post-Effective Amendment No. 56 on Form N-1A on February 6, 2023 and is incorporated herein by reference. |
|  | (6) | [Private Investment Company Custodian Agreement](http://www.sec.gov/Archives/edgar/data/1924868/000138713123001445/ex99-aiv6.htm), previously filed with Post-Effective Amendment No. 56 on Form N-1A on February 6, 2023 and is incorporated herein by reference. |
| (v) |  | Organizational Documents for Newfound RSST Cayman Subsidiary (for the Return Stacked<sup>®</sup> U.S. Stocks & Managed Futures ETF). |
|  | (2) | [Subsidiary Futures Trading Advisory Agreement](http://www.sec.gov/Archives/edgar/data/1924868/000199937124004978/ex99-aviii2.htm), previously filed with Post-Effective Amendment No. 204 on Form N-1A on April 19, 2024 and is incorporated herein by reference. |
|  | (3) | [Memorandum and Articles of Association](http://www.sec.gov/Archives/edgar/data/1924868/000199937124004978/ex99-aviii3.htm), previously filed with Post-Effective Amendment No. 204 on Form N-1A on April 19, 2024 and is incorporated herein by reference. |
|  | (4) | [Certificate of Incorporation](http://www.sec.gov/Archives/edgar/data/1924868/000199937124004978/ex99-aviii4.htm), previously filed with Post-Effective Amendment No. 204 on Form N-1A on April 19, 2024 and is incorporated herein by reference. |
|  | (5) | [Tax Underwriting](http://www.sec.gov/Archives/edgar/data/1924868/000199937124004978/ex99-aviii5.htm), previously filed with Post-Effective Amendment No. 204 on Form N-1A on April 19, 2024 and is incorporated herein by reference. |
|  | (6) | [Private Investment Company Custodian Agreement](http://www.sec.gov/Archives/edgar/data/1924868/000199937124004978/ex99-aviii6.htm), previously filed with Post-Effective Amendment No. 204 on Form N-1A on April 19, 2024 and is incorporated herein by reference. |
| (vi) |  | Organizational Documents for Newfound RSBY Cayman Subsidiary (for Return Stacked<sup>®</sup> Bonds & Futures Yield ETF) |
|  | (1) | [Investment Advisory Agreement](http://www.sec.gov/Archives/edgar/data/1924868/000199937124004978/ex99-aviiii1.htm), previously filed with Post-Effective Amendment No. 204 on Form N-1A on April 19, 2024 and is incorporated herein by reference. |
|  | (2) | [Subsidiary Futures Trading Advisory Agreement](http://www.sec.gov/Archives/edgar/data/1924868/000199937124004978/ex99-aviiii2.htm), previously filed with Post-Effective Amendment No. 204 on Form N-1A on April 19, 2024 and is incorporated herein by reference. |
|  | (3) | [Memorandum and Articles of Association](http://www.sec.gov/Archives/edgar/data/1924868/000199937124004978/ex99-aviiii3.htm), previously filed with Post-Effective Amendment No. 204 on Form N-1A on April 19, 2024 and is incorporated herein by reference. |
|  | (4) | [Certificate of Incorporation](http://www.sec.gov/Archives/edgar/data/1924868/000199937124004978/ex99-aviiii4.htm), previously filed with Post-Effective Amendment No. 204 on Form N-1A on April 19, 2024 and is incorporated herein by reference. |
|  | (5) | [Tax Underwriting](http://www.sec.gov/Archives/edgar/data/1924868/000199937124004978/ex99-aviiii5.htm), previously filed with Post-Effective Amendment No. 204 on Form N-1A on April 19, 2024 and is incorporated herein by reference. |
|  | (6) | [Private Investment Company Custodian Agreement](http://www.sec.gov/Archives/edgar/data/1924868/000199937124004978/ex99-aviiii6.htm), previously filed with Post-Effective Amendment No. 204 on Form N-1A on April 19, 2024 and is incorporated herein by reference. |
| (vii) |  | Organizational Documents for Cambria-Chesapeake Cayman Subsidiary (for Cambria Chesapeake Pure Trend ETF) |
|  | (1) | [Investment Advisory Agreement](http://www.sec.gov/Archives/edgar/data/1924868/000199937124006405/ex99-ax1.htm), previously filed with Post-Effective Amendment No. 213 on Form N-1A on May 21, 2024 and is incorporated herein by reference. |
|  | (2) | [Subsidiary Futures Trading Advisory Agreement](http://www.sec.gov/Archives/edgar/data/1924868/000199937124006405/ex99-ax2.htm), previously filed with Post-Effective Amendment No. 213 on Form N-1A on May 21, 2024 and is incorporated herein by reference. |

---

(3) [Memorandum and Articles of Association](http://www.sec.gov/Archives/edgar/data/1924868/000199937124006405/ex99-ax3.htm) , previously filed with Post-Effective Amendment No. 213 on Form N-1A on May 21, 2024 and is incorporated
 herein by reference.

(4) [Certificate of Incorporation](http://www.sec.gov/Archives/edgar/data/1924868/000199937124006405/ex99-ax4.htm) , previously filed with Post-Effective Amendment No. 213 on Form N-1A on May 21, 2024 and is incorporated herein
 by reference.

(5) [Tax Underwriting](http://www.sec.gov/Archives/edgar/data/1924868/000199937124006405/ex99-ax5.htm) , previously filed with Post-Effective Amendment No. 213 on Form N-1A on May 21, 2024 and is incorporated herein
 by reference.

(6) [Private Investment Company Custodian Agreement](http://www.sec.gov/Archives/edgar/data/1924868/000199937124006473/ex99-ax6.htm) , previously filed with Post-Effective Amendment No. 216 on Form N-1A on May 22, 2024 and
 is incorporated herein by reference.

(viii) Organizational Documents
 for Quantify Chaos Cayman Subsidiary (for STKd 100% Bitcoin & 100% Gold ETF)

(1) [Investment Advisory Agreement](http://www.sec.gov/Archives/edgar/data/1924868/000199937124012244/ex99-axi1.htm) , previously filed with Post-Effective Amendment No. 264 on Form N-1A on September 23, 2024 and is incorporated
 herein by reference.

(2) [Subsidiary Sub-Advisory Agreement](http://www.sec.gov/Archives/edgar/data/1924868/000199937124012244/ex99-axi2.htm) , previously filed with Post-Effective Amendment No. 264 on Form N-1A on September 23, 2024 and is incorporated
 herein by reference.

(3) [Memorandum and Articles of Association](http://www.sec.gov/Archives/edgar/data/1924868/000199937124012244/ex99-axi3.htm) , previously filed with Post-Effective Amendment No. 264 on Form N-1A on September 23, 2024 and is
 incorporated herein by reference.

(4) [Certificate of Incorporation](http://www.sec.gov/Archives/edgar/data/1924868/000199937125004740/ex99-axi5.htm) , previously filed with Post-Effective Amendment No. 264 on Form N-1A on September 23, 2024 and is incorporated
 herein by reference.

(5) [Tax Underwriting](http://www.sec.gov/Archives/edgar/data/1924868/000199937125004740/ex99-axi4.htm) , previously filed with Post-Effective Amendment No. 264 on Form N-1A on September 23, 2024 and is incorporated herein
 by reference.

(6) [Private Investment Company Custodian Agreement](http://www.sec.gov/Archives/edgar/data/1924868/000199937124012244/ex99-axi6.htm) , previously filed with Post-Effective Amendment No. 264 on Form N-1A on September 23,
 2024 and is incorporated herein by reference.

(ix) Organizational Documents
 for Newfound RSSX Cayman Subsidiary (for Return Stacked<sup>®</sup> U.S. Stocks & Gold/Bitcoin ETF)

(1) [Investment Advisory Agreement **–** previously filed with Post-Effective Amendment No. 342 on Form N-1A on April 25, 2025 and is incorporated herein by reference](http://www.sec.gov/Archives/edgar/data/1924868/000199937125004740/ex99-axi1.htm) .

(2) [Subsidiary Futures Trading Advisory Agreement – previously filed with Post-Effective Amendment No. 342 on Form N-1A on April 25, 2025 and is incorporated herein by reference](http://www.sec.gov/Archives/edgar/data/1924868/000199937125004740/ex99-axi2.htm) .

(3) [Memorandum and Articles of Association – previously filed with Post-Effective Amendment No. 342 on Form N-1A on April 25, 2025 and is incorporated herein by reference](http://www.sec.gov/Archives/edgar/data/1924868/000199937125004740/ex99-axi3.htm) .

(4) [Certificate of Incorporation – previously filed with Post-Effective Amendment No. 342 on Form N-1A on April 25, 2025 and is incorporated herein by reference](http://www.sec.gov/Archives/edgar/data/1924868/000199937125004740/ex99-axi4.htm) .

(5) [Tax Underwriting – previously filed with Post-Effective Amendment No. 342 on Form N-1A on April 25, 2025 and is incorporated herein by reference](http://www.sec.gov/Archives/edgar/data/1924868/000199937125004740/ex99-axi5.htm) .

(6) [Private Investment Company Custodian Agreement – previously filed with Post-Effective Amendment No. 342 on Form N-1A on April 25, 2025 and is incorporated herein by reference](http://www.sec.gov/Archives/edgar/data/1924868/000199937125004740/ex99-axi6.htm) .

(x) Organizational Documents
 for Nicholas Crypto Income Cayman Subsidiary (for Nicholas Crypto Income ETF)

(1) [Investment Advisory Agreement](http://www.sec.gov/Archives/edgar/data/1924868/000199937125007547/ex99-axii1.htm) , previously filed with Post-Effective Amendment No. 363 on Form N-1A on June 10, 2025 and is incorporated
 herein by reference.

(2) [Subsidiary Sub-Advisory Agreement](http://www.sec.gov/Archives/edgar/data/1924868/000199937125007547/ex99-axii2.htm) , previously filed with Post-Effective Amendment No. 363 on Form N-1A on June 10, 2025 and is incorporated
 herein by reference.

(3) [Memorandum and Articles of Association](http://www.sec.gov/Archives/edgar/data/1924868/000199937125007547/ex99-axii3.htm) , previously filed with Post-Effective Amendment No. 363 on Form N-1A on June 10, 2025 and is incorporated
 herein by reference.

(4) [Certificate of Incorporation](http://www.sec.gov/Archives/edgar/data/1924868/000199937125007547/ex99-axii4.htm) , previously filed with Post-Effective Amendment No. 363 on Form N-1A on June 10, 2025 and is incorporated herein
 by reference.

(5) [Tax Underwriting](http://www.sec.gov/Archives/edgar/data/1924868/000199937125007547/ex99-axii5.htm) , previously filed with Post-Effective Amendment No. 363 on Form N-1A on June 10, 2025 and is incorporated herein
 by reference.

(6) [Private Investment Company Custodian Agreement](http://www.sec.gov/Archives/edgar/data/1924868/000199937125007547/ex99-axii6.htm) , previously filed with Post-Effective Amendment No. 363 on Form N-1A on June 10, 2025
 and is incorporated herein by reference.

(xi) Organizational Documents
 for Defiance Enhanced Long Vol Cayman Subsidiary (for Defiance Enhanced Long Vol ETF)

(1) [Investment Advisory Agreement](https://www.sec.gov/Archives/edgar/data/1924868/000199937125010519/ex99-axi5.htm) **–** previously filed with Post-Effective Amendment No. 391 on Form N-1A on August 4, 2025 and is
 incorporated herein by reference.

(2) [Memorandum and Articles of Association](https://www.sec.gov/Archives/edgar/data/1924868/000199937125010519/ex99-axi2.htm) **–** previously filed with Post-Effective Amendment No. 391 on Form N-1A on August 4, 2025
 and is incorporated herein by reference .

(3) [Certificate of Incorporation](https://www.sec.gov/Archives/edgar/data/1924868/000199937125010519/ex99-axi3.htm) **–** previously filed with Post-Effective Amendment No. 391 on Form N-1A on August 4, 2025 and is incorporated
 herein by reference.

(4) [Tax Underwriting](https://www.sec.gov/Archives/edgar/data/1924868/000199937125010519/ex99-axi4.htm) **–** previously filed with Post-Effective Amendment No. 391 on Form N-1A on August 4, 2025 and is incorporated
 herein by reference .

(5) [Private Investment Company Custodian Agreement](https://www.sec.gov/Archives/edgar/data/1924868/000199937125010519/ex99-axi5.htm) **–** previously filed with Post-Effective Amendment No. 391 on Form N-1A on August
 4, 2025 and is incorporated herein by reference.

(xii) Organizational Documents
 for Cayman Subsidiary (Defiance Vol Carry Hedged ETF) **– to be filed by amendment**.

(xiii) Organizational Documents
 for Cayman Subsidiary (Defiance Enhanced Short Vol ETF) – **to be filed by amendment**.

---

| |
|:---|
| (b) |
| (c) |
| (d) (i) |
| (ii) |
| (i) [First Amendment to Investment Advisory Agreement to add the following series](http://www.sec.gov/Archives/edgar/data/1924868/000138713123009799/ex99-diia.htm): <br> [YieldMax<sup>®</sup> ABNB Option Income Strategy ETF, YieldMax<sup>®</sup> AMD Option Income Strategy ETF, YieldMax<sup>®</sup> MRNA Option Income Strategy ETF, YieldMax<sup>®</sup> PYPL Option Income Strategy ETF, YieldMax<sup>®</sup> DIS Option Income Strategy ETF, YieldMax<sup>®</sup> JPM Option Income Strategy ETF, YieldMax<sup>®</sup> MSFT Option Income Strategy ETF, YieldMax<sup>®</sup> XOM Option Income Strategy ETF](http://www.sec.gov/Archives/edgar/data/1924868/000138713123009799/ex99-diia.htm), previously filed with Post-Effective Amendment No. 111 on Form N-1A on August 14, 2023 and is incorporated herein by reference.  |
| (ii) [Second Amendment to Investment Advisory Agreement to add the following series: YieldMax<sup>®</sup> ADBE Option Income Strategy ETF, YieldMax<sup>®</sup> AI Option Income Strategy ETF, YieldMax<sup>®</sup> BA Option Income Strategy ETF, YieldMax<sup>®</sup> BIIB Option Income Strategy ETF, YieldMax<sup>®</sup> INTC Option Income Strategy ETF, YieldMax<sup>®</sup> NKE Option Income Strategy ETF, YieldMax<sup>®</sup> ORCL Option Income Strategy ETF, YieldMax<sup>®</sup> ROKU Option Income Strategy ETF, YieldMax<sup>®</sup> SNOW Option Income Strategy ETF, YieldMax<sup>®</sup> TGT Option Income Strategy ETF and YieldMax<sup>®</sup> ZM Option Income Strategy ETF](http://www.sec.gov/Archives/edgar/data/1924868/000138713123012010/ex99-diib.htm), previously filed with Post-Effective Amendment No. 130 on Form N-1A on October 6, 2023 and is incorporated herein by reference. |
| (iii) [Third Amendment to Investment Advisory Agreement to add the following series: YieldMax<sup>®</sup> Universe Fund of Option Income ETFs and YieldMax<sup>®</sup> Magnificent 7 Fund of Option Income ETFs](http://www.sec.gov/Archives/edgar/data/1924868/000199937124000178/ex99-diic.htm), previously filed with Post-Effective Amendment No. 153 on Form N-1A on January 8, 2024 and is incorporated herein by reference. |
| (iv) [Fourth Amendment to Investment Advisory Agreement to add the following series: YieldMax<sup>®</sup> Ultra Option Income Strategy ETF and YieldMax<sup>®</sup> MSTR Option Income Strategy ETF](http://www.sec.gov/Archives/edgar/data/1924868/000199937124002461/ex99-diiiv.htm), previously filed with Post-Effective Amendment No. 171 on Form N-1A on February 16, 2024 and is incorporated herein by reference. |
| (v) [Fifth Amendment to Investment Advisory Agreement to add the following series: YieldMax<sup>®</sup> TSLA Short Option Income Strategy ETF, YieldMax<sup>®</sup> Innovation Short Option Income Strategy ETF, YieldMax<sup>®</sup> NVDA Short Option Income Strategy ETF, YieldMax<sup>®</sup> COIN Short Option Income Strategy ETF, YieldMax<sup>®</sup> AAPL Short Option Income Strategy ETF and YieldMax<sup>®</sup> N100 Short Option Income Strategy ETF](http://www.sec.gov/Archives/edgar/data/1924868/000199937124003038/ex99-diiv.htm), previously filed with Post-Effective Amendment No. 182 on Form N-1A on March 4, 2024 and is incorporated herein by reference. |
| (vi) [Sixth Amendment to the Investment Advisory Agreement to add the following series: YieldMax<sup>®</sup> Bitcoin Option Income Strategy ETF](http://www.sec.gov/Archives/edgar/data/1924868/000199937124004893/ex99-diivi.htm), previously filed with Post-Effective Amendment No. 203 on Form N-1A on April 17, 2024 and is incorporated herein by reference. |
| (vii) [Seventh Amendment to the Investment Advisory Agreement to add the following series: YieldMax<sup>®</sup> BABA Option Income Strategy ETF, YieldMax<sup>®</sup> CVNA Option Income Strategy ETF, YieldMax<sup>®</sup> DKNG Option Income Strategy ETF, YieldMax<sup>®</sup> HOOD Option Income Strategy ETF, YieldMax<sup>®</sup> JD Option Income Strategy ETF, YieldMax<sup>®</sup> MARA Option Income Strategy ETF, YieldMax<sup>®</sup> PDD Option Income Strategy ETF, YieldMax<sup>®</sup> PLTR Option Income Strategy ETF, YieldMax<sup>®</sup> RBLX Option Income Strategy ETF, YieldMax<sup>®</sup> SHOP Option Income Strategy ETF, YieldMax<sup>®</sup> SMCI Option Income Strategy ETF, and YieldMax<sup>®</sup> TSM Option Income Strategy ETF](http://www.sec.gov/Archives/edgar/data/1924868/000199937124009244/ex99-diivii.htm), previously filed with Post-Effective Amendment No. 241 on Form N-1A on July 30, 2024, and is incorporated herein by reference. |
| (viii) [Eighth Amendment to the Investment Advisory Agreement to add the following series: YieldMax<sup>®</sup> Ether Option Income Strategy ETF](http://www.sec.gov/Archives/edgar/data/1924868/000199937124011660/ex99-diiviii.htm), previously filed with Post-Effective Amendment No. 259 on Form N-1A on September 9, 2024, and is incorporated herein by reference. |
| (ix) [Ninth Amendment to the Investment Advisory Agreement to add the following series: YieldMax<sup>®</sup> Target 12™ Semiconductor Option Income ETF, YieldMax<sup>®</sup> Target 12™ Biotech & Pharma Option Income ETF, YieldMax<sup>®</sup> Target 12™ Energy Option Income ETF, YieldMax<sup>®</sup> Target 12™ Real Estate Option Income ETF, YieldMax<sup>®</sup> Target 12™ Tech & Innovation Option Income ETF, YieldMax<sup>®</sup> Target 12™ Big 50 Option Income ETF, YieldMax<sup>®</sup> Dorsey Wright Hybrid 5 Income ETF, YieldMax<sup>®</sup> Dorsey Wright Featured 5 Income ETF, YieldMax<sup>®</sup> AI & Tech Portfolio Option Income ETF, YieldMax<sup>®</sup> Crypto Industry & Tech Portfolio Option Income ETF, YieldMax<sup>®</sup> China Portfolio Option Income ETF, YieldMax<sup>®</sup> Semiconductor Portfolio Option Income ETF, YieldMax<sup>®</sup> Biotech & Pharma Portfolio Option Income ETF and YieldMax<sup>®</sup> Ultra Short Option Income Strategy ETF](http://www.sec.gov/Archives/edgar/data/1924868/000199937124014425/ex99-diiix.htm), previously filed with Post-Effective Amendment No. 277 on Form N-1A on November 8, 2024 and is incorporated herein by reference. |

---

(x) [Tenth Amendment to the Investment Advisory Agreement to add the following series: YieldMax<sup>®</sup> Nasdaq 100 0DTE Covered Call Strategy ETF, YieldMax<sup>®</sup> S&P 500 0DTE Covered Call Strategy ETF, and YieldMax<sup>®</sup> R2000 0DTE Covered Call Strategy ETF](http://www.sec.gov/Archives/edgar/data/1924868/000199937125001162/ex99-diix.htm) , previously filed with Post-Effective Amendment No. 307 on Form N-1A on February 4, 2025 and is incorporated
 herein by reference.

(xi) [Eleventh Amendment to the Investment Advisory Agreement to add the following series: YieldMax<sup>®</sup> MSTR Short Option Income Strategy ETF, YieldMax<sup>®</sup> AMD Short Option Income Strategy ETF, YieldMax<sup>®</sup> AMZN Short Option Income Strategy ETF, YieldMax<sup>®</sup> MARA Short Option Income Strategy ETF, YieldMax<sup>®</sup> BITCOIN Short Option Income Strategy ETF, YieldMax<sup>®</sup> META Short Option Income Strategy ETF and YieldMax<sup>®</sup> SMCI Short Option Income Strategy ETF](http://www.sec.gov/Archives/edgar/data/1924868/000199937125002964/ex99-dixi.htm) ,
 previously filed with Post-Effective Amendment No. 329 on Form N-1A on March 21, 2025 and is incorporated herein by reference.

(xii) Twelfth Amendment to the
 Investment Advisory Agreement to add the following series: YieldMax<sup>®</sup> Target 25™ AI Option Income ETF, YieldMax<sup>®</sup>
 Target 25™ AMD Option Income ETF, YieldMax<sup>®</sup> Target 25™ AMZN Option Income ETF, YieldMax<sup>®</sup>
 Target 25™ COIN Option Income ETF, YieldMax<sup>®</sup> Target 25™ MARA Option Income ETF, YieldMax<sup>®</sup>
 Target 25™ MSTR Option Income ETF, YieldMax<sup>®</sup> Target 25™ NVDA Option Income ETF, YieldMax<sup>®</sup>
 Target 25™ PLTR Option Income ETF, YieldMax<sup>®</sup> Target 25™ SMCI Option Income ETF and YieldMax<sup>®</sup>
 Target 25™ TSLA Option Income ETF **– to be filed by amendment**.

(xiii) Thirteenth Amendment to
 the Investment Advisory Agreement to add the following series: YieldMax<sup>®</sup> Target 25™ Bitcoin Option Income ETF
 – **to be filed by amendment.** 

(xiv) Fourteenth Amendment to
 the Investment Advisory Agreement to add the following series: YieldMax<sup>®</sup> AFRM Option Income Strategy ETF, YieldMax<sup>®</sup>
 APP Option Income Strategy ETF, YieldMax<sup>®</sup> ARM Option Income Strategy ETF, YieldMax<sup>®</sup>AVGO Option Income
 Strategy ETF, YieldMax<sup>®</sup> CRWD Option Income Strategy ETF, YieldMax<sup>®</sup> GME Option Income Strategy ETF,
 YieldMax<sup>®</sup> HIMS Option Income Strategy ETF, YieldMax<sup>®</sup> IONQ Option Income Strategy ETF, YieldMax<sup>®</sup>
 LLY Option Income Strategy ETF, YieldMax<sup>®</sup> RDDT Option Income Strategy ETF, YieldMax<sup>®</sup> SPOT Option Income
 Strategy ETF and YieldMax<sup>®</sup> UBER Option Income Strategy ETF – **to be filed by amendment.** 

(xv) Fifteenth Amendment to
 the Investment Advisory Agreement to add the following series: YieldMax<sup>®</sup> CRCL Option Income Strategy ETF, YieldMax<sup>®</sup>
 CRWV Option Income Strategy ETF, and YieldMax<sup>®</sup> GLXY Option Income Strategy ETF– **to be filed by amendment**.

(xvi) Sixteenth Amendment to
 the Investment Advisory Agreement to add the following series: YieldMax<sup>®</sup> SCHD DoubleDiv™ ETF– **to be filed by amendment** 

---

| | |
|:---|:---|
| (iii) | [Investment Advisory Agreement between the Trust (on behalf of Senior Secured Credit Opportunities ETF) and Toroso Investments, LLC](http://www.sec.gov/Archives/edgar/data/1924868/000138713122010432/ex99-diii.htm), previously filed with Post-Effective Amendment No. 15 on Form N-1A on October 13, 2022 and is incorporated herein by reference. |
| (iv) | [Investment Advisory Agreement between the Trust (on behalf of Nicholas Fixed Income Alternative ETF) and Toroso Investments, LLC](http://www.sec.gov/Archives/edgar/data/1924868/000138713122011714/ex99-dvi.htm), previously filed with Post-Effective Amendment No. 34 on Form N-1A on November 22, 2022 and is incorporated herein by reference. |
|  | (i) [First Amendment to the Investment Advisory Agreement adding Nicholas Global Equity and Income ETF](http://www.sec.gov/Archives/edgar/data/1924868/000199937124008919/ex99-dvi.htm), previously filed with Post-Effective Amendment No. 238 on Form N-1A on July 23, 2024 and is incorporated herein by reference. |
|  | [(ii) Second Amendment to the Investment Advisory Agreement adding Nicholas Crypto Income ETF](http://www.sec.gov/Archives/edgar/data/1924868/000199937125007547/ex99-divii.htm), previously filed with Post-Effective Amendment No. 363 on Form N-1A on June 10, 2025 and is incorporated herein by reference. |
| (v) | [Investment Advisory Agreement between the Trust (on behalf of the Pinnacle Focused Opportunities ETF) and Toroso Investments, LLC](http://www.sec.gov/Archives/edgar/data/1924868/000183988222030436/ex99-dviii.htm), previously filed with Post-Effective Amendment No. 45 on Form N-1A on December 28, 2022 and is incorporated herein by reference. |
| (vi) | [Investment Advisory Agreement between the Trust (on behalf of the Tactical Advantage ETF) and Toroso Investments, LLC](http://www.sec.gov/Archives/edgar/data/1924868/000138713123004540/ex99-dix.htm), previously filed with Post-Effective Amendment No. 72 on Form N-1A on April 6, 2023 and is incorporated herein by reference. |
| (vii) | [Investment Advisory Agreement between the Trust (on behalf of the Veridien Climate Action ETF) and Toroso Investments, LLC](http://www.sec.gov/Archives/edgar/data/1924868/000183988223009341/ex99-dx.htm), previously filed with Post-Effective Amendment No. 74 on Form N-1A on April 11, 2023 and is incorporated herein by reference. |
| (viii) | [Investment Advisory Agreement between the Trust (on behalf of the Return Stacked<sup>®</sup> Bonds & Managed Futures ETF and Return Stacked<sup>®</sup> Global Stocks & Bonds ETF) and Toroso Investments, LLC](http://www.sec.gov/Archives/edgar/data/1924868/000138713123001445/ex99-dx.htm), previously filed with Post-Effective Amendment No. 56 on Form N-1A on February 6, 2023 and is incorporated herein by reference. |

---

(i) [First amendment to the Investment Advisory Agreement adding Return Stacked<sup>®</sup> U.S. Stocks & Managed Futures ETF](http://www.sec.gov/Archives/edgar/data/1924868/000138713123010574/ex99-dxii.htm), previously filed with Post-Effective Amendment No. 118 on Form N-1A on August 29, 2023 and is incorporated herein by reference.

---

| | |
|:---|:---|
|  | (ii) [Second Amendment to the Investment Advisory Agreement adding Return Stacked<sup>®</sup> Bonds & Futures Yield ETF and Return Stacked<sup>®</sup> U.S. Stocks & Futures Yield ETF](http://www.sec.gov/Archives/edgar/data/1924868/000199937124004978/ex99-dixii.htm), previously filed with Post-Effective Amendment No. 204 on Form N-1A on April 19, 2024 and is incorporated herein by reference. |
|  | (iii) [Third Amendment to the Investment Advisory Agreement adding Return Stacked® Bonds & Merger Arbitrage ETF](http://www.sec.gov/Archives/edgar/data/1924868/000183988224045295/ex99-dixiii.htm), previously filed with Post-Effective Amendment No. 291 on Form N-1A on December 16, 2024 and is incorporated herein by reference. |
|  | (iv) [Fifth Amendment to the Investment Advisory Agreement adding Return Stacked<sup>®</sup> U.S. Stocks & Gold/Bitcoin ETF](http://www.sec.gov/Archives/edgar/data/1924868/000199937125006665/ex99-dviiiiv.htm) – previously filed with Post-Effective Amendment No. 355 on Form N-1A on May 27, 2025 and is incorporated herein by reference. |
| (ix) | [Investment Advisory Agreement between the Trust (on behalf of the DGA Absolute Return ETF) and Toroso Investments, LLC](http://www.sec.gov/Archives/edgar/data/1924868/000138713123004751/ex99-dxii.htm), previously filed with Post-Effective Amendment No. 79 on April 14, 2023. |
| (x) | [Investment Advisory Agreement between the Trust (on behalf of the Tactical Advantage ETF) and Toroso Investments, LLC](http://www.sec.gov/Archives/edgar/data/1924868/000138713123004540/ex99-dix.htm), previously filed with Post-Effective Amendment No. 72 on April 6, 2023. |
| (xi) | [Investment Advisory Agreement between the Trust (on behalf of the Roundhill Generative AI & Technology ETF) and Toroso Investments, LLC](http://www.sec.gov/Archives/edgar/data/1924868/000138713123006448/ex99-dxv.htm), previously filed with Post-Effective Amendment No. 88 on Form N-1A on May 12, 2023 and is incorporated herein by reference. |
| (xii) | [Investment Advisory Agreement between the Trust (on behalf of the Blueprint Chesapeake Multi-Asset Trend ETF) and Toroso Investments, LLC](http://www.sec.gov/Archives/edgar/data/1924868/000138713123007903/ex99-dxvii.htm), previously filed with Post-Effective Amendment No. 102 on Form N-1A on June 27, 2023 and is incorporated herein by reference. |
| (xiii) | [Investment Advisory Agreement between the Trust (on behalf of Cboe Validus S&P 500 Dynamic PutWrite Index ETF) and Toroso Investments, LLC](http://www.sec.gov/Archives/edgar/data/1924868/000138713123008622/ex99-dxviii.htm), previously filed with Post-Effective Amendment No. 107 on Form N-1A on July 25, 2023 and incorporated herein by reference. |
| (xiv) | [Investment Advisory Agreement between the Trust (on behalf of the Grizzle Growth ETF) and Toroso Investments, LLC](http://www.sec.gov/Archives/edgar/data/1924868/000138713123009390/ex99-dxix.htm), previously filed with Post-Effective Amendment No. 109 on Form N-1A on August 7, 2023 and is incorporated herein by reference. |
| (xv) | [Investment Advisory Agreement between the Trust (on behalf of CoreValues Alpha Greater China Growth ETF) and Toroso Investments, LLC,](http://www.sec.gov/Archives/edgar/data/1924868/000138713123011378/ex99-dxx.htm) previously filed with Post-Effective Amendment No. 124 on Form N-1A on September 20, 2023 and is incorporated herein by reference. |
| (xvi) | [Investment Advisory Agreement between the Trust (on behalf of Defiance Nasdaq 100 Target 30 Income ETF, Defiance S&P 500 Target 30 Income ETF and Defiance R2000 Target 30 Income ETF) and Toroso Investments, LLC](http://www.sec.gov/Archives/edgar/data/1924868/000138713123010338/ex99-dxxi.htm), previously filed with Post-Effective Amendment No. 117 on Form N-1A on August 25, 2023 and is incorporated herein by reference. |
|  | (i) [First Amendment to Investment Advisory Agreement to add the following series: Defiance Treasury Alternative Yield ETF](http://www.sec.gov/Archives/edgar/data/1924868/000199937124000690/ex99-dxxii.htm), previously filed with Post-Effective Amendment No. 155 on Form N-1A on January 23, 2024 and is incorporated herein by reference. |
|  | (ii) [Second Amendment to the Investment Advisory Agreement to add the following series: (for the Defiance Developed Markets Enhanced Options Income ETF, Defiance Emerging Markets Enhanced Options Income ETF, Defiance Nasdaq 100 Target Income ETF, Defiance S&P 500 Target Income ETF and Defiance R2000 Target Income ETF) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1924868/000199937124001388/ex99-dxxiii.htm), previously filed with Post-Effective Amendment No. 165 on Form N-1A on February 1, 2024 and is incorporated herein by reference. |
|  | (iii) [Third Amendment to the Investment Advisory Agreement (on behalf of the Defiance Nasdaq 100 Target Income ETF, Defiance S&P 500 Target Income ETF and Defiance R2000 Target Income ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124002792/ex99-dxviiiiii.htm), previously filed with Post-Effective Amendment No. 177 on Form N-1A on February 28, 2024, and is incorporated herein by reference. |
|  | (iv) [Fourth Amendment to the Investment Advisory Agreement to add the following series: (for the Defiance Gold Enhanced Options Income ETF, Defiance Silver Enhanced Options Income ETF, Defiance Oil Enhanced Options Income ETF, and Defiance Treasury Enhanced Options Income ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124005390/ex99-dxviiiiv.htm), previously filed with Post-Effective Amendment No. 206 on Form N-1A on April 29, 2024 and is incorporated herein by reference. |
|  | (v) [Fifth Amendment to the Investment Advisory Agreement to add the following series: (for the Defiance Daily Target 2X Long Copper ETF, Defiance Daily Target 2X Long RIOT ETF (formerly known as Defiance Daily Target 2X Long Carbon ETF), Defiance Daily Target 2X Long China Dragons ETF (formerly known as Defiance Daily Target 2X Long Lithium ETF), Defiance Daily Target 2X Long Solar ETF, Defiance Daily Target 2X Long Uranium ETF, Defiance Daily Target 2X Long LLY ETF, Defiance Daily Target 2X Long MSTR ETF, Defiance Daily Target 2X Long NVO ETF, Defiance Daily Target 2X Long AVGO ETF, Defiance Daily Target 2X Long SMCI ETF and Defiance Daily Target 2X Short MSTR ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124006473/ex99-dxviiiv.htm), previously filed with Post-Effective Amendment No. 216 on Form N-1A on May 22, 2024 and is incorporated herein by reference. |

---

---

| |
|:---|
| (vi) [Eighth Amendment to the Investment Advisory Agreement to add the following series: (on behalf of Defiance Large Cap ex-Mag 7 ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124013272/ex99-dxviiivi.htm), previously filed with Post-Effective Amendment No. 266 on Form N-1A on October 11, 2024 and is incorporated herein by reference. |
| (vii) [Ninth Amendment to the Investment Advisory Agreement to add the following series: (on behalf of Defiance Daily Target 2X Long SOFI ETF, Defiance Daily Target 2X Long AMAT ETF, Defiance Daily Target 2X Long GOLD ETF, Defiance Daily Target 2X Long ORCL ETF, Defiance Daily Target 2X Long FSLR ETF, Defiance Daily Target 2X Long DKNG ETF, Defiance Hot Sauce Daily 2X Strategy ETF and Defiance AI & Power Infrastructure ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988225001947/ex99-dxviii.htm), previously filed with Post-Effective Amendment No. 299 on Form N-1A on January 14, 2025 and is incorporated herein by reference. |

---

---

| | |
|:---|:---|
|  | (viii) [Tenth Amendment to the Investment Advisory Agreement to add the following series: (on behalf of Defiance Daily Target 2X Long HIMS ETF, Defiance Daily Target 2X Long IONQ ETF, Defiance Daily Target 2X Long RKLB ETF, Defiance Daily Target 2X Long CVNA ETF, Defiance Daily Target 2X Long HOOD ETF, Defiance Daily Target 2X Long VST ETF, Defiance Daily Target 2X Long JPM ETF, Defiance Daily Target 2X Long PENN ETF, Defiance Daily Target 2X Long SOUN ETF, Defiance Daily Target 2X Long MRVL ETF, Defiance Daily Target 2X Long RGTI ETF, Defiance Leveraged Long MSTR ETF, Defiance Leveraged Long + Income MSTR ETF, Defiance Daily Target 2X Short RIOT ETF, Defiance Daily Target 2X Short SMCI ETF and Defiance Daily Target 2X Short LLY ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988225014844/ex99-dxviiviii.htm) previously filed with Post-Effective Amendment No. 327 on Form N-1A on March 11, 2025 and is incorporated herein by reference. |
|  | (ix) [Eleventh Amendment to the Investment Advisory Agreement to add the following series: (on behalf of Defiance Daily Target 2X Long DJT ETF, Defiance Daily Target 2X Long RDDT ETF, Defiance Trillion Dollar Club Index ET, Defiance Nasdaq 100 LightningSpread™ Income ETF, Defiance S&P 500 LightningSpread™ Income ETF, Defiance Russell 2000 LightningSpread™ Income ETF, Defiance Daily Target 2X Short CVNA ETF, Defiance Daily Target 2X Short IONQ ETF, Defiance Daily Target 2X Short PLTR ETF, Defiance Daily Target 2X Short RKLB ETF, Defiance Daily Target 2X Long ANET ETF, Defiance Daily Target 2X Long ARM ETF, Defiance Daily Target 2X Long PM ETF, and Defiance Daily Target 2X Long UBER ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125004019/ex99-dxviix.htm), previously filed with Post-Effective Amendment No. 339 on Form N-1A on April 8, 2025 and is incorporated herein by reference. |
|  | (x) [Twelfth Amendment to the Investment Advisory Agreement to add the following series: (on behalf of Defiance 2X Daily Long Pure Quantum ETF, Defiance MAGA Seven ETF, Defiance Daily Target 2X Long OKLO ETF, Defiance Daily Target 2X Long QBTS ETF, Defiance Daily Target 2X Short RGTI ETF, Defiance Daily Target 2X Short QBTS ETF and Defiance Nasdaq 100 Double Short Hedged ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125007863/ex99-dxvix.htm) **–** previously filed with Post-Effective Amendment No. 366 on Form N-1A on June 17, 2025 and is incorporated herein by reference. |
|  | (xi) [Thirteenth Amendment to the Investment Advisory Agreement to add the following series: (on behalf of Defiance Vol Carry Hedged ETF, Defiance Enhanced Short Vol ETF, Defiance Enhanced Long Vol ETF, Defiance Leveraged Long + Income AAPL ETF, Defiance Leveraged Long + Income AMD ETF, Defiance Leveraged Long + Income AMZN ETF, Defiance Leveraged Long + Income BRK.B ETF, Defiance Leveraged Long + Income COIN ETF, Defiance Leveraged Long + Income GOOG ETF, Defiance Leveraged Long + Income HIMS ETF, Defiance Leveraged Long + Income HOOD ETF, Defiance Leveraged Long + Income META ETF, Defiance Leveraged Long + Income NFLX ETF, Defiance Leveraged Long + Income NVDA ETF, Defiance Leveraged Long + Income PLTR ETF, Defiance Leveraged Long + Income SMCI ETF and Defiance Leveraged Long + Income TSLA ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125009118/ex99-dxvixi.htm) – previously filed with Post-Effective Amendment No. 382 on Form N-1A on July 15, 2025, is hereby incorporated by reference**.** |
|  | (xii) Fourteenth Amendment to the Investment Advisory Agreement to add the following series: (on behalf of Defiance Leveraged Long + Income CRCL ETF, Defiance Leveraged Long + Income CRWV ETF, Defiance Leveraged Long + Income GLXY ETF, Defiance Leveraged Long + Income Magnificent Seven ETF, Defiance Leveraged Long + Income Nasdaq 100 ETF, Defiance Leveraged Long + Income S&P 500 ETF, Defiance Leveraged Long + Income Ethereum ETF and Defiance Leveraged Long + Income Bitcoin ETF) – **to be filed by amendment.** |
|  | (xiii) Fifteenth Amendment to the Investment Advisory Agreement to add the following series: (on behalf of Defiance Daily Target 2X Long ALAB ETF, Defiance Daily Target 2X Long APLD ETF, Defiance Daily Target 2X Long AVAV ETF, Defiance Daily Target 2X Long JOBY ETF, Defiance Daily Target 2X Long KTOS ETF, Defiance Daily Target 2X Long LMND ETF, Defiance Daily Target 2X Long NBIS ETF, Defiance Daily Target 2X Long NVTS ETF, Defiance Daily Target 2X Long OSCR ETF, Defiance Daily Target 2X Long PONY ETF, Defiance Daily Target 2X Long RCAT ETF, Defiance Daily Target 2X Long RBRK ETF and Defiance Daily Target 2X Long ZETA ETF) – **to be filed by amendment.** |
|  | (xiv) Sixteenth Amendment to the Investment Advisory Agreement to add the following series: (on behalf of Defiance SCHD Target 15 Income ETF) – **to be filed by amendment.** |
|  | (xv) Seventeenth Amendment to the Investment Advisory Agreement to add the following series: (on behalf of Defiance Daily Target 2X Long ET ETF, Defiance Daily Target 2X Long FIG ETF, Defiance Daily Target 2X Long IREN ETF, Defiance Daily Target 2X Long MP ETF and Defiance Daily Target 2X Long QS ETF) – **to be filed by amendment.** |
| (xvii) | [Investment Advisory Agreement between the Trust (on behalf of Hilton Small-MidCap Opportunity ETF) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1924868/000199937123000397/ex99-dxxii.htm), previously filed with Post-Effective Amendment No. 135 on Form N-1A on November 20, 2023 and is incorporated herein by reference. |
|  | (i) [First Amendment to the Investment Advisory Agreement adding Hilton BDC Corporate Bond ETF](http://www.sec.gov/Archives/edgar/data/1924868/000199937125007009/ex99-dxvii.htm), previously filed with Post-Effective Amendment No. 356 on Form N-1A on June 2, 2025 and is incorporated herein by reference. |
| (xviii) | [Investment Advisory Agreement between the Trust (for the Quantify Absolute Income ETF) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1924868/000199937124004487/ex99-dxx.htm), previously filed with Post-Effective Amendment No. 197 on Form N-1A on April 5, 2024 and is incorporated herein by reference. |
|  | (i) [First Amendment to the Investment Advisory Agreement to add the following series: (for STKd 100% Bitcoin & 100% Gold ETF) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1924868/000199937124012244/ex99-dxxi.htm), previously filed with Post-Effective Amendment No. 264 on Form N-1A on September 23, 2024 and is incorporated herein by reference. |

---

---

| | |
|:---|:---|
|  | (ii) [Second Amendment to the Investment Advisory Agreement to add the following series: (for the STKd 100% COIN & 100% NVDA ETF, STKd 100% NVDA & 100% MSTR ETF, STKd 100% MSTR & 100% COIN ETF, STKd 100% COIN & 100% HOOD ETF, STKd 100% NVDA & 100% AMD ETF, STKd 100% TSLA & 100% MSTR ETF, STKd 100% TSLA & 100% NVDA ETF, STKd 100% SMCI & 100% NVDA ETF, STKd 100% UBER & 100% TSLA ETF and STKd 100% META & 100% AMZN ETF) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1924868/000183988225010423/ex99-dxxii.htm), previously filed with Post-Effective Amendment No. 316 on Form N-1A on February 24, 2025 and is incorporated herein by reference. |
| (xix) | [Investment Advisory Agreement between the Trust (for the iREIT – MarketVector Quality REIT Index ETF) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1924868/000199937124002955/ex99-dxxi.htm), previously filed with Post-Effective Amendment No. 181 on Form N-1A on February 29, 2024 and is incorporated herein by reference. |
| (xx) | [Investment Advisory Agreement between the Trust (for Even Herd Long Short ETF) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1924868/000199937124003975/ex99-dxxiii.htm), previously filed with Post-Effective Amendment No. 194 on Form N-1A on March 26, 2024 and is incorporated herein by reference. |
| (xxi) | [Investment Advisory Agreement between the Trust (for Peerless Option Wheel ETF) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1924868/000199937124005938/ex99-dxxiv.htm), previously filed with Post-Effective Amendment No. 211 on Form N-1A on May 10, 2024 and is incorporated herein by reference. |
| (xxii) | [Investment Advisory Agreement between the Trust (for Clockwise Core Equity & Innovation ETF) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1924868/000199937124007338/ex99-dxxvi.htm) – previously filed with Post-Effective Amendment No. 224 on Form N-1A on June 11, 2024 and is incorporated herein by reference**.** |
| (xxiii) | [Investment Advisory Agreement between the Trust (for Cambria Chesapeake Pure Trend ETF) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1924868/000199937124006405/ex99-dxxvii.htm), previously filed with Post-Effective Amendment No. 213 on Form N-1A on May 21, 2024 and is incorporated herein by reference. |
| (xxiv) | Investment Advisory Agreement between the Trust (for LevMax™ AMZN [Monthly 3x1] ETF, LevMax™ Bitcoin [Monthly 3x1] ETF, LevMax™ BRK-B [Monthly 3x1] ETF, LevMax™ COIN [Monthly 3x1] ETF, LevMax™ HOOD [Monthly 3x1] ETF, LevMax™ MSFT [Monthly 3x1] ETF, LevMax™ MSTR [Monthly 3x1] ETF, LevMax™ NVDA [Monthly 3x1] ETF, LevMax™ PLTR [Monthly 3x1] ETF, LevMax™ RDDT [Monthly 3x1] ETF, LevMax™ SMCI [Monthly 3x1] ETF and LevMax™ TSLA [Monthly 3x1] ETF) and Tidal Investments LLC – **to be filed by amendment.** |
| (xxv) | [Investment Sub-Advisory Agreement between Toroso Investments, LLC and Carbon Collective Investing, LLC (for the Carbon Collective Climate Solutions U.S. Equity ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713122007650/ex99-dii.htm), previously filed with the Trusts registration statement on Form N-1A/A on July 12, 2022, is hereby incorporated by reference. |
|  | (a) [First Amendment to Investment Advisory Agreement to add the following series: Carbon Collective Short Duration Green Bond ETF](http://www.sec.gov/Archives/edgar/data/1924868/000199937124004345/ex99-dia.htm), previously filed with Post-Effective Amendment No. 196 on Form N-1A on April 2, 2024 and is incorporated herein by reference. |
| (xxvi) | [Investment Sub-Advisory Agreement between Toroso Investments, LLC and Nicholas Wealth, LLC (for the Nicholas Fixed Income Alternative ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713122011714/ex99-dxiv.htm), previously filed with Post-Effective Amendment No. 34 on Form N-1A on November 22, 2022 and is incorporated herein by reference. |
|  | (i) [First Amendment to the Sub-Advisory Agreement adding: Nicholas Global Equity and Income ETF](http://www.sec.gov/Archives/edgar/data/1924868/000199937124008919/ex99-dxxxii.htm) – previously filed with Post-Effective Amendment No. 238 on Form N-1A on July 23, 2024 and is incorporated herein by reference. |
|  | [(ii) Second Amendment to the Sub-Advisory Agreement adding: Nicholas Crypto Income ETF](http://www.sec.gov/Archives/edgar/data/1924868/000199937125007547/ex99-dxxviii.htm)**,** previously filed with Post-Effective Amendment No. 363 on Form N-1A on June 10, 2025 and is incorporated herein by reference. |
| (xxvii) | [Investment Sub-Advisory Agreement between Toroso Investments, LLC and Pinnacle Family Advisors, LLC (for the Pinnacle Focused Opportunities ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988222030436/ex99-dxvi.htm) previously filed with Post-Effective Amendment No. 45 on Form N-1A on December 28, 2022 and is incorporated herein by reference. |
| (xxviii) | [Investment Sub-Advisory Agreement between Toroso Investments, LLC and Family Dynasty Advisors LLC (for the Tactical Advantage ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123004540/ex99-dxxii.htm), previously filed with Post-Effective Amendment No. 72 on Form N-1A on April 6, 2023 and is incorporated herein by reference. |
| (xxix) | [Investment Sub-Advisory Agreement between Tidal Investments LLC and Newfound Research LLC (for the Return Stacked® Bonds & Managed Futures ETF, Return Stacked® Global Stocks & Bonds ETF, Return Stacked® U.S. Stocks & Managed Futures ETF, Return Stacked<sup>®</sup> Bonds & Futures Yield ETF, Return Stacked<sup>®</sup> U.S. Equity & Futures Yield ETF and Return Stacked<sup>®</sup> Bonds & Merger Arbitrage ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988224045295/ex99-dxxxv.htm), previously filed with Post-Effective Amendment No. 291 on Form N-1A on December 16, 2024 and is incorporated herein by reference. |

---

---

| |
|:---|
| [(i) First Amendment to the Investment Sub-Advisory Agreement between Tidal Investment LLC and Newfound Research LLC (for the Return Stacked<sup>®</sup> U.S. Stocks & Gold/Bitcoin ETF) – previously filed with Post-Effective Amendment No. 342 on Form N-1A on April 25, 2025 and is incorporated herein by reference](http://www.sec.gov/Archives/edgar/data/1924868/000199937125004740/ex99-dxxviiii.htm). |
| (ii) [Second Amendment to the Investment Sub-Advisory Agreement between Tidal Investment LLC and Newfound Research LLC (for the Return Stacked® Bonds & Managed Futures ETF, Return Stacked® Global Stocks & Bonds ETF, Return Stacked<sup>®</sup> U.S. Stocks & Managed Futures ETF, Return Stacked<sup>®</sup> Bonds & Futures Yield ETF, Return Stacked<sup>®</sup> U.S. Equity & Futures Yield ETF, Return Stacked<sup>®</sup> Bonds & Merger Arbitrage ETF and Return Stacked<sup>®</sup> U.S. Stocks & Gold/Bitcoin ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125006665/ex99-dxxviiii.htm), previously filed with Post-Effective Amendment No. 355 on Form N-1A on May 27, 2025 and is incorporated herein by reference. |

---

---

| | |
|:---|:---|
| (xxx) | [Investment Sub-Advisory Agreement between Toroso Investments, LLC and Montrose Estate Capital Management, LLC d/b/a Days Global Advisors (for the DGA Absolute Return ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123004751/ex99-dxxvi.htm), previously filed with Post-Effective Amendment No. 79 on April 14, 2023. |
| (xxxi) | [Investment Sub-Advisory Agreement between Toroso Investments, LLC and Veridien Global Investors LLC (for the Veridien Climate Action ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988223009341/ex99-dxxvi.htm), previously filed with Post-Effective Amendment No. 74 on Form N-1A on April 11, 2023 and is incorporated herein by reference. |
| (xxxii) | [Investment Sub-Advisory Agreement between Toroso Investments, LLC and Roundhill Financial Inc. (for the Roundhill Generative AI & Technology ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123006448/ex99-dxxviii.htm), previously filed with Post-Effective Amendment No. 88 on Form N-1A on May 12, 2023 and is incorporated herein by reference. |
| (xxxiii) | [Investment Sub-Advisory Agreement between Toroso Investments, LLC and Chesapeake Capital Corporation (for the Blueprint Chesapeake Multi-Asset Trend ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123007903/ex99-dxxxiii.htm), previously filed with Post-Effective Amendment No. 102 on Form N-1A on June 27, 2023 and is incorporated herein by reference. |
| (xxxiv) | [Investment Sub-Advisory Agreement between Toroso Investments, LLC and Blueprint Fund Management, LLC (for the Blueprint Chesapeake Multi-Asset Trend ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123007903/ex99-dxxxiv.htm), previously filed with Post-Effective Amendment No. 102 on Form N-1A on June 27, 2023 and is incorporated herein by reference. |
| (xxxv) | [Investment Sub-Advisory Agreement between Toroso Investments, LLC and Grizzle Investment Management LLC (for the Grizzle Growth ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123009390/ex99-dxxxiii.htm), previously filed with Post-Effective Amendment No. 109 on Form N-1A on August 7, 2023 and is incorporated herein by reference. |
| (xxxvi) | [Investment Sub-Advisory Agreement between Toroso Investments, LLC and Cambria Investment Management, L.P. (for the Grizzle Growth ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123009390/ex99-dxxxix.htm), previously filed with Post-Effective Amendment No. 109 on Form N-1A on August 7, 2023 and is incorporated herein by reference. |
| (xxxvii) | [Investment Sub-Advisory Agreement between Toroso Investments, LLC and MSA Power Funds LLC (for the CoreValues Alpha Greater China Growth ETF](http://www.sec.gov/Archives/edgar/data/1924868/000138713123011378/ex99-dxxxix.htm), previously filed with Post-Effective Amendment No. 124 on Form N-1A on September 20, 2023 and is incorporated herein by reference. |
| (xxxviii) | [Investment Sub-Advisory Agreement between Tidal Investments LLC and Hilton Capital Management, LLC (on behalf of Hilton Small-MidCap Opportunity ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937123000397/ex99-dxliii.htm), previously filed with Post-Effective Amendment No. 135 on Form N-1A on November 20, 2023 and is incorporated herein by reference. <br> (i) [First Amendment to the Sub-Advisory Agreement Adding: Hilton BDC Corporate Bond ETF](http://www.sec.gov/Archives/edgar/data/1924868/000199937125007009/ex99-dxxxvi.htm), previously filed with Post-Effective Amendment No. 356 on Form N-1A on June 2, 2025 and is incorporated herein by reference..  |
| (xxxix) | [Investment Sub-Advisory Agreement between Tidal Investments LLC and Quantify Chaos Advisors, LLC (for the Quantify Absolute Income ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124004487/ex99-dxlvii.htm), previously filed with Post-Effective Amendment No. 197 on Form N-1A on April 5, 2024 and is incorporated herein by reference. |
|  | (i) [First Amendment to the Sub-Advisory Agreement Adding: STKd 100% Bitcoin & 100% Gold ETF](http://www.sec.gov/Archives/edgar/data/1924868/000199937124013272/ex99-dxlviii.htm), previously filed with Post-Effective Amendment No. 266 on Form N-1A on October 11, 2024 and is incorporated herein by reference. |
|  | (ii) [Second Amendment to the Sub-Advisory Agreement Adding: STKd 100% COIN & 100% NVDA ETF, STKd 100% NVDA & 100% MSTR ETF, STKd 100% MSTR & 100% COIN ETF, STKd 100% COIN & 100% HOOD ETF, STKd 100% NVDA & 100% AMD ETF, STKd 100% TSLA & 100% MSTR ETF, STKd 100% TSLA & 100% NVDA ETF, STKd 100% SMCI & 100% NVDA ETF, STKd 100% UBER & 100% TSLA ETF and STKd 100% META & 100% AMZN ETF](http://www.sec.gov/Archives/edgar/data/1924868/000183988225010423/ex99-dxliiii.htm), previously filed with Post-Effective Amendment No. 316 on Form N-1A on February 24, 2025 and is incorporated herein by reference. |
| (xl) | [Investment Sub-Advisory Agreement between Tidal Investments LLC and Artesian Capital Management (Delaware) LP (for Carbon Collective Short Duration Green Bond ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124004345/ex99-dl.htm), previously filed with Post-Effective Amendment No. 196 on Form N-1A on April 2, 2024 and is incorporated herein by reference. |
| (xli) | [Investment Sub-Advisory Agreement between Tidal Investments LLC and Even Herd, LLC (for Even Herd Long Short ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124003975/ex99-dli.htm), previously filed with Post-Effective Amendment No. 194 on Form N-1A on March 26, 2024 and is incorporated herein by reference. |
| (xlii) | [Investment Sub-Advisory Agreement between Tidal Investments LLC and Peerless Wealth LLC (for Peerless Option Wheel ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124005938/ex99-dlii.htm), previously filed with Post-Effective Amendment No. 211 on Form N-1A on May 10, 2024 and is incorporated herein by reference. |
| (xliii) | [Investment Sub-Advisory Agreement between Tidal Investments LLC and Clockwise Capital LLC (for Clockwise Core Equity & Innovation ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124015723/ex99-dli.htm), previously filed with Post-Effective Amendment No. 295 on Form N-1A on December 23, 2024 and is incorporated herein by reference. |
| (xliv) | [Investment Sub-Advisory Agreement between Tidal Investments LLC and Chesapeake Capital Corporation (for Cambria Chesapeake Pure Trend ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124006405/ex99-dliv.htm), previously filed with Post-Effective Amendment No. 213 on Form N-1A on May 21, 2024 and is incorporated herein by reference. |
| (xlv) | [Investment Sub-Advisory Agreement between Tidal Investments LLC and Cambria Investment Management, L.P (for Cambria Chesapeake Pure Trend ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124006405/ex99-dlv.htm), previously filed with Post-Effective Amendment No. 213 on Form N-1A on May 21, 2024 and is incorporated herein by reference. |

---

(e) (i) [Distribution Agreement between the Trust and Foreside Fund Services, LLC](http://www.sec.gov/Archives/edgar/data/1924868/000138713122007650/ex99-ei.htm) , previously filed with the Trusts' registration statement on
 Form N-1A/A on July 12, 2022, is hereby incorporated by reference. (1) [First Amendment to the Distribution Agreement (adding YieldMax<sup>®</sup> AAPL Option Income ETF, YieldMax<sup>®</sup> AMZN Option Income Strategy ETF, YieldMax<sup>®</sup> BRK.B Option Income Strategy ETF, YieldMax<sup>®</sup> COIN Option Income Strategy ETF, YieldMax<sup>®</sup> META Option Income Strategy ETF, YieldMax<sup>®</sup> GOOG Option Income Strategy ETF, YieldMax<sup>®</sup>NFLX Option Income Strategy ETF, YieldMax<sup>®</sup> NVDA Option Income Strategy ETF, YieldMax<sup>®</sup>XYZ Option Income Strategy ETF, YieldMax<sup>®</sup> TSLA Option Income Strategy ETF, YieldMax<sup>®</sup> ARKK Option Income Strategy ETF, YieldMax<sup>®</sup> KWEB Option Income Strategy ETF, YieldMax<sup>®</sup> GDX Option Income Strategy ETF, YieldMax<sup>®</sup> XBI Option Income Strategy ETF, and YieldMax<sup>®</sup> TLT Option Income Strategy ETF, and Senior Secured Credit Opportunities ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713122010432/ex99-ei1.htm) , previously filed with
 Post-Effective Amendment No. 15 on Form N-1A on October 13, 2022 and is incorporated herein by reference.

---

| |
|:---|
| (2) [Third Amendment to the Distribution Agreement (adding Nicholas Fixed Income Alternative ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713122011714/ex99-ei3.htm), previously filed with Post-Effective Amendment No. 34 on Form N-1A on November 22, 2022 and is incorporated herein by reference. |
| (3) [Fourth Amendment to the Distribution Agreement (adding Pinnacle Focused Opportunities ETF and Veridien Climate Action ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988222030436/ex99-ei4.htm), previously filed with Post-Effective Amendment No. 45 on Form N-1A on December 28, 2022 and is incorporated herein by reference. |
| (4) [Fifth Amendment to the Distribution Agreement (adding Return Stacked<sup>®</sup> Bonds & Managed Futures ETF and Return Stacked<sup>®</sup> Global Stocks & Bonds ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123001445/ex99-ei5.htm), previously filed with Post-Effective Amendment No. 56 on Form N-1A on February 6, 2023 and is incorporated herein by reference. |
| (5) [Sixth Amendment to the Distribution Agreement (adding DGA Absolute Return ETF and Tactical Advantage ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123004540/ex99-ei6.htm), previously filed with Post-Effective Amendment No. 72 on Form N-1A on April 6, 2023 and is incorporated herein by reference. |
| (6) [Seventh Amendment to the Distribution Agreement (adding Roundhill Generative AI & Technology ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123005837/ex99-ei7.htm), previously filed with Post-Effective Amendment No. 83 on Form N-1A on May 2, 2023 and is incorporated herein by reference. |
| (7) [Eighth Amendment to the Distribution Agreement (adding Blueprint Chesapeake Multi-Asset Trend ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123007903/ex99-ei.htm), previously filed with Post-Effective Amendment No. 102 on Form N-1A on June 27, 2023 and is incorporated herein by reference. |
| (8) [Ninth Amendment to the Distribution Agreement (adding Cboe Validus S&P 500 Dynamic PutWrite Index ETF, Grizzle Growth ETF, YieldMax<sup>®</sup> MSTR Option Income Strategy ETF, YieldMax<sup>®</sup> ABNB Option Income Strategy ETF, YieldMax<sup>®</sup> AMD Option Income Strategy ETF, YieldMax<sup>®</sup> MRNA Option Income Strategy ETF, YieldMax<sup>®</sup> PYPL Option Income Strategy ETF, YieldMax<sup>®</sup> DIS Option Income Strategy ETF, YieldMax<sup>®</sup> JPM Option Income Strategy ETF, YieldMax<sup>®</sup> MSFT Option Income Strategy ETF, and YieldMax<sup>®</sup> XOM Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123008622/ex99-ei9.htm), previously filed with Post-Effective Amendment No. 107 on Form N-1A on July 25, 2023 and is incorporated herein by reference. |
| (9) [Tenth Amendment to the Distribution Agreement (adding Return Stacked<sup>®</sup> U.S. Stocks & Managed Futures ETF, Defiance Nasdaq 100 Target 30 Income ETF, Defiance S&P 500 Target 30 Income ETF and Defiance R2000 Target 30 Income ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123010338/ex99-ei10.htm), previously filed with Post-Effective Amendment No. 117 on Form N-1A on August 25, 2023 and is incorporated herein by reference. |
| (10) [Eleventh Amendment to the Distribution Agreement (adding CoreValues Alpha Greater China Growth ETF, YieldMax<sup>®</sup> ADBE Option Income Strategy ETF, YieldMax<sup>®</sup> AI Option Income Strategy ETF, YieldMax<sup>®</sup> BA Option Income Strategy ETF, YieldMax<sup>®</sup> BIIB Option Income Strategy ETF, YieldMax<sup>®</sup> INTC Option Income Strategy ETF, YieldMax<sup>®</sup> NKE Option Income Strategy ETF, YieldMax<sup>®</sup> ORCL Option Income Strategy ETF, YieldMax<sup>®</sup> ROKU Option Income Strategy ETF, YieldMax<sup>®</sup> SNOW Option Income Strategy ETF, YieldMax<sup>®</sup> TGT Option Income Strategy ETF and YieldMax<sup>®</sup> ZM Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123012010/ex99-ei11.htm), previously filed with Post-Effective Amendment No. 130 on Form N-1A on October 6, 2023 and is incorporated herein by reference. |

---

---

| |
|:---|
| (11) [Twelfth Amendment to the Distribution Agreement (adding Hilton Small-MidCap Opportunity ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124000178/ex99-ei12.htm), previously filed with Post-Effective Amendment No. 153 on Form N-1A on January 8, 2024 and is incorporated herein by reference. |
| (12) [Thirteenth Amendment to the Distribution Agreement (adding YieldMax<sup>®</sup> Universe Fund of Option Income ETFs, YieldMax<sup>®</sup> Magnificent 7 Fund of Option Income ETFs and Defiance Treasury Alternative Yield ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124000178/ex99-ei13.htm), previously filed with Post-Effective Amendment No. 153 on Form N-1A on January 8, 2024 and is incorporated herein by reference. |
| (13) [Fourteenth Amendment to the Distribution Agreement (adding Defiance Developed Markets Enhanced Options Income ETF, Defiance Emerging Markets Enhanced Options Income ETF, Defiance Nasdaq 100 Target Income ETF, Defiance S&P 500 Target Income ETF, Defiance R2000 Target Income ETF Quantify Absolute Income ETF, iREIT – MarketVector Quality REIT Index ETF, YieldMax<sup>®</sup> Ultra Option Income Strategy ETF and YieldMax<sup>®</sup> MSTR Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124001388/ex99-ei15.htm), previously filed with Post-Effective Amendment No. 165 on Form N-1A on February 1, 2024 and is incorporated herein by reference. |
| (14) [Fifteenth Amendment to the Distribution Agreement (adding YieldMax<sup>®</sup> TSLA Short Option Income Strategy ETF, YieldMax<sup>®</sup> Innovation Short Option Income Strategy ETF, YieldMax<sup>®</sup> NVDA Short Option Income Strategy ETF, YieldMax<sup>®</sup> COIN Short Option Income Strategy ETF and YieldMax<sup>®</sup> AAPL Short Option Income Strategy ETF, YieldMax<sup>®</sup> N100 Short Option Income Strategy ETF and Carbon Collective Short Duration Green Bond ETF),](http://www.sec.gov/Archives/edgar/data/1924868/000199937124003038/ex99-ei15.htm) previously filed with Post-Effective Amendment No. 182 on Form N-1A on March 4, 2024 and is incorporated herein by reference. |
| (15) [Sixteenth Amendment to the Distribution Agreement (adding Even Herd Long Short ETF, Peerless Option Wheel ETF, Return Stacked<sup>®</sup> Bonds & Futures Yield ETF, Return Stacked<sup>®</sup> U.S. Equity & Futures Yield ETF and YieldMax<sup>®</sup> Bitcoin Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124003975/ex99-ei16.htm), previously filed with Post-Effective Amendment No. 194 on Form N-1A on March 26, 2024 and is incorporated herein by reference. |

---

---

| |
|:---|
| (16) [Seventeenth Amendment to the Distribution Agreement (adding Defiance Gold Enhanced Options Income ETF, Defiance Silver Enhanced Options Income ETF, Defiance Oil Enhanced Options Income ETF, Defiance Treasury Enhanced Options Income ETF and Clockwise Core Equity & Innovation ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124005390/ex99-ei17.htm), previously filed with Post-Effective Amendment No. 206 on Form N-1A on April 29, 2024 and is incorporated herein by reference. |
| (17) [Eighteenth Amendment to the Distribution Agreement (adding Cambria Chesapeake Pure Trend ETF, Defiance Daily Target 2X Short MSTR ETF, Defiance Daily Target 2X Long RIOT ETF (formerly known as Defiance Daily Target 2X Long Carbon ETF), Defiance Daily Target 2X Long Copper ETF, Defiance Daily Target 2X Long China Dragons ETF (formerly known as Defiance Daily Target 2X Long Lithium ETF), Defiance Daily Target 2x Long LLY ETF, Defiance Daily Target 2X Long MSTR ETF, Defiance Daily Target 2X Long NVO ETF, Defiance Daily Target 2X Long AVGO ETF, Defiance Daily Target 2X Long SMCI ETF, Defiance Daily Target 2X Long Solar ETF and Defiance Daily Target 2x Long Uranium ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124006405/ex99-ei18.htm), previously filed with Post-Effective Amendment No. 213 on Form N-1A on May 21, 2024 and is incorporated herein by reference. |
| (18) [Nineteenth Amendment to the Distribution Agreement (adding Nicholas Global Equity and Income ETF, YieldMax<sup>®</sup> BABA Option Income Strategy ETF, YieldMax<sup>®</sup> CVNA Option Income Strategy ETF, YieldMax<sup>®</sup> DKNG Option Income Strategy ETF, YieldMax<sup>®</sup> HOOD Option Income Strategy ETF, YieldMax<sup>®</sup> JD Option Income Strategy ETF, YieldMax<sup>®</sup> MARA Option Income Strategy ETF, YieldMax<sup>®</sup> PDD Option Income Strategy ETF, YieldMax<sup>®</sup> PLTR Option Income Strategy ETF, YieldMax<sup>®</sup> RBLX Option Income Strategy ETF, YieldMax<sup>®</sup> SHOP Option Income Strategy ETF, YieldMax<sup>®</sup> SMCI Option Income Strategy ETF, and YieldMax<sup>®</sup> TSM Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124008818/ex99-ei19.htm), previously filed with Post-Effective Amendment No. 237 on Form N-1A on July 18, 2024 and is incorporated herein by reference. |
| (19) [Twentieth Amendment to the Distribution Agreement (adding YieldMax<sup>®</sup> Ether Option Income Strategy ETF, STKd 100% Bitcoin & 100% Gold ETF and Defiance Large Cap ex-Mag 7 ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124011660/ex99-ei20.htm), previously filed with Post-Effective Amendment No. 259 on Form N-1A on September 9, 2024, and is incorporated herein by reference. |
| (20) [Twenty-First Amendment to the Distribution Agreement (adding YieldMax<sup>®</sup> Target 12™ Semiconductor Option Income ETF, YieldMax<sup>®</sup> Target 12™ Biotech & Pharma Option Income ETF, YieldMax<sup>®</sup> Target 12™ Energy Option Income ETF, YieldMax<sup>®</sup> Target 12™ Real Estate Option Income ETF, YieldMax<sup>®</sup> Target 12™ Tech & Innovation Option Income ETF, YieldMax<sup>®</sup> Target 12™ Big 50 Option Income ETF, YieldMax<sup>®</sup> Dorsey Wright Hybrid 5 Income ETF, YieldMax<sup>®</sup> Dorsey Wright Featured 5 Income ETF, YieldMax<sup>®</sup> AI & Tech Portfolio Option Income ETF, YieldMax<sup>®</sup> Crypto Industry & Tech Portfolio Option Income ETF, YieldMax<sup>®</sup> China Portfolio Option Income ETF, YieldMax<sup>®</sup> Semiconductor Portfolio Option Income ETF, YieldMax<sup>®</sup> Biotech & Pharma Portfolio Option Income ETF, YieldMax<sup>®</sup> Ultra Short Option Income Strategy ETF and Return Stacked<sup>®</sup> Bonds & Merger Arbitrage ETF](http://www.sec.gov/Archives/edgar/data/1924868/000183988224040788/ex99-ei21.htm), previously filed with Post-Effective Amendment No. 280 on Form N-1A on November 22, 2024, and is incorporated herein by reference. |
| (21) [Twenty-Second Amendment to the Distribution Agreement (adding Defiance Daily Target 2X Long SOFI ETF, Defiance Daily Target 2X Long AMAT ETF, Defiance Daily Target 2X Long GOLD ETF, Defiance Daily Target 2X Long ORCL ETF, Defiance Daily Target 2X Long FSLR ETF and Defiance Daily Target 2X Long DKNG ETF, Defiance Hot Sauce Daily 2X Strategy ETF, Defiance AI & Power Infrastructure ETF, YieldMax<sup>®</sup> Nasdaq 100 0DTE Covered Call Strategy ETF, YieldMax<sup>®</sup> S&P 500 0DTE Covered Call Strategy ETF and YieldMax<sup>®</sup> R2000 0DTE Covered Call Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988225001947/ex99-ei22.htm), previously filed with Post-Effective Amendment No. 299 on Form N-1A on January 14, 2025 and is incorporated herein by reference. |
| (22) [Twenty-Third Amendment to the Distribution Agreement (adding STKd 100% COIN & 100% NVDA ETF, STKd 100% NVDA & 100% MSTR ETF, STKd 100% MSTR & 100% COIN ETF, STKd 100% COIN & 100% HOOD ETF, STKd 100% NVDA & 100% AMD ETF, STKd 100% TSLA & 100% MSTR ETF, STKd 100% TSLA & 100% NVDA ETF, STKd 100% SMCI & 100% NVDA ETF, STKd 100% UBER & 100% TSLA ETF, STKd 100% META & 100% AMZN ETF, Defiance Leveraged Long MSTR ETF, Defiance Leveraged Long + Income MSTR ETF, Defiance Daily Target 2X Long HIMS ETF, Defiance Daily Target 2X Long IONQ ETF, Defiance Daily Target 2X Long RKLB ETF, Defiance Daily Target 2X Long CVNA ETF, Defiance Daily Target 2X Long HOOD ETF, Defiance Daily Target 2X Long VST ETF, Defiance Daily Target 2X Long JPM ETF, Defiance Daily Target 2X Long PENN ETF, Defiance Daily Target 2X Long SOUN ETF, Defiance Daily Target 2X Long MRVL ETF, Defiance Daily Target 2X Long RGTI ETF, Defiance Daily Target 2X Short RIOT ETF, Defiance Daily Target 2X Short SMCI ETF, Defiance Daily Target 2X Short LLY ETF, YieldMax<sup>®</sup> MSTR Short Option Income Strategy ETF, YieldMax<sup>®</sup> AMD Short Option Income Strategy ETF, YieldMax<sup>®</sup> AMZN Short Option Income Strategy ETF, YieldMax<sup>®</sup> MARA Short Option Income Strategy ETF, YieldMax<sup>®</sup> Bitcoin Short Option Income Strategy ETF, YieldMax<sup>®</sup> META Short Option Income Strategy ETF and YieldMax<sup>®</sup> SMCI Short Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988225014844/ex99-ei23.htm) previously filed with Post-Effective Amendment No. 327 on Form N-1A on March 11, 2025 and is incorporated herein by reference. |
| (23) [Twenty-Fourth Amendment to the Distribution Agreement (adding Defiance Daily Target 2X Long DJT ETF, Defiance Daily Target 2X Long RDDT ETF, Return Stacked® U.S. Stocks & Gold/Bitcoin ETF, Defiance Trillion Dollar Club Index ETF, Defiance Nasdaq 100 LightningSpread™ Income ETF, Defiance S&P 500 LightningSpread™ Income ETF, Defiance Russell 2000 LightningSpread™ Income ETF, YieldMax<sup>®</sup> Target 25™ AI Option Income ETF, YieldMax<sup>®</sup> Target 25™ AMD Option Income ETF, YieldMax<sup>®</sup> Target 25™ AMZN Option Income ETF, YieldMax<sup>®</sup> Target 25™ COIN Option Income ETF, YieldMax<sup>®</sup> Target 25™ MARA Option Income ETF, YieldMax<sup>®</sup> Target 25™ MSTR Option Income ETF, YieldMax<sup>®</sup> Target 25™ NVDA Option Income ETF, YieldMax<sup>®</sup> Target 25™ PLTR Option Income ETF, YieldMax<sup>®</sup> Target 25™ SMCI Option Income ETF, YieldMax<sup>®</sup> Target 25™ TSLA Option Income ETF, Defiance Daily Target 2X Short CVNA ETF, Defiance Daily Target 2X Short IONQ ETF, Defiance Daily Target 2X Short PLTR ETF, Defiance Daily Target 2X Short RKLB ETF, Defiance Daily Target 2X Long ANET ETF, Defiance Daily Target 2X Long ARM ETF, Defiance Daily Target 2X Long PM ETF, Defiance Daily Target 2X Long UBER ETF, Hilton BDC Corporate Bond ETF and Nicholas Crypto Income ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125004019/ex99-ei23.htm), previously filed with Post-Effective Amendment No. 339 on Form N-1A on April 8, 2025 and is incorporated herein by reference. |

---

---

| | | |
|:---|:---|:---|
|  |  | (24) [Twenty-Fifth Amendment to the Distribution Agreement (adding Defiance 2X Daily Long Pure Quantum ETF, Defiance MAGA Seven ETF, Defiance Daily Target 2X Long OKLO ETF, Defiance Daily Target 2X Long QBTS ETF, Defiance Daily Target 2X Short RGTI ETF, Defiance Daily Target 2X Short QBTS ETF and Defiance Nasdaq 100 Double Short Hedged ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125007863/ex99-ei24.htm), previously filed with Post-Effective Amendment No. 366 on Form N-1A on June 17, 2025 and is incorporated herein by reference**.** |
|  |  | (25) [Twenty-Sixth Amendment to the Distribution Agreement (adding Defiance Vol Carry Hedged ETF, Defiance Enhanced Short Vol ETF, Defiance Enhanced Long Vol ETF, YieldMax<sup>®</sup> AFRM Option Income Strategy ETF, YieldMax<sup>®</sup> APP Option Income Strategy ETF, YieldMax<sup>®</sup> ARM Option Income Strategy ETF, YieldMax<sup>®</sup> AVGO Option Income Strategy ETF, YieldMax<sup>®</sup> CRWD Option Income Strategy ETF, YieldMax<sup>®</sup> GME Option Income Strategy ETF, YieldMax<sup>®</sup> HIMS Option Income Strategy ETF, YieldMax<sup>®</sup> IONQ Option Income Strategy ETF, YieldMax<sup>®</sup> LLY Option Income Strategy ETF, YieldMax<sup>®</sup> RDDT Option Income Strategy ETF, YieldMax<sup>®</sup> SPOT Option Income Strategy ETF, YieldMax<sup>®</sup> UBER Option Income Strategy ETF, Defiance Leveraged Long + Income AAPL ETF, Defiance Leveraged Long + Income AMD ETF, Defiance Leveraged Long + Income AMZN ETF, Defiance Leveraged Long + Income BRK.B ETF, Defiance Leveraged Long + Income COIN ETF, Defiance Leveraged Long + Income GOOG ETF, Defiance Leveraged Long + Income HIMS ETF, Defiance Leveraged Long + Income HOOD ETF, Defiance Leveraged Long + Income META ETF, Defiance Leveraged Long + Income NFLX ETF, Defiance Leveraged Long + Income NVDA ETF, Defiance Leveraged Long + Income PLTR ETF, Defiance Leveraged Long + Income SMCI ETF, Defiance Leveraged Long + Income TSLA ETF, LevMax™ AMZN \[Monthly 3x1\] ETF, LevMax™ Bitcoin \[Monthly 3x1\] ETF, LevMax™ BRK-B \[Monthly 3x1\] ETF, LevMax™ COIN \[Monthly 3x1\] ETF, LevMax™ HOOD \[Monthly 3x1\] ETF, LevMax™ MSFT \[Monthly 3x1\] ETF, LevMax™ MSTR \[Monthly 3x1\] ETF, LevMax™ NVDA \[Monthly 3x1\] ETF, LevMax™ PLTR \[Monthly 3x1\] ETF, LevMax™ RDDT \[Monthly 3x1\] ETF, LevMax™ SMCI \[Monthly 3x1\] ETF and LevMax™ TSLA \[Monthly 3x1\] ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125009118/ex99-ei25.htm), previously filed with Post-Effective Amendment No. 382 on Form N-1A on July 15, 2025, is hereby incorporated by reference. |
|  |  | (26) Twenty-Seventh Amendment to the Distribution Agreement (adding YieldMax® CRCL Option Income Strategy ETF, YieldMax® CRWV Option Income Strategy ETF, and YieldMax® GLXY Option Income Strategy ETF) – **to be filed by amendment.** |
|  |  | (27) Twenty-Eighth Amendment to the Distribution Agreement (adding Defiance Leveraged Long + Income CRCL ETF, Defiance Leveraged Long + Income CRWV ETF, Defiance Leveraged Long + Income GLXY ETF, Defiance Leveraged Long + Income Magnificent Seven ETF, Defiance Leveraged Long + Income Nasdaq 100 ETF, Defiance Leveraged Long + Income S&P 500 ETF, Defiance Leveraged Long + Income Ethereum ETF and Defiance Leveraged Long + Income Bitcoin ETF) – **to be filed by amendment.** |
|  |  | (28) Twenty-Ninth Amendment to the Distribution Agreement (adding YieldMax<sup>®</sup> SCHD DoubleDiv™ ETF) – **to be filed by amendment.** |
|  |  | (29) Thirtieth Amendment to the Distribution Agreement (adding Defiance Daily Target 2X Long ALAB ETF, Defiance Daily Target 2X Long APLD ETF, Defiance Daily Target 2X Long AVAV ETF, Defiance Daily Target 2X Long JOBY ETF, Defiance Daily Target 2X Long KTOS ETF, Defiance Daily Target 2X Long LMND ETF, Defiance Daily Target 2X Long NBIS ETF, Defiance Daily Target 2X Long NVTS ETF, Defiance Daily Target 2X Long OSCR ETF, Defiance Daily Target 2X Long PONY ETF, Defiance Daily Target 2X Long RCAT ETF, Defiance Daily Target 2X Long RBRK ETF and Defiance Daily Target 2X Long ZETA ETF) – **to be filed by amendment** |
|  |  | (30) Thirty-First Amendment to the Distribution Agreement (adding Defiance SCHD Target 15 Income ETF) – **to be filed by amendment.** |
|  |  | (31) Thirty-Second Amendment to the Distribution Agreement (adding Defiance Daily Target 2X Long ET ETF, Defiance Daily Target 2X Long FIG ETF, Defiance Daily Target 2X Long IREN ETF, Defiance Daily Target 2X Long MP ETF and Defiance Daily Target 2X Long QS ETF) – **to be filed by amendment** |
|  | (ii) | [Distribution Agreement between the Trust and ALPS Distributors, Inc. (on behalf of Cambria Chesapeake Pure Trend ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125003807/ex99-eii.htm), previously filed with Post-Effective Amendment No. 338 on Form N-1A on April 4, 2025 and is incorporated herein by reference. |
|  | (iii) | [Form of Authorized Participant Agreement](http://www.sec.gov/Archives/edgar/data/1924868/000138713122007650/ex99-eii.htm), previously filed with the Trusts registration statement on Form N-1A/A on July 12, 2022, is hereby incorporated by reference. |
|  | (iv) | [Distribution Services Agreement between Toroso Investments, LLC and Foreside Fund Services, LLC](http://www.sec.gov/Archives/edgar/data/1924868/000138713122007650/ex99-eiii.htm), previously filed with the Trusts registration statement on Form N-1A/A on July 12, 2022, is hereby incorporated by reference. |
| (f) |  | Not applicable. |

---

---

| | |
|:---|:---|
| (g) | (i) |
|  | (1) [First Amendment to the Custodian Agreement (adding YieldMax<sup>®</sup> AAPL Option Income Strategy ETF, YieldMax<sup>®</sup> AMZN Option Income Strategy ETF, YieldMax<sup>®</sup> BRK.B Option Income Strategy ETF, YieldMax<sup>®</sup> COIN Option Income Strategy ETF, YieldMax<sup>®</sup> META Option Income Strategy ETF, YieldMax<sup>®</sup> GOOG Option Income Strategy ETF, YieldMax<sup>®</sup> NFLX Option Income Strategy ETF, YieldMax<sup>®</sup> NVDA Option Income Strategy ETF, YieldMax<sup>®</sup> XYZ Option Income Strategy ETF, and YieldMax<sup>®</sup> TSLA Option Income ETF, YieldMax<sup>®</sup> ARKK Option Income ETF, YieldMax<sup>®</sup> KWEB Option Income ETF, YieldMax<sup>®</sup> GDX Option Income Strategy ETF, YieldMax<sup>®</sup> XBI Option Income Strategy ETF, and YieldMax<sup>®</sup> TLT Option Income Strategy ETF, and Senior Secured Credit Opportunities ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713122010432/ex99-g1.htm), previously filed with Post-Effective Amendment No. 15 on Form N-1A on October 13, 2022 and is incorporated herein by reference. |

---

---

| |
|:---|
| (2) [Third Amendment to the Custodian Agreement (adding Nicholas Fixed Income Alternative ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988225010628/ex99-gi3.htm), previously filed with Post-Effective Amendment No. 318 on Form N-1A on February 24, 2025 and is incorporated herein by reference. |
| (3) [Fourth Amendment to the Custodian Agreement (adding Pinnacle Focused Opportunities ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988222030436/ex99-g4.htm), previously filed with Post-Effective Amendment No. 45 on Form N-1A on December 28, 2022 and is incorporated herein by reference. |
| (4) [Fifth Amendment to the Custodian Agreement (adding Return Stacked<sup>®</sup> Bonds & Managed Futures ETF and Return Stacked<sup>®</sup> Global Stocks & Bonds ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123001445/ex99-gi5.htm) previously filed with Post-Effective Amendment No. 56 on Form N-1A on February 6, 2023 and is incorporated herein by reference. |
| (5) [Sixth Amendment to the Custodian Agreement (adding DGA Absolute Return ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123004540/ex99-gi6.htm), previously filed with Post-Effective Amendment No. 72 on Form N-1A on April 6, 2023 and is incorporated herein by reference. |
| (6) [Seventh Amendment to the Custodian Agreement (adding Tactical Advantage ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123004540/ex99-gi7.htm), previously filed with Post-Effective Amendment No. 72 on Form N-1A on April 6, 2023 and is incorporated herein by reference. |
| (7) [Eighth Amendment to the Custodian Agreement (adding Roundhill Generative AI & Technology ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123005837/ex99-gi8.htm), previously filed with Post-Effective Amendment No. 83 on Form N-1A on May 2, 2023 and is incorporated herein by reference. |
| (8) [Ninth Amendment to the Custodian Agreement (adding Blueprint Chesapeake Multi-Asset Trend ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123007903/ex99-gi.htm), previously filed with Post-Effective Amendment No. 102 on Form N-1A on June 27, 2023 and is incorporated herein by reference. |
| (9) [Tenth Amendment to the Custodian Agreement (adding Cboe Validus S&P 500 Dynamic PutWrite Index ETF, Grizzle Growth ETF, YieldMax<sup>®</sup> MSTR Option Income Strategy ETF, YieldMax<sup>®</sup> ABNB Option Income Strategy ETF, YieldMax<sup>®</sup> AMD Option Income Strategy ETF, YieldMax<sup>®</sup> MRNA Option Income Strategy ETF, YieldMax<sup>®</sup> PYPL Option Income Strategy ETF, YieldMax<sup>®</sup> DIS Option Income Strategy ETF, YieldMax<sup>®</sup> JPM Option Income Strategy ETF, YieldMax<sup>®</sup> MSFT Option Income Strategy ETF, and YieldMax<sup>®</sup> XOM Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123008622/ex99-gi10.htm), previously filed with Post-Effective Amendment No. 107 on Form N-1A on July 25, 2023 and is incorporated herein by reference. |
| (10) [Eleventh Amendment to the Custodian Agreement (adding Return Stacked<sup>®</sup> U.S. Stocks & Managed Futures ETF, Defiance Nasdaq 100 Target 30 Income ETF, Defiance S&P 500 Target 30 Income ETF and Defiance R2000 Target 30 Income ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123010338/ex99-gi11.htm), previously filed with Post-Effective Amendment No. 117 on Form N-1A on August 25, 2023 and is incorporated herein by reference. |
| (11) [Twelfth Amendment to the Custodian Agreement (adding CoreValues Alpha Greater China Growth ETF, YieldMax<sup>®</sup> ADBE Option Income Strategy ETF, YieldMax<sup>®</sup> AI Option Income Strategy ETF, YieldMax<sup>®</sup> BA Option Income Strategy ETF, YieldMax<sup>®</sup> BIIB Option Income Strategy ETF, YieldMax<sup>®</sup> INTC Option Income Strategy ETF, YieldMax<sup>®</sup> NKE Option Income Strategy ETF, YieldMax<sup>®</sup> ORCL Option Income Strategy ETF, YieldMax<sup>®</sup> ROKU Option Income Strategy ETF, YieldMax<sup>®</sup> SNOW Option Income Strategy ETF, YieldMax<sup>®</sup> TGT Option Income Strategy ETF and YieldMax<sup>®</sup> ZM Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123012010/ex99-gi12.htm), previously filed with Post-Effective Amendment No. 130 on Form N-1A on October 6, 2023 and is incorporated herein by reference. |
| (12) [Thirteenth Amendment to the Custodian Agreement (adding Hilton Small-MidCap Opportunity ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937123000397/ex99-gi13.htm), previously filed with Post-Effective Amendment No. 135 on Form N-1A on November 20, 2023 and is incorporated herein by reference. |
| (13) [Fourteenth Amendment to the Custodian Agreement (adding YieldMax<sup>®</sup> Universe Fund of Option Income ETFs, YieldMax<sup>®</sup> Magnificent 7 Fund of Option Income ETFs and Defiance Treasury Alternative Yield ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124000178/ex99-gi14.htm), previously filed with Post-Effective Amendment No. 153 on Form N-1A on January 8, 2024 and is incorporated herein by reference. |
| (14) [Fifteenth Amendment to the Custodian Agreement](http://www.sec.gov/Archives/edgar/data/1924868/000199937124002461/ex99-gi15.htm) [(adding Defiance Developed Markets Enhanced Options Income ETF, Defiance Emerging Markets Enhanced Options Income ETF, Defiance Nasdaq 100 Target Income ETF, Defiance S&P 500 Target Income ETF, Defiance R2000 Target Income ETF Quantify Absolute Income ETF, iREIT - MarketVector Quality REIT Index ETF, YieldMax<sup>®</sup> Ultra Option Income Strategy ETF and YieldMax<sup>®</sup> MSTR Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124002461/ex99-gi15.htm), previously filed with Post-Effective Amendment No. 171 on Form N-1A on February 16, 2024 and is incorporated herein by reference. |
| (15) [Sixteenth Amendment to the Custodian Agreement (adding YieldMax<sup>®</sup> TSLA Short Option Income Strategy ETF, YieldMax<sup>®</sup> Innovation Short Option Income Strategy ETF, YieldMax<sup>®</sup> NVDA Short Option Income Strategy ETF, YieldMax<sup>®</sup> COIN Short Option Income Strategy ETF, YieldMax<sup>®</sup> AAPL Short Option Income Strategy ETF, YieldMax<sup>®</sup> N100 Short Option Income Strategy ETF and Carbon Collective Short Duration Green Bond ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124003038/ex99-gi16.htm), previously filed with Post-Effective Amendment No. 182 on Form N-1A on March 4, 2024 and is incorporated herein by reference. |
| (16) [Seventeenth Amendment to the Custodian Agreement (adding Even Herd Long Short ETF, Peerless Option Wheel ETF, Return Stacked<sup>®</sup> Bonds & Futures Yield ETF, Return Stacked<sup>®</sup> U.S. Equity & Futures Yield ETF and YieldMax<sup>®</sup> Bitcoin Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124003975/ex99-gi17.htm), previously filed with Post-Effective Amendment No. 194 on Form N-1A on March 26, 2024 and is incorporated herein by reference. |

---

---

| |
|:---|
| (17) [Eighteenth Amendment to the Custodian Agreement (adding Defiance Gold Enhanced Options Income ETF, Defiance Silver Enhanced Options Income ETF, Defiance Oil Enhanced Options Income ETF, Defiance Treasury Enhanced Options Income ETF and Clockwise Core Equity & Innovation ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124005390/ex99-gi18.htm), previously filed with Post-Effective Amendment No. 206 on Form N-1A on April 29, 2024 and is incorporated herein by reference. |
| (18) [Nineteenth Amendment to the Custodian Agreement (adding Cambria Chesapeake Pure Trend ETF, Defiance Daily Target 2X Short MSTR ETF, Defiance Daily Target 2X Long RIOT ETF (formerly known as Defiance Daily Target 2X Long Carbon ETF), Defiance Daily Target 2X Long Copper ETF, Defiance Daily Target 2X Long China Dragons ETF (formerly known as Defiance Daily Target 2X Long Lithium ETF), Defiance Daily Target 2X Long LLY ETF, Defiance Daily Target 2X Long MSTR ETF, Defiance Daily Target 2X Long NVO ETF, Defiance Daily Target 2X Long AVGO ETF, Defiance Daily Target 2X Long SMCI ETF, Defiance Daily Target 2X Long Solar ETF and Defiance Daily Target 2X Long Uranium ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124006405/ex99-gi19.htm), previously filed with Post-Effective Amendment No. 213 on Form N-1A on May 21, 2024 and is incorporated herein by reference. |
| (19) [Twentieth Amendment to the Custodian Agreement (adding Nicholas Global Equity and Income ETF, YieldMax<sup>®</sup> BABA Option Income Strategy ETF, YieldMax<sup>®</sup> CVNA Option Income Strategy ETF, YieldMax<sup>®</sup> DKNG Option Income Strategy ETF, YieldMax<sup>®</sup> HOOD Option Income Strategy ETF, YieldMax<sup>®</sup> JD Option Income Strategy ETF, YieldMax<sup>®</sup> MARA Option Income Strategy ETF, YieldMax<sup>®</sup> PDD Option Income Strategy ETF, YieldMax<sup>®</sup> PLTR Option Income Strategy ETF, YieldMax<sup>®</sup> RBLX Option Income Strategy ETF, YieldMax<sup>®</sup> SHOP Option Income Strategy ETF, YieldMax<sup>®</sup> SMCI Option Income Strategy ETF, and YieldMax<sup>®</sup> TSM Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124008818/ex99-gi20.htm), previously filed with Post-Effective Amendment No. 237 on Form N-1A on July 18, 2024 and is incorporated herein by reference. |
| (20) [Twenty-First Amendment to the Custodian Agreement (adding YieldMax<sup>®</sup> Ether Option Income Strategy ETF, STKd 100% Bitcoin & 100% Gold ETF and Defiance Large Cap ex-Mag 7 ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124012089/ex99-gi21.htm), previously filed with Post-Effective Amendment No. 261 on Form N-1A on September 18, 2024, and is incorporated herein by reference. |
| (21) [Twenty-Second Amendment to the Custodian Agreement (adding YieldMax<sup>®</sup> Target 12™ Semiconductor Option Income ETF, YieldMax<sup>®</sup> Target 12™ Biotech & Pharma Option Income ETF, YieldMax<sup>®</sup> Target 12™ Energy Option Income ETF, YieldMax<sup>®</sup> Target 12™ Real Estate Option Income ETF, YieldMax<sup>®</sup> Target 12™ Tech & Innovation Option Income ETF, YieldMax<sup>®</sup> Target 12™ Big 50 Option Income ETF, YieldMax<sup>®</sup> Dorsey Wright Hybrid 5 Income ETF, YieldMax<sup>®</sup> Dorsey Wright Featured 5 Income ETF, YieldMax<sup>®</sup> AI & Tech Portfolio Option Income ETF, YieldMax<sup>®</sup> Crypto Industry & Tech Portfolio Option Income ETF, YieldMax<sup>®</sup> China Portfolio Option Income ETF, YieldMax<sup>®</sup> Semiconductor Portfolio Option Income ETF, YieldMax<sup>®</sup> Biotech & Pharma Portfolio Option Income ETF, YieldMax<sup>®</sup> Ultra Short Option Income Strategy ETF and Return Stacked<sup>®</sup> Bonds & Merger Arbitrage ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988224040788/ex99-gi22.htm), previously filed with Post-Effective Amendment No. 280 on Form N-1A on November 22, 2024, and is incorporated herein by reference. |
| (22) [Twenty-Third Amendment to the Custodian Agreement (adding Defiance Daily Target 2X Long SOFI ETF, Defiance Daily Target 2X Long AMAT ETF, Defiance Daily Target 2X Long GOLD ETF, Defiance Daily Target 2X Long ORCL ETF, Defiance Daily Target 2X Long FSLR ETF, Defiance Daily Target 2X Long DKNG ETF, Defiance Hot Sauce Daily 2X Strategy ETF, Defiance AI & Power Infrastructure ETF, YieldMax<sup>®</sup> Nasdaq 100 0DTE Covered Call Strategy ETF, YieldMax<sup>®</sup> S&P 500 0DTE Covered Call Strategy ETF and YieldMax<sup>®</sup> R2000 0DTE Covered Call Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988225001947/ex99-gi23.htm), previously filed with Post-Effective Amendment No. 299 on Form N-1A on January 14, 2025 and is incorporated herein by reference. |
| (23) [Twenty-Fourth Amendment to the Custodian Agreement (adding STKd 100% COIN & 100% NVDA ETF, STKd 100% NVDA & 100% MSTR ETF, STKd 100% MSTR & 100% COIN ETF, STKd 100% COIN & 100% HOOD ETF, STKd 100% NVDA & 100% AMD ETF, STKd 100% TSLA & 100% MSTR ETF, STKd 100% TSLA & 100% NVDA ETF, STKd 100% SMCI & 100% NVDA ETF, STKd 100% UBER & 100% TSLA ETF and STKd 100% META & 100% AMZN ETF, Defiance Leveraged Long MSTR ETF, Defiance Leveraged Long + Income MSTR ETF, Defiance Daily Target 2X Long HIMS ETF, Defiance Daily Target 2X Long IONQ ETF, Defiance Daily Target 2X Long RKLB ETF, Defiance Daily Target 2X Long CVNA ETF, Defiance Daily Target 2X Long HOOD ETF, Defiance Daily Target 2X Long VST ETF, Defiance Daily Target 2X Long JPM ETF, Defiance Daily Target 2X Long PENN ETF, Defiance Daily Target 2X Long SOUN ETF, Defiance Daily Target 2X Long MRVL ETF, Defiance Daily Target 2X Long RGTI ETF, YieldMax<sup>®</sup> MSTR Short Option Income Strategy ETF, YieldMax<sup>®</sup> AMD Short Option Income Strategy ETF, YieldMax<sup>®</sup> AMZN Short Option Income Strategy ETF, YieldMax<sup>®</sup> MARA Short Option Income Strategy ETF, YieldMax<sup>®</sup> Bitcoin Short Option Income Strategy ETF, YieldMax<sup>®</sup> META Short Option Income Strategy ETF and YieldMax<sup>®</sup> SMCI Short Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988225010423/ex99-gi24.htm), previously filed with Post-Effective Amendment No. 316 on Form N-1A on February 24, 2025 and is incorporated herein by reference. |
| (24) [Twenty-Fifth Amendment to the Custodian Agreement (adding Defiance Daily Target 2X Short RIOT ETF, Defiance Daily Target 2X Short SMCI ETF and Defiance Daily Target 2X Short LLY ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125003437/ex99-gi25.htm), previously filed with Post-Effective Amendment No. 336 on Form N-1A on March 31, 2025 and is incorporated herein by reference. |
| [(25) Twenty-Sixth Amendment to the Custodian Agreement (adding Defiance Daily Target 2X Long DJT ETF, Defiance Daily Target 2X Long RDDT ETF, Return Stacked® U.S. Stocks & Gold/Bitcoin ETF, Defiance Trillion Dollar Club Index ETF, Defiance Nasdaq 100 LightningSpread™ Income ETF, Defiance S&P 500 LightningSpread™ Income ETF, Defiance Russell 2000 LightningSpread™ Income ETF, YieldMax<sup>®</sup> Target 25™ AI Option Income ETF, YieldMax<sup>®</sup> Target 25™ AMD Option Income ETF, YieldMax<sup>®</sup> Target 25™ AMZN Option Income ETF, YieldMax<sup>®</sup> Target 25™ COIN Option Income ETF, YieldMax<sup>®</sup> Target 25™ MARA Option Income ETF, YieldMax<sup>®</sup> Target 25™ MSTR Option Income ETF, YieldMax<sup>®</sup> Target 25™ NVDA Option Income ETF, YieldMax<sup>®</sup> Target 25™ PLTR Option Income ETF, YieldMax<sup>®</sup> Target 25™ SMCI Option Income ETF, YieldMax<sup>®</sup> Target 25™ TSLA Option Income ETF, Defiance Daily Target 2X Short CVNA ETF, Defiance Daily Target 2X Short IONQ ETF, Defiance Daily Target 2X Short PLTR ETF, Defiance Daily Target 2X Short RKLB ETF, Defiance Daily Target 2X Long ANET ETF, Defiance Daily Target 2X Long ARM ETF, Defiance Daily Target 2X Long PM ETF, Defiance Daily Target 2X Long UBER ETF, Hilton BDC Corporate Bond ETF and Nicholas Crypto Income ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125004740/ex99-gi25.htm), previously filed with Post-Effective Amendment No. 342 on Form N-1A on April 25, 2025 and is incorporated herein by reference. |

---

---

| | |
|:---|:---|
|  | (26) [Twenty-Seventh Amendment to the Custodian Agreement (adding Defiance 2X Daily Long Pure Quantum ETF, Defiance MAGA Seven ETF, Defiance Daily Target 2X Long OKLO ETF, Defiance Daily Target 2X Long QBTS ETF, Defiance Daily Target 2X Short RGTI ETF, Defiance Daily Target 2X Short QBTS ETF and Defiance Nasdaq 100 Double Short Hedged ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125007863/ex99-gi26.htm)– previously filed with Post-Effective Amendment No. 366 on Form N-1A on June 17, 2025 and is incorporated herein by reference**.** |
|  | (27) [Twenty-Eighth Amendment to the Custodian Agreement (adding Defiance Vol Carry Hedged ETF, Defiance Enhanced Short Vol ETF, Defiance Enhanced Long Vol ETF Defiance Leveraged Long + Income AAPL ETF, Defiance Leveraged Long + Income AMD ETF, Defiance Leveraged Long + Income AMZN ETF, Defiance Leveraged Long + Income BRK.B ETF, Defiance Leveraged Long + Income COIN ETF, Defiance Leveraged Long + Income GOOG ETF, Defiance Leveraged Long + Income HIMS ETF, Defiance Leveraged Long + Income HOOD ETF, Defiance Leveraged Long + Income META ETF, Defiance Leveraged Long + Income NFLX ETF, Defiance Leveraged Long + Income NVDA ETF, Defiance Leveraged Long + Income PLTR ETF, Defiance Leveraged Long + Income SMCI ETF, Defiance Leveraged Long + Income TSLA ETF, YieldMax<sup>®</sup> AFRM Option Income Strategy ETF, YieldMax<sup>®</sup> APP Option Income Strategy ETF, YieldMax<sup>®</sup> ARM Option Income Strategy ETF, YieldMax<sup>®</sup> AVGO Option Income Strategy ETF, YieldMax<sup>®</sup> CRWD Option Income Strategy ETF, YieldMax<sup>®</sup> GME Option Income Strategy ETF, YieldMax<sup>®</sup> HIMS Option Income Strategy ETF, YieldMax<sup>®</sup> IONQ Option Income Strategy ETF, YieldMax<sup>®</sup> LLY Option Income Strategy ETF, YieldMax<sup>®</sup> RDDT Option Income Strategy ETF, YieldMax<sup>®</sup> SPOT Option Income Strategy ETF and YieldMax<sup>®</sup> UBER Option Income Strategy ETF)](https://www.sec.gov/Archives/edgar/data/1924868/000199937125010519/ex99-gi27.htm) – previously filed with Post-Effective Amendment No. 391 on Form N-1A on August 4, 2025 and is incorporated herein by reference**.** |
|  | (28) Twenty-Ninth Amendment to the Custodian Agreement (adding LevMax™ AMZN [Monthly 3x1] ETF, LevMax™ Bitcoin [Monthly 3x1] ETF, LevMax™ BRK-B [Monthly 3x1] ETF, LevMax™ COIN [Monthly 3x1] ETF, LevMax™ HOOD [Monthly 3x1] ETF, LevMax™ MSFT [Monthly 3x1] ETF, LevMax™ MSTR [Monthly 3x1] ETF, LevMax™ NVDA [Monthly 3x1] ETF, LevMax™ PLTR [Monthly 3x1] ETF, LevMax™ RDDT [Monthly 3x1] ETF, LevMax™ SMCI [Monthly 3x1] ETF and LevMax™ TSLA [Monthly 3x1] ETF) – **to be filed by amendment.** |
|  | (29) Thirtieth Amendment to the Custodian Agreement (adding YieldMax<sup>®</sup> CRCL Option Income Strategy ETF, YieldMax<sup>®</sup> CRWV Option Income Strategy ETF, and YieldMax<sup>®</sup> GLXY Option Income Strategy ETF) – **to be filed by amendment.** |
|  | (30) Thirty-First Amendment to the Custodian Agreement (adding Defiance Leveraged Long + Income CRCL ETF, Defiance Leveraged Long + Income CRWV ETF, Defiance Leveraged Long + Income GLXY ETF, Defiance Leveraged Long + Income Magnificent Seven ETF, Defiance Leveraged Long + Income Nasdaq 100 ETF, Defiance Leveraged Long + Income S&P 500 ETF, Defiance Leveraged Long + Income Ethereum ETF and Defiance Leveraged Long + Income Bitcoin ETF) – **to be filed by amendment.** |
|  | (31) Thirty-Second Amendment to the Custodian Agreement (adding YieldMax<sup>®</sup> SCHD DoubleDiv<sup>™</sup> ETF) **– to be filed by amendment.** |
|  | (32) Thirty-Third Amendment to the Custodian Agreement (adding Defiance Daily Target 2X Long ALAB ETF, Defiance Daily Target 2X Long APLD ETF, Defiance Daily Target 2X Long AVAV ETF, Defiance Daily Target 2X Long JOBY ETF, Defiance Daily Target 2X Long KTOS ETF, Defiance Daily Target 2X Long LMND ETF, Defiance Daily Target 2X Long NBIS ETF, Defiance Daily Target 2X Long NVTS ETF, Defiance Daily Target 2X Long OSCR ETF, Defiance Daily Target 2X Long PONY ETF, Defiance Daily Target 2X Long RCAT ETF, Defiance Daily Target 2X Long RBRK ETF and Defiance Daily Target 2X Long ZETA ETF) **– to be filed by amendment.** |
|  | (33) Thirty-Fourth Amendment to the Custodian Agreement (adding Defiance SCHD Target 15 Income ETF) **– to be filed by amendment.** |
|  | (34) Thirty-Fifth Amendment to the Custodian Agreement (adding Defiance Daily Target 2X Long ET ETF, Defiance Daily Target 2X Long FIG ETF, Defiance Daily Target 2X Long IREN ETF, Defiance Daily Target 2X Long MP ETF and Defiance Daily Target 2X Long QS ETF) **– to be filed by amendment.** |
| (ii) | [Semi-Transparent ETF Custody Agreement between Tidal Trust II and U.S. Bank National Association](http://www.sec.gov/Archives/edgar/data/1924868/000183988223009341/ex99-gii.htm), previously filed with Post-Effective Amendment No. 74 on Form N-1A on April 11, 2023 and is incorporated herein by reference. |
| (h) (i) | [Fund Administration Servicing Agreement between the Trust and Tidal ETF Services LLC](http://www.sec.gov/Archives/edgar/data/1924868/000138713122007650/ex99-hi.htm), previously filed with the Trusts registration statement on Form N-1A/A on July 12, 2022, is hereby incorporated by reference. |

---

---

| |
|:---|
| (1) [First Amendment to the Fund Administration Servicing Agreement (adding YieldMax<sup>®</sup> AAPL Option Income Strategy ETF, YieldMax<sup>®</sup> AMZN Option Income Strategy ETF, YieldMax<sup>®</sup> BRK.B Option Income Strategy ETF, YieldMax<sup>®</sup> COIN Option Income Strategy ETF, YieldMax<sup>®</sup> META Option Income Strategy ETF, YieldMax<sup>®</sup> GOOG Option Income Strategy ETF, YieldMax<sup>®</sup> NFLX Option Income Strategy ETF, YieldMax<sup>®</sup> NVDA Option Income Strategy ETF, YieldMax<sup>®</sup> XYZ Option Income Strategy ETF, YieldMax<sup>®</sup> TSLA Option Income Strategy ETF, YieldMax<sup>®</sup> ARKK Option Income Strategy ETF, YieldMax<sup>®</sup> KWEB Option Income Strategy ETF, YieldMax<sup>®</sup> GDX Option Income Strategy ETF, YieldMax<sup>®</sup> XBI Option Income Strategy ETF, and YieldMax<sup>®</sup> TLT Option Income Strategy ETF and Senior Secured Credit Opportunities ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713122010432/ex99-hi1.htm), previously filed with Post-Effective Amendment No. 15 on Form N-1A on October 13, 2022 and is incorporated herein by reference. |
| (2) [Third Amendment to the Fund Administration Servicing Agreement (adding Nicholas Fixed Income Alternative ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713122011714/ex99-hi3.htm), previously filed with Post-Effective Amendment No. 34 on Form N-1A on November 22, 2022 and is incorporated herein by reference. |
| (3) [Fourth Amendment to the Fund Administration Servicing Agreement (adding Pinnacle Focused Opportunities ETF and Veridien Climate Action ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988222030436/ex99-hi4.htm), previously filed with Post-Effective Amendment No. 45 on Form N-1A on December 28, 2022 and is incorporated herein by reference. |
| (4) [Fifth Amendment to the Fund Administration Servicing Agreement (adding Return Stacked<sup>®</sup> Bonds & Managed Futures ETF and Return Stacked<sup>®</sup> Global Stocks & Bonds ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123001445/ex99-hi5.htm), previously filed with Post-Effective Amendment No. 56 on Form N-1A on February 6, 2023 and is incorporated herein by reference. |
| (5) [Sixth Amendment to the Fund Administration Servicing Agreement (adding DGA Absolute Return ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123004540/ex99-hi6.htm), previously filed with Post-Effective Amendment No. 72 on Form N-1A on April 6, 2023 and is incorporated herein by reference. |
| (6) [Seventh Amendment to the Fund Administration Servicing Agreement (adding Tactical Advantage ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123004540/ex99-hi7.htm), previously filed with Post-Effective Amendment No. 72 on Form N-1A on April 6, 2023 and is incorporated herein by reference. |
| (7) [Eighth Amendment to the Fund Administration Servicing Agreement (adding Roundhill Generative AI & Technology ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123005837/ex99-hi8.htm), previously filed with Post-Effective Amendment No. 83 on Form N-1A on May 2, 2023 and is incorporated herein by reference. |
| (8) [Ninth Amendment to the Fund Administration Servicing Agreement (adding Blueprint Chesapeake Multi-Asset Trend ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123007903/ex99-hi.htm), previously filed with Post-Effective Amendment No. 102 on Form N-1A on June 27, 2023 and is incorporated herein by reference. |
| (9) [CCO Services Amendment to Fund Administration Servicing Agreement](http://www.sec.gov/Archives/edgar/data/1924868/000138713123006448/ex99-hi10.htm), previously filed with Post-Effective Amendment No. 88 on Form N-1A on May 12, 2023 and is incorporated herein by reference. |
| (10) [Tenth Amendment to the Fund Administration Servicing Agreement (adding Cboe Validus S&P 500 Dynamic PutWrite Index ETF, Grizzle Growth ETF, YieldMax<sup>®</sup> MSTR Option Income Strategy ETF, YieldMax<sup>®</sup> ABNB Option Income Strategy ETF, YieldMax<sup>®</sup> AMD Option Income Strategy ETF, YieldMax<sup>®</sup> MRNA Option Income Strategy ETF, YieldMax<sup>®</sup> PYPL Option Income Strategy ETF, YieldMax<sup>®</sup> DIS Option Income Strategy ETF, YieldMax<sup>®</sup> JPM Option Income Strategy ETF, YieldMax<sup>®</sup> MSFT Option Income Strategy ETF, and YieldMax<sup>®</sup> XOM Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123008622/ex99-hi11.htm), previously filed with Post-Effective Amendment No. 107 on Form N-1A on July 25, 2023 and is incorporated herein by reference. |
| (11) [Eleventh Amendment to the Fund Administration Servicing Agreement (adding Return Stacked<sup>®</sup> U.S. Stocks & Managed Futures ETF, Defiance Nasdaq 100 Target 30 Income ETF, Defiance S&P 500 Target 30 Income ETF and Defiance R2000 Target 30 Income ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123010338/ex99-hi12.htm), previously filed with Post-Effective Amendment No. 117 on Form N-1A on August 25, 2023 and is incorporated herein by reference. |
| (12) [Twelfth Amendment to the Fund Administration Servicing Agreement (adding CoreValues Alpha Greater China Growth ETF, YieldMax<sup>®</sup> ADBE Option Income Strategy ETF, YieldMax<sup>®</sup> AI Option Income Strategy ETF, YieldMax<sup>®</sup> BA Option Income Strategy ETF, YieldMax<sup>®</sup> BIIB Option Income Strategy ETF, YieldMax<sup>®</sup> INTC Option Income Strategy ETF, YieldMax<sup>®</sup> NKE Option Income Strategy ETF, YieldMax<sup>®</sup> ORCL Option Income Strategy ETF, YieldMax<sup>®</sup> ROKU Option Income Strategy ETF, YieldMax<sup>®</sup> SNOW Option Income Strategy ETF, YieldMax<sup>®</sup> TGT Option Income Strategy ETF and YieldMax<sup>®</sup> ZM Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123011378/ex99-hi13.htm), previously filed with Post-Effective Amendment No. 124 on Form N-1A on September 20, 2023 and is incorporated herein by reference. |
| (13) [Thirteenth Amendment to the Fund Administration Servicing Agreement (adding Hilton Small-MidCap Opportunity ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937123000397/ex99-hi14.htm), previously filed with Post-Effective Amendment No. 135 on Form N-1A on November 20, 2023 and is incorporated herein by reference. |
| (14) [Fourteenth Amendment to the Fund Administration Servicing Agreement (adding YieldMax<sup>®</sup> Universe Fund of Option Income ETFs, YieldMax<sup>®</sup> Magnificent 7 Fund of Option Income ETFs and Defiance Treasury Alternative Yield ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124000178/ex99hi15.htm), previously filed with Post-Effective Amendment No. 153 on Form N-1A on January 8, 2024 and is incorporated herein by reference. |
| (15) [Fifteenth Amendment to the Fund Administration Servicing Agreement (adding Defiance Developed Markets Enhanced Options Income ETF, Defiance Emerging Markets Enhanced Options Income ETF, Defiance Nasdaq 100 Target Income ETF, Defiance S&P 500 Target Income ETF, Defiance R2000 Target Income ETF Quantify Absolute Income ETF, iREIT - MarketVector Quality REIT Index ETF, YieldMax<sup>®</sup> Ultra Option Income Strategy ETF and YieldMax<sup>®</sup> MSTR Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124001388/ex99-hi16.htm), previously filed with Post-Effective Amendment No. 165 on Form N-1A on February 1, 2024 and is incorporated herein by reference. |

---

---

| |
|:---|
| (16) [Sixteenth Amendment to the Fund Administration Servicing Agreement (adding YieldMax<sup>®</sup> TSLA Short Option Income Strategy ETF, YieldMax<sup>®</sup> Innovation Short Option Income Strategy ETF, YieldMax<sup>®</sup> NVDA Short Option Income Strategy ETF, YieldMax<sup>®</sup> COIN Short Option Income Strategy ETF, YieldMax<sup>®</sup> AAPL Short Option Income Strategy ETF, YieldMax<sup>®</sup> N100 Short Option Income Strategy ETF and Carbon Collective Short Duration Green Bond ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124003038/ex99-hi17.htm), previously filed with Post-Effective Amendment No. 182 on Form N-1A on March 4, 2024 and is incorporated herein by reference. |
| (17) [Seventeenth Amendment to the Fund Administration Servicing Agreement (adding Even Herd Long Short ETF, Peerless Option Wheel ETF, Return Stacked<sup>®</sup> Bonds & Futures Yield ETF, Return Stacked<sup>®</sup> U.S. Equity & Futures Yield ETF and YieldMax<sup>®</sup> Bitcoin Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124003975/ex99-hi18.htm), previously filed with Post-Effective Amendment No. 194 on Form N-1A on March 26, 2024 and is incorporated herein by reference. |
| (18) [Eighteenth Amendment to the Fund Administration Servicing Agreement (adding Defiance Gold Enhanced Options Income ETF, Defiance Silver Enhanced Options Income ETF, Defiance Oil Enhanced Options Income ETF, Defiance Treasury Enhanced Options Income ETF and Clockwise Core Equity & Innovation ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124005390/ex99-hi19.htm), previously filed with Post-Effective Amendment No. 206 on Form N-1A on April 29, 2024 and is incorporated herein by reference. |
| (19) [Nineteenth Amendment to the Fund Administration Servicing Agreement (adding Cambria Chesapeake Pure Trend ETF, Defiance Daily Target 2X Short MSTR ETF, Defiance Daily Target 2X Long RIOT ETF (formerly known as Defiance Daily Target 2X Long Carbon ETF), Defiance Daily Target 2X Long Copper ETF, Defiance Daily Target 2X Long China Dragons ETF (formerly known as Defiance Daily Target 2X Long Lithium ETF), Defiance Daily Target 2X Long LLY ETF, Defiance Daily Target 2X Long MSTR ETF, Defiance Daily Target 2X Long NVO ETF, Defiance Daily Target 2X Long AVGO ETF, Defiance Daily Target 2X Long SMCI ETF, Defiance Daily Target 2X Long Solar ETF and Defiance Daily Target 2X Long Uranium ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124006405/ex99-hi20.htm), previously filed with Post-Effective Amendment No. 213 on Form N-1A on May 21, 2024 and is incorporated herein by reference. |
| (20) [Twentieth Amendment to the Fund Administration Servicing Agreement (adding Nicholas Global Equity and Income ETF, YieldMax<sup>®</sup> BABA Option Income Strategy ETF, YieldMax<sup>®</sup> CVNA Option Income Strategy ETF, YieldMax<sup>®</sup> DKNG Option Income Strategy ETF, YieldMax<sup>®</sup> HOOD Option Income Strategy ETF, YieldMax<sup>®</sup> JD Option Income Strategy ETF, YieldMax<sup>®</sup> MARA Option Income Strategy ETF, YieldMax<sup>®</sup> PDD Option Income Strategy ETF, YieldMax<sup>®</sup> PLTR Option Income Strategy ETF, YieldMax<sup>®</sup> RBLX Option Income Strategy ETF, YieldMax<sup>®</sup> SHOP Option Income Strategy ETF, YieldMax<sup>®</sup> SMCI Option Income Strategy ETF, and YieldMax<sup>®</sup> TSM Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124008818/ex99-hi21.htm), previously filed with Post-Effective Amendment No. 237 on Form N-1A on July 18, 2024 and is incorporated herein by reference. |
| (21) [Twenty-First Amendment to the Fund Administration Servicing Agreement (adding YieldMax<sup>®</sup> Ether Option Income Strategy ETF, STKd 100% Bitcoin & 100% Gold ETF and Defiance Large Cap ex-Mag 7 ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124011660/ex99-hi22.htm), previously filed with Post-Effective Amendment No. 259 on Form N-1A on September 9, 2024, and is incorporated herein by reference. |
| (22) [Twenty-Second Amendment to the Fund Administration Servicing Agreement (adding YieldMax<sup>®</sup> Target 12™ Semiconductor Option Income ETF, YieldMax<sup>®</sup> Target 12™ Biotech & Pharma Option Income ETF, YieldMax<sup>®</sup> Target 12™ Energy Option Income ETF, YieldMax<sup>®</sup> Target 12™ Real Estate Option Income ETF, YieldMax<sup>®</sup> Target 12™ Tech & Innovation Option Income ETF, YieldMax<sup>®</sup> Target 12™ Big 50 Option Income ETF, YieldMax<sup>®</sup> Dorsey Wright Hybrid 5 Income ETF, YieldMax<sup>®</sup> Dorsey Wright Featured 5 Income ETF, YieldMax<sup>®</sup> AI & Tech Portfolio Option Income ETF, YieldMax<sup>®</sup> Crypto Industry & Tech Portfolio Option Income ETF, YieldMax<sup>®</sup> China Portfolio Option Income ETF, YieldMax<sup>®</sup> Semiconductor Portfolio Option Income ETF, YieldMax<sup>®</sup> Biotech & Pharma Portfolio Option Income ETF, YieldMax<sup>®</sup> Ultra Short Option Income Strategy ETF and Return Stacked<sup>®</sup> Bonds & Merger Arbitrage ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988224040788/ex99-hi23.htm), previously filed with Post-Effective Amendment No. 280 on Form N-1A on November 22, 2024, and is incorporated herein by reference**.** |
| (23) [Twenty-Third Amendment to the Fund Administration Servicing Agreement (adding Defiance Daily Target 2X Long SOFI ETF, Defiance Daily Target 2X Long AMAT ETF, Defiance Daily Target 2X Long GOLD ETF, Defiance Daily Target 2X Long ORCL ETF, Defiance Daily Target 2X Long FSLR ETF, Defiance Daily Target 2X Long DKNG ETF, Defiance Hot Sauce Daily 2X Strategy ETF, Defiance AI & Power Infrastructure ETF, YieldMax<sup>®</sup> Nasdaq 100 0DTE Covered Call Strategy ETF, YieldMax<sup>®</sup> S&P 500 0DTE Covered Call Strategy ETF and YieldMax<sup>®</sup> R2000 0DTE Covered Call Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988225001947/ex99-hi24.htm), previously filed with Post-Effective Amendment No. 299 on Form N-1A on January 14, 2025 and is incorporated herein by reference. |

---

(24) [Twenty-Fourth Amendment to the Fund Administration Servicing Agreement (adding STKd 100% COIN & 100% NVDA ETF, STKd 100% NVDA & 100% MSTR ETF, STKd 100% MSTR & 100% COIN ETF, STKd 100% COIN & 100% HOOD ETF, STKd 100% NVDA & 100% AMD ETF, STKd 100% TSLA & 100% MSTR ETF, STKd 100% TSLA & 100% NVDA ETF, STKd 100% SMCI & 100% NVDA ETF, STKd 100% UBER & 100% TSLA ETF and STKd 100% META & 100% AMZN ETF, Defiance Leveraged Long MSTR ETF, Defiance Leveraged Long + Income MSTR ETF, Defiance Daily Target 2X Long HIMS ETF, Defiance Daily Target 2X Long IONQ ETF, Defiance Daily Target 2X Long RKLB ETF, Defiance Daily Target 2X Long CVNA ETF, Defiance Daily Target 2X Long HOOD ETF, Defiance Daily Target 2X Long VST ETF, Defiance Daily Target 2X Long JPM ETF, Defiance Daily Target 2X Long PENN ETF, Defiance Daily Target 2X Long SOUN ETF, Defiance Daily Target 2X Long MRVL ETF, Defiance Daily Target 2X Long RGTI ETF, Defiance Daily Target 2X Short RIOT ETF, Defiance Daily Target 2X Short SMCI ETF and Defiance Daily Target 2X Short LLY ETF, YieldMax<sup>®</sup> MSTR Short Option Income Strategy ETF, YieldMax<sup>®</sup> AMD Short Option Income Strategy ETF, YieldMax<sup>®</sup> AMZN Short Option Income Strategy ETF, YieldMax<sup>®</sup> MARA Short Option Income Strategy ETF, YieldMax<sup>®</sup> Bitcoin Short Option Income Strategy ETF, YieldMax<sup>®</sup> META Short Option Income Strategy ETF and YieldMax<sup>®</sup> SMCI Short Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988225010423/ex99-hi25.htm), previously filed with Post-Effective Amendment No. 316 on Form N-1A on February 24, 2025 and is incorporated herein by reference**.**

---

| |
|:---|
| (25) [Twenty-Fifth Amendment to the Fund Administration Servicing Agreement (adding Defiance Daily Target 2X Long DJT ETF, Defiance Daily Target 2X Long RDDT ETF, Return Stacked® U.S. Stocks & Gold/Bitcoin ETF, Defiance Trillion Dollar Club Index ETF, Defiance Nasdaq 100 LightningSpread™ Income ETF, Defiance S&P 500 LightningSpread™ Income ETF, Defiance Russell 2000 LightningSpread™ Income ETF, YieldMax<sup>®</sup> Target 25™ AI Option Income ETF, YieldMax<sup>®</sup> Target 25™ AMD Option Income ETF, YieldMax<sup>®</sup> Target 25™ AMZN Option Income ETF, YieldMax<sup>®</sup> Target 25™ COIN Option Income ETF, YieldMax<sup>®</sup> Target 25™ MARA Option Income ETF, YieldMax<sup>®</sup> Target 25™ MSTR Option Income ETF, YieldMax<sup>®</sup> Target 25™ NVDA Option Income ETF, YieldMax<sup>®</sup> Target 25™ PLTR Option Income ETF, YieldMax<sup>®</sup> Target 25™ SMCI Option Income ETF, YieldMax<sup>®</sup> Target 25™ TSLA Option Income ETF, Defiance Daily Target 2X Short CVNA ETF, Defiance Daily Target 2X Short IONQ ETF, Defiance Daily Target 2X Short PLTR ETF, Defiance Daily Target 2X Short RKLB ETF, Defiance Daily Target 2X Long ANET ETF, Defiance Daily Target 2X Long ARM ETF, Defiance Daily Target 2X Long PM ETF, Defiance Daily Target 2X Long UBER ETF, Hilton BDC Corporate Bond ETF and Nicholas Crypto Income ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125004019/ex99-hi25.htm), previously filed with Post-Effective Amendment No. 339 on Form N-1A on April 8, 2025 and is incorporated herein by reference. |
| (26) [Twenty-Sixth Amendment to the Fund Administration Servicing Agreement (adding Defiance 2X Daily Long Pure Quantum ETF, Defiance MAGA Seven ETF, Defiance Daily Target 2X Long OKLO ETF, Defiance Daily Target 2X Long QBTS ETF, Defiance Daily Target 2X Short RGTI ETF, Defiance Daily Target 2X Short QBTS ETF and Defiance Nasdaq 100 Double Short Hedged ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125007863/ex99-hi26.htm)**–** previously filed with Post-Effective Amendment No. 366 on Form N-1A on June 17, 2025 and is incorporated herein by reference**.** |
| (27) [Twenty-Seventh Amendment to the Fund Administration Servicing Agreement (adding Defiance Vol Carry Hedged ETF, Defiance Enhanced Short Vol ETF, Defiance Enhanced Long Vol ETF, Defiance Leveraged Long + Income AAPL ETF, Defiance Leveraged Long + Income AMD ETF, Defiance Leveraged Long + Income AMZN ETF, Defiance Leveraged Long + Income BRK.B ETF, Defiance Leveraged Long + Income COIN ETF, Defiance Leveraged Long + Income GOOG ETF, Defiance Leveraged Long + Income HIMS ETF, Defiance Leveraged Long + Income HOOD ETF, Defiance Leveraged Long + Income META ETF, Defiance Leveraged Long + Income NFLX ETF, Defiance Leveraged Long + Income NVDA ETF, Defiance Leveraged Long + Income PLTR ETF, Defiance Leveraged Long + Income SMCI ETF, Defiance Leveraged Long + Income TSLA ETF, LevMax™ AMZN \[Monthly 3x1\] ETF, LevMax™ Bitcoin \[Monthly 3x1\] ETF, LevMax™ BRK-B \[Monthly 3x1\] ETF, LevMax™ COIN \[Monthly 3x1\] ETF, LevMax™ HOOD \[Monthly 3x1\] ETF, LevMax™ MSFT \[Monthly 3x1\] ETF, LevMax™ MSTR \[Monthly 3x1\] ETF, LevMax™ NVDA \[Monthly 3x1\] ETF, LevMax™ PLTR \[Monthly 3x1\] ETF, LevMax™ RDDT \[Monthly 3x1\] ETF, LevMax™ SMCI \[Monthly 3x1\] ETF, LevMax™ TSLA \[Monthly 3x1\] ETF, YieldMax<sup>®</sup> AFRM Option Income Strategy ETF, YieldMax<sup>®</sup> APP Option Income Strategy ETF, YieldMax<sup>®</sup> ARM Option Income Strategy ETF, YieldMax<sup>®</sup> AVGO Option Income Strategy ETF, YieldMax<sup>®</sup> CRWD Option Income Strategy ETF, YieldMax<sup>®</sup> GME Option Income Strategy ETF, YieldMax<sup>®</sup> HIMS Option Income Strategy ETF, YieldMax<sup>®</sup> IONQ Option Income Strategy ETF, YieldMax<sup>®</sup> LLY Option Income Strategy ETF, YieldMax<sup>®</sup> RDDT Option Income Strategy ETF, YieldMax<sup>®</sup> SPOT Option Income Strategy ETF and YieldMax<sup>®</sup> UBER Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125009118/ex99-hi27.htm) – previously filed with Post-Effective Amendment No. 382 on Form N-1A on July 15, 2025, is hereby incorporated by reference**.** |
| (28) Twenty-Eighth Amendment to the Fund Administration Servicing Agreement (adding YieldMax<sup>®</sup> CRCL Option Income Strategy ETF, YieldMax<sup>®</sup> CRWV Option Income Strategy ETF, and YieldMax<sup>®</sup> GLXY Option Income Strategy ETF) – **to be filed by amendment**. |
| (29) Twenty-Ninth Amendment to the Fund Administration Servicing Agreement (adding Defiance Leveraged Long + Income CRCL ETF, Defiance Leveraged Long + Income CRWV ETF, Defiance Leveraged Long + Income GLXY ETF, Defiance Leveraged Long + Income Magnificent Seven ETF, Defiance Leveraged Long + Income Nasdaq 100 ETF, Defiance Leveraged Long + Income S&P 500 ETF, Defiance Leveraged Long + Income Ethereum ETF and Defiance Leveraged Long + Income Bitcoin ETF) – **to be filed by amendment.** |
| (30) Thirtieth Amendment to the Fund Administration Servicing Agreement (adding YieldMax<sup>®</sup> SCHD DoubleDiv™ ETF) – **to be filed by amendment.** |
| (31) Thirty-First Amendment to the Fund Administration Servicing Agreement (adding Defiance Daily Target 2X Long ALAB ETF, Defiance Daily Target 2X Long APLD ETF, Defiance Daily Target 2X Long AVAV ETF, Defiance Daily Target 2X Long JOBY ETF, Defiance Daily Target 2X Long KTOS ETF, Defiance Daily Target 2X Long LMND ETF, Defiance Daily Target 2X Long NBIS ETF, Defiance Daily Target 2X Long NVTS ETF, Defiance Daily Target 2X Long OSCR ETF, Defiance Daily Target 2X Long PONY ETF, Defiance Daily Target 2X Long RCAT ETF, Defiance Daily Target 2X Long RBRK ETF and Defiance Daily Target 2X Long ZETA ETF) **– to be filed by amendment.** |
| (32) Thirty-Second Amendment to the Fund Administration Servicing Agreement (adding Defiance SCHD Target 15 Income ETF) **– to be filed by amendment.** |

---

---

| | |
|:---|:---|
|  | (33) Thirty-Third Amendment to the Fund Administration Servicing Agreement (adding Defiance Daily Target 2X Long ET ETF, Defiance Daily Target 2X Long FIG ETF, Defiance Daily Target 2X Long IREN ETF, Defiance Daily Target 2X Long MP ETF and Defiance Daily Target 2X Long QS ETF) **– to be filed by amendment.** |
| (ii) | [Fund Sub-Administration Servicing Agreement between Tidal ETF Services LLC on behalf of the Trust and U.S. Bancorp Fund Services, LLC](http://www.sec.gov/Archives/edgar/data/1924868/000138713122007650/ex99-hii.htm), previously filed with the Trusts registration statement on Form N-1A/A on July 12, 2022, is hereby incorporated by reference. |
|  | (1) [First Amendment to the Fund Sub-Administration Servicing Agreement (adding YieldMax<sup>®</sup> AAPL Option Income Strategy ETF, YieldMax<sup>®</sup> AMZN Option Income Strategy ETF, YieldMax<sup>®</sup> BRK.B Option Income Strategy ETF, YieldMax<sup>®</sup> COIN Option Income Strategy ETF, YieldMax<sup>®</sup> META Option Income Strategy ETF, YieldMax<sup>®</sup> GOOG Option Income Strategy ETF, YieldMax<sup>®</sup> NFLX Option Income Strategy ETF, YieldMax<sup>®</sup> NVDA Option Income Strategy ETF, YieldMax<sup>®</sup> XYZ Option Income Strategy ETF, YieldMax<sup>®</sup> TSLA Option Income Strategy ETF YieldMax<sup>®</sup> ARKK Option Income Strategy ETF, YieldMax<sup>®</sup> KWEB Option Income Strategy ETF, YieldMax<sup>®</sup> GDX Option Income Strategy ETF, YieldMax<sup>®</sup> XBI Option Income Strategy ETF, YieldMax<sup>®</sup> TLT Option Income Strategy ETF, and adding Senior Secured Credit Opportunities ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713122010432/ex99-hii1.htm), previously filed with Post-Effective Amendment No. 15 on Form N-1A on October 13, 2022 and is incorporated herein by reference. |
|  | (2) [Third Amendment to the Fund Sub-Administration Servicing Agreement (adding Nicholas Fixed Income Alternative ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988225010628/ex99-hii3.htm), previously filed with Post-Effective Amendment No. 318 on Form N-1A on February 24, 2025 and is incorporated herein by reference. |
|  | (3) [Fourth Amendment to the Fund Sub-Administration Servicing Agreement (adding Pinnacle Focused Opportunities ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988222030436/ex99-hii4.htm), previously filed with Post-Effective Amendment No. 45 on Form N-1A on December 28, 2022 and is incorporated herein by reference. |
|  | (4) [Fifth Amendment to the Fund Sub-Administration Servicing Agreement (adding Return Stacked<sup>®</sup> Bonds & Managed Futures ETF and Return Stacked<sup>®</sup> Global Stocks & Bonds ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123001445/ex99-hii5.htm), previously filed with Post-Effective Amendment No. 56 on Form N-1A on February 6, 2023 and is incorporated herein by reference. |
|  | (5) [Sixth Amendment to the Fund Sub-Administration Servicing Agreement (adding DGA Absolute Return ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123004540/ex99-hii6.htm), previously filed with Post-Effective Amendment No. 72 on Form N-1A on April 6, 2023 and is incorporated herein by reference. |
|  | (6) [Seventh Amendment to the Fund Sub-Administration Servicing Agreement (adding Tactical Advantage ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123004540/ex99-hii7.htm), previously filed with Post-Effective Amendment No. 72 on Form N-1A on April 6, 2023 and is incorporated herein by reference. |
|  | (7) [Eighth Amendment to the Fund Sub-Administration Servicing Agreement (adding Roundhill Generative AI & Technology ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123005837/ex99-hii8.htm), previously filed with Post-Effective Amendment No. 83 on Form N-1A on May 2, 2023 and is incorporated herein by reference. |
|  | (8) [Ninth Amendment to the Fund Accounting Servicing Agreement (adding Blueprint Chesapeake Multi-Asset Trend ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123007903/ex99-hiv.htm), previously filed with Post-Effective Amendment No. 102 on Form N-1A on June 27, 2023 and is incorporated herein by reference. |
|  | (9) [Tenth Amendment to the Fund Sub-Administration Servicing Agreement (adding Cboe Validus S&P 500 Dynamic PutWrite Index ETF, Grizzle Growth ETF, YieldMax<sup>®</sup> MSTR Option Income Strategy ETF, YieldMax<sup>®</sup> ABNB Option Income Strategy ETF, YieldMax<sup>®</sup> AMD Option Income Strategy ETF, YieldMax<sup>®</sup> MRNA Option Income Strategy ETF, YieldMax<sup>®</sup> PYPL Option Income Strategy ETF, YieldMax<sup>®</sup> DIS Option Income Strategy ETF, YieldMax<sup>®</sup> JPM Option Income Strategy ETF, YieldMax<sup>®</sup> MSFT Option Income Strategy ETF, and YieldMax<sup>®</sup> XOM Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123008622/ex99-hii10.htm), previously filed with Post-Effective Amendment No. 107 on Form N-1A on July 25, 2023 and is incorporated herein by reference. |
|  | (10) [Eleventh Amendment to the Fund Sub-Administration Servicing Agreement (adding Return Stacked<sup>®</sup> U.S. Stocks & Managed Futures ETF, Defiance Nasdaq 100 Target 30 Income ETF, Defiance S&P 500 Target 30 Income ETF and Defiance R2000 Target 30 Income ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123010338/ex99-hii11.htm), previously filed with Post-Effective Amendment No. 117 on Form N-1A on August 25, 2023 and is incorporated herein by reference. |
|  | (11) [Twelfth Amendment to the Fund Sub-Administration Servicing Agreement (adding CoreValues Alpha Greater China Growth ETF, YieldMax<sup>®</sup> ADBE Option Income Strategy ETF, YieldMax<sup>®</sup> AI Option Income Strategy ETF, YieldMax<sup>®</sup> BA Option Income Strategy ETF, YieldMax<sup>®</sup> BIIB Option Income Strategy ETF, YieldMax<sup>®</sup> INTC Option Income Strategy ETF, YieldMax<sup>®</sup> NKE Option Income Strategy ETF, YieldMax<sup>®</sup> ORCL Option Income Strategy ETF, YieldMax<sup>®</sup> ROKU Option Income Strategy ETF, YieldMax<sup>®</sup> SNOW Option Income Strategy ETF, YieldMax<sup>®</sup> TGT Option Income Strategy ETF and YieldMax<sup>®</sup> ZM Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123012010/ex99-hii12.htm), previously filed with Post-Effective Amendment No. 130 on Form N-1A on October 6, 2023 and is incorporated herein by reference. |
|  | (12) [Thirteenth Amendment to the Fund Sub-Administration Servicing Agreement (adding Hilton Small-MidCap Opportunity ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937123000397/ex99-hii13.htm), previously filed with Post-Effective Amendment No. 135 on Form N-1A on November 20, 2023 and is incorporated herein by reference. |
|  | (13) [Fourteenth Amendment to the Fund Sub-Administration Servicing Agreement (adding YieldMax<sup>®</sup> Universe Fund of Option Income ETFs, YieldMax<sup>®</sup> Magnificent 7 Fund of Option Income ETFs and Defiance Treasury Alternative Yield ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124000178/ex99-hii14.htm), previously filed with Post-Effective Amendment No. 153 on Form N-1A on January 8, 2024 and is incorporated herein by reference. |

---

---

| |
|:---|
| (14) [Fifteenth Amendment to the Fund Sub-Administration Servicing Agreement](http://www.sec.gov/Archives/edgar/data/1924868/000199937124002461/ex99-hii15.htm) [(adding Defiance Developed Markets Enhanced Options Income ETF, Defiance Emerging Markets Enhanced Options Income ETF, Defiance Nasdaq 100 Target Income ETF, Defiance S&P 500 Target Income ETF, Defiance R2000 Target Income ETF Quantify Absolute Income ETF, iREIT - MarketVector Quality REIT Index ETF, YieldMax<sup>®</sup> Ultra Option Income Strategy ETF and YieldMax<sup>®</sup> MSTR Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124002461/ex99-hii15.htm), previously filed with Post-Effective Amendment No. 171 on Form N-1A on February 16, 2024 and is incorporated herein by reference. |
| (15) [Sixteenth Amendment to the Fund Sub-Administration Servicing Agreement (adding YieldMax<sup>®</sup> TSLA Short Option Income Strategy ETF, YieldMax<sup>®</sup> Innovation Short Option Income Strategy ETF, YieldMax<sup>®</sup> NVDA Short Option Income Strategy ETF, YieldMax<sup>®</sup> COIN Short Option Income Strategy ETF, YieldMax<sup>®</sup> AAPL Short Option Income Strategy ETF, YieldMax<sup>®</sup> N100 Short Option Income Strategy ETF and Carbon Collective Short Duration Green Bond ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124003038/ex99-hii16.htm), previously filed with Post-Effective Amendment No. 182 on Form N-1A on March 4, 2024 and is incorporated herein by reference. |
| (16) [Seventeenth Amendment to the Fund Sub-Administration Servicing Agreement (adding Even Herd Long Short ETF, Peerless Option Wheel ETF, Return Stacked<sup>®</sup> Bonds & Futures Yield ETF, Return Stacked<sup>®</sup> U.S. Equity & Futures Yield ETF and YieldMax<sup>®</sup> Bitcoin Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124003975/ex99-hii17.htm), previously filed with Post-Effective Amendment No. 194 on Form N-1A on March 26, 2024 and is incorporated herein by reference. |
| (17) [Eighteenth Amendment to the Fund Sub-Administration Servicing Agreement (adding Defiance Gold Enhanced Options Income ETF, Defiance Silver Enhanced Options Income ETF, Defiance Oil Enhanced Options Income ETF, Defiance Treasury Enhanced Options Income ETF and Clockwise Core Equity & Innovation ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124005390/ex99-hii18.htm), previously filed with Post-Effective Amendment No. 206 on Form N-1A on April 29, 2024 and is incorporated herein by reference. |
| (18) [Nineteenth Amendment to the Fund Sub-Administration Servicing Agreement (adding Cambria Chesapeake Pure Trend ETF, Defiance Daily Target 2X Short MSTR ETF, Defiance Daily Target 2X Long RIOT ETF (formerly known as Defiance Daily Target 2X Long Carbon ETF), Defiance Daily Target 2X Long Copper ETF, Defiance Daily Target 2X Long China Dragons ETF (formerly known as Defiance Daily Target 2X Long Lithium ETF), Defiance Daily Target 2X Long LLY ETF, Defiance Daily Target 2X Long MSTR ETF, Defiance Daily Target 2X Long NVO ETF, Defiance Daily Target 2X Long AVGO ETF, Defiance Daily Target 2X Long SMCI ETF, Defiance Daily Target 2X Long Solar ETF and Defiance Daily Target 2X Long Uranium ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124006405/ex99-hii19.htm), previously filed with Post-Effective Amendment No. 213 on Form N-1A on May 21, 2024 and is incorporated herein by reference. |
| (19) [Twentieth Amendment to the Fund Sub-Administration Servicing Agreement (adding Nicholas Global Equity and Income ETF, YieldMax<sup>®</sup> BABA Option Income Strategy ETF, YieldMax<sup>®</sup> CVNA Option Income Strategy ETF, YieldMax<sup>®</sup> DKNG Option Income Strategy ETF, YieldMax<sup>®</sup> HOOD Option Income Strategy ETF, YieldMax<sup>®</sup> JD Option Income Strategy ETF, YieldMax<sup>®</sup> MARA Option Income Strategy ETF, YieldMax<sup>®</sup> PDD Option Income Strategy ETF, YieldMax<sup>®</sup> PLTR Option Income Strategy ETF, YieldMax<sup>®</sup> RBLX Option Income Strategy ETF, YieldMax<sup>®</sup> SHOP Option Income Strategy ETF, YieldMax<sup>®</sup> SMCI Option Income Strategy ETF, and YieldMax<sup>®</sup> TSM Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124008818/ex99-hii20.htm), previously filed with Post-Effective Amendment No. 237 on Form N-1A on July 18, 2024 and is incorporated herein by reference. |
| (20) [Twenty-First Amendment to the Fund Sub-Administration Servicing Agreement (adding YieldMax<sup>®</sup> Ether Option Income Strategy ETF, STKd 100% Bitcoin & 100% Gold ETF and Defiance Large Cap ex-Mag 7 ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124012089/ex99-hii21.htm), previously filed with Post-Effective Amendment No. 261 on Form N-1A on September 18, 2024, and is incorporated herein by reference. |
| (21) [Twenty-Second Amendment to the Fund Sub-Administration Servicing Agreement (adding YieldMax<sup>®</sup> Target 12™ Semiconductor Option Income ETF, YieldMax<sup>®</sup> Target 12™ Biotech & Pharma Option Income ETF, YieldMax<sup>®</sup> Target 12™ Energy Option Income ETF, YieldMax<sup>®</sup> Target 12™ Real Estate Option Income ETF, YieldMax<sup>®</sup> Target 12™ Tech & Innovation Option Income ETF, YieldMax<sup>®</sup> Target 12™ Big 50 Option Income ETF, YieldMax<sup>®</sup> Dorsey Wright Hybrid 5 Income ETF, YieldMax<sup>®</sup> Dorsey Wright Featured 5 Income ETF, YieldMax<sup>®</sup> AI & Tech Portfolio Option Income ETF, YieldMax<sup>®</sup> Crypto Industry & Tech Portfolio Option Income ETF, YieldMax<sup>®</sup> China Portfolio Option Income ETF, YieldMax<sup>®</sup> Semiconductor Portfolio Option Income ETF, YieldMax<sup>®</sup> Biotech & Pharma Portfolio Option Income ETF, YieldMax<sup>®</sup> Ultra Short Option Income Strategy ETF and Return Stacked<sup>®</sup> Bonds & Merger Arbitrage ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988224040788/ex99-hii22.htm), previously filed with Post-Effective Amendment No. 280 on Form N-1A on November 22, 2024, and is incorporated herein by reference. |
| (22) [Twenty-Third Amendment to the Fund Sub-Administration Servicing Agreement (adding Defiance Daily Target 2X Long SOFI ETF, Defiance Daily Target 2X Long AMAT ETF, Defiance Daily Target 2X Long GOLD ETF, Defiance Daily Target 2X Long ORCL ETF, Defiance Daily Target 2X Long FSLR ETF, Defiance Daily Target 2X Long DKNG ETF, Defiance Hot Sauce Daily 2X Strategy ETF, Defiance AI & Power Infrastructure ETF, YieldMax<sup>®</sup> Nasdaq 100 0DTE Covered Call Strategy ETF, YieldMax<sup>®</sup> S&P 500 0DTE Covered Call Strategy ETF and YieldMax<sup>®</sup> R2000 0DTE Covered Call Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988225001947/ex99-hii23.htm), previously filed with Post-Effective Amendment No. 299 on Form N-1A on January 14, 2025 and is incorporated herein by reference. |
| (23) [Twenty-Fourth Amendment to the Fund Sub-Administration Servicing Agreement (adding STKd 100% COIN & 100% NVDA ETF, STKd 100% NVDA & 100% MSTR ETF, STKd 100% MSTR & 100% COIN ETF, STKd 100% COIN & 100% HOOD ETF, STKd 100% NVDA & 100% AMD ETF, STKd 100% TSLA & 100% MSTR ETF, STKd 100% TSLA & 100% NVDA ETF, STKd 100% SMCI & 100% NVDA ETF, STKd 100% UBER & 100% TSLA ETF, STKd 100% META & 100% AMZN ETF, Defiance Leveraged Long MSTR ETF, Defiance Leveraged Long + Income MSTR ETF, Defiance Daily Target 2X Long HIMS ETF, Defiance Daily Target 2X Long IONQ ETF, Defiance Daily Target 2X Long RKLB ETF, Defiance Daily Target 2X Long CVNA ETF, Defiance Daily Target 2X Long HOOD ETF, Defiance Daily Target 2X Long VST ETF, Defiance Daily Target 2X Long JPM ETF, Defiance Daily Target 2X Long PENN ETF, Defiance Daily Target 2X Long SOUN ETF, Defiance Daily Target 2X Long MRVL ETF, Defiance Daily Target 2X Long RGTI ETF, YieldMax<sup>®</sup> MSTR Short Option Income Strategy ETF, YieldMax<sup>®</sup> AMD Short Option Income Strategy ETF, YieldMax<sup>®</sup> AMZN Short Option Income Strategy ETF, YieldMax<sup>®</sup> MARA Short Option Income Strategy ETF, YieldMax<sup>®</sup> Bitcoin Short Option Income Strategy ETF, YieldMax<sup>®</sup> META Short Option Income Strategy ETF and YieldMax<sup>®</sup> SMCI Short Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988225010423/ex99-hii24.htm), previously filed with Post-Effective Amendment No. 316 on Form N-1A on February 24, 2025 and is incorporated herein by reference. |

---

---

| |
|:---|
| (24) [Twenty-Fifth Amendment to the Fund Sub-Administration Servicing Agreement (adding Defiance Daily Target 2X Short RIOT ETF, Defiance Daily Target 2X Short SMCI ETF and Defiance Daily Target 2X Short LLY ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125003437/ex99-hii25.htm), previously filed with Post-Effective Amendment No. 336 on Form N-1A on March 31, 2025 and is incorporated herein by reference. |
| (25) [Twenty-Sixth Amendment to the Fund Sub-Administration Servicing Agreement (adding Defiance Daily Target 2X Long DJT ETF, Defiance Daily Target 2X Long RDDT ETF, Defiance 2X Daily Long Pure Quantum ETF, Return Stacked® U.S. Stocks & Gold/Bitcoin ETF, Defiance Trillion Dollar Club Index ETF, Defiance Nasdaq 100 LightningSpread™ Income ETF, Defiance S&P 500 LightningSpread™ Income ETF, Defiance Russell 2000 LightningSpread™ Income ETF, YieldMax<sup>®</sup> Target 25™ AI Option Income ETF, YieldMax<sup>®</sup> Target 25™ AMD Option Income ETF, YieldMax<sup>®</sup> Target 25™ AMZN Option Income ETF, YieldMax<sup>®</sup> Target 25™ COIN Option Income ETF, YieldMax<sup>®</sup> Target 25™ MARA Option Income ETF, YieldMax<sup>®</sup> Target 25™ MSTR Option Income ETF, YieldMax<sup>®</sup> Target 25™ NVDA Option Income ETF, YieldMax<sup>®</sup> Target 25™ PLTR Option Income ETF, YieldMax<sup>®</sup> Target 25™ SMCI Option Income ETF, YieldMax<sup>®</sup> Target 25™ TSLA Option Income ETF, Defiance Daily Target 2X Short CVNA ETF, Defiance Daily Target 2X Short IONQ ETF, Defiance Daily Target 2X Short PLTR ETF, Defiance Daily Target 2X Short RKLB ETF, Defiance Daily Target 2X Long ANET ETF, Defiance Daily Target 2X Long ARM ETF, Defiance Daily Target 2X Long PM ETF, Defiance Daily Target 2X Long UBER ETF, Hilton BDC Corporate Bond ETF and Nicholas Crypto Income ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125004740/ex99-hii25.htm), previously filed with Post-Effective Amendment No. 342 on Form N-1A on April 25, 2025 and is incorporated herein by reference. |
| (26) [Twenty-Seventh Amendment to the Fund Sub-Administration Servicing Agreement (adding Defiance 2X Daily Long Pure Quantum ETF, Defiance MAGA Seven ETF, Defiance Daily Target 2X Long OKLO ETF, Defiance Daily Target 2X Long QBTS ETF, Defiance Daily Target 2X Short RGTI ETF, Defiance Daily Target 2X Short QBTS ETF and Defiance Nasdaq 100 Double Short Hedged ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125007863/ex99-hii26.htm)**–** previously filed with Post-Effective Amendment No. 366 on Form N-1A on June 17, 2025 and is incorporated herein by reference**.** |
| (27) [Twenty-Eighth Amendment to the Fund Sub-Administration Servicing Agreement (adding Defiance Vol Carry Hedged ETF, Defiance Enhanced Short Vol ETF, Defiance Enhanced Long Vol ETF, Defiance Leveraged Long + Income AAPL ETF, Defiance Leveraged Long + Income AMD ETF, Defiance Leveraged Long + Income AMZN ETF, Defiance Leveraged Long + Income BRK.B ETF, Defiance Leveraged Long + Income COIN ETF, Defiance Leveraged Long + Income GOOG ETF, Defiance Leveraged Long + Income HIMS ETF, Defiance Leveraged Long + Income HOOD ETF, Defiance Leveraged Long + Income META ETF, Defiance Leveraged Long + Income NFLX ETF, Defiance Leveraged Long + Income NVDA ETF, Defiance Leveraged Long + Income PLTR ETF, Defiance Leveraged Long + Income SMCI ETF, Defiance Leveraged Long + Income TSLA ETF, YieldMax® AFRM Option Income Strategy ETF, YieldMax® APP Option Income Strategy ETF, YieldMax® ARM Option Income Strategy ETF, YieldMax® AVGO Option Income Strategy ETF, YieldMax® CRWD Option Income Strategy ETF, YieldMax® GME Option Income Strategy ETF, YieldMax® HIMS Option Income Strategy ETF, YieldMax® IONQ Option Income Strategy ETF, YieldMax® LLY Option Income Strategy ETF, YieldMax® RDDT Option Income Strategy ETF, YieldMax® SPOT Option Income Strategy ETF and YieldMax® UBER Option Income Strategy ETF)](https://www.sec.gov/Archives/edgar/data/1924868/000199937125010519/ex99-hii27.htm) – previously filed with Post-Effective Amendment No. 391 on Form N-1A on August 4, 2025 and is incorporated herein by reference**.** |
| (28) Twenty-Ninth Amendment to the Fund Sub-Administration Servicing Agreement (adding LevMax™ AMZN [Monthly 3x1] ETF, LevMax™ Bitcoin [Monthly 3x1] ETF, LevMax™ BRK-B [Monthly 3x1] ETF, LevMax™ COIN [Monthly 3x1] ETF, LevMax™ HOOD [Monthly 3x1] ETF, LevMax™ MSFT [Monthly 3x1] ETF, LevMax™ MSTR [Monthly 3x1] ETF, LevMax™ NVDA [Monthly 3x1] ETF, LevMax™ PLTR [Monthly 3x1] ETF, LevMax™ RDDT [Monthly 3x1] ETF, LevMax™ SMCI [Monthly 3x1] ETF and LevMax™ TSLA [Monthly 3x1] ETF) – **to be filed by amendment.** |

---

(29) Thirtieth Amendment to the Fund Sub-Administration Servicing Agreement (adding YieldMax<sup>®</sup> CRCL Option Income Strategy ETF, YieldMax<sup>®</sup> CRWV Option Income Strategy ETF, and YieldMax<sup>®</sup> GLXY Option Income Strategy ET) F– **to be filed by amendment**. <br> (30) Thirty-First Amendment to the Fund Sub-Administration Servicing Agreement (adding Defiance Leveraged Long + Income CRCL ETF, Defiance Leveraged Long + Income CRWV ETF, Defiance Leveraged Long + Income GLXY ETF, Defiance Leveraged Long + Income Magnificent Seven ETF, Defiance Leveraged Long + Income Nasdaq 100 ETF, Defiance Leveraged Long + Income S&P 500 ETF, Defiance Leveraged Long + Income Ethereum ETF and Defiance Leveraged Long + Income Bitcoin ETF) – **to be filed by amendment.** <br>

---

| |
|:---|
| (31) Thirty-Second Amendment to the Fund Sub-Administration Servicing Agreement (adding YieldMax<sup>®</sup> SCHD DoubleDiv™ ETF) – **to be filed by amendment.** |
| (32) Thirty-Third Amendment to the Fund Sub-Administration Servicing Agreement (adding Defiance Daily Target 2X Long ALAB ETF, Defiance Daily Target 2X Long APLD ETF, Defiance Daily Target 2X Long AVAV ETF, Defiance Daily Target 2X Long JOBY ETF, Defiance Daily Target 2X Long KTOS ETF, Defiance Daily Target 2X Long LMND ETF, Defiance Daily Target 2X Long NBIS ETF, Defiance Daily Target 2X Long NVTS ETF, Defiance Daily Target 2X Long OSCR ETF, Defiance Daily Target 2X Long PONY ETF, Defiance Daily Target 2X Long RCAT ETF, Defiance Daily Target 2X Long RBRK ETF and Defiance Daily Target 2X Long ZETA ETF**) – to be filed by amendment.** |
| (33) Thirty-Fourth Amendment to the Fund Sub-Administration Servicing Agreement (adding Defiance SCHD Target 15 Income ETF) – **to be filed by amendment.** |
| (34) Thirty-Fifth Amendment to the Fund Sub-Administration Servicing Agreement (adding Defiance Daily Target 2X Long ET ETF, Defiance Daily Target 2X Long FIG ETF, Defiance Daily Target 2X Long IREN ETF, Defiance Daily Target 2X Long MP ETF and Defiance Daily Target 2X Long QS ETF) – **to be filed by amendment.** |

---

---

| | |
|:---|:---|
| (iii) | [Semi-Transparent ETF Fund Sub-Administration Servicing Agreement](http://www.sec.gov/Archives/edgar/data/1924868/000183988223009341/ex99-hiii.htm), previously filed with Post-Effective Amendment No. 74 on Form N-1A on April 11, 2023 and is incorporated herein by reference. |
| (iv) | [Fund Accounting Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC](http://www.sec.gov/Archives/edgar/data/1924868/000138713122007650/ex99-hiii.htm), previously filed with the Trusts registration statement on Form N-1A/A on July 12, 2022, is hereby incorporated by reference. |
|  | (1) [First Amendment to the Fund Accounting Servicing Agreement (adding YieldMax<sup>®</sup> AAPL Option Income Strategy ETF, YieldMax<sup>®</sup> AMZN Option Income Strategy ETF, YieldMax<sup>®</sup> BRK.B Option Income Strategy ETF, YieldMax<sup>®</sup> COIN Option Income Strategy ETF, YieldMax<sup>®</sup> META Option Income Strategy ETF, YieldMax<sup>®</sup> GOOG Option Income Strategy ETF, YieldMax<sup>®</sup> NFLX Option Income Strategy ETF, YieldMax<sup>®</sup> NVDA Option Income Strategy ETF, YieldMax<sup>®</sup> XYZ Option Income Strategy ETF, YieldMax<sup>®</sup> TSLA Option Income Strategy ETF, YieldMax<sup>®</sup> ARKK Option Income Strategy ETF, YieldMax<sup>®</sup> KWEB Option Income Strategy ETF, YieldMax<sup>®</sup> GDX Option Income Strategy ETF, YieldMax<sup>®</sup> XBI Option Income Strategy ETF, YieldMax<sup>®</sup> TLT Option Income Strategy ETF, and Senior Secured Credit Opportunities ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713122010432/ex99-hiii1.htm), previously filed with Post-Effective Amendment No. 15 on Form N-1A on October 13, 2022 and is incorporated herein by reference. |
|  | (2) [Third Amendment to the Fund Accounting Servicing Agreement (adding Nicholas Fixed Income Alternative ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988225010628/ex99-hiv3.htm), previously filed with Post-Effective Amendment No. 318 on Form N-1A on February 24, 2025 and is incorporated herein by reference. |
|  | (3) [Fourth Amendment to the Fund Accounting Servicing Agreement (adding Pinnacle Focused Opportunities ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988222030436/ex99-hiii4.htm), previously filed with Post-Effective Amendment No. 45 on Form N-1A on December 28, 2022 and is incorporated herein by reference. |
|  | (4) [Fifth Amendment to the Fund Accounting Servicing Agreement (adding Return Stacked<sup>®</sup> Bonds & Managed Futures ETF and Return Stacked<sup>®</sup> Global Stocks & Bonds ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123001445/ex99-hiv5.htm), previously filed with Post-Effective Amendment No. 56 on Form N-1A on February 6, 2023 and is incorporated herein by reference. |
|  | (5) [Sixth Amendment to the Fund Accounting Servicing Agreement (adding DGA Absolute Return ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123004540/ex99-hiv6.htm), previously filed with Post-Effective Amendment No. 72 on Form N-1A on April 6, 2023 and is incorporated herein by reference. |
|  | (6) [Seventh Amendment to the Fund Accounting Servicing Agreement (adding Tactical Advantage ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123004540/ex99-hiv7.htm), previously filed with Post-Effective Amendment No. 72 on Form N-1A on April 6, 2023 and is incorporated herein by reference. |
|  | (7) [Eighth Amendment to the Fund Accounting Servicing Agreement (adding Roundhill Generative AI & Technology ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123005837/ex99-hiv8.htm), previously filed with Post-Effective Amendment No. 83 on Form N-1A on May 2, 2023 and is incorporated herein by reference. |
|  | (8) [Ninth Amendment to the Fund Accounting Servicing Agreement (adding Blueprint Chesapeake Multi-Asset Trend ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123007903/ex99-hiv.htm), previously filed with Post-Effective Amendment No. 102 on Form N-1A on June 27, 2023 and is incorporated herein by reference. |
|  | (9) [Tenth Amendment to the Fund Accounting Servicing Agreement (adding Cboe Validus S&P 500 Dynamic PutWrite Index ETF, Grizzle Growth ETF, YieldMax<sup>®</sup> MSTR Option Income Strategy ETF, YieldMax<sup>®</sup> ABNB Option Income Strategy ETF, YieldMax<sup>®</sup> AMD Option Income Strategy ETF, YieldMax<sup>®</sup> MRNA Option Income Strategy ETF, YieldMax<sup>®</sup> PYPL Option Income Strategy ETF, YieldMax<sup>®</sup> DIS Option Income Strategy ETF, YieldMax<sup>®</sup> JPM Option Income Strategy ETF, YieldMax<sup>®</sup> MSFT Option Income Strategy ETF, and YieldMax<sup>®</sup> XOM Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123008622/ex99-hiv10.htm), previously filed with Post-Effective Amendment No. 107 on Form N-1A on July 25, 2023 and is incorporated herein by reference. |
|  | (10) [Eleventh Amendment to the Fund Accounting Servicing Agreement (adding Return Stacked<sup>®</sup> U.S. Stocks & Managed Futures ETF, Defiance Nasdaq 100 Target 30 Income ETF, Defiance S&P 500 Target 30 Income ETF and Defiance R2000 Target 30 Income ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123010338/ex99-hiv11.htm), previously filed with Post-Effective Amendment No. 117 on Form N-1A on August 25, 2023 and is incorporated herein by reference. |
|  | (11) [Twelfth Amendment to the Fund Accounting Servicing Agreement (adding CoreValues Alpha Greater China Growth ETF, YieldMax<sup>®</sup> ADBE Option Income Strategy ETF, YieldMax<sup>®</sup> AI Option Income Strategy ETF, YieldMax<sup>®</sup> BA Option Income Strategy ETF, YieldMax<sup>®</sup> BIIB Option Income Strategy ETF, YieldMax<sup>®</sup> INTC Option Income Strategy ETF, YieldMax<sup>®</sup> NKE Option Income Strategy ETF, YieldMax<sup>®</sup> ORCL Option Income Strategy ETF, YieldMax<sup>®</sup> ROKU Option Income Strategy ETF, YieldMax<sup>®</sup> SNOW Option Income Strategy ETF, YieldMax<sup>®</sup> TGT Option Income Strategy ETF and YieldMax<sup>®</sup> ZM Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123012010/ex99-hiv12.htm), previously filed with Post-Effective Amendment No. 130 on Form N-1A on October 6, 2023 and is incorporated herein by reference. |

---

---

| |
|:---|
| (12) [Thirteenth Amendment to the Fund Accounting Servicing Agreement (adding Hilton Small-MidCap Opportunity ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937123000397/ex99-hiv13.htm), previously filed with Post-Effective Amendment No. 135 on Form N-1A on November 20, 2023 and is incorporated herein by reference. |
| (13) [Fourteenth Amendment to the Fund Accounting Servicing Agreement (adding YieldMax<sup>®</sup> Universe Fund of Option Income ETFs, YieldMax<sup>®</sup> Magnificent 7 Fund of Option Income ETFs and Defiance Treasury Alternative Yield ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124000178/ex99-hiv14.htm), previously filed with Post-Effective Amendment No. 153 on Form N-1A on January 8, 2024 and is incorporated herein by reference. |
| (14) [Fifteenth Amendment to the Fund Accounting Servicing Agreement](http://www.sec.gov/Archives/edgar/data/1924868/000199937124002461/ex99-hiv15.htm) [(adding Defiance Developed Markets Enhanced Options Income ETF, Defiance Emerging Markets Enhanced Options Income ETF, Defiance Nasdaq 100 Target Income ETF, Defiance S&P 500 Target Income ETF, Defiance R2000 Target Income ETF Quantify Absolute Income ETF, iREIT - MarketVector Quality REIT Index ETF, YieldMax<sup>®</sup> Ultra Option Income Strategy ETF and YieldMax<sup>®</sup> MSTR Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124002461/ex99-hiv15.htm), previously filed with Post-Effective Amendment No. 171 on Form N-1A on February 16, 2024 and is incorporated herein by reference. |
| (15) [Sixteenth Amendment to the Fund Accounting Servicing Agreement (adding YieldMax<sup>®</sup> TSLA Short Option Income Strategy ETF, YieldMax<sup>®</sup> Innovation Short Option Income Strategy ETF, YieldMax<sup>®</sup> NVDA Short Option Income Strategy ETF, YieldMax<sup>®</sup> COIN Short Option Income Strategy ETF, YieldMax<sup>®</sup> AAPL Short Option Income Strategy ETF, YieldMax<sup>®</sup> N100 Short Option Income Strategy ETF and Carbon Collective Short Duration Green Bond ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124003038/ex99-hiv16.htm), previously filed with Post-Effective Amendment No. 182 on Form N-1A on March 4, 2024 and is incorporated herein by reference. |
| (16) [Seventeenth Amendment to the Fund Accounting Servicing Agreement (adding Even Herd Long Short ETF, Peerless Option Wheel ETF, Return Stacked<sup>®</sup> Bonds & Futures Yield ETF, Return Stacked<sup>®</sup> U.S. Equity & Futures Yield ETF and YieldMax<sup>®</sup> Bitcoin Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124003975/ex99-hiv17.htm), previously filed with Post-Effective Amendment No. 194 on Form N-1A on March 26, 2024 and is incorporated herein by reference. |
| (17) [Eighteenth Amendment to the Fund Accounting Servicing Agreement (adding Defiance Gold Enhanced Options Income ETF, Defiance Silver Enhanced Options Income ETF, Defiance Oil Enhanced Options Income ETF, Defiance Treasury Enhanced Options Income ETF and Clockwise Core Equity & Innovation ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124005390/ex99-hiv18.htm), previously filed with Post-Effective Amendment No. 206 on Form N-1A on April 29, 2024 and is incorporated herein by reference. |
| (18) [Nineteenth Amendment to the Fund Accounting Servicing Agreement (adding Cambria Chesapeake Pure Trend ETF, Defiance Daily Target 2X Short MSTR ETF, Defiance Daily Target 2X Long RIOT ETF (formerly known as Defiance Daily Target 2X Long Carbon ETF), Defiance Daily Target 2x Long Copper ETF, Defiance Daily Target 2X Long China Dragons ETF (formerly known as Defiance Daily Target 2X Long Lithium ETF), Defiance Daily Target 2X Long LLY ETF, Defiance Daily Target 2X Long MSTR ETF, Defiance Daily Target 2X Long NVO ETF, Defiance Daily Target 2X Long AVGO ETF, Defiance Daily Target 2X Long SMCI ETF, Defiance Daily Target 2X Long Solar ETF and Defiance Daily Target 2X Long Uranium ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124006405/ex99-hiv19.htm), previously filed with Post-Effective Amendment No. 213 on Form N-1A on May 21, 2024 and is incorporated herein by reference. |
| (19) [Twentieth Amendment to the Fund Accounting Servicing Agreement (adding Nicholas Global Equity and Income ETF, YieldMax<sup>®</sup> BABA Option Income Strategy ETF, YieldMax<sup>®</sup> CVNA Option Income Strategy ETF, YieldMax<sup>®</sup> DKNG Option Income Strategy ETF, YieldMax<sup>®</sup> HOOD Option Income Strategy ETF, YieldMax<sup>®</sup> JD Option Income Strategy ETF, YieldMax<sup>®</sup> MARA Option Income Strategy ETF, YieldMax<sup>®</sup> PDD Option Income Strategy ETF, YieldMax<sup>®</sup> PLTR Option Income Strategy ETF, YieldMax<sup>®</sup> RBLX Option Income Strategy ETF, YieldMax<sup>®</sup> SHOP Option Income Strategy ETF, YieldMax<sup>®</sup> SMCI Option Income Strategy ETF, and YieldMax<sup>®</sup> TSM Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124008818/ex99-hiv20.htm), previously filed with Post-Effective Amendment No. 237 on Form N-1A on July 18, 2024 and is incorporated herein by reference. |
| (20) [Twenty-First Amendment to the Fund Accounting Servicing Agreement (adding YieldMax<sup>®</sup> Ether Option Income Strategy ETF, STKd 100% Bitcoin & 100% Gold ETF and Defiance Large Cap ex-Mag 7 ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124012089/ex99-hiv21.htm), previously filed with Post-Effective Amendment No. 261 on Form N-1A on September 18, 2024, and is incorporated herein by reference. |
| (21) [Twenty-Second Amendment to the Fund Accounting Servicing Agreement (adding YieldMax<sup>®</sup> Target 12™ Semiconductor Option Income ETF, YieldMax<sup>®</sup> Target 12™ Biotech & Pharma Option Income ETF, YieldMax<sup>®</sup> Target 12™ Energy Option Income ETF, YieldMax<sup>®</sup> Target 12™ Real Estate Option Income ETF, YieldMax<sup>®</sup> Target 12™ Tech & Innovation Option Income ETF, YieldMax<sup>®</sup> Target 12™ Big 50 Option Income ETF, YieldMax<sup>®</sup> Dorsey Wright Hybrid 5 Income ETF, YieldMax<sup>®</sup> Dorsey Wright Featured 5 Income ETF, YieldMax<sup>®</sup> AI & Tech Portfolio Option Income ETF, YieldMax<sup>®</sup> Crypto Industry & Tech Portfolio Option Income ETF, YieldMax<sup>®</sup> China Portfolio Option Income ETF, YieldMax<sup>®</sup> Semiconductor Portfolio Option Income ETF, YieldMax<sup>®</sup> Biotech & Pharma Portfolio Option Income ETF, YieldMax<sup>®</sup> Ultra Short Option Income Strategy ETF and Return Stacked<sup>®</sup> Bonds & Merger Arbitrage ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988224040788/ex99-hiv22.htm), previously filed with Post-Effective Amendment No. 280 on Form N-1A on November 22, 2024, and is incorporated herein by reference**.** |
| (22) [Twenty-Third Amendment to the Fund Accounting Servicing Agreement (adding Defiance Daily Target 2X Long SOFI ETF, Defiance Daily Target 2X Long AMAT ETF, Defiance Daily Target 2X Long GOLD ETF, Defiance Daily Target 2X Long ORCL ETF, Defiance Daily Target 2X Long FSLR ETF, Defiance Daily Target 2X Long DKNG ETF, Defiance Hot Sauce Daily 2X Strategy ETF, Defiance AI & Power Infrastructure ETF, YieldMax<sup>®</sup> Nasdaq 100 0DTE Covered Call Strategy ETF, YieldMax<sup>®</sup> S&P 500 0DTE Covered Call Strategy ETF and YieldMax<sup>®</sup> R2000 0DTE Covered Call Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988225001947/ex99-hiv23.htm), previously filed with Post-Effective Amendment No. 299 on Form N-1A on January 14, 2025 and is incorporated herein by reference. |

---

---

| |
|:---|
| (23) [Twenty-Fourth Amendment to the Fund Accounting Servicing Agreement (adding STKd 100% COIN & 100% NVDA ETF, STKd 100% NVDA & 100% MSTR ETF, STKd 100% MSTR & 100% COIN ETF, STKd 100% COIN & 100% HOOD ETF, STKd 100% NVDA & 100% AMD ETF, STKd 100% TSLA & 100% MSTR ETF, STKd 100% TSLA & 100% NVDA ETF, STKd 100% SMCI & 100% NVDA ETF, STKd 100% UBER & 100% TSLA ETF, STKd 100% META & 100% AMZN ETF, Defiance Leveraged Long MSTR ETF, Defiance Leveraged Long + Income MSTR ETF, Defiance Daily Target 2X Long HIMS ETF, Defiance Daily Target 2X Long IONQ ETF, Defiance Daily Target 2X Long RKLB ETF, Defiance Daily Target 2X Long CVNA ETF, Defiance Daily Target 2X Long HOOD ETF, Defiance Daily Target 2X Long VST ETF, Defiance Daily Target 2X Long JPM ETF, Defiance Daily Target 2X Long PENN ETF, Defiance Daily Target 2X Long SOUN ETF, Defiance Daily Target 2X Long MRVL ETF, Defiance Daily Target 2X Long RGTI ETF, YieldMax<sup>®</sup> MSTR Short Option Income Strategy ETF, YieldMax<sup>®</sup> AMD Short Option Income Strategy ETF, YieldMax<sup>®</sup> AMZN Short Option Income Strategy ETF, YieldMax<sup>®</sup> MARA Short Option Income Strategy ETF, YieldMax<sup>®</sup> Bitcoin Short Option Income Strategy ETF, YieldMax<sup>®</sup> META Short Option Income Strategy ETF and YieldMax<sup>®</sup> SMCI Short Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988225010423/ex99-hiii24.htm), previously filed with Post-Effective Amendment No. 316 on Form N-1A on February 24, 2025 and is incorporated herein by reference. |
| (24) [Twenty-Fifth Amendment to the Fund Accounting Servicing Agreement (adding Defiance Daily Target 2X Short RIOT ETF, Defiance Daily Target 2X Short SMCI ETF, Defiance Daily Target 2X Short LLY ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125003437/ex99-hiv25.htm), previously filed with Post-Effective Amendment No. 336 on Form N-1A on March 31, 2025 and is incorporated herein by reference. |
| (25) [Twenty-Sixth Amendment to the Fund Accounting Servicing Agreement (adding Defiance Daily Target 2X Long DJT ETF, Defiance Daily Target 2X Long RDDT ETF, Return Stacked® U.S. Stocks & Gold/Bitcoin ETF, Defiance Trillion Dollar Club Index ETF, Defiance Nasdaq 100 LightningSpread™ Income ETF, Defiance S&P 500 LightningSpread™ Income ETF, Defiance Russell 2000 LightningSpread™ Income ETF, YieldMax<sup>®</sup> Target 25™ AI Option Income ETF, YieldMax<sup>®</sup> Target 25™ AMD Option Income ETF, YieldMax<sup>®</sup> Target 25™ AMZN Option Income ETF, YieldMax<sup>®</sup> Target 25™ COIN Option Income ETF, YieldMax<sup>®</sup> Target 25™ MARA Option Income ETF, YieldMax<sup>®</sup> Target 25™ MSTR Option Income ETF, YieldMax<sup>®</sup> Target 25™ NVDA Option Income ETF, YieldMax<sup>®</sup> Target 25™ PLTR Option Income ETF, YieldMax<sup>®</sup> Target 25™ SMCI Option Income ETF, YieldMax<sup>®</sup> Target 25™ TSLA Option Income ETF, Defiance Daily Target 2X Short CVNA ETF, Defiance Daily Target 2X Short IONQ ETF, Defiance Daily Target 2X Short PLTR ETF, Defiance Daily Target 2X Short RKLB ETF, Defiance Daily Target 2X Long ANET ETF, Defiance Daily Target 2X Long ARM ETF, Defiance Daily Target 2X Long PM ETF, Defiance Daily Target 2X Long UBER ETF, Hilton BDC Corporate Bond ETF and Nicholas Crypto Income ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125004740/ex99-hiv25.htm), previously filed with Post-Effective Amendment No. 342 on Form N-1A on April 25, 2025 and is incorporated herein by reference. |
| (26)[Twenty-Seventh Amendment to the Fund Accounting Servicing Agreement (adding Defiance 2X Daily Long Pure Quantum ETF, Defiance MAGA Seven ETF, Defiance Daily Target 2X Long OKLO ETF, Defiance Daily Target 2X Long QBTS ETF, Defiance Daily Target 2X Short RGTI ETF, Defiance Daily Target 2X Short QBTS ETF and Defiance Nasdaq 100 Double Short Hedged ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125007863/ex99-hiv26.htm) **–** previously filed with Post-Effective Amendment No. 366 on Form N-1A on June 17, 2025 and is incorporated herein by reference**.** |
| (27) [Twenty-Eighth Amendment to the Fund Accounting Servicing Agreement (adding Defiance Vol Carry Hedged ETF, Defiance Enhanced Short Vol ETF, Defiance Enhanced Long Vol ETF, Defiance Leveraged Long + Income AAPL ETF, Defiance Leveraged Long + Income AMD ETF, Defiance Leveraged Long + Income AMZN ETF, Defiance Leveraged Long + Income BRK.B ETF, Defiance Leveraged Long + Income COIN ETF, Defiance Leveraged Long + Income GOOG ETF, Defiance Leveraged Long + Income HIMS ETF, Defiance Leveraged Long + Income HOOD ETF, Defiance Leveraged Long + Income META ETF, Defiance Leveraged Long + Income NFLX ETF, Defiance Leveraged Long + Income NVDA ETF, Defiance Leveraged Long + Income PLTR ETF, Defiance Leveraged Long + Income SMCI ETF, Defiance Leveraged Long + Income TSLA ETF, YieldMax<sup>®</sup> AFRM Option Income Strategy ETF, YieldMax<sup>®</sup> APP Option Income Strategy ETF, YieldMax<sup>®</sup> ARM Option Income Strategy ETF, YieldMax<sup>®</sup> AVGO Option Income Strategy ETF, YieldMax<sup>®</sup> CRWD Option Income Strategy ETF, YieldMax<sup>®</sup> GME Option Income Strategy ETF, YieldMax<sup>®</sup> HIMS Option Income Strategy ETF, YieldMax<sup>®</sup> IONQ Option Income Strategy ETF, YieldMax<sup>®</sup> LLY Option Income Strategy ETF, YieldMax<sup>®</sup> RDDT Option Income Strategy ETF, YieldMax<sup>®</sup> SPOT Option Income Strategy ETF, and YieldMax<sup>®</sup> UBER Option Income Strategy ETF)](https://www.sec.gov/Archives/edgar/data/1924868/000199937125010519/ex99-hiv27.htm) – previously filed with Post-Effective Amendment No. 391 on Form N-1A on August 4, 2025 and is incorporated herein by reference**.** |
| (28) Twenty-Nine to the Fund Accounting Servicing Agreement (adding LevMax™ AMZN [Monthly 3x1] ETF, LevMax™ Bitcoin [Monthly 3x1] ETF, LevMax™ BRK-B [Monthly 3x1] ETF, LevMax™ COIN [Monthly 3x1] ETF, LevMax™ HOOD [Monthly 3x1] ETF, LevMax™ MSFT [Monthly 3x1] ETF, LevMax™ MSTR [Monthly 3x1] ETF, LevMax™ NVDA [Monthly 3x1] ETF, LevMax™ PLTR [Monthly 3x1] ETF, LevMax™ RDDT [Monthly 3x1] ETF, LevMax™ SMCI [Monthly 3x1] ETF and LevMax™ TSLA [Monthly 3x1] ETF) – **to be filed by amendment.** |
| (29) Thirtieth Amendment to the Fund Accounting Servicing Agreement (adding YieldMax<sup>®</sup> CRCL Option Income Strategy ETF, YieldMax<sup>®</sup> CRWV Option Income Strategy ETF, and YieldMax<sup>®</sup> GLXY Option Income Strategy ETF) – **to be filed by amendment**. |

---

---

| | |
|:---|:---|
|  | (30) Thirty-First Amendment to the Fund Accounting Servicing Agreement (adding Defiance Leveraged Long + Income CRCL ETF, Defiance Leveraged Long + Income CRWV ETF, Defiance Leveraged Long + Income GLXY ETF, Defiance Leveraged Long + Income Magnificent Seven ETF, Defiance Leveraged Long + Income Nasdaq 100 ETF, Defiance Leveraged Long + Income S&P 500 ETF, Defiance Leveraged Long + Income Ethereum ETF and Defiance Leveraged Long + Income Bitcoin ETF) – **to be filed by amendment.** |
|  | (31) Thirty-Second Amendment to the Fund Accounting Servicing Agreement (adding YieldMax<sup>®</sup> SCHD DoubleDiv™ ETF) – **to be filed by amendment.** |
|  | (32) Thirty-Third Amendment to the Fund Accounting Servicing Agreement (adding Defiance Daily Target 2X Long ALAB ETF, Defiance Daily Target 2X Long APLD ETF, Defiance Daily Target 2X Long AVAV ETF, Defiance Daily Target 2X Long JOBY ETF, Defiance Daily Target 2X Long KTOS ETF, Defiance Daily Target 2X Long LMND ETF, Defiance Daily Target 2X Long NBIS ETF, Defiance Daily Target 2X Long NVTS ETF, Defiance Daily Target 2X Long OSCR ETF, Defiance Daily Target 2X Long PONY ETF, Defiance Daily Target 2X Long RCAT ETF, Defiance Daily Target 2X Long RBRK ETF and Defiance Daily Target 2X Long ZETA ETF) – **to be filed by amendment.** |
|  | (33) Thirty-Fourth Amendment to the Fund Accounting Servicing Agreement (adding Defiance SCHD Target 15 Income ETF) **– to be filed by amendment.** |
|  | (34) Thirty-Fifth Amendment to the Fund Accounting Servicing Agreement (adding Defiance Daily Target 2X Long ET ETF, Defiance Daily Target 2X Long FIG ETF, Defiance Daily Target 2X Long IREN ETF, Defiance Daily Target 2X Long MP ETF and Defiance Daily Target 2X Long QS ETF) **– to be filed by amendment.** |
| (v) | [Semi-Transparent ETF Trust Fund Accounting Servicing Agreement](http://www.sec.gov/Archives/edgar/data/1924868/000183988223009341/ex99-hv.htm), previously filed with Post-Effective Amendment No. 74 on Form N-1A on April 11, 2023 and is incorporated herein by reference. |
| (vi) | [Transfer Agent Agreement between the Trust and U.S. Bancorp Fund Services, LLC](http://www.sec.gov/Archives/edgar/data/1924868/000138713122007650/ex99-hiv.htm), previously filed with the Trusts registration statement on Form N-1A/A on July 12, 2022, is hereby incorporated by reference. |
|  | (1) [First Amendment to the Transfer Agent Agreement (adding YieldMax<sup>®</sup> AAPL Option Income ETF, YieldMax<sup>®</sup> AMZN Option Income Strategy ETF, YieldMax<sup>®</sup> BRK.B Option Income Strategy ETF, YieldMax<sup>®</sup> COIN Option Income Strategy ETF, YieldMax<sup>®</sup> META Option Income Strategy ETF, YieldMax<sup>®</sup> GOOG Option Income Strategy ETF, YieldMax<sup>®</sup> NFLX Option Income Strategy ETF, YieldMax<sup>®</sup> NVDA Option Income Strategy ETF, YieldMax<sup>®</sup> XYZ Option Income Strategy ETF, YieldMax<sup>®</sup> TSLA Option Income Strategy ETF, YieldMax<sup>®</sup> ARKK Option Income Strategy ETF, YieldMax<sup>®</sup> KWEB Option Income Strategy ETF, YieldMax<sup>®</sup> GDX Option Income Strategy ETF, YieldMax<sup>®</sup> XBI Option Income Strategy ETF, and YieldMax<sup>®</sup> TLT Option Income Strategy ETF, and Senior Secured Credit Opportunities ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713122010432/ex99-hiv1.htm), previously filed with Post-Effective Amendment No. 15 on Form N-1A on October 13, 2022 and is incorporated herein by reference. |
|  | (2) [Third Amendment to the Transfer Agent Agreement (adding Nicholas Fixed Income Alternative ETF),](http://www.sec.gov/Archives/edgar/data/1924868/000183988225010628/ex99-hvi3.htm) previously filed with Post-Effective Amendment No. 318 on Form N-1A on February 24, 2025 and is incorporated herein by reference. |
|  | (3) [Fourth Amendment to the Transfer Agent Agreement (adding Pinnacle Focused Opportunities ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988222030436/ex99-hiv4.htm), previously filed with Post-Effective Amendment No. 45 on Form N-1A on December 28, 2022 and is incorporated herein by reference. |
|  | (4) [Fifth Amendment to the Transfer Agent Agreement (adding Return Stacked<sup>®</sup> Bonds & Managed Futures ETF and Return Stacked<sup>®</sup> Global Stocks & Bonds ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123001445/ex99-hvi5.htm), previously filed with Post-Effective Amendment No. 56 on Form N-1A on February 6, 2023 and is incorporated herein by reference. |
|  | (5) [Sixth Amendment to the Transfer Agent Agreement (adding DGA Absolute Return ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123004540/ex99-hvi6.htm), previously filed with Post-Effective Amendment No. 72 on Form N-1A on April 6, 2023 and is incorporated herein by reference. |
|  | (6) [Seventh Amendment to the Transfer Agent Agreement (adding Tactical Advantage ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123004540/ex99-hvi7.htm), previously filed with Post-Effective Amendment No. 72 on Form N-1A on April 6, 2023 and is incorporated herein by reference. |
|  | (7) [Eighth Amendment to the Transfer Agent Agreement (adding Roundhill Generative AI & Technology ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123005837/ex99-hvi8.htm), previously filed with Post-Effective Amendment No. 83 on Form N-1A on May 2, 2023 and is incorporated herein by reference. |
|  | (8) [Ninth Amendment to the Transfer Agent Agreement (adding Blueprint Chesapeake Multi-Asset Trend ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123007903/ex99-hvi.htm), previously filed with Post-Effective Amendment No. 102 on Form N-1A on June 27, 2023 and is incorporated herein by reference. |
|  | (9) [Tenth Amendment to the Transfer Agent Agreement (adding Cboe Validus S&P 500 Dynamic PutWrite Index ETF, Grizzle Growth ETF, YieldMax<sup>®</sup> MSTR Option Income Strategy ETF, YieldMax<sup>®</sup> ABNB Option Income Strategy ETF, YieldMax<sup>®</sup> AMD Option Income Strategy ETF, YieldMax<sup>®</sup> MRNA Option Income Strategy ETF, YieldMax<sup>®</sup> PYPL Option Income Strategy ETF, YieldMax<sup>®</sup> DIS Option Income Strategy ETF, YieldMax<sup>®</sup> JPM Option Income Strategy ETF, YieldMax<sup>®</sup> MSFT Option Income Strategy ETF, and YieldMax<sup>®</sup> XOM Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123008622/ex99-hvi10.htm), previously filed with Post-Effective Amendment No. 107 on Form N-1A on July 25, 2023 and is incorporated herein by reference. |
|  | (10) [Eleventh Amendment to the Transfer Agent Agreement (adding Defiance Nasdaq 100 Target 30 Income ETF, Defiance S&P 500 Target 30 Income ETF and Defiance R2000 Target 30 Income ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123010338/ex99-hvi11.htm), previously filed with Post-Effective Amendment No. 117 on Form N-1A on August 25, 2023 and is incorporated herein by reference. |
|  | (11) [Twelfth Amendment to the Transfer Agent Agreement (adding CoreValues Alpha Greater China Growth ETF, YieldMax<sup>®</sup> ADBE Option Income Strategy ETF, YieldMax<sup>®</sup> AI Option Income Strategy ETF, YieldMax<sup>®</sup> BA Option Income Strategy ETF, YieldMax<sup>®</sup> BIIB Option Income Strategy ETF, YieldMax<sup>®</sup> INTC Option Income Strategy ETF, YieldMax<sup>®</sup> NKE Option Income Strategy ETF, YieldMax<sup>®</sup> ORCL Option Income Strategy ETF, YieldMax<sup>®</sup> ROKU Option Income Strategy ETF, YieldMax<sup>®</sup> SNOW Option Income Strategy ETF, YieldMax<sup>®</sup> TGT Option Income Strategy ETF and YieldMax<sup>®</sup> ZM Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123012010/ex99-hvi12.htm), previously filed with Post-Effective Amendment No. 130 on Form N-1A on October 6, 2023 and is incorporated herein by reference. |

---

---

| |
|:---|
| (12) [Thirteenth Amendment to the Transfer Agent Agreement (adding Hilton Small-MidCap Opportunity ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937123000397/ex99-hvi13.htm), previously filed with Post-Effective Amendment No. 135 on Form N-1A on November 20, 2023 and is incorporated herein by reference. |
| (13) [Fourteenth Amendment to the Transfer Agent Agreement (adding YieldMax<sup>®</sup> Universe Fund of Option Income ETFs, YieldMax<sup>®</sup> Magnificent 7 Fund of Option Income ETFs and Defiance Treasury Alternative Yield ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124000178/ex99-hvi14.htm), previously filed with Post-Effective Amendment No. 153 on Form N-1A on January 8, 2024 and is incorporated herein by reference. |
| (14) [Fifteenth Amendment to the Transfer Agent Agreement (adding Defiance Developed Markets Enhanced Options Income ETF, Defiance Emerging Markets Enhanced Options Income ETF, Defiance Nasdaq 100 Target Income ETF, Defiance S&P 500 Target Income ETF, Defiance R2000 Target Income ETF Quantify Absolute Income ETF, iREIT - MarketVector Quality REIT Index ETF, YieldMax<sup>®</sup> Ultra Option Income Strategy ETF and YieldMax<sup>®</sup> MSTR Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124002461/ex99-hvi15.htm), previously filed with Post-Effective Amendment No. 171 on Form N-1A on February 16, 2024 and is incorporated herein by reference. |
| (15) [Sixteenth Amendment to the Transfer Agent Agreement (adding YieldMax<sup>®</sup> TSLA Short Option Income Strategy ETF, YieldMax<sup>®</sup> Innovation Short Option Income Strategy ETF, YieldMax<sup>®</sup> NVDA Short Option Income Strategy ETF, YieldMax<sup>®</sup> COIN Short Option Income Strategy ETF, YieldMax<sup>®</sup> AAPL Short Option Income Strategy ETF, YieldMax<sup>®</sup> N100 Short Option Income Strategy ETF and Carbon Collective Short Duration Green Bond ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124003038/ex99-hvi16.htm), previously filed with Post-Effective Amendment No. 182 on Form N-1A on March 4, 2024 and is incorporated herein by reference. |
| (16) [Seventeenth Amendment to the Transfer Agent Agreement (adding Even Herd Long Short ETF, Peerless Option Wheel ETF, Return Stacked<sup>®</sup> Bonds & Futures Yield ETF, Return Stacked<sup>®</sup> U.S. Equity & Futures Yield ETF and YieldMax<sup>®</sup> Bitcoin Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124003975/ex99-hvi17.htm), previously filed with Post-Effective Amendment No. 194 on Form N-1A on March 26, 2024 and is incorporated herein by reference. |
| (17) [Eighteenth Amendment to the Transfer Agent Agreement (adding Defiance Gold Enhanced Options Income ETF, Defiance Silver Enhanced Options Income ETF, Defiance Oil Enhanced Options Income ETF, Defiance Treasury Enhanced Options Income ETF and Clockwise Core Equity & Innovation ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124005390/ex99-hvi18.htm), previously filed with Post-Effective Amendment No. 206 on Form N-1A on April 29, 2024 and is incorporated herein by reference. |
| (18) [Nineteenth Amendment to the Transfer Agent Agreement (adding Cambria Chesapeake Pure Trend ETF, Defiance Daily Target 2X Short MSTR ETF, Defiance Daily Target 2X Long RIOT ETF (formerly known as Defiance Daily Target 2X Long Carbon ETF), Defiance Daily Target 2X Long Copper ETF, Defiance Daily Target 2X Long China Dragons ETF (formerly known as Defiance Daily Target 2X Long Lithium ETF), Defiance Daily Target 2X Long LLY ETF, Defiance Daily Target 2X Long MSTR ETF, Defiance Daily Target 2x Long NVO ETF, Defiance Daily Target 2X Long AVGO ETF, Defiance Daily Target 2X Long SMCI ETF, Defiance Daily Target 2X Long Solar ETF and Defiance Daily Target 2X Long Uranium ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124006405/ex99-hvi19.htm), previously filed with Post-Effective Amendment No. 213 on Form N-1A on May 21, 2024 and is incorporated herein by reference. |
| (19) [Twentieth Amendment to the Transfer Agent Agreement (adding Nicholas Global Equity and Income ETF, YieldMax<sup>®</sup> BABA Option Income Strategy ETF, YieldMax<sup>®</sup> CVNA Option Income Strategy ETF, YieldMax<sup>®</sup> DKNG Option Income Strategy ETF, YieldMax<sup>®</sup> HOOD Option Income Strategy ETF, YieldMax<sup>®</sup> JD Option Income Strategy ETF, YieldMax<sup>®</sup> MARA Option Income Strategy ETF, YieldMax<sup>®</sup> PDD Option Income Strategy ETF, YieldMax<sup>®</sup> PLTR Option Income Strategy ETF, YieldMax<sup>®</sup> RBLX Option Income Strategy ETF, YieldMax<sup>®</sup> SHOP Option Income Strategy ETF, YieldMax<sup>®</sup> SMCI Option Income Strategy ETF, and YieldMax<sup>®</sup> TSM Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124008818/ex99-hvi20.htm), previously filed with Post-Effective Amendment No. 237 on Form N-1A on July 18, 2024 and is incorporated herein by reference. |
| (20) [Twenty-First Amendment to the Transfer Agent Agreement (adding YieldMax<sup>®</sup> Ether Option Income Strategy ETF, STKd 100% Bitcoin & 100% Gold ETF and Defiance Large Cap ex-Mag 7 ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124012089/ex99-hvi21.htm), previously filed with Post-Effective Amendment No. 261 on Form N-1A on September 18, 2024, and is incorporated herein by reference. |
| (21) [Twenty-Second Amendment to the Transfer Agent Agreement (adding YieldMax<sup>®</sup> Target 12™ Semiconductor Option Income ETF, YieldMax<sup>®</sup> Target 12™ Biotech & Pharma Option Income ETF, YieldMax<sup>®</sup> Target 12™ Energy Option Income ETF, YieldMax<sup>®</sup> Target 12™ Real Estate Option Income ETF, YieldMax<sup>®</sup> Target 12™ Tech & Innovation Option Income ETF, YieldMax<sup>®</sup> Target 12™ Big 50 Option Income ETF, YieldMax<sup>®</sup> Dorsey Wright Hybrid 5 Income ETF, YieldMax<sup>®</sup> Dorsey Wright Featured 5 Income ETF, YieldMax<sup>®</sup> AI & Tech Portfolio Option Income ETF, YieldMax<sup>®</sup> Crypto Industry & Tech Portfolio Option Income ETF, YieldMax<sup>®</sup> China Portfolio Option Income ETF, YieldMax<sup>®</sup> Semiconductor Portfolio Option Income ETF, YieldMax<sup>®</sup> Biotech & Pharma Portfolio Option Income ETF, YieldMax<sup>®</sup> Ultra Short Option Income Strategy ETF and Return Stacked<sup>®</sup> Bonds & Merger Arbitrage ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988224040788/ex99-hvi22.htm), previously filed with Post-Effective Amendment No. 280 on Form N-1A on November 22, 2024, and is incorporated herein by reference. |
| (22) [Twenty-Third Amendment to the Transfer Agent Agreement (adding Defiance Daily Target 2X Long SOFI ETF, Defiance Daily Target 2X Long AMAT ETF, Defiance Daily Target 2X Long GOLD ETF, Defiance Daily Target 2X Long ORCL ETF, Defiance Daily Target 2X Long FSLR ETF, Defiance Daily Target 2X Long DKNG ETF, Defiance Hot Sauce Daily 2X Strategy ETF, Defiance AI & Power Infrastructure ETF, YieldMax<sup>®</sup> Nasdaq 100 0DTE Covered Call Strategy ETF, YieldMax<sup>®</sup> S&P 500 0DTE Covered Call Strategy ETF, YieldMax<sup>®</sup> R2000 0DTE Covered Call Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988225001947/ex99-hvi23.htm), previously filed with Post-Effective Amendment No. 299 on Form N-1A on January 14, 2025 and is incorporated herein by reference. |

---

---

| |
|:---|
| (23) [Twenty-Fourth Amendment to the Transfer Agent Agreement (adding STKd 100% COIN & 100% NVDA ETF, STKd 100% NVDA & 100% MSTR ETF, STKd 100% MSTR & 100% COIN ETF, STKd 100% COIN & 100% HOOD ETF, STKd 100% NVDA & 100% AMD ETF, STKd 100% TSLA & 100% MSTR ETF, STKd 100% TSLA & 100% NVDA ETF, STKd 100% SMCI & 100% NVDA ETF, STKd 100% UBER & 100% TSLA ETF, STKd 100% META & 100% AMZN ETF, Defiance Leveraged Long MSTR ETF, Defiance Leveraged Long + Income MSTR ETF, Defiance Daily Target 2X Long HIMS ETF, Defiance Daily Target 2X Long IONQ ETF, Defiance Daily Target 2X Long RKLB ETF, Defiance Daily Target 2X Long CVNA ETF, Defiance Daily Target 2X Long HOOD ETF, Defiance Daily Target 2X Long VST ETF, Defiance Daily Target 2X Long JPM ETF, Defiance Daily Target 2X Long PENN ETF, Defiance Daily Target 2X Long SOUN ETF, Defiance Daily Target 2X Long MRVL ETF, Defiance Daily Target 2X Long RGTI ETF, YieldMax<sup>®</sup> MSTR Short Option Income Strategy ETF, YieldMax<sup>®</sup> AMD Short Option Income Strategy ETF, YieldMax<sup>®</sup> AMZN Short Option Income Strategy ETF, YieldMax<sup>®</sup> MARA Short Option Income Strategy ETF, YieldMax<sup>®</sup> Bitcoin Short Option Income Strategy ETF, YieldMax<sup>®</sup> META Short Option Income Strategy ETF and YieldMax<sup>®</sup> SMCI Short Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988225010423/ex99-hvi24.htm), previously filed with Post-Effective Amendment No. 316 on Form N-1A on February 24, 2025 and is incorporated herein by reference. |
| (24) [Twenty-Fifth Amendment to the Transfer Agent Agreement (adding Defiance Daily Target 2X Short RIOT ETF, Defiance Daily Target 2X Short SMCI ETF and Defiance Daily Target 2X Short LLY ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125003437/ex99-hvi25.htm), previously filed with Post-Effective Amendment No. 336 on Form N-1A on March 31, 2025 and is incorporated herein by reference. |
| [(25) Twenty-Sixth Amendment to the Transfer Agent Agreement (adding Defiance Daily Target 2X Long DJT ETF, Defiance Daily Target 2X Long RDDT ETF, Return Stacked® U.S. Stocks & Gold/Bitcoin ETF, Defiance Trillion Dollar Club Index ETF, Defiance Nasdaq 100 LightningSpread™ Income ETF, Defiance S&P 500 LightningSpread™ Income ETF, Defiance Russell 2000 LightningSpread™ Income ETF, YieldMax<sup>®</sup> Target 25™ AI Option Income ETF, YieldMax<sup>®</sup> Target 25™ AMD Option Income ETF, YieldMax<sup>®</sup> Target 25™ AMZN Option Income ETF, YieldMax<sup>®</sup> Target 25™ COIN Option Income ETF, YieldMax<sup>®</sup> Target 25™ MARA Option Income ETF, YieldMax<sup>®</sup> Target 25™ MSTR Option Income ETF, YieldMax<sup>®</sup> Target 25™ NVDA Option Income ETF, YieldMax<sup>®</sup> Target 25™ PLTR Option Income ETF, YieldMax<sup>®</sup> Target 25™ SMCI Option Income ETF, YieldMax<sup>®</sup> Target 25™ TSLA Option Income ETF, Defiance Daily Target 2X Short CVNA ETF, Defiance Daily Target 2X Short IONQ ETF, Defiance Daily Target 2X Short PLTR ETF, Defiance Daily Target 2X Short RKLB ETF, Defiance Daily Target 2X Long ANET ETF, Defiance Daily Target 2X Long ARM ETF, Defiance Daily Target 2X Long PM ETF, Defiance Daily Target 2X Long UBER ETF, Hilton BDC Corporate Bond ETF and Nicholas Crypto Income ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125004740/ex99-hvi25.htm), previously filed with Post-Effective Amendment No. 342 on Form N-1A on April 25, 2025 and is incorporated herein by reference. |
| (26) [Twenty-Seventh Amendment to the Transfer Agent Agreement (adding Defiance 2X Daily Long Pure Quantum ETF, Defiance MAGA Seven ETF, Defiance Daily Target 2X Long OKLO ETF, Defiance Daily Target 2X Long QBTS ETF, Defiance Daily Target 2X Short RGTI ETF, Defiance Daily Target 2X Short QBTS ETF and Defiance Nasdaq 100 Double Short Hedged ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125007863/ex99-hvi26.htm) – previously filed with Post-Effective Amendment No. 366 on Form N-1A on June 17, 2025 and is incorporated herein by reference**.** |
| (27) [Twenty-Eighth Amendment to the Transfer Agent Agreement (adding Defiance Vol Carry Hedged ETF, Defiance Enhanced Short Vol ETF, Defiance Enhanced Long Vol ETF, Defiance Leveraged Long + Income AAPL ETF, Defiance Leveraged Long + Income AMD ETF, Defiance Leveraged Long + Income AMZN ETF, Defiance Leveraged Long + Income BRK.B ETF, Defiance Leveraged Long + Income COIN ETF, Defiance Leveraged Long + Income GOOG ETF, Defiance Leveraged Long + Income HIMS ETF, Defiance Leveraged Long + Income HOOD ETF, Defiance Leveraged Long + Income META ETF, Defiance Leveraged Long + Income NFLX ETF, Defiance Leveraged Long + Income NVDA ETF, Defiance Leveraged Long + Income PLTR ETF, Defiance Leveraged Long + Income SMCI ETF, Defiance Leveraged Long + Income TSLA ETF, YieldMax<sup>®</sup> AFRM Option Income Strategy ETF, YieldMax<sup>®</sup> APP Option Income Strategy ETF, YieldMax<sup>®</sup> ARM Option Income Strategy ETF, YieldMax<sup>®</sup> AVGO Option Income Strategy ETF, YieldMax<sup>®</sup> CRWD Option Income Strategy ETF, YieldMax<sup>®</sup> GME Option Income Strategy ETF, YieldMax<sup>®</sup> HIMS Option Income Strategy ETF, YieldMax<sup>®</sup> IONQ Option Income Strategy ETF, YieldMax<sup>®</sup> LLY Option Income Strategy ETF, YieldMax<sup>®</sup> RDDT Option Income Strategy ETF, YieldMax<sup>®</sup> SPOT Option Income Strategy ETF, and YieldMax<sup>®</sup> UBER Option Income Strategy ETF)](https://www.sec.gov/Archives/edgar/data/1924868/000199937125010519/ex99-hvi27.htm) – previously filed with Post-Effective Amendment No. 391 on Form N-1A on August 4, 2025 and is incorporated herein by reference**.** |
| (28) Twenty-Ninth Amendment to the Transfer Agent Agreement (adding LevMax™ AMZN [Monthly 3x1] ETF, LevMax™ Bitcoin [Monthly 3x1] ETF, LevMax™ BRK-B [Monthly 3x1] ETF, LevMax™ COIN [Monthly 3x1] ETF, LevMax™ HOOD [Monthly 3x1] ETF, LevMax™ MSFT [Monthly 3x1] ETF, LevMax™ MSTR [Monthly 3x1] ETF, LevMax™ NVDA [Monthly 3x1] ETF, LevMax™ PLTR [Monthly 3x1] ETF, LevMax™ RDDT [Monthly 3x1] ETF, LevMax™ SMCI [Monthly 3x1] ETF and LevMax™ TSLA [Monthly 3x1] ETF) – **to be filed by amendment**. |
| (29) Thirtieth Amendment to the Transfer Agent Agreement (adding YieldMax<sup>®</sup> CRCL Option Income Strategy ETF, YieldMax<sup>®</sup> CRWV Option Income Strategy ETF, and YieldMax<sup>®</sup> GLXY Option Income Strategy ETF) – **to be filed by amendment**. |

---

---

| |
|:---|
| (30) Thirty-First Amendment to the Transfer Agent Agreement (adding Defiance Leveraged Long + Income CRCL ETF, Defiance Leveraged Long + Income CRWV ETF, Defiance Leveraged Long + Income GLXY ETF, Defiance Leveraged Long + Income Magnificent Seven ETF, Defiance Leveraged Long + Income Nasdaq 100 ETF, Defiance Leveraged Long + Income S&P 500 ETF, Defiance Leveraged Long + Income Ethereum ETF and Defiance Leveraged Long + Income Bitcoin ETF) – **to be filed by amendment.** |
| (31) Thirty-Second Amendment to the Transfer Agent Agreement (adding YieldMax<sup>®</sup> SCHD DoubleDiv™ ETF) – **to be filed by amendment.** |
| (32) Thirty-Third Amendment to the Transfer Agent Agreement (adding Defiance Daily Target 2X Long ALAB ETF, Defiance Daily Target 2X Long APLD ETF, Defiance Daily Target 2X Long AVAV ETF, Defiance Daily Target 2X Long JOBY ETF, Defiance Daily Target 2X Long KTOS ETF, Defiance Daily Target 2X Long LMND ETF, Defiance Daily Target 2X Long NBIS ETF, Defiance Daily Target 2X Long NVTS ETF, Defiance Daily Target 2X Long OSCR ETF, Defiance Daily Target 2X Long PONY ETF, Defiance Daily Target 2X Long RCAT ETF, Defiance Daily Target 2X Long RBRK ETF and Defiance Daily Target 2X Long ZETA ETF) – **to be filed by amendment.** |
| (33) Thirty-Fourth Amendment to the Transfer Agent Agreement (adding Defiance SCHD Target 15 Income ETF) – **to be filed by amendment.** |
| (34) Thirty-Fifth Amendment to the Transfer Agent Agreement (adding Defiance Daily Target 2X Long ET ETF, Defiance Daily Target 2X Long FIG ETF, Defiance Daily Target 2X Long IREN ETF, Defiance Daily Target 2X Long MP ETF and Defiance Daily Target 2X Long QS ETF) – **to be filed by amendment.** |

---

---

| | |
|:---|:---|
| (vii) | [Semi-Transparent ETF Transfer Agent Servicing Agreement](http://www.sec.gov/Archives/edgar/data/1924868/000183988223009341/ex99-hvii.htm), previously filed with Post-Effective Amendment No. 74 on Form N-1A on April 11, 2023 and is incorporated herein by reference. |
| (viii) | [Powers of Attorney](http://www.sec.gov/Archives/edgar/data/1924868/000199937123000397/ex99-hix.htm), previously filed with Post-Effective Amendment No. 135 on Form N-1A on November 20, 2023, is hereby incorporated by reference. |
| (ix) | [Futures Trading Advisory Agreement between Toroso Investments, LLC and ReSolve Asset Management SEZC (Cayman) (for the Return Stacked<sup>®</sup> Bonds & Managed Futures ETF and Return Stacked<sup>®</sup> U.S. Stocks & Managed Futures ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123012670/ex99-hx.htm), previously filed with Post-Effective Amendment No. 131 on Form N-1A on October 25, 2023 and is incorporated herein by reference. |
|  | (i) [First Amendment to the Futures Trading Advisory Agreement between Tidal Investment LLC and ReSolve Asset Management SEZC (Cayman) (for the Return Stacked<sup>®</sup> Bonds & Futures Yield ETF and Return Stacked<sup>®</sup> U.S. Equity & Futures Yield ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124004978/ex99-hxi.htm), previously filed with Post-Effective Amendment No. 204 on Form N-1A on April 19, 2024 and is incorporated herein by reference. |
|  | (ii) [Second Amendment to the Futures Trading Advisory Agreement between Tidal Investments LLC and ReSolve Asset Management SEZC (Cayman) (for the Return Stacked<sup>®</sup> U.S. Stocks & Gold/Bitcoin ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125004740/ex99-hxii.htm) – previously filed with Post-Effective Amendment No. 342 on Form N-1A on April 25, 2025 and is incorporated herein by reference |
| (x) | [Futures Trading Advisory Agreement between Toroso Investments, LLC and Chesapeake Capital Corporation (for the Blueprint Chesapeake Multi-Asset Trend ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123008150/ex99-hxxviii.htm), previously filed with Post-Effective Amendment No. 103 on Form N-1A on June 30, 2023 and is incorporated herein by reference. |
| (xi) | [Futures Trading Advisory Agreement between Tidal Investments LLC and Chesapeake Capital Corporation (for the Cambria Chesapeake Pure Trend ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124006405/ex99-hxii.htm), previously filed with Post-Effective Amendment No. 213 on Form N-1A on May 21, 2024 and is incorporated herein by reference. |
| (xii) | [Form of ETF Support Agreement by and among Toroso Investments, LLC, Tidal ETF Services, LLC, and one or more fund sponsor(s)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123001445/ex99-hxi.htm), previously filed with Post-Effective Amendment No. 56 on Form N-1A on February 6, 2023 and is incorporated herein by reference. |
| (xiii) | [Rule 12d1-4 Fund of Funds Investment Agreement between the Trust (on behalf of each series of the Trust) and various Aberdeen trusts (on behalf of each series)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123001445/ex99-hxii.htm), previously filed with Post-Effective Amendment No. 56 on Form N-1A on February 6, 2023 and is incorporated herein by reference. |
| (xiv) | [Rule 12d1-4 Fund of Funds Investment Agreement between the Trust and various BlackRock and iShares trusts (on behalf of each series)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123001445/ex99-hxiii.htm), previously filed with Post-Effective Amendment No. 56 on Form N-1A on February 6, 2023 and is incorporated herein by reference. |
| (xv) | [Rule 12d1-4 Fund of Funds Investment Agreement between the Trust (on behalf of certain series of the Trust) and Direxion Shares ETF Trust (on behalf of certain series of the Trust)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123001445/ex99-hxiv.htm), previously filed with Post-Effective Amendment No. 56 on Form N-1A on February 6, 2023 and is incorporated herein by reference. |
|  | [(i) Amendment to Rule 12d1-4 Excluded Series (Funds) of the Direxion Shares ETF Trust](http://www.sec.gov/Archives/edgar/data/1924868/000199937124005938/ex99-hxvi.htm), previously filed with Post-Effective Amendment No. 211 on Form N-1A on May 10, 2024 and is incorporated herein by reference. |
| (xvi) | [Amended and Restated Rule 12d1-4 Fund of Funds Investment Agreement between the Trust (on behalf of certain series of the Trust) and Fidelity Merrimack Street Trust, Fidelity Covington Trust, Fidelity Commonwealth Trust and Fidelity Greenwood Trust (on behalf of certain series of the Trust)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125007547/ex99-hxvii.htm), previously filed with Post-Effective Amendment No. 363 on Form N-1A on June 10, 2025 and is incorporated herein by reference. |
| (xvii) | [Rule 12d1-4 Fund of Funds Investment Agreement between the Trust (on behalf of each series of the Trust) and Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust](http://www.sec.gov/Archives/edgar/data/1924868/000138713123001445/ex99-hxvi.htm), previously filed with Post-Effective Amendment No. 56 on Form N-1A on February 6, 2023 and is incorporated herein by reference. |

---

---

| | |
|:---|:---|
| (xviii) | [Rule 12d1-4 Fund of Funds Investment Agreement between the Trust (on behalf of certain series of the Trust) and PIMCO ETF Trust and PIMCO Equity Series (on behalf of certain series of the Trust)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123001445/ex99-hxvii.htm), previously filed with Post-Effective Amendment No. 56 on Form N-1A on February 6, 2023 and is incorporated herein by reference. |
| (xix) | [Rule 12d1-4 Fund of Funds Investment Agreement between the Trust (on behalf of certain series of the Trust) and ProShares Trust](http://www.sec.gov/Archives/edgar/data/1924868/000138713123001445/ex99-hxviii.htm), previously filed with Post-Effective Amendment No. 56 on Form N-1A on February 6, 2023 and is incorporated herein by reference. |
| (xx) | [Rule 12d1-4 Fund of Funds Investment Agreement between the Trust (on behalf of certain series of the Trust) and The Select Sector SPDR Trust](http://www.sec.gov/Archives/edgar/data/1924868/000138713123001445/ex99-hxix.htm), previously filed with Post-Effective Amendment No. 56 on Form N-1A on February 6, 2023 and is incorporated herein by reference. |
| (xxi) | [Rule 12d1-4 Fund of Funds Investment Agreement between the Trust (on behalf of certain series of the Trust) and SPDR Series Trust, SPDR Index Shares Funds, and SSGA Active Trust](http://www.sec.gov/Archives/edgar/data/1924868/000138713123001445/ex99-hxx.htm), previously filed with Post-Effective Amendment No. 56 on Form N-1A on February 6, 2023 and is incorporated herein by reference. |
| (xxii) | [Rule 12d1-4 Fund of Funds Investment Agreement between the Trust (on behalf of each series of the Trust) and VanEck ETF (on behalf of certain series)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123001445/ex99-hxxi.htm), previously filed with Post-Effective Amendment No. 56 on Form N-1A on February 6, 2023 and is incorporated herein by reference. |
| (xxiii) | [Rule 12d1-4 Fund of Funds Investment Agreement between the Trust (on behalf of certain series of the Trust) and Vanguard Funds (on behalf of certain series)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123001445/ex99-hxxii.htm), previously filed with Post-Effective Amendment No. 56 on Form N-1A on February 6, 2023 and is incorporated herein by reference. |
| (xxiv) | [Rule 12d1-4 Fund of Funds Investment Agreement between the Trust (on behalf of certain series of the Trust) and Cambria ETF Trust (on behalf of certain series)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123012010/ex99-hxxiv.htm), previously filed with Post-Effective Amendment No. 130 on Form N-1A on October 6, 2023and is incorporated herein by reference. |
|  | (1) [Amendment to Rule 12d1-4 Fund of Funds Investment Agreement](http://www.sec.gov/Archives/edgar/data/1924868/000199937124006405/ex99-hxxvi.htm), previously filed with Post-Effective Amendment No. 213 on Form N-1A on May 21, 2024 and is incorporated herein by reference. |
| (xxv) | [Fee Waiver Agreement between the Trust (on behalf of the DGA Core Plus Absolute Return ETF) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1924868/000183988224040824/ex99-hxxvii.htm), previously filed with Post-Effective Amendment No. 281 on Form N-1A on November 22, 2024 and is incorporated herein by reference. |
| (xxvi) | [Fee Waiver Agreement between the Trust (on behalf of the CoreValues Alpha Greater China Growth ETF) and Toroso Investments, LLC](http://www.sec.gov/Archives/edgar/data/1924868/000138713123011378/ex99-hxxvi.htm), previously filed with Post-Effective Amendment No. 124 on Form N-1A on September 20, 2023 and is incorporated herein by reference. |
| (xxvii) | [Fee Waiver Agreement between the Trust (on behalf of the Peerless Option Income Wheel ETF) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1924868/000199937125009837/ex99-hxxvii.htm), previously filed with Post-Effective Amendment No. 386 on Form N-1A on July 25, 2025, and is incorporated herein by reference. |
| (xxviii) | [Fee Waiver Agreement between the Trust (on behalf of the YieldMax<sup>®</sup> Ultra Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124002461/ex99-hxxix.htm), previously filed with Post-Effective Amendment No. 171 on Form N-1A on February 16, 2024 and is incorporated herein by reference. |
| (xxix) | [Fee Waiver Agreement between the Trust (on behalf of the Quantify Absolute Income ETF) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1924868/000199937125008717/ex99-hxxix.htm), previously filed with Post-Effective Amendment No. 375 on Form N-1A on July 3, 2025, and is incorporated herein by reference. |
| (xxx) | [Fee Waiver Agreement between the Trust (on behalf of the YieldMax<sup>®</sup> Ultra Short Option Income Strategy ETF](http://www.sec.gov/Archives/edgar/data/1924868/000183988225008779/ex99-hxxxiii.htm)), previously filed with Post-Effective Amendment No. 311 on Form N-1A on February 13, 2025, and is incorporated herein by reference. |
| (xxxi) | [Fee Waiver Agreement between the Trust (on behalf of the Defiance Leveraged Long + Income MSTR ETF) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1924868/000199937125007547/ex99-hxxxiii.htm), previously filed with Post-Effective Amendment No. 363 on Form N-1A on June 10, 2025 and is incorporated herein by reference. |
| (xxxii) | [Fee Waiver Agreement between the Trust (on behalf of the Return Stacked Global Stocks & Bonds ETF) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1924868/000199937125008717/ex99-hxxxii.htm), previously filed with Post-Effective Amendment No. 375 on Form N-1A on July 3, 2025, and is incorporated herein by reference. |
| (xxxiii) | [Rule 12d1-4 Fund of Funds Investment Agreement between the Trust (on behalf of certain series of the Trust) and EA Series Trust](http://www.sec.gov/Archives/edgar/data/1924868/000199937125009619/ex99-hxxxiii.htm) – previously filed with Post-Effective Amendment No. 383 on Form N-1A on July 23, 2025, and is incorporated herein by reference**.** |
| (i) | [Opinion and Consent of Counsel (for the Carbon Collective Climate Solutions U.S. Equity ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713122007650/ex99-i.htm), previously filed with the Trusts registration statement on Form N-1A/A on July 12, 2022, is hereby incorporated by reference. |
| (ii) | [Opinion and Consent of Counsel (for the YieldMax<sup>®</sup> AAPL Option Income Strategy ETF, YieldMax<sup>®</sup> AMZN Option Income Strategy ETF, YieldMax<sup>®</sup> BRK.B Option Income Strategy ETF, YieldMax<sup>®</sup> COIN Option Income Strategy ETF, YieldMax<sup>®</sup> META Option Income Strategy ETF, YieldMax<sup>®</sup> GOOG Option Income Strategy ETF, YieldMax<sup>®</sup> NFLX Option Income Strategy ETF, YieldMax<sup>®</sup> NVDA Option Income Strategy ETF, YieldMax<sup>®</sup> XYZ Option Income Strategy ETF, and YieldMax<sup>®</sup> TSLA Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713122011623/ex99-iii.htm), previously filed with Post-Effective Amendment No. 32 on Form N-1A on November 21, 2022 and is incorporated herein by reference. |
| (iii) | [Opinion and Consent of Counsel (for the YieldMax<sup>®</sup> ARKK Option Income Strategy ETF, YieldMax<sup>®</sup> KWEB Option Income Strategy ETF, YieldMax<sup>®</sup> GDX Option Income Strategy ETF, YieldMax<sup>®</sup> XBI Option Income Strategy ETF, and YieldMax<sup>®</sup> TLT Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713122011627/ex99-iiii.htm), previously filed with Post-Effective Amendment No. 33 on Form N-1A on November 21, 2022 and is incorporated herein by reference. |

---

(iv) [Opinion and Consent of Counsel (for the Senior Secured Credit Opportunities ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713122010432/ex99-iiv.htm) , previously filed with Post-Effective Amendment No.
 15 on Form N-1A on October 13, 2022 and is incorporated herein by reference.

(v) [Opinion and Consent of Counsel (for the Nicholas Fixed Income Alternative ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713122011714/ex99-ivii.htm) , previously filed with Post-Effective Amendment No. 34
 on Form N-1A on November 22, 2022 and is incorporated herein by reference.

(vi) [Opinion and Consent of Counsel (for the Pinnacle Focused Opportunities ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988222030436/ex99-iix.htm) , previously filed with Post-Effective Amendment No. 45 on
 Form N-1A on December 28, 2022 and is incorporated herein by reference.

(vii) [Opinion and Consent of Counsel (for the Tactical Advantage ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123004540/ex99-ix.htm) , previously filed with Post-Effective Amendment No. 72 on Form N-1A on
 April 6, 2023 and is incorporated herein by reference.

(viii) [Opinion and Consent of Counsel (for the Return Stacked<sup>®</sup> Bonds & Managed Futures ETF and Return Stacked<sup>®</sup>Global Stocks & Bonds ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123001445/ex99-ixi.htm) , previously filed with Post-Effective Amendment No. 56 on Form N-1A on February 6, 2023 and is incorporated
 herein by reference.

(ix) [Opinion and Consent of Counsel (for the DGA Absolute Return ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123004751/ex99-ixi.htm) , previously filed with Post-Effective Amendment No. 79 on April 14,
 2023.

(x) [Opinion and Consent of Counsel (for the Veridien Climate Action ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988223009341/ex99-ixii.htm) , previously filed with Post-Effective Amendment No. 74 on Form N-1A
 on April 11, 2023 and is incorporated herein by reference.

(xi) [Opinion and Consent of Counsel (for the Roundhill Generative AI & Technology ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123006448/ex99-ixiv.htm) , previously filed with Post-Effective Amendment
 No. 88 on Form N-1A on May 12, 2023 and is incorporated herein by reference.

(xii) [Opinion and Consent of Counsel (for the Blueprint Chesapeake Multi-Asset Trend ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123007903/ex99-ixvi.htm) , previously filed with Post-Effective Amendment No.
 102 on Form N-1A on June 27, 2023 and is incorporated herein by reference.

(xiii) [Opinion and Consent of Counsel (for the Cboe Validus S&P 500 Dynamic PutWrite Index ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123008622/ex99-ixvii.htm) , previously filed with Post-Effective Amendment
 No. 107 on Form N-1A on July 25, 2023 and is incorporated herein by reference.

(xiv) [Opinion and Consent of Counsel (for the Grizzle Growth ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123009390/ex99-ixviii.htm) , previously filed with Post-Effective Amendment No. 109 on Form N-1A on August
 7, 2023 and is incorporated herein by reference.

(xv) [Opinion and Consent of Counsel (for Psychedelics Companies)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124015011/ex99-ixvii.htm) , previously filed with Post-Effective Amendment No. 283 on Form N-1A on November
 25, 2024 and is incorporated herein by reference.

(xvi) [Opinion and Consent of Counsel (for the YieldMax<sup>®</sup> ABNB Option Income Strategy ETF, YieldMax<sup>®</sup> AMD Option Income Strategy ETF, YieldMax<sup>®</sup> MRNA Option Income Strategy ETF, YieldMax<sup>®</sup> PYPL Option Income Strategy ETF, YieldMax<sup>®</sup> DIS Option Income Strategy ETF, YieldMax<sup>®</sup> JPM Option Income Strategy ETF, YieldMax<sup>®</sup> MSFT Option Income Strategy ETF, and YieldMax<sup>®</sup> XOM Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123009799/ex99-ixx.htm) , previously filed with Post-Effective
 Amendment No. 111 on Form N-1A on August 14, 2023 and is incorporated herein by reference.

(xvii) [Opinion and Consent of Counsel (for the CoreValues Alpha Greater China Growth ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123011378/ex99-ixxi.htm) , previously filed with Post-Effective Amendment No.
 124 on Form N-1A on September 20, 2023 and is incorporated herein by reference.

(xviii) [Opinion and Consent of Counsel (for the Defiance Nasdaq 100 Target 30 Income ETF (f/k/a Defiance Nasdaq 100 Enhanced Options Income ETF), Defiance S&P 500 Target 30 Income ETF (f/ka Defiance S&P 500 Enhanced Options Income ETF) and Defiance R2000 Target 30 Income ETF (Defiance R2000 Enhanced Options Income ETF))](http://www.sec.gov/Archives/edgar/data/1924868/000138713123010338/ex99-ixxii.htm) , previously filed with Post-Effective Amendment No. 117 on Form N-1A on August
 25, 2023 and is incorporated herein by reference.

(xix) [Opinion and Consent of Counsel (for the Return Stacked<sup>®</sup> U.S. Stocks & Managed Futures ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123010574/ex99-ixxiii.htm) , previously filed with
 Post-Effective Amendment No. 118 on Form N-1A on August 29, 2023 and is incorporated herein by reference.

(xx) [Opinion and Consent of Counsel (for the YieldMax<sup>®</sup> ADBE Option Income Strategy ETF, YieldMax<sup>®</sup> AI Option Income Strategy ETF, YieldMax<sup>®</sup> BA Option Income Strategy ETF, YieldMax<sup>®</sup> BIIB Option Income Strategy ETF, YieldMax<sup>®</sup> INTC Option Income Strategy ETF, YieldMax<sup>®</sup> NKE Option Income Strategy ETF, YieldMax<sup>®</sup>ORCL Option Income Strategy ETF, YieldMax<sup>®</sup> ROKU Option Income Strategy ETF, YieldMax<sup>®</sup> SNOW Option Income Strategy ETF, YieldMax<sup>®</sup> TGT Option Income Strategy ETF and YieldMax<sup>®</sup> ZM Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123012010/ex99-ixxiv.htm) , previously
 filed with Post-Effective Amendment No. 130 on Form N-1A on October 6, 2023 and is incorporated herein by reference.

(xxi) [Opinion and Consent of Counsel (for the Hilton Small-MidCap Opportunity ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937123000397/ex99-ixxv.htm) , previously filed with Post-Effective Amendment No. 135
 on Form N-1A on November 20, 2023 and is incorporated herein by reference.

(xxii) [Opinion and Consent of Counsel (for the Quantify Absolute Income ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124004487/ex99-ixxiv.htm) **,** previously filed with Post-Effective Amendment No. 197
 on Form N-1A on April 5, 2024 and is incorporated herein by reference.

(xxiii) [Opinion and Consent of Counsel (for the YieldMax<sup>®</sup> Universe Fund of Option Income ETFs and YieldMax<sup>®</sup> Magnificent 7 Fund of Option Income ETFs)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124000178/ex99-ixxvii.htm) , previously filed with Post-Effective Amendment No. 153 on Form N-1A on January 8, 2024 and is
 incorporated herein by reference.

(xxiv) [Opinion and Consent of Counsel (for the Defiance Treasury Alternative Yield ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124000690/ex99-ixxviii.htm) , previously filed with Post-Effective Amendment No.
 155 on Form N-1A on January 23, 2024 and is incorporated herein by reference.

(xxv) [Opinion and Consent of Counsel (for the iREIT - MarketVector Quality REIT Index ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124002955/ex99-ixxvii.htm) , previously filed with Post-Effective Amendment
 No. 181 on Form N-1A on February 29, 2024 and is incorporated herein by reference.

(xxvi) [Opinion and Consent of Counsel (for the Defiance Developed Markets Enhanced Options Income ETF and Defiance Emerging Markets Enhanced Options Income ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124001388/ex99-ixxx.htm) , previously filed with Post-Effective Amendment No. 165 on Form N-1A on February 1, 2024 and is incorporated herein
 by reference.

(xxvii) [Opinion and Consent of Counsel (for YieldMax<sup>®</sup> Ultra Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124002461/ex99-ixxxii.htm) , previously filed with Post-Effective
 Amendment No. 171 on Form N-1A on February 16, 2024 and is incorporated herein by reference.

(xxviii) [Opinion and Consent of Counsel (for YieldMax<sup>®</sup> MSTR Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124002512/ex99-ixxxiii.htm) , previously filed with Post-Effective Amendment
 No. 172 on Form N-1A on February 20, 2024 and is incorporated herein by reference.

(xxix) [Opinion and Consent of Counsel (for the Carbon Collective Short Duration Green Bond ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124004345/ex99-ixxxll.htm) , previously filed with Post-Effective Amendment
 No. 196 on Form N-1A on April 2, 2024 and is incorporated herein by reference.

(xxx) [Opinion and Consent of Counsel (for the Defiance Nasdaq 100 Target Income ETF, Defiance S&P 500 Target Income ETF and Defiance R2000 Target Income ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124002792/ex99-ixxxiii.htm) , previously filed with Post-Effective Amendment No. 177 on Form N-1A on February 28, 2024 and is incorporated
 herein by reference.

(xxxi) [Opinion and Consent of Counsel (for the YieldMax<sup>®</sup> TSLA Short Option Income Strategy ETF, YieldMax<sup>®</sup> Innovation Short Option Income Strategy ETF, YieldMax<sup>®</sup> NVDA Short Option Income Strategy ETF, YieldMax<sup>®</sup> COIN Short Option Income Strategy ETF and YieldMax<sup>®</sup> AAPL Short Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124003038/ex99-ixxxiv.htm) , previously filed with Post-Effective
 Amendment No. 182 on Form N-1A on March 4, 2024 and is incorporated herein by reference.

(xxxii) [Opinion and Consent of Counsel (for the YieldMax<sup>®</sup> N100 Short Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124003062/ex99-ixxxv.htm) , previously filed with Post-Effective
 Amendment No. 183 on Form N-1A on March 5, 2024 and is incorporated herein by reference.

(xxxiii) [Opinion and Consent of Counsel (for the Even Herd Long Short ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124003975/ex99-ixxxvi.htm) , previously filed with Post-Effective Amendment No. 194 on Form N-1A
 on March 26, 2024 and is incorporated herein by reference.

(xxxiv) [Opinion and Consent of Counsel (for the Peerless Option Wheel ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124005938/ex99-ixxxvii.htm) , previously filed with Post-Effective Amendment No. 211 on Form N-1A
 on May 10, 2024 and is incorporated herein by reference.

(xxxv) [Opinion and Consent of Counsel (for the YieldMax<sup>®</sup> Bitcoin Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124004893/ex99-ixxxviii.htm) , previously filed with Post-Effective
 Amendment No. 203 on Form N-1A on April 17, 2024 and is incorporated herein by reference.

(xxxvi) [Opinion and Consent of Counsel (for the Return Stacked<sup>®</sup> Bonds & Futures Yield ETF and Return Stacked<sup>®</sup>U.S. Stocks & Futures Yield ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124004978/ex99-ixxxix.htm) , previously filed with Post-Effective Amendment No. 204 on Form N-1A on April 19, 2024 and is
 incorporated herein by reference.

(xxxvii) [Opinion and Consent of Counsel (for the Defiance Gold Enhanced Options Income ETF, Defiance Silver Enhanced Options Income ETF, Defiance Oil Enhanced Options Income ETF, and Defiance Treasury Enhanced Options Income ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124005390/ex99-ixlii.htm) , previously filed with Post-Effective Amendment
 No. 206 on Form N-1A on April 29, 2024 and is incorporated herein by reference.

(xxxviii) [Opinion and Consent of Counsel (for the Clockwise Core Equity & Innovation ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124007338/ex99-ixliii.htm) , previously filed with Post-Effective Amendment No.
 224 on Form N-1A on June 11, 2024 and is incorporated herein by reference.

(xxxix) [Opinion and Consent of Counsel (for the Cambria Chesapeake Pure Trend ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124006405/ex99-ixliii.htm) , previously filed with Post-Effective Amendment No. 213 on
 Form N-1A on May 21, 2024 and is incorporated herein by reference.

(xl) [Opinion and Consent of Counsel (for the Defiance Daily Target 2X Long Cooper ETF, Defiance Daily Target 2X Long RIOT ETF (formerly known as Defiance Daily Target 2X Long Carbon ETF), Defiance Daily Target 2X Long China Dragons ETF (formerly known as Defiance Daily Target 2X Long Lithium ETF), Defiance Daily Target 2X Long Solar ETF and Defiance Daily Target 2X Long Uranium ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124015879/ex99-ilxiv.htm) , previously filed
 with Post-Effective Amendment No. 297 on Form N-1A on December 30, 2024 and is incorporated herein by reference.

(xli) [Opinion and Consent of Counsel (for the Defiance Daily Target 2X Long LLY ETF, Defiance Daily Target 2X Long MSTR ETF, Defiance Daily Target 2X Long NVO ETF, Defiance Daily Target 2X Long PANW ETF and Defiance Daily Target 2X Long SMCI ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124007101/ex99ixlv.htm) , previously filed with Post-Effective
 Amendment No. 222 on Form N-1A on June 4, 2024 and is incorporated herein by reference.

(xlii) [Opinion and Consent of Counsel (for the Defiance Daily Target 1.5X Short MSTR ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124007511/ex99-ixlvii.htm) previously filed with Post-Effective Amendment No.
 225 on Form N-1A on June 17, 2024 and is incorporated herein by reference.

(xliii) [Opinion and Consent of Counsel (for the YieldMax<sup>®</sup> BABA Option Income Strategy ETF, YieldMax<sup>®</sup> CVNA Option Income Strategy ETF, YieldMax<sup>®</sup> DKNG Option Income Strategy ETF, YieldMax<sup>®</sup> HOOD Option Income Strategy ETF, YieldMax<sup>®</sup> JD Option Income Strategy ETF, YieldMax<sup>®</sup> MARA Option Income Strategy ETF, YieldMax<sup>®</sup> PDD Option Income Strategy ETF, YieldMax<sup>®</sup> PLTR Option Income Strategy ETF, YieldMax<sup>®</sup>RBLX Option Income Strategy ETF, YieldMax<sup>®</sup> SHOP Option Income Strategy ETF, YieldMax<sup>®</sup> SMCI Option Income Strategy ETF, and YieldMax<sup>®</sup> TSM Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124009244/ex99-ixlvii.htm) , previously filed with Post-Effective Amendment No. 241 on Form
 N-1A on July 30, 2024, and is incorporated herein by reference.

(xliv) [Opinion and Consent of Counsel (for the YieldMax<sup>®</sup> Ether Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124011660/ex99-ixlviii.htm) , previously filed with Post-Effective
 Amendment No. 259 on Form N-1A on September 9, 2024, and is incorporated herein by reference **.** 

(xlv) [Opinion and Consent of Counsel (for the STKd 100% Bitcoin & 100% Gold ETF (f/k/a STKD Bitcoin & Gold ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124012244/ex99-ixlix.htm) , previously filed with
 Post-Effective Amendment No. 264 on Form N-1A on September 23, 2024 and is incorporated herein by reference.

(xlvi) [Opinion and Consent of Counsel (for the YieldMax<sup>®</sup> Target 12™ Semiconductor Option Income ETF, YieldMax<sup>®</sup>Target 12™ Biotech & Pharma Option Income ETF, YieldMax<sup>®</sup> Target 12™ Energy Option Income ETF, YieldMax<sup>®</sup> Target 12™ Real Estate Option Income ETF, YieldMax<sup>®</sup> Target 12™ Tech & Innovation Option Income ETF and YieldMax<sup>®</sup> Target 12™ Big 50 Option Income ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124014425/ex99-ixlix.htm) , previously filed with Post-Effective Amendment No. 277
 on Form N-1A on November 8, 2024 and is incorporated herein by reference.

(xlvii) [Opinion and Consent of Counsel (for the Nicholas Global Equity and Income ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124008919/ex99-ili.htm) , previously filed with Post-Effective Amendment No. 238
 on Form N-1A on July 23, 2024 and is incorporated herein by reference.

(xlviii) [Opinion and Consent of Counsel (for the Defiance Large Cap ex-Mag 7 ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124013272/ex99-ilii.htm) , previously filed with Post-Effective Amendment No. 266 on Form
 N-1A on October 11, 2024 and is incorporated herein by reference.

(xlix) [Opinion and Consent of Counsel (for the YieldMax<sup>®</sup> Dorsey Wright Hybrid 5 Income ETF, and YieldMax<sup>®</sup> Dorsey Wright Featured 5 Income ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988224044572/ex99-ilii.htm) , previously filed with Post-Effective Amendment No. 288 on Form N-1A on December 10, 2024 and is incorporated
 herein by reference.

(l) [Opinion and Consent of Counsel (for the YieldMax<sup>®</sup> AI & Tech Portfolio Option Income Portfolio ETF, YieldMax<sup>®</sup>Crypto Industry & Tech Portfolio Option Income ETF, YieldMax<sup>®</sup> China Portfolio Option Income ETF, YieldMax<sup>®</sup> Semiconductor Portfolio Option Income ETF and YieldMax<sup>®</sup> Biotech & Pharma Portfolio Option Income ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988224042621/ex99-iliii.htm) , previously
 filed with Post-Effective Amendment No. 286 on Form N-1A on December 2, 2024 and is incorporated herein by reference.

(li) [Opinion and Consent of Counsel (for the YieldMax<sup>®</sup> Ultra Short Option Income Strategy ETF](http://www.sec.gov/Archives/edgar/data/1924868/000183988225008779/ex99-iliv.htm)), previously filed with Post-Effective
 Amendment No. 311 on Form N-1A on February 13, 2025, and is incorporated herein by reference.

(lii) [Opinion and Consent of Counsel (for the Return Stacked<sup>®</sup> Bonds & Merger Arbitrage ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988224045295/ex99-ilv.htm) , previously filed with Post-Effective
 Amendment No. 291 on Form N-1A on December 16, 2024 and is incorporated herein by reference.

(liii) [Opinion and Consent of Counsel (for the Defiance Daily Target 2X Long SOFI ETF, Defiance Daily Target 2X Long AMAT ETF, Defiance Daily Target 2X Long GOLD ETF, Defiance Daily Target 2X Long ORCL ETF, Defiance Daily Target 2X Long FSLR ETF and Defiance Daily Target 2X Long DKNG ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988225001947/ex99-ilvi.htm) , previously filed with Post-Effective Amendment No. 299 on Form N-1A on January 14, 2025 and is incorporated herein
 by reference.

(liv) [Opinion and Consent of Counsel (for the Defiance Daily Target 2X Long Pure Quantum ETF, Defiance Hot Sauce Daily 2X Strategy ETF and Defiance MAGA Seven ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125008823/ex99-iliv.htm) **–** previously filed with Post-Effective Amendment No. 376 on Form N-1A on July 9, 2025 and is incorporated
 herein by reference.

(lv) [Opinion and Consent of Counsel (for the YieldMax<sup>®</sup> Nasdaq 100 0DTE Covered Call Strategy ETF, YieldMax<sup>®</sup> S&P 500 0DTE Covered Call Strategy ETF, and YieldMax<sup>®</sup> R2000 0DTE Covered Call Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125001162/ex99-ilviii.htm) , previously filed with
 Post-Effective Amendment No. 307 on Form N-1A on February 4, 2025 and is incorporated herein by reference.

(lvi) [Opinion and Consent of Counsel (for the Defiance AI & Power Infrastructure ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125001333/ex99-ilx.htm) , previously filed with Post-Effective Amendment No.
 309 on Form N-1A on February 7, 2025 and is incorporated herein by reference.

(lvii) [Opinion and Consent of Counsel (for the STKd 100% COIN & 100% NVDA ETF, STKd 100% NVDA & 100% MSTR ETF, STKd 100% MSTR & 100% COIN ETF, STKd 100% COIN & 100% HOOD ETF, STKd 100% NVDA & 100% AMD ETF, STKd 100% TSLA & 100% MSTR ETF, STKd 100% TSLA & 100% NVDA ETF, STKd 100% SMCI & 100% NVDA ETF, STKd 100% UBER & 100% TSLA ETF and STKd 100% META & 100% AMZN ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988225010423/ex99-ilx.htm) ,
 previously filed with Post-Effective Amendment No. 316 on Form N-1A on February 24, 2025 and is incorporated herein by reference.

(lviii) [Opinion and Consent of Counsel (for the YieldMax<sup>®</sup> MSTR Short Option Income Strategy ETF, YieldMax<sup>®</sup> AMD Short Option Income Strategy ETF, YieldMax<sup>®</sup> AMZN Short Option Income Strategy ETF, YieldMax<sup>®</sup> MARA Short Option Income Strategy ETF, YieldMax<sup>®</sup> BITCOIN Short Option Income Strategy ETF, YieldMax<sup>®</sup>META Short Option Income Strategy ETF and YieldMax<sup>®</sup> SMCI Short Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125002964/ex99-lxi.htm) , previously filed with Post-Effective
 Amendment No. 329 on Form N-1A on March 21, 2025 and is incorporated herein by reference.

(lix) [Opinion and Consent of Counsel (for the Defiance Leveraged Long MSTR ETF and Defiance Leveraged Long + Income MSTR ETF),](http://www.sec.gov/Archives/edgar/data/1924868/000199937125002972/ex99-ilxii.htm) previously filed
 with Post-Effective Amendment No. 330 on Form N-1A on March 21, 2025 and is incorporated herein by reference.

(lx) [Opinion and Consent of Counsel (for the Defiance Daily Target 2X Long HIMS ETF, Defiance Daily Target 2X Long IONQ ETF, Defiance Daily Target 2X Long RKLB ETF, Defiance Daily Target 2X Long CVNA ETF, Defiance Daily Target 2X Long HOOD ETF, Defiance Daily Target 2X Long VST ETF, Defiance Daily Target 2X Long JPM ETF, Defiance Daily Target 2X Long PENN ETF, Defiance Daily Target 2X Long SOUN ETF, Defiance Daily Target 2X Long MRVL ETF and Defiance Daily Target 2X Long RGTI ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988225014844/ex99-ilxiii.htm) , previously filed with Post-Effective Amendment No.
 327 on Form N-1A on March 11, 2025 and is incorporated herein by reference **.** 

(lxi) [Opinion and Consent of Counsel (for the Defiance Daily Target 2X Short RIOT ETF, Defiance Daily Target 2X Short SMCI ETF and Defiance Daily Target 2X Short LLY ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125003437/ex99-ilxiv.htm) , previously filed with Post-Effective Amendment No. 336 on Form N-1A on March 31, 2025 and is incorporated
 herein by reference.

(lxii) [Opinion and Consent of Counsel (for the Defiance Daily Target 2X Long DJT ETF and Defiance Daily Target 2X Long RDDT ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125004019/ex99-ilxii.htm) , previously
 filed with Post-Effective Amendment No. 339 on Form N-1A on April 8, 2025 and is incorporated herein by reference.

(lxiii) [Opinion and Consent of Counsel (for the Return Stacked<sup>®</sup>U.S. Stocks & Gold/Bitcoin ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125004740/ex99-ilxiv.htm) , previously filed with Post-Effective
 Amendment No. 342 on Form N-1A on April 25, 2025 and is incorporated herein by reference

(lxiv) [Opinion and Consent of Counsel (for the Defiance Trillion Dollar Club Index ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125005036/ex99-ilxv.htm) , previously filed with Post-Effective Amendment No.
 345 on Form N-1A on April 30, 2025 and is incorporated herein by reference.

(lxv) [Opinion and Consent of Counsel (for the Defiance Nasdaq 100 LightningSpread™ Income ETF, Defiance S&P 500 LightningSpread™ Income ETF, and Defiance Russell 2000 LightningSpread™ Income ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125006616/ex99-ilxvi.htm) , previously filed with Post-Effective Amendment No.
 351 on Form N-1A on May 23, 2025 and is incorporated herein by reference.

(lxvi) Opinion and
 Consent of Counsel (for the YieldMax<sup>®</sup> Target 25™ AI Option Income ETF, YieldMax<sup>®</sup> Target 25™
 AMD Option Income ETF, YieldMax<sup>®</sup> Target 25™ AMZN Option Income ETF, YieldMax<sup>®</sup> Target 25™
 COIN Option Income ETF, YieldMax<sup>®</sup> Target 25™ MARA Option Income ETF, YieldMax<sup>®</sup> Target 25™
 MSTR Option Income ETF, YieldMax<sup>®</sup> Target 25™ NVDA Option Income ETF, YieldMax<sup>®</sup> Target 25™
 PLTR Option Income ETF, YieldMax<sup>®</sup> Target 25™ SMCI Option Income ETF and YieldMax<sup>®</sup>Target 25™
 TSLA Option Income ETF) – **to be filed by amendment.** 

(lxvii) [Opinion and Consent of Counsel (for the Defiance Daily Target 2X Short CVNA ETF, Defiance Daily Target 2X Short IONQ ETF, Defiance Daily Target 2X Short PLTR ETF and Defiance Daily Target 2X Short RKLB ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125005922/ex99-ilxix.htm) , previously filed with Post-Effective Amendment No. 348
 on Form N-1A on May 13, 2025 and is incorporated herein by reference.

(lxviii) [Opinion and Consent of Counsel (for the Defiance Daily Target 2X Long ANET ETF, Defiance Daily Target 2X Long ARM ETF, Defiance Daily Target 2X Long PM ETF, and Defiance Daily Target 2X Long UBER ETF) – previously filed with Post-Effective Amendment No. 349 on Form N-1A on May 16, 2025 and is incorporated herein by reference **.**](http://www.sec.gov/Archives/edgar/data/1924868/000199937125006291/ex99-ilxx.htm)

(lxix) [Opinion and Consent of Counsel (for the Hilton BDC Corporate Bond ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125007009/ex99-ilxxi.htm) , previously filed with Post-Effective Amendment No. 356 on Form
 N-1A on June 2, 2025 and is incorporated herein by reference.

(lxx) Opinion and
 Consent of Counsel (for YieldMax<sup>®</sup> Target 25™ Bitcoin Option Income ETF) – **to be filed by amendment.** 

(lxxi) [Opinion and Consent of Counsel (for the Nicholas Crypto Income ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125007547/ex99-ilxxiii.htm) , previously filed with Post-Effective
 Amendment No. 363 on Form N-1A on June 10, 2025 and is incorporated herein by reference.

(lxxii) [Opinion and Consent of Counsel (for the Defiance Daily Target 2X Long OKLO ETF, Defiance Daily Target 2X Long QBTS ETF, Defiance Daily Target 2X Short RGTI ETF and Defiance Daily Target 2X Short QBTS ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125007863/ex99-ilxxiv.htm) – previously filed with Post-Effective Amendment No. 366
 on Form N-1A on June 17, 2025 and is incorporated herein by reference **.** 

(lxxiii) [Opinion and Consent of Counsel (for the Defiance Nasdaq 100 Double Short Hedged ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125008416/ex99-ilxxxii.htm) – previously filed with Post-Effective Amendment
 No. 372 on Form N-1A on June 27, 2025 and is incorporated herein by reference.

(lxxiv) [Opinion and Consent of Counsel (for the Defiance Vol Carry Hedged ETF, Defiance Enhanced Short Vol ETF and Defiance Enhanced Long Vol ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125009118/ex99-ilxxiv.htm) – previously filed with Post-Effective Amendment No. 382 on Form N-1A on July 15, 2025, is hereby incorporated by reference **.** 

(lxxv) Opinion and
 Consent of Counsel (for the Defiance Leveraged Long + Income AAPL ETF, Defiance Leveraged Long + Income AMD ETF, Defiance Leveraged
 Long + Income AMZN ETF, Defiance Leveraged Long + Income BRK.B ETF, Defiance Leveraged Long + Income COIN ETF, Defiance Leveraged
 Long + Income GOOG ETF, Defiance Leveraged Long + Income HIMS ETF, Defiance Leveraged Long + Income HOOD ETF, Defiance Leveraged
 Long + Income META ETF, Defiance Leveraged Long + Income NFLX ETF, Defiance Leveraged Long + Income NVDA ETF, Defiance Leveraged
 Long + Income PLTR ETF, Defiance Leveraged Long + Income SMCI ETF, and Defiance Leveraged Long + Income TSLA ETF) **– to be filed by amendment.** 

(lxxvi) Opinion and
 Consent of Counsel (for the LevMax™ AMZN [Monthly 3x1] ETF, LevMax™ Bitcoin [Monthly 3x1] ETF, LevMax™ BRK-B [Monthly
 3x1] ETF, LevMax™ COIN [Monthly 3x1] ETF, LevMax™ HOOD [Monthly 3x1] ETF, LevMax™ MSFT [Monthly 3x1] ETF, LevMax™
 MSTR [Monthly 3x1] ETF, LevMax™ NVDA [Monthly 3x1] ETF, LevMax™ PLTR [Monthly 3x1] ETF, LevMax™ RDDT [Monthly 3x1]
 ETF, LevMax™ SMCI [Monthly 3x1] ETF and LevMax™ TSLA [Monthly 3x1] ETF) **– to be filed by amendment.** 

(lxxvii) Opinion and
 Consent of Counsel (for the YieldMax<sup>®</sup>AFRM Option Income Strategy ETF, YieldMax<sup>®</sup> APP Option Income
 Strategy ETF, YieldMax<sup>®</sup> ARM Option Income Strategy ETF, YieldMax<sup>®</sup> AVGO Option Income Strategy ETF,
 YieldMax<sup>®</sup>CRWD Option Income Strategy ETF, YieldMax<sup>®</sup> GME Option Income Strategy ETF, YieldMax<sup>®</sup>
 HIMS Option Income Strategy ETF, YieldMax<sup>®</sup> IONQ Option Income Strategy ETF, YieldMax<sup>®</sup> LLY Option Income
 Strategy ETF, YieldMax<sup>®</sup> RDDT Option Income Strategy ETF, YieldMax<sup>®</sup> SPOT Option Income Strategy ETF
 and YieldMax<sup>®</sup> UBER Option Income Strategy ETF) – **to be filed by amendment.** 

(lxxviii) Opinion and
 Consent of Counsel (for YieldMax<sup>®</sup> CRCL Option Income Strategy ETF, YieldMax<sup>®</sup>CRWV Option Income
 Strategy ETF, and YieldMax<sup>®</sup> GLXY Option Income Strategy ETF) – **to be filed by amendment**.

(lxxix) Opinion and
 Consent of Counsel (for the Defiance Leveraged Long + Income CRCL ETF, Defiance Leveraged Long + Income CRWV ETF, Defiance Leveraged
 Long + Income GLXY ETF, Defiance Leveraged Long + Income Magnificent Seven ETF, Defiance Leveraged Long + Income Nasdaq 100 ETF,
 Defiance Leveraged Long + Income S&P 500 ETF, Defiance Leveraged Long + Income Ethereum ETF and Defiance Leveraged Long + Income
 Bitcoin ETF) – **to be filed by amendment.** 

(lxxx) Opinion and
 Consent of Counsel (for YieldMax<sup>®</sup> SCHD DoubleDiv™ ETF) – **to be filed by amendment**.

(lxxxi) Opinion and
 Consent of Counsel (for Defiance Daily Target 2X Long ALAB ETF, Defiance Daily Target 2X Long APLD ETF, Defiance Daily Target 2X
 Long AVAV ETF, Defiance Daily Target 2X Long JOBY ETF, Defiance Daily Target 2X Long KTOS ETF, Defiance Daily Target 2X Long LMND
 ETF, Defiance Daily Target 2X Long NBIS ETF, Defiance Daily Target 2X Long NVTS ETF, Defiance Daily Target 2X Long OSCR ETF, Defiance
 Daily Target 2X Long PONY ETF, Defiance Daily Target 2X Long RCAT ETF, Defiance Daily Target 2X Long RBRK ETF and Defiance Daily
 Target 2X Long ZETA ETF) – **to be filed by amendment** 

(lxxxii) Opinion and
 Consent of Counsel (for Defiance SCHD Target 15 Income ETF) – **to be filed by amendment** 

(lxxxiii) Opinion and Consent of
 Counsel (for Defiance Daily Target 2X Long ET ETF, Defiance Daily Target 2X Long IREN ETF, Defiance Daily Target 2X Long FIG ETF,
 Defiance Daily Target 2X Long MP ETF and Defiance Daily Target 2X Long QS ETF) – previously filed with Post-Effective Amendment
 No. 391 on Form N-1A on August 4, 2025, and is incorporated herein by reference **.** 

(j) Not Applicable.

(k) Not applicable.

(l) (i) [Subscription Agreement](http://www.sec.gov/Archives/edgar/data/1924868/000138713122007650/ex99-li.htm) , previously filed with the Trusts registration statement on Form N-1A/A on July 12, 2022, is hereby incorporated by
 reference.

(ii) Letter of Representations
 between the Trust and Depository Trust Company - **to be filed by amendment**.

(m) [Amended and Restated Rule 12b-1 Plan](https://www.sec.gov/Archives/edgar/data/1924868/000199937125010519/ex99-m.htm) – previously filed with Post-Effective Amendment No. 391 on Form N-1A on August 4, 2025 and
 is incorporated herein by reference.

(n) Not applicable.

(o) Reserved.

(p) (i) [Code of Ethics for Tidal Trust II](http://www.sec.gov/Archives/edgar/data/1924868/000199937124014425/ex99-pi.htm) , previously filed with Post-Effective Amendment No. 277 on Form N-1A on November 8, 2024 and is
 incorporated herein by reference.

(ii) [Code of Ethics for Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1924868/000199937124014425/ex99-pii.htm) , previously filed with Post-Effective Amendment No. 277 on Form N-1A on November 8, 2024
 and is incorporated herein by reference.

(iii) [Code of Ethics Carbon Collective Investing, LLC](http://www.sec.gov/Archives/edgar/data/1924868/000138713122007650/ex99-piii.htm) , previously filed with the Trusts registration statement on Form N-1A/A on July 12,
 2022, is hereby incorporated by reference.

(iv) Code of Ethics for Distributor
 not applicable per Rule 17j-1(c)(3).

(v) [Code of Ethics for Nicholas Wealth, LLC](http://www.sec.gov/Archives/edgar/data/1924868/000183988225008779/ex99-pvi.htm) , previously filed with Post-Effective Amendment No. 311 on Form N-1A on February 13, 2025,
 and is incorporated herein by reference.

(vi) [Code of Ethics for Pinnacle Family Advisors, LLC](http://www.sec.gov/Archives/edgar/data/1924868/000183988222030436/ex99-pviii.htm) , previously filed with Post-Effective Amendment No. 45 on Form N-1A on December 28,
 2022 and is incorporated herein by reference.

(vii) [Code of Ethics for Veridien Global Investors LLC](http://www.sec.gov/Archives/edgar/data/1924868/000183988223009341/ex99-pix.htm) , previously filed with Post-Effective Amendment No. 74 on Form N-1A on April 11,
 2023 and is incorporated herein by reference.

(viii) [Code of Ethics for Family Dynasty Advisors LLC](http://www.sec.gov/Archives/edgar/data/1924868/000138713123004540/ex99-pix.htm) , previously filed with Post-Effective Amendment No. 72 on Form N-1A on April 6, 2023
 and is incorporated herein by reference.

(ix) [Code of Ethics for Newfound Research LLC](http://www.sec.gov/Archives/edgar/data/1924868/000138713123001445/ex99-px.htm) , previously filed with Post-Effective Amendment No. 56 on Form N-1A on February 6, 2023 and
 is incorporated herein by reference.

(x) [Code of Ethics for ReSolve Asset Management SEZC (Cayman)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123001445/ex99-pxi.htm) , previously filed with Post-Effective Amendment No. 56 on Form N-1A on February
 6, 2023 and is incorporated herein by reference.

(xi) [Code of Ethics for Roundhill Financial Inc.](http://www.sec.gov/Archives/edgar/data/1924868/000199937124010717/ex99pxiii.htm) , previously filed with Post-Effective Amendment No. 251 on Form N-1A on August 27, 2024
 and is incorporated herein by reference.

(xii) [Code of Ethics for Montrose Estate Capital Management, LLC d/b/a Days Global Advisors](http://www.sec.gov/Archives/edgar/data/1924868/000199937124010335/ex99-pxiv.htm) , previously filed with Post-Effective Amendment
 No. 249 on Form N-1A on August 19, 2024 and is incorporated herein by reference.

(xiii) [Code of Ethics for Chesapeake Capital Corporation](http://www.sec.gov/Archives/edgar/data/1924868/000199937123000397/ex99-pxv.htm) , previously filed with Post-Effective Amendment No. 135 on Form N-1A on November
 20, 2023 and is incorporated herein by reference.

(xiv) [Code of Ethics for Blueprint Fund Management, LLC](http://www.sec.gov/Archives/edgar/data/1924868/000138713123007903/ex99-pxv.htm) , previously filed with Post-Effective Amendment No. 102 on Form N-1A on June 27,
 2023 and is incorporated herein by reference.

(xv) [Code of Ethics for Grizzle Investment Management LLC](http://www.sec.gov/Archives/edgar/data/1924868/000138713123009390/ex99-pxvii.htm) , previously filed with Post-Effective Amendment No. 109 on Form N-1A on August
 7, 2023 and is incorporated herein by reference.

(xvi) [Code of Ethics for Cambria Investment Management, L.P.](http://www.sec.gov/Archives/edgar/data/1924868/000138713123011378/ex99-pxviii.htm) , previously filed with Post-Effective Amendment No. 124 on Form N-1A on September
 20, 2023 and is incorporated herein by reference.

(xvii) [Code of Ethics for Hilton Capital Management, LLC](http://www.sec.gov/Archives/edgar/data/1924868/000199937123000397/ex99-pxix.htm) , previously filed with Post-Effective Amendment No. 135 on Form N-1A on November
 20, 2023 and is incorporated herein by reference.

(xviii) [Code of Ethics for MSA Power Funds LLC](http://www.sec.gov/Archives/edgar/data/1924868/000138713123011378/ex99-pxx.htm) , previously filed with Post-Effective Amendment No. 124 on Form N-1A on September 20, 2023
 and is incorporated herein by reference.

(xix) [Code of Ethics for Quantify Chaos Advisors, LLC](http://www.sec.gov/Archives/edgar/data/1924868/000199937124004487/ex99-pxxi.htm) , previously filed with Post-Effective Amendment No. 197 on Form N-1A on April 5, 2024
 and is incorporated herein by reference **.** 

(xx) [Code of Ethics for Artesian Capital Management (Delaware) LP](http://www.sec.gov/Archives/edgar/data/1924868/000199937124004345/ex99-pxxiii.htm) , previously filed with Post-Effective Amendment No. 196 on Form N-1A
 on April 2, 2024 and is incorporated herein by reference.

(xxi) [Code of Ethics for Even Herd, LLC](http://www.sec.gov/Archives/edgar/data/1924868/000199937124003975/ex99-pxxiv.htm) , previously filed with Post-Effective Amendment No. 194 on Form N-1A on March 26, 2024 and is incorporated
 herein by reference.

(xxii) [Code of Ethics for Peerless Wealth LLC](http://www.sec.gov/Archives/edgar/data/1924868/000199937124005938/ex99-pxxv.htm) , previously filed with Post-Effective Amendment No. 211 on Form N-1A on May 10, 2024 and is
 incorporated herein by reference.

(xxiii) [Code of Ethics for Clockwise Capital LLC](http://www.sec.gov/Archives/edgar/data/1924868/000199937124007338/ex99-pxxvi.htm) , previously filed with Post-Effective Amendment No. 224 on Form N-1A on June 11, 2024 and
 is incorporated herein by reference.

**Item 29. Persons Controlled by or Under Common Control with Registrant**

No person is directly or indirectly controlled by or under common control with the Registrant.

**Item 30. Indemnification**

Reference is made to Article VII of the Registrant's Third Amended and Restated Declaration of Trust. The general effect of this provision is to indemnify the Trustees, officers, employees and other agents of the Trust who are parties pursuant to any proceeding by reason of their actions performed in their scope of service on behalf of the Trust.

Pursuant to Rule 484 under the Securities Act of 1933, as amended (the Securities Act), the Registrant furnishes the following undertaking: Insofar as indemnification for liability arising under the Securities Act of 1933 may be permitted to trustees, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that, in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a trustee, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such trustee, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

**Item 31. Business and Other Connections of Investment Adviser**

This Item incorporates by reference each investment advisers Uniform Application for Investment Adviser Registration (Form ADV) on file with the SEC, as listed below. Each Form ADV may be obtained, free of charge, at the SECs website at www.adviserinfo.sec.gov. Additional information as to any other business, profession, vocation or employment of a substantial nature engaged in by each officer and director of the below-listed investment advisers is included in the Trusts Statement of Additional Information.

---

| | |
|:---|:---|
| **Investment Adviser** | **SEC File No.** |
| Tidal Investments LLC (f/k/a Toroso Investments, LLC) | 801-76857 |
| Carbon Collective Investing, LLC | 801-119296 |
| Platos Philosophy LLC | 801-126714 |
| Nicholas Wealth, LLC | 801-122063 |
| Pinnacle Family Advisors, LLC | 801-78013 |
| Newfound Research LLC | 801-73042 |
| Montrose Estate Capital Management, LLC | 801-127176 |
| Family Dynasty Advisors LLC | 801-127497 |
| Roundhill Financial Inc. | 801-114971 |
| Veridien Global Investors, LLC | 801-127602 |
| Chesapeake Capital Corporation | 801-106985 |
| Blueprint Fund Management, LLC | 801-117790 |
| Grizzle Investment Management LLC | 801-122682 |
| Cambria Investment Management, L.P. | 801-71786 |
| MSA Power Funds LLC | 801-128292 |
| Hilton Capital Management, LLC | 801-60776 |
| Quantify Chaos Advisors, LLC (dba Quantify Funds) | 801-129075 |
| Artesian Capital Management (Delaware) LP | 801-129697 |
| Even Herd, LLC | 801-129721 |
| Peerless Wealth LLC | 801-129909 |
| Clockwise Capital LLC | 801-123024 |

---

**Item 32.**

---

| | |
|:---|:---|
| **(i)(a)** | **Foreside Fund Services, LLC ("Foreside") serves as principal underwriter for certain series of the following investment companies registered under the Investment Company Act of 1940, as amended:** |

---

1. AB Active ETFs, Inc.

2. ABS Long/Short Strategies Fund

3. ActivePassive Core Bond ETF, Series of Trust for Professional
 Managers

4. ActivePassive Intermediate Municipal Bond ETF, Series
 of Trust for Professional Managers

5. ActivePassive International Equity ETF, Series of Trust
 for Professional Managers

6. ActivePassive U.S. Equity ETF, Series of Trust for
 Professional Managers

7. AdvisorShares Trust

8. AFA Private Credit Fund

9. AGF Investments Trust

10. AIM ETF Products Trust

11. Alexis Practical Tactical ETF, Series of Listed Funds
 Trust

12. AlphaCentric Prime Meridian Income Fund

13. American Century ETF Trust

14. Amplify ETF Trust

15. Applied Finance Dividend Fund, Series of World Funds
 Trust

16. Applied Finance Explorer Fund, Series of World Funds
 Trust

17. Applied Finance Select Fund, Series of World Funds
 Trust

18. Ardian Access LLC

19. ARK ETF Trust

20. ARK Venture Fund

21. Bitwise Funds Trust

22. BondBloxx ETF Trust

23. Bramshill Multi-Strategy Income Fund, Series of Investment
 Managers Series Trust

24. Bridgeway Funds, Inc.

25. Brinker Capital Destinations Trust

26. Brookfield Real Assets Income Fund Inc.

27. Build Funds Trust

28. Calamos Convertible and High Income Fund

29. Calamos Convertible Opportunities and Income Fund

30. Calamos Dynamic Convertible and Income Fund

31. Calamos Global Dynamic Income Fund

32. Calamos Global Total Return Fund

33. Calamos Strategic Total Return Fund

34. Carlyle Tactical Private Credit Fund

35. Cascade Private Capital Fund

36. Catalyst Strategic Income Opportunities Fund

37. CBRE Global Real Estate Income Fund

38. Center Coast Brookfield MLP & Energy Infrastructure
 Fund

39. Clifford Capital Partners Fund, Series of World Funds
 Trust

40. Cliffwater Corporate Lending Fund

41. Cliffwater Enhanced Lending Fund

42. Coatue Innovation Fund

43. Cohen & Steers ETF Trust

44. Cohen & Steers Infrastructure Fund, Inc.

45. Convergence Long/Short Equity ETF, Series of Trust
 for Professional Managers

46. CornerCap Small-Cap Value Fund, Series of Managed Portfolio
 Series

47. CrossingBridge Pre-Merger SPAC ETF, Series of Trust
 for Professional Managers

48. Curasset Capital Management Core Bond Fund, Series
 of World Funds Trust

49. Curasset Capital Management Limited Term Income Fund,
 Series of World Funds Trust

50. CYBER HORNET S&P 500® and Bitcoin 75/25 Strategy
 ETF, Series of ONEFUND Trust

51. Davis Fundamental ETF Trust

52. Defiance Connective Technologies ETF, Series of ETF
 Series Solutions

53. Defiance Quantum ETF, Series of ETF Series Solutions

54. Denali Structured Return Strategy Fund

55. Dividend Performers ETF, Series of Listed Funds Trust

56. Dodge & Cox Funds

57. DoubleLine ETF Trust

58. DoubleLine Income Solutions Fund

59. DoubleLine Opportunistic Credit Fund

60. DoubleLine Yield Opportunities Fund

61. DriveWealth ETF Trust

62. EIP Investment Trust

63. Ellington Income Opportunities Fund

64. ETF Opportunities Trust

65. Exchange Listed Funds Trust

66. Exchange Place Advisors Trust

67. FlexShares Trust

68. Fortuna Hedged Bitcoin Fund, Series of Listed Funds
 Trust

69. Forum Funds

70. Forum Funds II

71. Forum Real Estate Income Fund

72. Fundrise Growth Tech Fund, LLC

73. Gramercy Emerging Markets Debt Fund, Series of Investment
 Managers Series Trust

74. Grayscale Funds Trust

75. Guinness Atkinson Funds

76. Harbor ETF Trust

77. Harris Oakmark ETF Trust

78. Hawaiian Tax-Free Trust

79. Horizon Kinetics Blockchain Development ETF, Series
 of Listed Funds Trust

80. Horizon Kinetics Energy and Remediation ETF, Series
 of Listed Funds Trust

81. Horizon Kinetics Inflation Beneficiaries ETF, Series
 of Listed Funds Trust

82. Horizon Kinetics Japan Owner Operator ETF, Series of
 Listed Funds Trust

83. Horizon Kinetics Medical ETF, Series of Listed Funds
 Trust

84. Horizon Kinetics SPAC Active ETF, Series of Listed
 Funds Trust

85. IDX Funds

86. Innovator ETFs Trust

87. Ironwood Institutional Multi-Strategy Fund LLC

88. Ironwood Multi-Strategy Fund LLC

89. Jensen Quality Growth ETF, Series of Trust for Professional
 Managers

90. John Hancock Exchange-Traded Fund Trust

91. Kurv ETF Trust

92. Lazard Active ETF Trust

93. LDR Real Estate Value-Opportunity Fund, Series of World
 Funds Trust

94. Mairs & Power Balanced Fund, Series of Trust for
 Professional Managers

95. Mairs & Power Growth Fund, Series of Trust for
 Professional Managers

96. Mairs & Power Minnesota Municipal Bond ETF, Series
 of Trust for Professional Managers

97. Mairs & Power Small Cap Fund, Series of Trust for
 Professional Managers

98. Manor Investment Funds

99. Milliman Variable Insurance Trust

100. MoA Funds Corporation

101. Moerus Worldwide Value Fund, Series of Northern Lights
 Fund Trust IV

102. Morgan Stanley ETF Trust

103. Morgan Stanley Pathway Large Cap Equity ETF, Series
 of Morgan Stanley Pathway Funds

104. Morgan Stanley Pathway Small-Mid Cap Equity ETF, Series
 of Morgan Stanley Pathway Funds

105. Morningstar Funds Trust

106. NEOS ETF Trust

107. Niagara Income Opportunities Fund

108. North Square Evanston Multi-Alpha Fund

109. NXG Cushing® Midstream Energy Fund

110. NXG NextGen Infrastructure Income Fund

111. OTG Latin American Fund, Series of World Funds Trust

112. Overlay Shares Core Bond ETF, Series of Listed Funds
 Trust

113. Overlay Shares Foreign Equity ETF, Series of Listed
 Funds Trust

114. Overlay Shares Hedged Large Cap Equity ETF, Series
 of Listed Funds Trust

115. Overlay Shares Large Cap Equity ETF, Series of Listed
 Funds Trust

116. Overlay Shares Municipal Bond ETF, Series of Listed
 Funds Trust

117. Overlay Shares Short Term Bond ETF, Series of Listed
 Funds Trust

118. Overlay Shares Small Cap Equity ETF, Series of Listed
 Funds Trust

119. Palmer Square Funds Trust

120. Palmer Square Opportunistic Income Fund

121. Partners Group Private Income Opportunities, LLC

122. Perkins Discovery Fund, Series of World Funds Trust

123. Philotimo Focused Growth and Income Fund, Series of
 World Funds Trust

124. Plan Investment Fund, Inc.

125. Point Bridge America First ETF, Series of ETF Series
 Solutions

126. Precidian ETFs Trust

127. Preferred-Plus ETF, Series of Listed Funds Trust

128. Rareview 2x Bull Cryptocurrency & Precious Metals
 ETF, Series of Collaborative Investment Series Trust

129. Rareview Dynamic Fixed Income ETF, Series of Collaborative
 Investment Series Trust

130. Rareview Systematic Equity ETF, Series of Collaborative
 Investment Series Trust

131. Rareview Tax Advantaged Income ETF, Series of Collaborative
 Investment Series Trust

132. Rareview Total Return Bond ETF, Series of Collaborative
 Investment Series Trust

133. REX ETF Trust

134. Renaissance Capital Greenwich Funds

135. Reynolds Funds, Inc.

136. RMB Investors Trust

137. Robinson Opportunistic Income Fund, Series of Investment
 Managers Series Trust

138. Robinson Tax Advantaged Income Fund, Series of Investment
 Managers Series Trust

139. Roundhill Ball Metaverse ETF, Series of Listed Funds
 Trust

140. Roundhill Cannabis ETF, Series of Listed Funds Trust

141. Roundhill ETF Trust

142. Roundhill Magnificent Seven ETF, Series of Listed Funds
 Trust

143. Roundhill Sports Betting & iGaming ETF, Series
 of Listed Funds Trust

144. Roundhill Video Games ETF, Series of Listed Funds Trust

145. Rule One Fund, Series of World Funds Trust

146. Russell Investments Exchange Traded Funds

147. Securian AM Real Asset Income Fund, Series of Investment
 Managers Series Trust

148. Six Circles Trust

149. Sound Shore Fund, Inc.

150. SP Funds Trust

151. Sparrow Funds

152. Spear Alpha ETF, Series of Listed Funds Trust

153. STF Tactical Growth & Income ETF, Series of Listed
 Funds Trust

154. STF Tactical Growth ETF, Series of Listed Funds Trust

155. Strategic Trust

156. Strategy Shares

157. Swan Hedged Equity US Large Cap ETF, Series of Listed
 Funds Trust

158. Tekla World Healthcare Fund

159. Tema ETF Trust

160. The 2023 ETF Series Trust

161. The 2023 ETF Series Trust II

162. The Community Development Fund

163. The Cook & Bynum Fund, Series of World Funds Trust

164. The Finite Solar Finance Fund

165. The Private Shares Fund

166. The SPAC and New Issue ETF, Series of Collaborative
 Investment Series Trust

167. Third Avenue Trust

168. Third Avenue Variable Series Trust

169. Tidal Trust I

170. Tidal Trust II

171. Tidal Trust III

172. TIFF Investment Program

173. Timothy Plan High Dividend Stock Enhanced ETF, Series
 of The Timothy Plan

174. Timothy Plan High Dividend Stock ETF, Series of The
 Timothy Plan

175. Timothy Plan International ETF, Series of The Timothy
 Plan

176. Timothy Plan Market Neutral ETF, Series of The Timothy
 Plan

177. Timothy Plan US Large/Mid Cap Core ETF, Series of The
 Timothy Plan

178. Timothy Plan US Large/Mid Core Enhanced ETF, Series
 of The Timothy Plan

179. Timothy Plan US Small Cap Core ETF, Series of The Timothy
 Plan

180. Total Fund Solution

181. Touchstone ETF Trust

182. T-Rex 2X Inverse Bitcoin Daily Target ETF, Series of
 World Funds Trust

183. T-Rex 2x Inverse Ether Daily Target ETF, Series of
 World Funds Trust

184. T-Rex 2X Long Bitcoin Daily Target ETF, Series of World
 Funds Trust

185. T-Rex 2x Long Ether Daily Target ETF

186. TrueShares Structured Outcome (April) ETF, Series of
 Listed Funds Trust

187. TrueShares Structured Outcome (August) ETF, Series
 of Listed Funds Trust

188. TrueShares Structured Outcome (December) ETF, Series
 of Listed Funds Trust

189. TrueShares Structured Outcome (February) ETF, Series
 of Listed Funds Trust

190. TrueShares Structured Outcome (January) ETF, Series
 of Listed Funds Trust

191. TrueShares Structured Outcome (July) ETF, Series of
 Listed Funds Trust

192. TrueShares Structured Outcome (June) ETF, Series of
 Listed Funds Trust

193. TrueShares Structured Outcome (March) ETF, Series of
 Listed Funds Trust

194. TrueShares Structured Outcome (May) ETF, Listed Funds
 Trust

195. TrueShares Structured Outcome (November) ETF, Series
 of Listed Funds Trust

196. TrueShares Structured Outcome (October) ETF, Series
 of Listed Funds Trust

197. TrueShares Structured Outcome (September) ETF, Series
 of Listed Funds Trust

198. U.S. Global Investors Funds

199. Union Street Partners Value Fund, Series of World Funds
 Trust

200. Vest Bitcoin Strategy Managed Volatility Fund, Series
 of World Funds Trust

201. Vest S&P 500® Dividend Aristocrats Target Income
 Fund, Series of World Funds Trust

202. Vest US Large Cap 10% Buffer Strategies Fund, Series
 of World Funds Trust

203. Vest US Large Cap 10% Buffer Strategies VI Fund, Series
 of World Funds Trust

204. Vest US Large Cap 20% Buffer Strategies Fund, Series
 of World Funds Trust

205. Vest US Large Cap 20% Buffer Strategies VI Fund, Series
 of World Funds Trust

206. Virtus Stone Harbor Emerging Markets Income Fund

207. Volatility Shares Trust

208. WEBs ETF Trust

209. Wedbush Series Trust

210. Wellington Global Multi-Strategy Fund

211. Wilshire Mutual Funds, Inc.

212. Wilshire Variable Insurance Trust

213. WisdomTree Digital Trust

214. WisdomTree Trust

215. XAI Octagon Floating Rate & Alternative Income
 Term Trust

---

| | |
|:---|:---|
| Item 32(b) | The following are the Officers and Manager of the Distributor, the Registrant's underwriter. The Distributor's main business address is 190 Middle Street, Suite 301, Portland, Maine 04101. |

---

---

| | | | |
|:---|:---|:---|:---|
| Name | Address | Position with Underwriter | Position with Registrant |
| Teresa Cowan | 190 Middle Street, Suite 301, <br> Portland, Maine 04101 | President/Manager |  |
| Chris Lanza | 190 Middle Street, Suite 301, <br> Portland, Maine 04101 | Vice President |  |
| Kate Macchia | 190 Middle Street, Suite 301, <br> Portland, Maine 04101 | Vice President |  |
| Alicia Strout | 190 Middle Street, Suite 301, <br> Portland, Maine 04101 | Vice President and Chief Compliance Officer |  |
| Kelly B. Whetstone | 190 Middle Street, Suite 301, <br> Portland, Maine 04101 | Secretary |  |
| Susan L. LaFond | 190 Middle Street, Suite 301, <br> Portland, Maine 04101 | Treasurer |  |
| Weston Sommers | 190 Middle Street, Suite 301, <br> Portland, Maine 04101 | Financial and Operations Principal and Chief Financial Officer |  |

---

---

| | |
|:---|:---|
| Item 32(c) | Not applicable. |

---

---

| | |
|:---|:---|
| **(ii)(a)** | **ALPS Distributors, Inc. ("ALPS") serves as principal underwriter for certain series of the of the following investment companies registered under the Investment Company Act of 1940, as amended:** |

---

1290 Funds<br> 1WS Credit Income Fund<br> abrdn ETFs

Accordant ODCE Index Fund<br> Alpha Alternative Assets Fund<br> ALPS Series Trust

Alternative Credit Income Fund<br> Apollo Diversified Credit Fund

Apollo Diversified Real Estate Fund<br> AQR Funds<br> Axonic Alternative Income Fund<br> Axonic Funds<br> BBH Trust<br> Bluerock High Income Institutional Credit Fund<br> Bluerock Total Income+ Real Estate Fund<br> Bridge Builder Trust<br> Cambria ETF Trust<br> Centre Funds<br> CION Ares Diversified Credit Fund

Columbia ETF Trust<br> Columbia ETF Trust I<br> Columbia ETF Trust II<br> CRM Mutual Fund Trust<br> DBX ETF Trust<br> ETF Series Solutions (Vident Series)

Financial Investors Trust<br> Firsthand Funds<br> Flat Rock Core Income Fund<br> Flat Rock Opportunity Fund<br> FS Credit Income Fund<br> FS Energy Total Return Fund<br> FS Multi-Alternative Income Fund<br> FS Series Trust<br> FS MVP Private Markets Fund<br> Goehring & Rozencwajg Investment Funds<br> Goldman Sachs ETF Trust<br> Goldman Sachs ETF Trust II<br> Graniteshares ETF Trust<br> Hartford Funds Exchange-Traded Trust<br> Heartland Group, Inc.<br> IndexIQ Active ETF Trust<br> IndexIQ ETF Trust

Investment Managers Series Trust II (AXS-Advised Funds)<br> Janus Detroit Street Trust<br> Lattice Strategies Trust<br> Litman Gregory Funds Trust<br> Manager Directed Portfolios (Spyglass Growth Fund)

Meridian Fund, Inc.<br> Natixis ETF Trust<br> Natixis ETF Trust II<br> Opportunistic Credit Interval Fund<br> PRIMECAP Odyssey Funds<br> Principal Exchange-Traded Funds<br> RiverNorth Funds<br> RiverNorth Opportunities Fund, Inc.<br> RiverNorth/DoubleLine Strategic Opportunity Fund, Inc.<br> RiverNorth Opportunistic Municipal Income Fund, Inc.

RiverNorth Managed Duration Municipal Income Fund, Inc.<br> RiverNorth Flexible Municipal Income Fund, Inc.<br> RiverNorth Capital and Income Fund, Inc.

RiverNorth Flexible Municipal Income Fund II, Inc.<br> RiverNorth Managed Duration Municipal Income Fund II, Inc.<br> SPDR Dow Jones Industrial Average ETF Trust

SPDR S&P 500 ETF Trust<br> SPDR S&P MidCap 400 ETF Trust<br> Sprott Funds Trust

Stone Ridge Trust<br> Stone Ridge Trust II

Stone Ridge Trust IV<br> Stone Ridge Trust V<br> Stone Ridge Trust VIII<br> The Arbitrage Funds<br> Themes ETF Trust<br> Thrivent ETF Trust<br> USCF ETF Trust<br> Valkyrie ETF Trust II<br> Wasatch Funds<br> WesMark Funds<br> Wilmington Funds

X-Square Balanced Fund

X-Square Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **The following are the Officers and Manager of ALPS, the Registrant's underwriter. ALPS's, unless otherwise noted, business address is 1290 Broadway, Suite 1000, Denver, Colorado 80203.** 

---

| | | |
|:---|:---|:---|
| **Name** | **Position with Underwriter** | **Positions with Registrant** |
| Stephen J. Kyllo | President, Chief Operating Officer, Director, Chief Compliance Officer | None |
| Brian Schell\* | Vice President & Treasurer | None |
| Eric Parsons | Vice President, Controller and Assistant Treasurer | None |
| Jason White\*\* | Secretary | None |
| Richard C. Noyes | Senior Vice President, General Counsel, Assistant Secretary | None |
| Eric Theroff | Assistant Secretary | None |
| Adam Girard | Tax Officer | None |
| Liza Price | Vice President, Managing Counsel | None |
| Jed Stahl | Vice President, Managing Counsel | None |
| Terence Digan | Vice President | None |
| James Stegall | Vice President | None |
| Gary Ross | Senior Vice President | None |
| Hilary Quinn | Vice President | None |

---

---

| | |
|:---|:---|
| \* | The principal business address for Mr. Schell is 100 South Wacker Drive, 19th Floor, Chicago, IL 60606. |
| \*\* | The principal business address for Mr. White is 4 Times Square, New York, NY 10036. |
| ^ | The principal business address for Mr. Theroff is 1055 Broadway Boulevard, Kansas City, MO 64105 |
| ^^ | The principal business address for Mr. Girard is 80 Lamberton Road, Windsor, CT 06095 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** **Not applicable.** 

**Item 33. Location of Accounts and Records**

The books and records required to be maintained by Section 31(a) of the Investment Company Act of 1940 are maintained at the following locations:

---

| | |
|:---|:---|
| **Records Relating to:** | **Are located at:** |
| Registrant's Fund Administrator | Tidal ETF Services LLC<br> 234 West Florida Street, Suite 203<br> Milwaukee, Wisconsin 53204 |
| Registrant's Fund Sub-Administrator, <br> Fund Accountant, and Sub-Transfer Agent<br>| U.S. Bancorp Fund Services, LLC<br> 615 East Michigan Street<br> Milwaukee, WI 53202 |
| Registrant's Custodian | U.S. Bank, National Association<br> 1555 N. Rivercenter Drive<br> Milwaukee, WI 53212 |
| Registrant's Principal Underwriters | Foreside Fund Services, LLC<br> 190 Middle Street, Suite 301<br> Portland, ME 04101 |
|  | ALPS Distributors, Inc. <br> 1290 Broadway, Suite 1000 <br> Denver, CO 80203  |
| Registrant's Investment Adviser | Tidal Investments LLC<br> 234 West Florida Street, Suite 203 <br> Milwaukee, Wisconsin 53204 |
| Registrant's Sub-Adviser | Carbon Collective Investing, LLC<br> 1748 Shattuck Ave.<br> PMB 164<br> Berkeley, CA 94709 |
| Registrant's Sub-Adviser | Nicholas Wealth, LLC <br> Wealth Management<br> 218 Roswell Street NE<br> Marietta, Georgia 30060 |
| Registrant's Sub-Adviser | Pinnacle Family Advisors, LLC<br> 620 W. Republic Road, Suite 104<br> Springfield, Missouri 65807 |
| Registrant's Sub-Adviser | Veridien Global Investors LLC<br> 320 Post Road<br> Darien, Connecticut 06820 |
| Registrant's Sub-Adviser | Newfound Research LLC<br> 200 Central Avenue, Suite 324<br> St. Petersburg, Florida 33701 |
| Registrant's Futures Trading Advisor | ReSolve Asset Management SEZC (Cayman)<br> 90 North Church Street Strathvale House, 5th Floor<br> George Town, Grand Cayman, Cayman Islands, KY1-9012 |
| Registrant's Sub-Adviser | Montrose Estate Capital Management, LLC<br> d/b/a Days Global Advisors<br> 6363 Woodway Dr., Suite # 763<br> Houston, TX 77057 |

---

---

| | |
|:---|:---|
| Registrant's Sub-Adviser | Family Dynasty Advisors LLC<br> 4601 S. Loop 289 #7<br> Lubbock, TX 79424 |
| Registrant's Sub-Adviser | Roundhill Financial Inc.<br> 154 West 14th Street, 2nd Floor<br> New York, New York 10011 |
| Registrant's Sub-Adviser | Veridien Global Investors LLC<br> 320 Post Road<br> Darien, CT 06820 |
| Registrant's Sub-Adviser | Chesapeake Capital Corporation<br> 308 Long Lane<br> Richmond, Virginia 23221 |
| Registrant's Sub-Adviser | Blueprint Fund Management, LLC<br> 1250 Revolution Mill Dr., Suite 150,<br> Greensboro, NC 27405 |
| Registrant's Sub-Adviser | Grizzle Investment Management LLC<br> 573 Coldstream Drive<br> Berwyn, Pennsylvania 19312 |
| Registrant's Sub-Adviser | Cambria Investment Management, L.P. <br> 3300 Highland Avenue <br> Manhattan Beach, CA 90266 |
| Registrant's Sub-Adviser | Hilton Capital Management, LLC <br> 1010 Franklin Avenue, Suite 300A <br> Garden City, NY 11530 |
| Registrant's Sub-Adviser | Quantify Chaos Advisors, LLC (dba Quantify Funds) <br> 21 India Street, #2609 <br> Brooklyn, New York, 11222 |
| Registrant's Sub-Adviser | Artesian Capital Management (Delaware) LP <br> 499 7th Ave, Level 22N <br> New York, NY 10018 |
| Registrant's Sub-Adviser | Even Herd, LLC <br> 14642 Bogert Pkwy <br> Oklahoma City, OK 73134 |
| Registrant's Sub-Adviser | Peerless Wealth LLC <br> 1 East Campus View Blvd. Suite 210 <br> Columbus, Ohio 43235 |
| Registrant's Sub-Adviser | Clockwise Capital LLC <br> 1395 Brickell Avenue, Unit 800 <br> Miami, FL 33131 |

---

**Item 34. Management Services**

Not applicable.

**Item 35. Undertakings**

Not applicable.

**SIGNATURE**

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant has duly caused this Post-Effective Amendment No. 394 to its Registration Statement on Form N-1A to be signed on its behalf by the undersigned, duly authorized, in the City of Milwaukee, State of Wisconsin, on August 11, 2025.

---

| |
|:---|
| **Tidal Trust II** |
| /s/ Eric W. Falkeis |
| Principal Executive Officer |

---

Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed below by the following persons in the capacities indicated on August 11, 2025.

---

| | | |
|:---|:---|:---|
| **Signature** | **Signature** | **Title** |
| /s/ Eric W. Falkeis | /s/ Eric W. Falkeis | Principal Executive Officer and Trustee |
| Eric W. Falkeis | Eric W. Falkeis |  |
| /s/ Dave Norris\* | /s/ Dave Norris\* | Trustee |
| David Norris | David Norris |  |
| /s/ Michelle McDonough\* | /s/ Michelle McDonough\* | Trustee |
| Michelle McDonough | Michelle McDonough |  |
| /s/ Javier Marquina\* | /s/ Javier Marquina\* | Trustee |
| Javier Marquina | Javier Marquina |  |
| /s/ Aaron Perkovich | /s/ Aaron Perkovich | Treasurer (principal financial officer and principal accounting officer) |
| Aaron Perkovich | Aaron Perkovich |  |
| \*By: | /s/ Eric W. Falkeis |  |
|  | Eric Falkeis, Attorney in Fact |  |
|  | By Power of Attorney |  |

---